# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0002066578-25-001997
**Filing Date:** 2025-12
**Character Count:** 1224400
**Document Hash:** c656570fe6ebc254007782a359ee7892
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001997.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0002066578-25-001997

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 110

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22468
- **FILM NUMBER:** 251612935

**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 Small-Cap Equity Fund (Series ID: S000033753)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000104313 | Class A             | ESSAX           |
| C000104314 | Class C             | ESSCX           |
| C000104315 | Institutional Class | ESCIX           |

### 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           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22468

#### Ashmore Funds
(Exact name of registrant as specified in charter)

------

c/o Ashmore Investment Advisors Limited

61 Aldwych

London WC2B 4AE

England

(Address of principal executive offices) (Zip code)

Corporation Service Company

84 State Street

Boston, MA 20109

(Name and address of agent for service)

#### Registrant's telephone number, including area code:

#### 011-44-20-3077-6000

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

#### October 31, 2025

#### 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_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $155 | 1.46% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Total Return Fund (Class A/EMKAX) delivered a total return of 12.14% net of fees and outperformed the 50% JP Morgan Emerging Markets Bond Index Global Diversified / 25% JP Morgan Emerging Local Markets Index Plus / 25% JP Morgan Government Bond Index-Emerging Markets Global Diversified return of 11.82% by 0.32%.

#### KEY CONTRIBUTORS
Venezuela was the largest contributor, as PDVSA and sovereign bonds rallied on progress toward the Citgo asset sale and favorable court developments supporting bondholder claims. Renewed international pressure on Venezuela's leadership also improved restructuring expectations.

In Mexico, exposure to Pemex performed well following a government recapitalization and stable trade relations with the U.S., which supported spread tightening. Positive returns from Nigeria, driven by a strengthening Naira on the back of FX reforms, high carry, and firm Eurobond performance, also supported results.

#### KEY DETRACTORS
China detracted most from performance due to ongoing stress in the real estate sector, where sluggish consumer confidence and declining home prices weighed on overall credit conditions. The Fund's underweight in Lebanon detracted modestly as rising optimism over potential political change supported bond prices. The Fund's temporary CDX hedge also detracted after spreads tightened amid easing geopolitical concerns.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class A over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-total-return-fund-retail-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182729.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Total Return Fund (Class A/EMKAX) (load-waived)** | 12.14% | -0.02% | 2.00% |
| **Ashmore Emerging Markets Total Return Fund (Class A/EMKAX) (unadjusted)** | 7.74% | -0.82% | 1.59% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 4.13% |
| **50% JP Morgan Emerging Markets Bond Index Global Diversified; 25% JP Morgan Emerging Local Markets Index Plus; 25% JP Morgan Government Bond Index-Emerging Markets Global Diversified** | 11.82% | 2.61% | 3.46% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$76328563 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;394 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$483370 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

#### 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 October 31, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182737.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Total Return Fund

### Class C/EMKCX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $234 | 2.21% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Total Return Fund (Class C/EMKCX) delivered a total return of 11.33% net of fees and underperformed the 50% JP Morgan Emerging Markets Bond Index Global Diversified / 25% JP Morgan Emerging Local Markets Index Plus / 25% JP Morgan Government Bond Index-Emerging Markets Global Diversified return of 11.82% by 0.49%.

#### KEY CONTRIBUTORS
Venezuela was the largest contributor, as PDVSA and sovereign bonds rallied on progress toward the Citgo asset sale and favorable court developments supporting bondholder claims. Renewed international pressure on Venezuela's leadership also improved restructuring expectations.

In Mexico, exposure to Pemex performed well following a government recapitalization and stable trade relations with the U.S., which supported spread tightening. Positive returns from Nigeria, driven by a strengthening Naira on the back of FX reforms, high carry, and firm Eurobond performance, also supported results.

#### KEY DETRACTORS
China detracted most from performance due to ongoing stress in the real estate sector, where sluggish consumer confidence and declining home prices weighed on overall credit conditions. The Fund's underweight in Lebanon detracted modestly as rising optimism over potential political change supported bond prices. The Fund's temporary CDX hedge also detracted after spreads tightened amid easing geopolitical concerns.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class C over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182772.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Total Return Fund (Class C/EMKCX) (load-waived)** | 11.33% | -0.76% | 1.41% |
| **Ashmore Emerging Markets Total Return Fund (Class C/EMKCX) (unadjusted)** | 10.33% | -0.76% | 1.41% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 4.13% |
| **50% JP Morgan Emerging Markets Bond Index Global Diversified; 25% JP Morgan Emerging Local Markets Index Plus; 25% JP Morgan Government Bond Index-Emerging Markets Global Diversified** | 11.82% | 2.61% | 3.46% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$76328563 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;394 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$483370 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

#### 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 October 31, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182764.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Total Return Fund

### Institutional Class/EMKIX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $129 | 1.21% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Total Return Fund (Institutional Class/EMKIX) delivered a total return of 12.54% net of fees and outperformed the 50% JP Morgan Emerging Markets Bond Index Global Diversified / 25% JP Morgan Emerging Local Markets Index Plus / 25% JP Morgan Government Bond Index-Emerging Markets Global Diversified return of 11.82% by 0.72%.

#### KEY CONTRIBUTORS
Venezuela was the largest contributor, as PDVSA and sovereign bonds rallied on progress toward the Citgo asset sale and favorable court developments supporting bondholder claims. Renewed international pressure on Venezuela's leadership also improved restructuring expectations.

In Mexico, exposure to Pemex performed well following a government recapitalization and stable trade relations with the U.S., which supported spread tightening. Positive returns from Nigeria, driven by a strengthening Naira on the back of FX reforms, high carry, and firm Eurobond performance, also supported results.

#### KEY DETRACTORS
China detracted most from performance due to ongoing stress in the real estate sector, where sluggish consumer confidence and declining home prices weighed on overall credit conditions. The Fund's underweight in Lebanon detracted modestly as rising optimism over potential political change supported bond prices. The Fund's temporary CDX hedge also detracted after spreads tightened amid easing geopolitical concerns.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $1,000,000 investment in Institutional Class over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-total-return-fund-institutional-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3182700.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Total Return Fund (Institutional Class/EMKIX)** | 12.54% | 0.21% | 2.24% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 4.13% |
| **50% JP Morgan Emerging Markets Bond Index Global Diversified; 25% JP Morgan Emerging Local Markets Index Plus; 25% JP Morgan Government Bond Index-Emerging Markets Global Diversified** | 11.82% | 2.61% | 3.46% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$76328563 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;394 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$483370 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

#### 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 October 31, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182692.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Local Currency Bond Fund

### Class A/ELBAX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $111 | 1.05% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Local Currency Bond Fund (Class A/ELBAX) delivered a total return of 12.15% net of fees and underperformed the JP Morgan Global Bond Index benchmark return of 12.59% by 0.44%.

#### KEY CONTRIBUTORS
The largest contribution came from Nigeria, where exposure to the Naira supported returns as the currency appreciated on the back of FX market reforms and high carry that attracted foreign inflows. In the Czech Republic, the Koruna strengthened alongside the euro, driven by divergent monetary policy paths between the U.S. and the Eurozone and expectations for EU infrastructure and defense spending. Brazil also contributed positively, as higher domestic interest rates and currency appreciation boosted local bond and FX performance.

#### KEY DETRACTORS
The Fund's exposure to Malaysia detracted modestly as lower interest rates and softer yields resulted in underperformance relative to peers. Off index positions in Argentina and South Korea also weighed on returns, with the Peso weakening amid political uncertainty and the Won declining on trade tensions and reduced investor confidence.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class A over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-local-currency-bond-fund-retail-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182628.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Local Currency Bond Fund (Class A/ELBAX) (load-waived)** | 12.15% | 2.47% | 2.99% |
| **Ashmore Emerging Markets Local Currency Bond Fund (Class A/ELBAX) (unadjusted)** | 7.68% | 1.63% | 2.58% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 4.13% |
| **JP Morgan Government Bond - Emerging Market Global Diversified Net of Taxes** | 12.59% | 2.22% | 3.07% |
| **JP Morgan Global Bond Index - Emerging Markets Global Diversified** | 13.06% | 2.33% | 3.13% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9842293 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;221 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### 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 October 31, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182620.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Local Currency Bond Fund

### Class C/ELBCX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $189 | 1.79% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Local Currency Bond Fund (Class C/ELBCX) delivered a total return of 11.35% net of fees and underperformed the JP Morgan Global Bond Index benchmark return of 12.59% by 1.24%.

#### KEY CONTRIBUTORS
The largest contribution came from Nigeria, where exposure to the Naira supported returns as the currency appreciated on the back of FX market reforms and high carry that attracted foreign inflows. In the Czech Republic, the Koruna strengthened alongside the euro, driven by divergent monetary policy paths between the U.S. and the Eurozone and expectations for EU infrastructure and defense spending. Brazil also contributed positively, as higher domestic interest rates and currency appreciation boosted local bond and FX performance.

#### KEY DETRACTORS
The Fund's exposure to Malaysia detracted modestly as lower interest rates and softer yields resulted in underperformance relative to peers. Off index positions in Argentina and South Korea also weighed on returns, with the Peso weakening amid political uncertainty and the Won declining on trade tensions and reduced investor confidence.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class C over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182657.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Local Currency Bond Fund (Class C/ELBCX) (load-waived)** | 11.35% | 1.70% | 2.41% |
| **Ashmore Emerging Markets Local Currency Bond Fund (Class C/ELBCX) (unadjusted)** | 10.35% | 1.70% | 2.41% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 4.13% |
| **JP Morgan Government Bond - Emerging Market Global Diversified Net of Taxes** | 12.59% | 2.22% | 3.07% |
| **JP Morgan Global Bond Index - Emerging Markets Global Diversified** | 13.06% | 2.33% | 3.13% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9842293 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;221 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### 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 October 31, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182665.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Local Currency Bond Fund

### Institutional Class/ELBIX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $85 | 0.80% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Local Currency Bond Fund (Institutional Class/ELBIX) delivered a total return of 12.52% net of fees and underperformed the JP Morgan Global Bond Index benchmark return of 12.59% by 0.07%.

#### KEY CONTRIBUTORS
The largest contribution came from Nigeria, where exposure to the Naira supported returns as the currency appreciated on the back of FX market reforms and high carry that attracted foreign inflows. In the Czech Republic, the Koruna strengthened alongside the euro, driven by divergent monetary policy paths between the U.S. and the Eurozone and expectations for EU infrastructure and defense spending. Brazil also contributed positively, as higher domestic interest rates and currency appreciation boosted local bond and FX performance.

#### KEY DETRACTORS
The Fund's exposure to Malaysia detracted modestly as lower interest rates and softer yields resulted in underperformance relative to peers. Off index positions in Argentina and South Korea also weighed on returns, with the Peso weakening amid political uncertainty and the Won declining on trade tensions and reduced investor confidence.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $1,000,000 investment in Institutional Class over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-local-currency-bond-fund-institutional-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3182585.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Local Currency Bond Fund (Institutional Class/ELBIX)** | 12.52% | 2.73% | 3.24% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 4.13% |
| **JP Morgan Government Bond - Emerging Market Global Diversified Net of Taxes** | 12.59% | 2.22% | 3.07% |
| **JP Morgan Global Bond Index - Emerging Markets Global Diversified** | 13.06% | 2.33% | 3.13% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9842293 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;221 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### 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 October 31, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182593.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Corporate Income Fund

### Class A/ECDAX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $133 | 1.28% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Corporate Income Fund (Class A/ECDAX) delivered a total return of 7.16% net of fees and underperformed the JP Morgan CEMBI Broad Diversified benchmark return of 8.01% by 0.85%.

#### KEY CONTRIBUTORS
Venezuela was the largest contributor, as PDVSA and sovereign bonds rallied on progress toward the Citgo asset sale and favorable court developments supporting bondholder claims. Renewed international pressure on Venezuela's leadership also improved restructuring expectations.

In Mexico, exposure to Pemex performed well following a government recapitalization and stable trade relations with the U.S., which supported spread tightening. Colombian financial and energy sector holdings further contributed, aided by demand for longer dated corporate debt.

#### KEY DETRACTORS
China detracted most from performance due to ongoing stress in the real estate sector, where sluggish consumer confidence and declining home prices weighed on overall credit conditions. Brazil lagged as telecom and petrochemical exposures underperformed amid tight domestic liquidity and lower oil prices. In Niger, exposure to a single oil and gas issuer detracted as global energy prices weakened.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class A over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-corporate-income-fund-retail-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182513.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Corporate Income Fund (Class A/ECDAX) (load-waived)** | 7.16% | 0.10% | 3.34% |
| **Ashmore Emerging Markets Corporate Income Fund (Class A/ECDAX) (unadjusted)** | 2.88% | -0.70% | 2.92% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 4.13% |
| **JP Morgan CEMBI Broad Diversified** | 8.01% | 3.17% | 4.51% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$18718029 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$18736 |
| &nbsp;&nbsp;&nbsp;&nbsp;**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 October 31, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182521.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182526.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Corporate Income Fund

### Class C/ECDCX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $209 | 2.03% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Corporate Income Fund (Class C/ECDCX) delivered a total return of 6.38% net of fees, and underperformed the JP Morgan CEMBI Broad Diversified benchmark return of 8.01% by 1.63%.

#### KEY CONTRIBUTORS
Venezuela was the largest contributor, as PDVSA and sovereign bonds rallied on progress toward the Citgo asset sale and favorable court developments supporting bondholder claims. Renewed international pressure on Venezuela's leadership also improved restructuring expectations.

In Mexico, exposure to Pemex performed well following a government recapitalization and stable trade relations with the U.S., which supported spread tightening. Colombian financial and energy sector holdings further contributed, aided by demand for longer dated corporate debt.

#### KEY DETRACTORS
China detracted most from performance due to ongoing stress in the real estate sector, where sluggish consumer confidence and declining home prices weighed on overall credit conditions. Brazil lagged as telecom and petrochemical exposures underperformed amid tight domestic liquidity and lower oil prices. In Niger, exposure to a single oil and gas issuer detracted as global energy prices weakened.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class C over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182556.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Corporate Income Fund (Class C/ECDCX) (load-waived)** | 6.38% | -0.63% | 2.71% |
| **Ashmore Emerging Markets Corporate Income Fund (Class C/ECDCX) (unadjusted)** | 5.38% | -0.63% | 2.71% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 4.13% |
| **JP Morgan CEMBI Broad Diversified** | 8.01% | 3.17% | 4.51% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$18718029 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$18736 |
| &nbsp;&nbsp;&nbsp;&nbsp;**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 October 31, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182548.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182543.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Corporate Income Fund

### Institutional Class/EMCIX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $107 | 1.03% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Corporate Income Fund delivered a total return of 7.58% net of fees and underperformed the JP Morgan CEMBI Broad Diversified benchmark return of 8.01% by 0.43%.

#### KEY CONTRIBUTORS
Venezuela was the largest contributor, as PDVSA and sovereign bonds rallied on progress toward the Citgo asset sale and favorable court developments supporting bondholder claims. Renewed international pressure on Venezuela's leadership also improved restructuring expectations.

In Mexico, exposure to Pemex performed well following a government recapitalization and stable trade relations with the U.S., which supported spread tightening. Colombian financial and energy sector holdings further contributed, aided by demand for longer dated corporate debt.

#### KEY DETRACTORS
China detracted most from performance due to ongoing stress in the real estate sector, where sluggish consumer confidence and declining home prices weighed on overall credit conditions. Brazil lagged as telecom and petrochemical exposures underperformed amid tight domestic liquidity and lower oil prices. In Niger, exposure to a single oil and gas issuer detracted as global energy prices weakened.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $1,000,000 investment in Institutional Class over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-corporate-income-fund-institutional-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3182484.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Corporate Income Fund (Institutional Class/EMCIX)** | 7.58% | 0.38% | 3.60% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 4.13% |
| **JP Morgan CEMBI Broad Diversified** | 8.01% | 3.17% | 4.51% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$18718029 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$18736 |
| &nbsp;&nbsp;&nbsp;&nbsp;**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 October 31, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182476.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182471.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Short Duration Fund

### Class A/ESFAX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $159 | 1.55% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Short Duration Fund (Class A/ESFAX) delivered a total return of 5.37% net of fees and underperformed the JP Morgan CEMBI Broad Diversified 1-3 Year benchmark return of 6.93% by 1.56%.

#### TOP CONTRIBUTORS
Venezuela was the largest contributor, as PDVSA and sovereign bonds rallied on progress toward the Citgo asset sale and favorable court developments supporting bondholder claims. Renewed international pressure on Venezuela's leadership also improved restructuring expectations.

In Mexico, exposure to Pemex performed well following a government recapitalization and stable trade relations with the U.S., which supported spread tightening. The Fund's underweight in Ghana also added to returns, as the country's bonds underperformed within the index.

#### TOP DETRACTORS
China detracted most from performance due to ongoing stress in the real estate sector, where sluggish consumer confidence and declining home prices weighed on overall credit conditions. Ukraine underperformed as its bonds rallied on peace expectations while the Fund remained underweight. In Brazil, exposure to telecom and petrochemical credits detracted amid tight domestic liquidity and lower oil prices.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class A over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-short-duration-fund-retail-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182297.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Short Duration Fund (Class A/ESFAX) (load-waived)** | 5.37% | -1.73% | 0.75% |
| **Ashmore Emerging Markets Short Duration Fund (Class A/ESFAX) (unadjusted)** | 3.04% | -2.17% | 0.34% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 4.13% |
| **JP Morgan CEMBI Broad Diversified 1-3 Year** | 6.93% | 3.76% | 3.87% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$31185438 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$16539 |
| &nbsp;&nbsp;&nbsp;&nbsp;**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 net assets of the Fund as of October 31, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182305.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182310.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Short Duration Fund

### Class C/ESFCX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $236 | 2.31% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Short Duration Fund (Class C/ESFCX) delivered a total return of 4.69% net of fees and underperformed the JP Morgan CEMBI Broad Diversified 1-3 Year benchmark return of 6.93% by 2.24%.

#### TOP CONTRIBUTORS
Venezuela was the largest contributor, as PDVSA and sovereign bonds rallied on progress toward the Citgo asset sale and favorable court developments supporting bondholder claims. Renewed international pressure on Venezuela's leadership also improved restructuring expectations.

In Mexico, exposure to Pemex performed well following a government recapitalization and stable trade relations with the U.S., which supported spread tightening. The Fund's underweight in Ghana also added to returns, as the country's bonds underperformed within the index.

#### TOP DETRACTORS
China detracted most from performance due to ongoing stress in the real estate sector, where sluggish consumer confidence and declining home prices weighed on overall credit conditions. Ukraine underperformed as its bonds rallied on peace expectations while the Fund remained underweight. In Brazil, exposure to telecom and petrochemical credits detracted amid tight domestic liquidity and lower oil prices.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class C since its inception on June 13, 2017, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182340.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **Since Inception** |
| **Ashmore Emerging Markets Short Duration Fund (Class C/ESFCX) (load-waived)** | 4.69% | -2.45% | -2.77% |
| **Ashmore Emerging Markets Short Duration Fund (Class C/ESFCX) (unadjusted)** | 3.69% | -2.45% | -2.77% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 2.23% |
| **JP Morgan CEMBI Broad Diversified 1-3 Year** | 6.93% | 3.76% | 3.74% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$31185438 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$16539 |
| &nbsp;&nbsp;&nbsp;&nbsp;**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 net assets of the Fund as of October 31, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182332.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182327.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Short Duration Fund

### Institutional Class/ESFIX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $135 | 1.31% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Short Duration Fund (Institutional Class/ESFIX) delivered a total return of 5.44% net of fees and underperformed the JP Morgan CEMBI Broad Diversified 1-3 Year benchmark return of 6.93% by 1.49%.

#### TOP CONTRIBUTORS
Venezuela was the largest contributor, as PDVSA and sovereign bonds rallied on progress toward the Citgo asset sale and favorable court developments supporting bondholder claims. Renewed international pressure on Venezuela's leadership also improved restructuring expectations.

In Mexico, exposure to Pemex performed well following a government recapitalization and stable trade relations with the U.S., which supported spread tightening. The Fund's underweight in Ghana also added to returns, as the country's bonds underperformed within the index.

#### TOP DETRACTORS
China detracted most from performance due to ongoing stress in the real estate sector, where sluggish consumer confidence and declining home prices weighed on overall credit conditions. Ukraine underperformed as its bonds rallied on peace expectations while the Fund remained underweight. In Brazil, exposure to telecom and petrochemical credits detracted amid tight domestic liquidity and lower oil prices.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $1,000,000 investment in Institutional Class over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-short-duration-fund-institutional-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3182268.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Short Duration Fund (Institutional Class/ESFIX)** | 5.44% | -1.51% | 0.99% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 4.13% |
| **JP Morgan CEMBI Broad Diversified 1-3 Year** | 6.93% | 3.76% | 3.87% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$31185438 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$16539 |
| &nbsp;&nbsp;&nbsp;&nbsp;**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 net assets of the Fund as of October 31, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182260.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182255.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Active Equity Fund

### Class A/EMQAX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $147 | 1.31% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Active Equity Fund (Class A/EMQAX) returned 24.86% and underperformed the MSCI Emerging Markets Net benchmark return of 27.91% by 3.05% on a net of fees basis.

#### KEY CONTRIBUTORS
The Fund benefited from holdings in the South Korean semiconductor industry, where SK Hynix and SK Square outperformed on sustained demand for Artificial Intelligence (AI) related high bandwidth memory and improving pricing in DRAM and NAND products. In China, the Consumer Discretionary (Alibaba) and Media & Entertainment (Tencent) added to returns following a re-rating in large-cap technology companies, and stronger than expected earnings.

Elsewhere, Argentina Banks (Grupo Financiero Galicia) also contributed positively as improving macroeconomic conditions, including lower inflation and progress on structural reform, supported earnings growth. The company has also strengthened its balance sheet in recent years.

#### KEY DETRACTORS
While exposure to specific industries within China performed well, overall investment in the country detracted from performance. This was primarily concentrated in Consumer Services (Meituan) and Technology Hardware (Xiaomi). Exposure to Brazilian Consumption (Raia Drogasil, Lojas Renner) also lagged as high real interest rates constrained earnings outlooks. In Taiwan Technology Hardware, E Ink underperformed due to near term tariff concerns and their potential impact on U.S. demand.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class A since its inception on November 01, 2016, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-active-equity-fund-retail-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182412.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **Since Inception** |
| **Ashmore Emerging Markets Active Equity Fund (Class A/EMQAX) (load-waived)** | 24.86% | 5.37% | 6.67% |
| **Ashmore Emerging Markets Active Equity Fund (Class A/EMQAX) (unadjusted)** | 18.34% | 4.25% | 6.04% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.54% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$13845369 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$23820 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;209% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd., Class H | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maruti Suzuki India Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Infosys Ltd. ADR | 2.4% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182404.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182399.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Active Equity Fund

### Class C/EMQCX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $226 | 2.02% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Active Equity Fund (Class C/EMQCX) returned 23.98% and underperformed the MSCI Emerging Markets Net benchmark return of 27.91% by 3.93% on a net of fees basis.

#### KEY CONTRIBUTORS
The Fund benefited from holdings in the South Korean semiconductor industry, where SK Hynix and SK Square outperformed on sustained demand for Artificial Intelligence (AI) related high bandwidth memory and improving pricing in DRAM and NAND products. In China, the Consumer Discretionary (Alibaba) and Media & Entertainment (Tencent) added to returns following a re-rating in large-cap technology companies, and stronger than expected earnings.

Elsewhere, Argentina Banks (Grupo Financiero Galicia) also contributed positively as improving macroeconomic conditions, including lower inflation and progress on structural reform, supported earnings growth. The company has also strengthened its balance sheet in recent years.

#### KEY DETRACTORS
While exposure to specific industries within China performed well, overall investment in the country detracted from performance. This was primarily concentrated in Consumer Services (Meituan) and Technology Hardware (Xiaomi). Exposure to Brazilian Consumption (Raia Drogasil, Lojas Renner) also lagged as high real interest rates constrained earnings outlooks. In Taiwan Technology Hardware, E Ink underperformed due to near term tariff concerns and their potential impact on U.S. demand.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class C since its inception on November 01, 2016, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182441.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **Since Inception** |
| **Ashmore Emerging Markets Active Equity Fund (Class C/EMQCX) (load-waived)** | 23.98% | 4.62% | 5.90% |
| **Ashmore Emerging Markets Active Equity Fund (Class C/EMQCX) (unadjusted)** | 22.98% | 4.62% | 5.90% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.54% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$13845369 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$23820 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;209% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd., Class H | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maruti Suzuki India Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Infosys Ltd. ADR | 2.4% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182449.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182454.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Active Equity Fund

### Institutional Class/EMQIX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $119 | 1.06% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Active Equity Fund (Institutional Class/EMQIX) returned 25.31% and underperformed the MSCI Emerging Markets Net benchmark return of 27.91% by 2.60% on a net of fees basis.

#### KEY CONTRIBUTORS
The Fund benefited from holdings in the South Korean semiconductor industry, where SK Hynix and SK Square outperformed on sustained demand for Artificial Intelligence (AI) related high bandwidth memory and improving pricing in DRAM and NAND products. In China, the Consumer Discretionary (Alibaba) and Media & Entertainment (Tencent) added to returns following a re-rating in large-cap technology companies, and stronger than expected earnings.

Elsewhere, Argentina Banks (Grupo Financiero Galicia) also contributed positively as improving macroeconomic conditions, including lower inflation and progress on structural reform, supported earnings growth. The company has also strengthened its balance sheet in recent years.

#### KEY DETRACTORS
While exposure to specific industries within China performed well, overall investment in the country detracted from performance. This was primarily concentrated in Consumer Services (Meituan) and Technology Hardware (Xiaomi). Exposure to Brazilian Consumption (Raia Drogasil, Lojas Renner) also lagged as high real interest rates constrained earnings outlooks. In Taiwan Technology Hardware, E Ink underperformed due to near term tariff concerns and their potential impact on U.S. demand.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $1,000,000 investment in Institutional Class since its inception on November 01, 2016, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-active-equity-fund-institutional-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3182369.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **Since Inception** |
| **Ashmore Emerging Markets Active Equity Fund (Institutional Class/EMQIX)** | 25.31% | 5.65% | 6.95% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.54% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$13845369 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$23820 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;209% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd., Class H | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maruti Suzuki India Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Infosys Ltd. ADR | 2.4% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182377.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182382.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Small-Cap Equity Fund

### Class A/ESSAX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Small-Cap Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 Small-Cap Equity Fund<br>(Class A/ESSAX) | $173 | 1.55% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Small-Cap Equity Fund (Class A/ESSAX) returned 22.93% and outperformed the MSCI Emerging Markets Small-Cap Net benchmark return of 15.49% by 7.44% on a net of fees basis.

#### KEY CONTRIBUTORS
The Fund's exposure to the East Asian semiconductor value chain was the primary contributor to relative performance. In South Korea, Hansol Chemical and KoMiCo advanced on accelerating Artificial Intelligence (AI) driven capital expenditure and robust semiconductor demand. In Taiwan, WinWay benefited from growth in probe card demand. Unrelated to the chip industry, however, was Kaori Heat Treatment which performed well due to expanding applications in cooling systems and fuel cell technology. Additionally, Sieyuan Electric (China) added to returns through export led revenue growth.

#### KEY DETRACTORS
The largest detractor was Gudeng Precision (Taiwan), which declined after delayed customer orders in China. Andes Technology, another Taiwanese holding, also underperformed. In Hungary, Wizz Air detracted as elevated maintenance and depreciation costs weighed on profitability.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class A over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-small-cap-equity-fund-retail-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182081.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Small-Cap Equity Fund (Class A/ESSAX) (load-waived)** | 22.93% | 9.67% | 8.86% |
| **Ashmore Emerging Markets Small-Cap Equity Fund (Class A/ESSAX) (unadjusted)** | 16.47% | 8.49% | 8.28% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.68% |
| **MSCI Emerging Markets Small Cap Net** | 15.49% | 13.13% | 8.10% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6259719 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Zetrix Ai Bhd. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eugene Technology Co. Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gudeng Precision Industrial Co. Ltd. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Andes Technology Corp. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medi Assist Healthcare Services Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Systems S.A. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;CreditAccess Grameen Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Karooooo Ltd. | 2.9% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182089.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182094.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Small-Cap Equity Fund

### Class C/ESSCX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Small-Cap Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 Small-Cap Equity Fund<br>(Class C/ESSCX) | $255 | 2.30% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Small-Cap Equity Fund (Class C/ESSCX) returned 21.99% and outperformed the MSCI Emerging Markets Small-Cap Net benchmark return of 15.49% by 6.50% on a net of fees basis.

#### KEY CONTRIBUTORS
The Fund's exposure to the East Asian semiconductor value chain was the primary contributor to relative performance. In South Korea, Hansol Chemical and KoMiCo advanced on accelerating Artificial Intelligence (AI) driven capital expenditure and robust semiconductor demand. In Taiwan, WinWay benefited from growth in probe card demand. Unrelated to the chip industry, however, was Kaori Heat Treatment which performed well due to expanding applications in cooling systems and fuel cell technology. Additionally, Sieyuan Electric (China) added to returns through export led revenue growth.

#### KEY DETRACTORS
The largest detractor was Gudeng Precision (Taiwan), which declined after delayed customer orders in China. Andes Technology, another Taiwanese holding, also underperformed. In Hungary, Wizz Air detracted as elevated maintenance and depreciation costs weighed on profitability.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class C over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182124.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Small-Cap Equity Fund (Class C/ESSCX) (load-waived)** | 21.99% | 8.87% | 8.24% |
| **Ashmore Emerging Markets Small-Cap Equity Fund (Class C/ESSCX) (unadjusted)** | 20.99% | 8.87% | 8.24% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.68% |
| **MSCI Emerging Markets Small Cap Net** | 15.49% | 13.13% | 8.10% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6259719 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Zetrix Ai Bhd. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eugene Technology Co. Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gudeng Precision Industrial Co. Ltd. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Andes Technology Corp. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medi Assist Healthcare Services Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Systems S.A. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;CreditAccess Grameen Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Karooooo Ltd. | 2.9% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182116.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182111.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Small-Cap Equity Fund

### Institutional Class/ESCIX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Small-Cap Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 Small-Cap Equity Fund<br>(Institutional Class/ESCIX) | $145 | 1.30% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Small-Cap Equity Fund (Institutional Class/ESCIX) returned 23.25% and outperformed the MSCI Emerging Markets Small-Cap Net benchmark return of 15.49% by 7.76% on a net of fees basis.

#### KEY CONTRIBUTORS
The Fund's exposure to the East Asian semiconductor value chain was the primary contributor to relative performance. In South Korea, Hansol Chemical and KoMiCo advanced on accelerating Artificial Intelligence (AI) driven capital expenditure and robust semiconductor demand. In Taiwan, WinWay benefited from growth in probe card demand. Unrelated to the chip industry, however, was Kaori Heat Treatment which performed well due to expanding applications in cooling systems and fuel cell technology. Additionally, Sieyuan Electric (China) added to returns through export led revenue growth.

#### KEY DETRACTORS
The largest detractor was Gudeng Precision (Taiwan), which declined after delayed customer orders in China. Andes Technology, another Taiwanese holding, also underperformed. In Hungary, Wizz Air detracted as elevated maintenance and depreciation costs weighed on profitability.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $1,000,000 investment in Institutional Class over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-small-cap-equity-fund-institutional-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3182052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Small-Cap Equity Fund (Institutional Class/ESCIX)** | 23.25% | 9.93% | 9.13% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.68% |
| **MSCI Emerging Markets Small Cap Net** | 15.49% | 13.13% | 8.10% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6259719 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Zetrix Ai Bhd. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eugene Technology Co. Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gudeng Precision Industrial Co. Ltd. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Andes Technology Corp. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medi Assist Healthcare Services Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Systems S.A. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;CreditAccess Grameen Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Karooooo Ltd. | 2.9% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182044.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182039.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Frontier Equity Fund

### Class A/EFEAX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $197 | 1.81% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Frontier Equity Fund (Class A/EFEAX) returned 17.62% and underperformed the MSCI Frontier Markets + Select EM Countries Capped Index Net TR benchmark return of 31.58% by 13.96% on a net of fees basis.

#### KEY DETRACTORS
Security selection in Vietnam was the primary detractor from relative returns. While the local market rallied sharply, gains were concentrated in a few large cap names the Fund did not hold, including Vingroup. The Fund's position in FPT, a leading technology and IT services company, declined amid macro uncertainty and reduced enterprise spending.

Outside Vietnam, Kaspi (Kazakhstan) declined following an unexpected rate hike that weighed on the company's fintech business, and weaker than expected smartphone sales from new regulations. Meanwhile, Globant (Argentina) underperformed after weaker guidance from a slowdown in demand from a key client.

#### KEY CONTRIBUTORS
The largest positive contributor was Halyk Savings Bank (Kazakhstan), which benefited from strong loan growth and better than expected earnings.

In Pakistan, pharmaceutical company Searle advanced after a successful management transition and reaffirmation of long term growth targets. Elsewhere, Piraeus Bank (Greece) performed well on improved profitability following a return to positive credit growth.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class A over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-frontier-equity-fund-retail-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3181980.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Frontier Equity Fund (Class A/EFEAX) (load-waived)** | 17.62% | 13.79% | 7.21% |
| **Ashmore Emerging Markets Frontier Equity Fund (Class A/EFEAX) (unadjusted)** | 11.44% | 12.58% | 6.64% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.68% |
| **MSCI Frontier Markets + Select EM Countries Capped Index Net TR** | 31.58% | 11.18% | 6.64% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$101368513 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$937554 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vinhomes JSC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank of Kuwait S.A.K.P. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banca Transilvania S.A. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nova Ljubljanska Banka dd GDR (Registered) | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attijariwafa Bank | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR (Registered) | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doha Bank QPSC | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mobile World Investment Corp. | 2.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3181972.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3181967.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Frontier Equity Fund

### Class C/EFECX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $276 | 2.55% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore EM Frontier Equity Fund (Class C/EFECX) returned 16.76% and underperformed the MSCI Frontier Markets + Select EM Countries Capped Index Net TR benchmark return of 31.58% by 14.82% on a net of fees basis.

#### KEY DETRACTORS
Security selection in Vietnam was the primary detractor from relative returns. While the local market rallied sharply, gains were concentrated in a few large cap names the Fund did not hold, including Vingroup. The Fund's position in FPT, a leading technology and IT services company, declined amid macro uncertainty and reduced enterprise spending.

Outside Vietnam, Kaspi (Kazakhstan) declined following an unexpected rate hike that weighed on the company's fintech business, and weaker than expected smartphone sales from new regulations. Meanwhile, Globant (Argentina) underperformed after weaker guidance from a slowdown in demand from a key client.

#### KEY CONTRIBUTORS
The largest positive contributor was Halyk Savings Bank (Kazakhstan), which benefited from strong loan growth and better than expected earnings.

In Pakistan, pharmaceutical company Searle advanced after a successful management transition and reaffirmation of long term growth targets. Elsewhere, Piraeus Bank (Greece) performed well on improved profitability following a return to positive credit growth.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class C over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Frontier Equity Fund (Class C/EFECX) (load-waived)** | 16.76% | 12.93% | 6.54% |
| **Ashmore Emerging Markets Frontier Equity Fund (Class C/EFECX) (unadjusted)** | 15.76% | 12.93% | 6.54% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.68% |
| **MSCI Frontier Markets + Select EM Countries Capped Index Net TR** | 31.58% | 11.18% | 6.64% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$101368513 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$937554 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vinhomes JSC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank of Kuwait S.A.K.P. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banca Transilvania S.A. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nova Ljubljanska Banka dd GDR (Registered) | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attijariwafa Bank | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR (Registered) | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doha Bank QPSC | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mobile World Investment Corp. | 2.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182017.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182022.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Frontier Equity Fund

### Institutional Class/EFEIX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $169 | 1.55% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Frontier Equity Fund (Institutional Class/EFEIX) returned 17.85% and underperformed the MSCI Frontier Markets + Select EM Countries Capped Index Net TR benchmark return of 31.58% by 13.73% on a net of fees basis.

#### KEY DETRACTORS
Security selection in Vietnam was the primary detractor from relative returns. While the local market rallied sharply, gains were concentrated in a few large cap names the Fund did not hold, including Vingroup. The Fund's position in FPT, a leading technology and IT services company, declined amid macro uncertainty and reduced enterprise spending.

Outside Vietnam, Kaspi (Kazakhstan) declined following an unexpected rate hike that weighed on the company's fintech business, and weaker than expected smartphone sales from new regulations. Meanwhile, Globant (Argentina) underperformed after weaker guidance from a slowdown in demand from a key client.

#### KEY CONTRIBUTORS
The largest positive contributor was Halyk Savings Bank (Kazakhstan), which benefited from strong loan growth and better than expected earnings.

In Pakistan, pharmaceutical company Searle advanced after a successful management transition and reaffirmation of long term growth targets. Elsewhere, Piraeus Bank (Greece) performed well on improved profitability following a return to positive credit growth.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $1,000,000 investment in Institutional Class over a ten year period, as compared to the performance of a broad based index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-frontier-equity-fund-institutional-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3181937.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Frontier Equity Fund (Institutional Class/EFEIX)** | 17.85% | 14.05% | 7.50% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.68% |
| **MSCI Frontier Markets + Select EM Countries Capped Index Net TR** | 31.58% | 11.18% | 6.64% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$101368513 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$937554 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vinhomes JSC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank of Kuwait S.A.K.P. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banca Transilvania S.A. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nova Ljubljanska Banka dd GDR (Registered) | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attijariwafa Bank | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR (Registered) | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doha Bank QPSC | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mobile World Investment Corp. | 2.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3181945.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3181950.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Equity Fund

### Class A/EMEAX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $148 | 1.30% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Equity Fund (Class A/EMEAX) returned 27.66% and underperformed the MSCI Emerging Markets Net benchmark return of 27.91% by 0.25% on a net of fees basis.

#### KEY CONTRIBUTORS
The Fund's overweight exposure to South Korea's semiconductor sector was the largest contributor to relative returns. Companies such as SK Hynix, Hansol Chemical, and SK Square benefited from surging demand for Artificial Intelligence (AI). In Taiwan, holdings in Eugene Technology and Alchip benefitted from similar dynamics related to increasing capital expenditure for AI infrastructure and expectations for broader adoption of custom chip designs.

Elsewhere, select Chinese holdings, including Tencent Music, Contemporary Amperex Technology, and Sieyuan Electric, also performed well due to solid earnings growth and for the latter two companies, geographic expansion.

#### KEY DETRACTORS
Relative performance was negatively affected by the Fund's underweight position in Alibaba, which rallied on renewed investor optimism surrounding AI opportunities and signs of easing regulatory tensions. Also in China, Meituan declined as increased competition weighed on profitability.

Outside China, Taiwanese company E Ink lagged on short term tariff concerns despite healthy fundamentals, while Kaspi (Kazakhstan) detracted from performance following a local rate hike that increased funding costs and dampened consumer spending.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class A over a ten year period, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-equity-fund-retail-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182196.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Equity Fund (Class A/EMEAX) (load-waived)** | 27.66% | 7.77% | 10.80% |
| **Ashmore Emerging Markets Equity Fund (Class A/EMEAX) (unadjusted)** | 20.92% | 6.62% | 10.21% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.68% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$244071500 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$1177824 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sieyuan Electric Co. Ltd., Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 1.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182188.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182183.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Equity Fund

### Class C/EMECX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $232 | 2.05% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Equity Fund (Class C/EMECX) returned 26.79% and underperformed the MSCI Emerging Markets Net benchmark return of 27.91% by 1.12% on a net of fees basis.

#### KEY CONTRIBUTORS
The Fund's overweight exposure to South Korea's semiconductor sector was the largest contributor to relative returns. Companies such as SK Hynix, Hansol Chemical, and SK Square benefited from surging demand for Artificial Intelligence (AI). In Taiwan, holdings in Eugene Technology and Alchip benefitted from similar dynamics related to increasing capital expenditure for AI infrastructure and expectations for broader adoption of custom chip designs.

Elsewhere, select Chinese holdings, including Tencent Music, Contemporary Amperex Technology, and Sieyuan Electric, also performed well due to solid earnings growth and for the latter two companies, geographic expansion.

#### KEY DECTRACTORS
Relative performance was negatively affected by the Fund's underweight position in Alibaba, which rallied on renewed investor optimism surrounding AI opportunities and signs of easing regulatory tensions. Also in China, Meituan declined as increased competition weighed on profitability.

Outside China, Taiwanese company E Ink lagged on short term tariff concerns despite healthy fundamentals, while Kaspi (Kazakhstan) detracted from performance following a local rate hike that increased funding costs and dampened consumer spending.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class C over a ten year period, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182225.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Equity Fund (Class C/EMECX) (load-waived)** | 26.79% | 7.00% | 8.49% |
| **Ashmore Emerging Markets Equity Fund (Class C/EMECX) (unadjusted)** | 25.79% | 7.00% | 8.49% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.68% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$244071500 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$1177824 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sieyuan Electric Co. Ltd., Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 1.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182233.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182238.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Equity Fund

### Institutional Class/EMFIX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $120 | 1.05% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Equity Fund (Institutional Class/EMFIX) returned 27.98% and outperformed the MSCI Emerging Markets Net benchmark return of 27.91% by 0.07% on a net of fees basis.

#### KEY CONTRIBUTORS
The Fund's overweight exposure to South Korea's semiconductor sector was the largest contributor to relative returns. Companies such as SK Hynix, Hansol Chemical, and SK Square benefited from surging demand for Artificial Intelligence (AI). In Taiwan, holdings in Eugene Technology and Alchip benefitted from similar dynamics related to increasing capital expenditure for AI infrastructure and expectations for broader adoption of custom chip designs.

Elsewhere, select Chinese holdings, including Tencent Music, Contemporary Amperex Technology, and Sieyuan Electric, also performed well due to solid earnings growth and for the latter two companies, geographic expansion.

#### KEY DECTRACTORS
Relative performance was negatively affected by the Fund's underweight position in Alibaba, which rallied on renewed investor optimism surrounding AI opportunities and signs of easing regulatory tensions. Also in China, Meituan declined as increased competition weighed on profitability.

Outside China, Taiwanese company E Ink lagged on short term tariff concerns despite healthy fundamentals, while Kaspi (Kazakhstan) detracted from performance following a local rate hike that increased funding costs and dampened consumer spending.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $1,000,000 investment in Institutional Class over a ten year period, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-equity-fund-institutional-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3182153.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **10 Year** |
| **Ashmore Emerging Markets Equity Fund (Institutional Class/EMFIX)** | 27.98% | 8.05% | 11.09% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.68% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$244071500 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$1177824 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sieyuan Electric Co. Ltd., Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 1.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182161.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182166.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Equity ESG Fund

### Class A/ESAGX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $145 | 1.27% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Equity ESG Fund (Class A/ESAGX) returned 28.63% and outperformed the MSCI Emerging Markets Net benchmark return of 27.91% by 0.72% on a net of fees basis.

#### KEY CONTRIBUTORS
The fund's overweight exposure to South Korea's semiconductor sector was the largest contributor to relative returns. Companies such as SK Hynix and SK Square benefited from surging demand for Artificial Intelligence (AI). In Taiwan, holdings in Eugene Technology and Chroma benefitted from similar dynamics related to increasing capital expenditure for AI infrastructure.

In China, strong results from Sieyuan Electric, Contemporary Amperex Technology, and Tencent supported performance. The latter two companies benefitted from revenue growth driven by geographic expansion.

#### KEY DETRACTORS
E Ink (digital ink) was the worst performing investment over the full year period ending October 31, 2025. The company reported generally strong earnings, but saw the stock sell off over near-term concern surrounding the impact of tariffs on future demand.

Taiwanese company E Ink lagged on short term tariff concerns despite healthy fundamentals. Within China, Anta, Meituan, and Proya lagged due to competitive pressures, elevated costs, and softer consumer sentiment. The Fund's underweight in Alibaba also detracted, as the stock rallied on renewed optimism toward AI opportunities and improving regulatory sentiment.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class A since its inception on February 26, 2020, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182801.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **Since Inception** |
| **Ashmore Emerging Markets Equity ESG Fund (Class A/ESAGX) (load-waived)** | 28.63% | 6.62% | 9.34% |
| **Ashmore Emerging Markets Equity ESG Fund (Class A/ESAGX) (unadjusted)** | 21.92% | 5.47% | 8.31% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.93% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$16515152 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$11002 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 14.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sieyuan Electric Co. Ltd., Class A | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Ltd., Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eugene Technology Co. Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. | 2.2% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182809.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182814.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Equity ESG Fund

### Class C/ESCGX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $230 | 2.02% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Equity ESG Fund (Class C/ESCGX) returned 27.71% and underperformed the MSCI Emerging Markets Net benchmark return of 27.91% by 0.20% on a net of fees basis.

#### KEY CONTRIBUTORS
The fund's overweight exposure to South Korea's semiconductor sector was the largest contributor to relative returns. Companies such as SK Hynix and SK Square benefited from surging demand for Artificial Intelligence (AI). In Taiwan, holdings in Eugene Technology and Chroma benefitted from similar dynamics related to increasing capital expenditure for AI infrastructure.

In China, strong results from Sieyuan Electric, Contemporary Amperex Technology, and Tencent supported performance. The latter two companies benefitted from revenue growth driven by geographic expansion.

#### KEY DETRACTORS
E Ink (digital ink) was the worst performing investment over the full year period ending October 31, 2025. The company reported generally strong earnings, but saw the stock sell off over near-term concern surrounding the impact of tariffs on future demand.

Taiwanese company E Ink lagged on short term tariff concerns despite healthy fundamentals. Within China, Anta, Meituan, and Proya lagged due to competitive pressures, elevated costs, and softer consumer sentiment. The Fund's underweight in Alibaba also detracted, as the stock rallied on renewed optimism toward AI opportunities and improving regulatory sentiment.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class C since its inception on February 26, 2020, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182844.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **Since Inception** |
| **Ashmore Emerging Markets Equity ESG Fund (Class C/ESCGX) (load-waived)** | 27.71% | 5.87% | 8.58% |
| **Ashmore Emerging Markets Equity ESG Fund (Class C/ESCGX) (unadjusted)** | 26.71% | 5.87% | 8.58% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.93% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$16515152 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$11002 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 14.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sieyuan Electric Co. Ltd., Class A | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Ltd., Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eugene Technology Co. Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. | 2.2% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182836.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182831.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Equity ESG Fund

### Institutional Class/ESIGX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $120 | 1.05% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Equity ESG Fund (Institutional Class/ESIGX) returned 28.97% and outperformed the MSCI Emerging Markets Net benchmark return of 27.91% by 1.06% on a net of fees basis.

#### KEY CONTRIBUTORS
The fund's overweight exposure to South Korea's semiconductor sector was the largest contributor to relative returns. Companies such as SK Hynix and SK Square benefited from surging demand for Artificial Intelligence (AI). In Taiwan, holdings in Eugene Technology and Chroma benefitted from similar dynamics related to increasing capital expenditure for AI infrastructure.

In China, strong results from Sieyuan Electric, Contemporary Amperex Technology, and Tencent supported performance. The latter two companies benefitted from revenue growth driven by geographic expansion.

#### KEY DETRACTORS
E Ink (digital ink) was the worst performing investment over the full year period ending October 31, 2025. The company reported generally strong earnings, but saw the stock sell off over near-term concern surrounding the impact of tariffs on future demand.

Taiwanese company E Ink lagged on short term tariff concerns despite healthy fundamentals. Within China, Anta, Meituan, and Proya lagged due to competitive pressures, elevated costs, and softer consumer sentiment. The Fund's underweight in Alibaba also detracted, as the stock rallied on renewed optimism toward AI opportunities and improving regulatory sentiment.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $1,000,000 investment in Institutional Class since its inception on February 26, 2020, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-equity-esg-fund-institutional-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3182873.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **Since Inception** |
| **Ashmore Emerging Markets Equity ESG Fund (Institutional Class/ESIGX)** | 28.97% | 6.91% | 9.61% |
| **MSCI Emerging Markets Net** | 27.91% | 7.45% | 7.93% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$16515152 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$11002 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 14.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sieyuan Electric Co. Ltd., Class A | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Ltd., Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eugene Technology Co. Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. | 2.2% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3182881.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3182886.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Debt Fund

### Class A/IGAEX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $98 | 0.92% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Debt Fund (Class A/IGAEX) delivered a total return of 13.74% net of fees and outperformed the JP Morgan Emerging Market Bond Index Global Diversified benchmark return of 12.76% by 0.98%.

#### TOP CONTRIBUTORS
Venezuela was the largest contributor, as PDVSA and sovereign bonds rallied on progress toward the Citgo asset sale and favorable court developments supporting bondholder claims. Renewed international pressure on Venezuela's leadership also improved restructuring expectations.

In Mexico, exposure to Pemex performed well following a government recapitalization and stable trade relations with the U.S., which supported spread tightening. The Fund's underweight in China added to relative performance as bonds lagged a strong emerging market rally.

#### TOP DETRACTORS
The Fund's underweight in Lebanon detracted modestly as rising optimism over potential political change supported bond prices. In Panama, curve positioning hurt results when long-duration bonds outperformed following U.S. yield-curve movements and domestic policy progress. The Fund's temporary CDX hedge also detracted after spreads tightened amid easing geopolitical concerns.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class A since its inception on September 17, 2020, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182916.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **Since Inception** |
| **Ashmore Emerging Markets Debt Fund (Class A/IGAEX) (load-waived)** | 13.74% | 3.01% | 2.69% |
| **Ashmore Emerging Markets Debt Fund (Class A/IGAEX) (unadjusted)** | 9.16% | 2.17% | 1.87% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 2.23% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$21722755 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**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 exposure of the Fund as of October 31, 2025.

#### ASSET TYPE ALLOCATION
![Graphical Representation - Allocation 1 Chart](chartimages_3182908.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Debt Fund

### Class C/IGCEX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $178 | 1.67% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Debt Fund (ClassC/IGCEX) delivered a total return of 13.02% net of fees and outperformed the JP Morgan Emerging Market Bond Index Global Diversified of 12.76% by 0.26%.

#### TOP CONTRIBUTORS
Venezuela was the largest contributor, as PDVSA and sovereign bonds rallied on progress toward the Citgo asset sale and favorable court developments supporting bondholder claims. Renewed international pressure on Venezuela's leadership also improved restructuring expectations.

In Mexico, exposure to Pemex performed well following a government recapitalization and stable trade relations with the U.S., which supported spread tightening. The Fund's underweight in China added to relative performance as bonds lagged a strong emerging market rally.

#### TOP DETRACTORS
The Fund's underweight in Lebanon detracted modestly as rising optimism over potential political change supported bond prices. In Panama, curve positioning hurt results when long-duration bonds outperformed following U.S. yield-curve movements and domestic policy progress. The Fund's temporary CDX hedge also detracted after spreads tightened amid easing geopolitical concerns.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class C since its inception on September 17, 2020, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3182945.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **Since Inception** |
| **Ashmore Emerging Markets Debt Fund (Class C/IGCEX) (load-waived)** | 13.02% | 2.28% | 1.97% |
| **Ashmore Emerging Markets Debt Fund (Class C/IGCEX) (unadjusted)** | 12.02% | 2.28% | 1.97% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 2.23% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$21722755 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**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 exposure of the Fund as of October 31, 2025.

#### ASSET TYPE ALLOCATION
![Graphical Representation - Allocation 1 Chart](chartimages_3182953.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Debt Fund

### Institutional Class/IGIEX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $79 | 0.74% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, the Ashmore Emerging Markets Debt Fund (Institutional Class/IGIEX) delivered a total return of 13.86% net of fees, and outperformed the JP Morgan Emerging Market Bond Index Global Diversified of 12.76% by 1.10%.

#### TOP CONTRIBUTORS
Venezuela was the largest contributor, as PDVSA and sovereign bonds rallied on progress toward the Citgo asset sale and favorable court developments supporting bondholder claims. Renewed international pressure on Venezuela's leadership also improved restructuring expectations.

In Mexico, exposure to Pemex performed well following a government recapitalization and stable trade relations with the U.S., which supported spread tightening. The Fund's underweight in China added to relative performance as bonds lagged a strong emerging market rally.

#### TOP DETRACTORS
The Fund's underweight in Lebanon detracted modestly as rising optimism over potential political change supported bond prices. In Panama, curve positioning hurt results when long-duration bonds outperformed following U.S. yield-curve movements and domestic policy progress. The Fund's temporary CDX hedge also detracted after spreads tightened amid easing geopolitical concerns.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $1,000,000 investment in Institutional Class since its inception on September 17, 2020, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-debt-fund-institutional-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3182988.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **5 Year** | **Since Inception** |
| **Ashmore Emerging Markets Debt Fund (Institutional Class/IGIEX)** | 13.86% | 3.19% | 2.88% |
| **JP Morgan Emerging Market Bond Index Global Diversified** | 12.76% | 2.71% | 2.23% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$21722755 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**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 exposure of the Fund as of October 31, 2025.

#### ASSET TYPE ALLOCATION
![Graphical Representation - Allocation 1 Chart](chartimages_3182980.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Equity ex China Fund

### Class A/EMXAX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $145 | 1.27% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Equity ex China Fund (Class A/EMXAX) returned 28.18% and outperformed the MSCI Emerging Markets Net ex China benchmark return of 25.85% by 2.33% on a net of fees basis.

#### KEY CONTRIBUTORS
The Fund's underweight position to India added significantly to relative performance, as elevated valuations and slower economic growth resulted in the Indian market significantly trailing broader emerging markets.

The Fund's overweight exposure to South Korea's semiconductor sector was the largest contributor to relative returns. Companies such as SK Hynix, Hansol Chemical, and SK Square benefited from surging demand for Artificial Intelligence (AI). In Taiwan, holdings in Eugene Technology and Chroma benefitted from similar dynamics related to increasing capital expenditure for AI infrastructure.

Elsewhere, Grab (ASEAN) also contributed to relative returns as the company reported robust EBITDA growth supported by rising mobility and financial services adoption across its markets.

#### KEY DETRACTORS
Taiwanese company E Ink lagged on short term tariff concerns despite healthy fundamentals, while Kaspi (Kazakhstan) detracted from performance following a local rate hike that increased funding costs and dampened consumer spending. In the Middle East, Talabat underperformed amid intensified competition and reduced order values despite growing transaction volumes.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class A since its inception on June 11, 2024, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3183017.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **Since Inception** |
| **Ashmore Emerging Markets Equity ex China Fund (Class A/EMXAX) (load-waived)** | 28.18% | 19.05% |
| **Ashmore Emerging Markets Equity ex China Fund (Class A/EMXAX) (unadjusted)** | 21.44% | 14.55% |
| **MSCI Emerging Markets Net ex China** | 25.85% | 20.71% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9537364 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 16.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte S.A.B. de C.V., Class O | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Ltd., Class A | 1.9% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3183025.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3183030.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Equity ex China Fund

### Class C/EMXCX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $230 | 2.02% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Equity ex China Fund (Class C/EMXCX) returned 27.24% and outperformed the MSCI Emerging Markets Net ex China benchmark return of 25.85% by 1.39% on a net of fees basis.

#### KEY CONTRIBUTORS
The Fund's underweight position to India added significantly to relative performance, as elevated valuations and slower economic growth resulted in the Indian market significantly trailing broader emerging markets.

The Fund's overweight exposure to South Korea's semiconductor sector was the largest contributor to relative returns. Companies such as SK Hynix, Hansol Chemical, and SK Square benefited from surging demand for Artificial Intelligence (AI). In Taiwan, holdings in Eugene Technology and Chroma benefitted from similar dynamics related to increasing capital expenditure for AI infrastructure.

Elsewhere, Grab (ASEAN) also contributed to relative returns as the company reported robust EBITDA growth supported by rising mobility and financial services adoption across its markets.

#### KEY DETRACTORS
Taiwanese company E Ink lagged on short term tariff concerns despite healthy fundamentals, while Kaspi (Kazakhstan) detracted from performance following a local rate hike that increased funding costs and dampened consumer spending. In the Middle East, Talabat underperformed amid intensified competition and reduced order values despite growing transaction volumes.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $10,000 investment in Class C since its inception on June 11, 2024, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3183059.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **Since Inception** |
| **Ashmore Emerging Markets Equity ex China Fund (Class C/EMXCX) (load-waived)** | 27.24% | 18.20% |
| **Ashmore Emerging Markets Equity ex China Fund (Class C/EMXCX) (unadjusted)** | 26.24% | 18.20% |
| **MSCI Emerging Markets Net ex China** | 25.85% | 20.71% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9537364 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 16.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte S.A.B. de C.V., Class O | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Ltd., Class A | 1.9% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3183052.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3183047.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

Ashmore Funds

### Ashmore Emerging Markets Equity ex China Fund

### Institutional Class/EMXIX
![TSR - Logo](images_7652.jpg)

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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) | $120 | 1.05% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
Over the one-year period ended October 31, 2025, Ashmore Emerging Markets Equity ex China Fund (Institutional Class/EMXIX) returned 28.42% and outperformed the MSCI Emerging Markets Net ex China benchmark return of 25.85% by 2.57% on a net of fees basis.

#### KEY CONTRIBUTORS
The Fund's underweight position to India added significantly to relative performance, as elevated valuations and slower economic growth resulted in the Indian market significantly trailing broader emerging markets.

The Fund's overweight exposure to South Korea's semiconductor sector was the largest contributor to relative returns. Companies such as SK Hynix, Hansol Chemical, and SK Square benefited from surging demand for Artificial Intelligence (AI). In Taiwan, holdings in Eugene Technology and Chroma benefitted from similar dynamics related to increasing capital expenditure for AI infrastructure.

Elsewhere, Grab (ASEAN) also contributed to relative returns as the company reported robust EBITDA growth supported by rising mobility and financial services adoption across its markets.

#### KEY DETRACTORS
Taiwanese company E Ink lagged on short term tariff concerns despite healthy fundamentals, while Kaspi (Kazakhstan) detracted from performance following a local rate hike that increased funding costs and dampened consumer spending. In the Middle East, Talabat underperformed amid intensified competition and reduced order values despite growing transaction volumes.

#### Fund Performance
The following graph and chart show the performance of a hypothetical $1,000,000 investment in Institutional Class since its inception on June 11, 2024, as compared to the performance of a broad based index. Performance for other share classes will vary. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance figures assume reinvestment of dividends and capital gains.

Visit www.ashmoregroup.com/en-us/document/ashmore-emerging-markets-equity-ex-china-fund-institutional-quarterly-fund-card for the most recent performance information.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3183089.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2025** | **1 Year** | **Since Inception** |
| **Ashmore Emerging Markets Equity ex China Fund (Institutional Class/EMXIX)** | 28.42% | 19.33% |
| **MSCI Emerging Markets Net ex China** | 25.85% | 20.71% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9537364 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

#### 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 October 31, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 16.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte S.A.B. de C.V., Class O | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Ltd., Class A | 1.9% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3183096.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3183101.jpg)

#### Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

#### 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.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 866-876-8294 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7931.jpg)

For additional information about the Fund, please scan the QR code at left to navigate to additional hosted material at https://connect.rightprospectus.com/Ashmore.

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.
(a) As of October 31, 2025, the registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(b) Not Applicable.

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

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

(e) Not Applicable.

(f) Attached herto as Exhibit (a)(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; Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR), serving on its audit committee. Joseph Grainger is the "audit committee financial expert" and is "independent" (as each term is defined in Item 3 of Form N-CSR).

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

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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(a): Audit Fees*

The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP ("KPMG"), independent registered public accounting firm, for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $308,500 in 2025 and $377,969 in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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(b): Audit Related Fees*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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(c): Tax Fees*

The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for RIC tax compliance and diversification review and tax return review are NONE in 2025 and GBP 10,000 in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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(d): All Other Fees*

The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG and its affiliates, other than the services reported in paragraphs (a) through (c) of this Item, are GBP 23,500 in 2025 and GBP 23,500 in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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(e)(1): Pre-Approval Policies and Procedures*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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(e)(2): Percentage of Fees Pre-Approved Pursuant to Waiver Provision of Paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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(f): Work Performed by Persons Other than the Principal Accoutnant*

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

The aggregate non-audit fees and services billed by KPMG and its affiliates for services rendered to the registrant and service affiliates for the last two fiscal years are GBP 23,500 in 2025 and GBP 33,500 in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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(h) Non-Audit Services and Independent Accountant's Independence*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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(i): 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 4(j): 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 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

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

October 31, 2025

![](imgdbcd62991.gif)

------

ASHMORE FUNDS

#### **TABLE OF CONTENTS**

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Page** |
| [FINANCIAL STATEMENTS:](#xx_8da22c79-738c-47f8-9870-cd1de427ec65_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_e73eae3a-1b59-4807-9d83-29bcdaeeb271_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_9d9c87b0-70aa-4b27-b3b7-f0755ebe100d_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_97290750-f6c7-4377-823d-8ec6d87df785_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_baeccc31-d830-4098-9de1-eb73e28c2f62_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_baeccc31-d830-4098-9de1-eb73e28c2f62_5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of Investments](#xx_ea4b8798-0b0f-43bc-aeae-3c6af053dcce_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Total Return Fund](#xx_ea4b8798-0b0f-43bc-aeae-3c6af053dcce_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Local Currency Bond Fund](#xx_ea4b8798-0b0f-43bc-aeae-3c6af053dcce_17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Corporate Income Fund](#xx_ea4b8798-0b0f-43bc-aeae-3c6af053dcce_27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Short Duration Fund](#xx_ea4b8798-0b0f-43bc-aeae-3c6af053dcce_36) | &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;[Ashmore Emerging Markets Active Equity Fund](#xx_ea4b8798-0b0f-43bc-aeae-3c6af053dcce_41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Small-Cap Equity Fund](#xx_ea4b8798-0b0f-43bc-aeae-3c6af053dcce_46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Frontier Equity Fund](#xx_ea4b8798-0b0f-43bc-aeae-3c6af053dcce_50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Equity Fund](#xx_ea4b8798-0b0f-43bc-aeae-3c6af053dcce_55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Equity ESG Fund](#xx_ea4b8798-0b0f-43bc-aeae-3c6af053dcce_59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Debt Fund](#xx_ea4b8798-0b0f-43bc-aeae-3c6af053dcce_63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Equity ex China Fund](#xx_ea4b8798-0b0f-43bc-aeae-3c6af053dcce_72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_d6be459c-8e01-4c0b-8467-565efef4b1e7_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Supplementary Information](#xx_f9b361f7-494a-4b59-ab11-4190f31fab96_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_4528bf78-732a-49e5-b2cc-57f556358723_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures for Open-End Management Investment Companies](#xx_9700d7a3-e4c3-42e5-b3ff-a335ae1cfef5_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_3b50b659-7478-4ce7-95ec-2841394cf1fc_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Information](#xx_1dbd7ebc-189c-40e5-9cbf-175e3958c102_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 |

---

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Funds and Board of Trustees

Ashmore Funds:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Debt Fund, and Ashmore Emerging Markets Equity ex China Fund (collectively, the Funds), each a series of Ashmore Funds, including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended (year ended October 31, 2025 and the period from June 11, 2024 [commencement of investment operations] to October 31, 2024 for Ashmore Emerging Markets Equity ex China Fund), and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended (year ended October 31, 2025 and the period from June 11, 2024 [commencement of investment operations] to October 31, 2024 for Ashmore Emerging Markets Equity ex China Fund). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

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

Chicago, Illinois

December 18, 2025

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE FUNDS

#### STATEMENTS OF ASSETS AND LIABILITIES
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$74560971 | &nbsp;&nbsp;$9457837 | &nbsp;&nbsp;$18258204 | &nbsp;&nbsp;$30767565 |
| 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;101832 | &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;1179539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318850 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Variation margin receivable on centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;185141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;294837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3901 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13393 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224417 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7940 |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**77705397** | &nbsp;&nbsp;&nbsp;&nbsp;**10132349** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18825969** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31338227** |
| **LIABILITIES:** |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;702149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |
| Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18051 |
| Due to broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;64566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17254 |
| Trustees' fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337 |
| 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;&nbsp;&nbsp;941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 |
| Custody fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533 |
| Professional fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106542 |
| Regulatory fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 |
| Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1376834** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**290056** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**107940** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**152789** |
| **Net Assets** | &nbsp;&nbsp;**$76328563** | &nbsp;&nbsp;**$9842293** | &nbsp;&nbsp;**$18718029** | &nbsp;&nbsp;**$31185438** |
| **NET ASSETS:** |  |  |  |  |
| Paid in capital | &nbsp;&nbsp;$545395777 | &nbsp;&nbsp;$10536352 | &nbsp;&nbsp;$183109383 | &nbsp;&nbsp;$440398593 |
| Distributable earnings/(Accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;(469067214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(694059) | &nbsp;&nbsp;&nbsp;&nbsp;(164391354) | &nbsp;&nbsp;&nbsp;&nbsp;(409213155) |
| **Net Assets** | &nbsp;&nbsp;**$76328563** | &nbsp;&nbsp;**$9842293** | &nbsp;&nbsp;**$18718029** | &nbsp;&nbsp;**$31185438** |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp;$987688 | &nbsp;&nbsp;$269848 | &nbsp;&nbsp;$2342557 | &nbsp;&nbsp;$1453256 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108958 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74925521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9567247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15745306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29623224 |
| **Shares Issued and Outstanding (no par value, unlimited shares authorized):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292775 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22996 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14188949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6076770 |
| **Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding):** |  |  |  |  |
| Class A | &nbsp;&nbsp;$5.20 | &nbsp;&nbsp;$6.63 | &nbsp;&nbsp;$5.56 | &nbsp;&nbsp;$4.96 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 |
| **Cost of Investments in securities** | &nbsp;&nbsp;**$89288452** | &nbsp;&nbsp;**$9201344** | &nbsp;&nbsp;**$32982199** | &nbsp;&nbsp;**$40970947** |
| **Cost of foreign currency held** | &nbsp;&nbsp;**$157560** | &nbsp;&nbsp;**$80252** | &nbsp;&nbsp;**$4463** | &nbsp;&nbsp;**$2162** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Ashmore<br> Emerging Markets<br> Active Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Small-Cap<br> 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 |
| $13590602 | &nbsp;&nbsp;$6223953 | &nbsp;&nbsp;$98176550 | &nbsp;&nbsp;$237639545 | &nbsp;&nbsp;$16321307 | &nbsp;&nbsp;$21302121 | &nbsp;&nbsp;$9450985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5852736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21950 | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 |
| &nbsp;&nbsp;&nbsp;**13913955** | &nbsp;&nbsp;&nbsp;&nbsp;**6498265** | &nbsp;&nbsp;&nbsp;&nbsp;**102295103** | &nbsp;&nbsp;&nbsp;&nbsp;**244660354** | &nbsp;&nbsp;&nbsp;&nbsp;**16598211** | &nbsp;&nbsp;&nbsp;&nbsp;**22007203** | &nbsp;&nbsp;&nbsp;&nbsp;**9587251** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68586** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**238546** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**926590** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**588854** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83059** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**284448** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49887** |
| **$13845369** | &nbsp;&nbsp;**$6259719** | &nbsp;&nbsp;**$101368513** | &nbsp;&nbsp;**$244071500** | &nbsp;&nbsp;**$16515152** | &nbsp;&nbsp;**$21722755** | &nbsp;&nbsp;**$9537364** |
| $29900847 | &nbsp;&nbsp;$8031527 | &nbsp;&nbsp;$77203583 | &nbsp;&nbsp;$195844368 | &nbsp;&nbsp;$12015750 | &nbsp;&nbsp;$23443256 | &nbsp;&nbsp;$7541713 |
| &nbsp;&nbsp;(16055478) | &nbsp;&nbsp;&nbsp;&nbsp;(1771808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24164930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48227132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499402 | &nbsp;&nbsp;&nbsp;&nbsp;(1720501) | &nbsp;&nbsp;&nbsp;&nbsp;1995651 |
| **$13845369** | &nbsp;&nbsp;**$6259719** | &nbsp;&nbsp;**$101368513** | &nbsp;&nbsp;**$244071500** | &nbsp;&nbsp;**$16515152** | &nbsp;&nbsp;**$21722755** | &nbsp;&nbsp;**$9537364** |
| $14221 | &nbsp;&nbsp;$474796 | &nbsp;&nbsp;$1459701 | &nbsp;&nbsp;$46716743 | &nbsp;&nbsp;$1631 | &nbsp;&nbsp;$1078 | &nbsp;&nbsp;$946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 |
| &nbsp;&nbsp;&nbsp;13829381 | &nbsp;&nbsp;&nbsp;&nbsp;5771865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99568667 | &nbsp;&nbsp;&nbsp;&nbsp;197270120 | &nbsp;&nbsp;&nbsp;&nbsp;16511949 | &nbsp;&nbsp;&nbsp;&nbsp;21720629 | &nbsp;&nbsp;&nbsp;&nbsp;9535500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157757 | &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;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;1365238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6882462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13842737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754119 |
| $10.01 | &nbsp;&nbsp;$16.97 | &nbsp;&nbsp;$12.27 | &nbsp;&nbsp;$14.79 | &nbsp;&nbsp;$13.92 | &nbsp;&nbsp;$8.99 | &nbsp;&nbsp;$12.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.64 |
| **$12145417** | &nbsp;&nbsp;**$5185766** | &nbsp;&nbsp;**$82188854** | &nbsp;&nbsp;**$179454067** | &nbsp;&nbsp;**$11191114** | &nbsp;&nbsp;**$19787378** | &nbsp;&nbsp;**$7197701** |
| **$62703** | &nbsp;&nbsp;**$3536** | &nbsp;&nbsp;**$431124** | &nbsp;&nbsp;**$69071** | &nbsp;&nbsp;**$4090** | &nbsp;&nbsp;**$1251** | &nbsp;&nbsp;**$4528** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE FUNDS

#### STATEMENTS OF OPERATIONS
*For the Year Ended October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$5786914 | &nbsp;&nbsp;$685849 | &nbsp;&nbsp;$1668074 | &nbsp;&nbsp;$1459411 |
| Dividends, net of foreign tax withholdings\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5791030** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**685849** | &nbsp;&nbsp;&nbsp;&nbsp;**1669520** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1461522** |
| **EXPENSES:** |  |  |  |  |
| Investment Manager fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208138 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16315 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281694 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17464 |
| Offering expenses and registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47022 |
| Insurance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5061 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8131 |
| Distribution and servicing fees - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824 |
| Distribution and servicing fees - Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149 |
| Regulatory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21188 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1337387** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**251541** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**411192** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**616390** |
| Less expenses reimbursed by the Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337780) | &nbsp;&nbsp;&nbsp;&nbsp;(175312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191599) |
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**999607** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**76229** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**242611** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**424791** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4791423** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**609620** | &nbsp;&nbsp;&nbsp;&nbsp;**1426909** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1036731** |
| **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 $10,027, $(841), $-, $-, $(17235), $39,295, $(45586), $(99120), $(2483), $-, and $(1836), respectively) | &nbsp;&nbsp;&nbsp;&nbsp;(7908259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1278) | &nbsp;&nbsp;&nbsp;&nbsp;(6064440) | &nbsp;&nbsp;&nbsp;&nbsp;(12788433) |
| &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;(22502) | &nbsp;&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;478240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1582) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417) | &nbsp;&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;(704420) | &nbsp;&nbsp;&nbsp;&nbsp;(102291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit default swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8165729)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12304)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6135089)** | &nbsp;&nbsp;&nbsp;&nbsp;**(12789756)** |
| **NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-, $-, $-, $32,163, $26,008, $(139748), $(179064), $(18158), $-, and $(10979), respectively) | &nbsp;&nbsp;&nbsp;&nbsp;12963094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527277 | &nbsp;&nbsp;&nbsp;&nbsp;6236665 | &nbsp;&nbsp;&nbsp;&nbsp;13497755 |
| &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;15075 | &nbsp;&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;(186970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(9944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| **Change in Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**12740339** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**507192** | &nbsp;&nbsp;&nbsp;&nbsp;**6271995** | &nbsp;&nbsp;&nbsp;&nbsp;**13499330** |
| **Net Realized and Unrealized Gains** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4574610** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**494888** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**136906** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**709574** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;**$9366033** | &nbsp;&nbsp;**$1104508** | &nbsp;&nbsp;**$1563815** | &nbsp;&nbsp;**$1746305** |
| **\* Foreign Tax Withholdings** | &nbsp;&nbsp;**$40294** | &nbsp;&nbsp;**$16291** | &nbsp;&nbsp;**$6243** | &nbsp;&nbsp;**$8044** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Ashmore<br> Emerging Markets<br> Active Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Small-Cap<br> 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 |
| $49518 | &nbsp;&nbsp;$2566 | &nbsp;&nbsp;$137219 | &nbsp;&nbsp;$130517 | &nbsp;&nbsp;$9692 | &nbsp;&nbsp;$1325170 | &nbsp;&nbsp;$7755 |
| &nbsp;&nbsp;&nbsp;&nbsp;379792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148699 |
| &nbsp;&nbsp;&nbsp;&nbsp;**429310** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90992** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3276377** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3367894** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**239731** | &nbsp;&nbsp;&nbsp;&nbsp;**1325170** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**156454** |
| &nbsp;&nbsp;&nbsp;&nbsp;192027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91959 | &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;4 | &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;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16648 |
| &nbsp;&nbsp;&nbsp;&nbsp;**371356** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**232731** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1981847** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2642316** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**266400** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**287084** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**302487** |
| &nbsp;&nbsp;&nbsp;(168207) | &nbsp;&nbsp;&nbsp;&nbsp;(148682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(491880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(637670) | &nbsp;&nbsp;&nbsp;&nbsp;(124092) | &nbsp;&nbsp;&nbsp;&nbsp;(139924) | &nbsp;&nbsp;&nbsp;&nbsp;(220291) |
| &nbsp;&nbsp;&nbsp;&nbsp;**203149** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**84049** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1489967** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2004646** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**142308** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**147160** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**82196** |
| &nbsp;&nbsp;&nbsp;&nbsp;**226161** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6943** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1786410** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1363248** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97423** | &nbsp;&nbsp;&nbsp;&nbsp;**1178010** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74258** |
| &nbsp;&nbsp;4317960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9638192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215312 | &nbsp;&nbsp;&nbsp;&nbsp;(186873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**4313593** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12762** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9565934** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3702741** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**242049** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**185091** | &nbsp;&nbsp;&nbsp;&nbsp;**(199602)** |
| &nbsp;&nbsp;&nbsp;(564236) | &nbsp;&nbsp;&nbsp;&nbsp;1043012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4298536 | &nbsp;&nbsp;&nbsp;&nbsp;44676853 | &nbsp;&nbsp;&nbsp;&nbsp;3370832 | &nbsp;&nbsp;&nbsp;&nbsp;1293663 | &nbsp;&nbsp;&nbsp;&nbsp;2238378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905 | &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;(44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 |
| &nbsp;&nbsp;&nbsp;**(563219)** | &nbsp;&nbsp;&nbsp;&nbsp;**1043120** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4291238** | &nbsp;&nbsp;&nbsp;&nbsp;**44679758** | &nbsp;&nbsp;&nbsp;&nbsp;**3370917** | &nbsp;&nbsp;&nbsp;&nbsp;**1292526** | &nbsp;&nbsp;&nbsp;&nbsp;**2238598** |
| &nbsp;&nbsp;**3750374** | &nbsp;&nbsp;&nbsp;&nbsp;**1055882** | &nbsp;&nbsp;&nbsp;&nbsp;**13857172** | &nbsp;&nbsp;&nbsp;&nbsp;**48382499** | &nbsp;&nbsp;&nbsp;&nbsp;**3612966** | &nbsp;&nbsp;&nbsp;&nbsp;**1477617** | &nbsp;&nbsp;&nbsp;&nbsp;**2038996** |
| **$3976535** | &nbsp;&nbsp;**$1062825** | &nbsp;&nbsp;**$15643582** | &nbsp;&nbsp;**$49745747** | &nbsp;&nbsp;**$3710389** | &nbsp;&nbsp;**$2655627** | &nbsp;&nbsp;**$2113254** |
| **$44043** | &nbsp;&nbsp;**$11866** | &nbsp;&nbsp;**$192171** | &nbsp;&nbsp;**$417798** | &nbsp;&nbsp;**$33765** | &nbsp;&nbsp;**$2574** | &nbsp;&nbsp;**$24344** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE FUNDS

#### STATEMENTS OF CHANGES IN NET ASSETS
*For the Fiscal Years 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;Ashmore<br> Emerging Markets<br> Corporate Income Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Corporate Income Fund |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;$4791423 | &nbsp;&nbsp;$10454500 | &nbsp;&nbsp;$609620 | &nbsp;&nbsp;$686203 | &nbsp;&nbsp;$1426909 | &nbsp;&nbsp;$3066045 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8165729) | &nbsp;&nbsp;&nbsp;&nbsp;(111501905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108910) | &nbsp;&nbsp;&nbsp;&nbsp;(6135089) | &nbsp;&nbsp;&nbsp;&nbsp;(18184448) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;12740339 | &nbsp;&nbsp;&nbsp;&nbsp;146123079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6271995 | &nbsp;&nbsp;&nbsp;&nbsp;22801689 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9366033** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45075674** | &nbsp;&nbsp;&nbsp;&nbsp;**1104508** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**830467** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1563815** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7683286** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186248) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63203) |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4428273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7221276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536052) | &nbsp;&nbsp;&nbsp;&nbsp;(1199898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2847338) |
| **Total Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4515932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7271920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584546) | &nbsp;&nbsp;&nbsp;&nbsp;(1414658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3096789) |
| **TAX RETURN OF CAPITAL DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |  |
| Class A | &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;(42965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(86825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3034604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(88409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3095765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(555286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(967955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(701214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1016606) |
| Net increase (decrease) in net assets resulting from Class C share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281388) | &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;3858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(569789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397672) |
| Net increase (decrease) in net assets resulting from Institutional Class share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(21126743) | &nbsp;&nbsp;&nbsp;&nbsp;(393489305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239135) | &nbsp;&nbsp;&nbsp;&nbsp;(7407499) | &nbsp;&nbsp;&nbsp;&nbsp;(48885035) |
| **Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(21883007) | &nbsp;&nbsp;&nbsp;&nbsp;(393858543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93669) | &nbsp;&nbsp;&nbsp;&nbsp;(1203232) | &nbsp;&nbsp;&nbsp;&nbsp;(8678502) | &nbsp;&nbsp;&nbsp;&nbsp;(50299313) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**(17121315)** | &nbsp;&nbsp;&nbsp;&nbsp;**(359150554)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**493153** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(957311)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8529345)** | &nbsp;&nbsp;&nbsp;&nbsp;**(45712816)** |
| **NET ASSETS:** |  |  |  |  |  |  |
| **Net Assets at the Beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp;**93449878** | &nbsp;&nbsp;&nbsp;&nbsp;**452600432** | &nbsp;&nbsp;&nbsp;&nbsp;**9349140** | &nbsp;&nbsp;&nbsp;&nbsp;**10306451** | &nbsp;&nbsp;&nbsp;&nbsp;**27247374** | &nbsp;&nbsp;&nbsp;&nbsp;**72960190** |
| **Net Assets at the End of year** | &nbsp;&nbsp;**$76328563** | &nbsp;&nbsp;**$93449878** | &nbsp;&nbsp;**$9842293** | &nbsp;&nbsp;**$9349140** | &nbsp;&nbsp;**$18718029** | &nbsp;&nbsp;**$27247374** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Ashmore<br> Emerging Markets<br> Short Duration Fund | 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 | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Small-Cap<br> Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Small-Cap<br> Equity Fund |
| 2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 |
| $1036731 | &nbsp;&nbsp;$1875316 | &nbsp;&nbsp;$226161 | &nbsp;&nbsp;$312397 | &nbsp;&nbsp;$6943 | &nbsp;&nbsp;$17776 |
| &nbsp;&nbsp;(12789756) | &nbsp;&nbsp;&nbsp;&nbsp;(35105134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(642879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462582 |
| &nbsp;&nbsp;&nbsp;13499330 | &nbsp;&nbsp;&nbsp;&nbsp;35737512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(563219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789817 |
| &nbsp;&nbsp;&nbsp;&nbsp;**1746305** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2507694** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3976535** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5716093** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1062825** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2270175** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | &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;(87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(1107706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1964405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52905) |
| &nbsp;&nbsp;&nbsp;(1163463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2329417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6708051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56205) | &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;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(1233006) | &nbsp;&nbsp;&nbsp;&nbsp;(21659966) | &nbsp;&nbsp;&nbsp;&nbsp;(12261042) | &nbsp;&nbsp;&nbsp;&nbsp;(5719882) | &nbsp;&nbsp;&nbsp;&nbsp;(4951073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377141) |
| &nbsp;&nbsp;&nbsp;(1544288) | &nbsp;&nbsp;&nbsp;&nbsp;(28424222) | &nbsp;&nbsp;&nbsp;&nbsp;(12290980) | &nbsp;&nbsp;&nbsp;&nbsp;(5728383) | &nbsp;&nbsp;&nbsp;&nbsp;(4984297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(961446)** | &nbsp;&nbsp;&nbsp;&nbsp;**(28245945)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8793188)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(251178)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3950377)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1711922** |
| &nbsp;&nbsp;&nbsp;**32146884** | &nbsp;&nbsp;&nbsp;&nbsp;**60392829** | &nbsp;&nbsp;&nbsp;&nbsp;**22638557** | &nbsp;&nbsp;&nbsp;&nbsp;**22889735** | &nbsp;&nbsp;&nbsp;&nbsp;**10210096** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8498174** |
| **$31185438** | &nbsp;&nbsp;**$32146884** | &nbsp;&nbsp;**$13845369** | &nbsp;&nbsp;**$22638557** | &nbsp;&nbsp;**$6259719** | &nbsp;&nbsp;**$10210096** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE FUNDS

#### STATEMENTS OF CHANGES IN NET ASSETS
*For the Fiscal Years 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;Ashmore<br> Emerging Markets<br> Equity ESG Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Equity ESG Fund |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;$1786410 | &nbsp;&nbsp;$1711291 | &nbsp;&nbsp;$1363248 | &nbsp;&nbsp;$942011 | &nbsp;&nbsp;$97423 | &nbsp;&nbsp;$45032 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9565934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7211885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3702741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663642 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291238 | &nbsp;&nbsp;&nbsp;&nbsp;12760508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44679758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21491245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980497 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15643582** | &nbsp;&nbsp;&nbsp;&nbsp;**21683684** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49745747** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26677999** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3710389** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2689171** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11979) | &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;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5909) | &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;(21) | &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;— |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1626141) | &nbsp;&nbsp;&nbsp;&nbsp;(1889415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1281179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6273) |
| **Total Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1672352) | &nbsp;&nbsp;&nbsp;&nbsp;(1952942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1540576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6273) |
| **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;&nbsp;(2502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(90065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(92731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(1172324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27854799 | &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;— |
| Net increase (decrease) in net assets resulting from Class C share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3656 | &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;(17065) | &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;— |
| Net increase (decrease) in net assets resulting from Institutional Class share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6309158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32165509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15723050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411 |
| **Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1615595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33310283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43560784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411 |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12355635** | &nbsp;&nbsp;&nbsp;&nbsp;**26185555** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**81515454** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69973072** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3676685** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2687309** |
| **NET ASSETS:** |  |  |  |  |  |  |
| **Net Assets at the Beginning of year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**89012878** | &nbsp;&nbsp;&nbsp;&nbsp;**62827323** | &nbsp;&nbsp;&nbsp;&nbsp;**162556046** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**92582974** | &nbsp;&nbsp;&nbsp;&nbsp;**12838467** | &nbsp;&nbsp;&nbsp;&nbsp;**10151158** |
| **Net Assets at the End of year** | &nbsp;&nbsp;**$101368513** | &nbsp;&nbsp;**$89012878** | &nbsp;&nbsp;**$244071500** | &nbsp;&nbsp;**$162556046** | &nbsp;&nbsp;**$16515152** | &nbsp;&nbsp;**$12838467** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

---

| | | | |
|:---|:---|:---|:---|
| Ashmore<br> Emerging Markets<br> Debt Fund | 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 |
| 2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024<sup>1</sup> |
| $1178010 | &nbsp;&nbsp;$1137411 | &nbsp;&nbsp;$74258 | &nbsp;&nbsp;$24667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62995) |
| &nbsp;&nbsp;&nbsp;1292526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057205 | &nbsp;&nbsp;&nbsp;&nbsp;2238598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739 |
| &nbsp;&nbsp;&nbsp;**2655627** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3397699** | &nbsp;&nbsp;&nbsp;&nbsp;**2113254** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(34589)** |
| &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;&nbsp;(55) | &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;(2) |
| &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;&nbsp;(48) | &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;(2) |
| &nbsp;&nbsp;(1126396) | &nbsp;&nbsp;&nbsp;&nbsp;(1126327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26139) |
| &nbsp;&nbsp;(1126498) | &nbsp;&nbsp;&nbsp;&nbsp;(1126430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26143) |
| &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;39 | &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;747 |
| &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;33 | &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;731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40527 | &nbsp;&nbsp;&nbsp;&nbsp;7500737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40534 | &nbsp;&nbsp;&nbsp;&nbsp;7502215 |
| &nbsp;&nbsp;&nbsp;**2307049** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3066686** | &nbsp;&nbsp;&nbsp;&nbsp;**2095881** | &nbsp;&nbsp;&nbsp;&nbsp;**7441483** |
| &nbsp;&nbsp;**19415706** | &nbsp;&nbsp;&nbsp;&nbsp;**16349020** | &nbsp;&nbsp;&nbsp;&nbsp;**7441483** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **$21722755** | &nbsp;&nbsp;**$19415706** | &nbsp;&nbsp;**$9537364** | &nbsp;&nbsp;**$7441483** |

---

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

<br> <sup>1</sup> The Fund commenced investment operations on June 11, 2024.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &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 year** | &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;0.28 | &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;0.29 | &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;0.57 | &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;(0.26) | &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;— |
| Tax return of capital | &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;(0.26) | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$988 | &nbsp;&nbsp;$1467 | &nbsp;&nbsp;$1446 | &nbsp;&nbsp;$1920 | &nbsp;&nbsp;$5917 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%<sup>5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37%<sup>5</sup> |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%<sup>5</sup> |
| **Net investment income to average net assets:** |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%<sup>5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.53%<sup>5</sup> |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59%<sup>5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%<sup>5</sup> |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &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 year** | &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;&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;&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;&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;(0.22) | &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;— |
| Tax return of capital | &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;(0.22) | &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 year** | &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;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;&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 year (in thousands)** | &nbsp;&nbsp;$415 | &nbsp;&nbsp;$593 | &nbsp;&nbsp;$815 | &nbsp;&nbsp;$1080 | &nbsp;&nbsp;$2386 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%<sup>7</sup> |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%<sup>7</sup> |
| **Net investment income to average net assets:** |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76%<sup>7</sup> |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%<sup>7</sup> |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &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 year** | &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;0.29 | &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;0.31 | &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;0.60 | &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;(0.27) | &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;— |
| Tax return of capital | &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;(0.28) | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$74926 | &nbsp;&nbsp;$91390 | &nbsp;&nbsp;$450339 | &nbsp;&nbsp;$488864 | &nbsp;&nbsp;$1216666 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>9</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>9</sup> |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%<sup>9</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>9</sup> |
| **Net investment income to average net assets:** |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%<sup>9</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>9</sup> |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.77%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%<sup>9</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>9</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 year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

<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.

<sup>5</sup> Ratios include legal expenses of $2,305, $740, $229 and $3,181 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2025, 2024, 2023 and 2021, respectively. Expense ratios would have been lower by 0.18%, 0.05%, 0.01% and 0.01% and Net investment income ratios would have been higher by 0.18%, 0.06%, 0.01% and 0.01% excluding these expenses.

<sup>6</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>7</sup> Ratios include legal expenses of $780, $357, $111 and $1,113 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2025, 2024, 2023 and 2021, respectively. Expense ratios would have been lower by 0.18%, 0.05%, 0.01% and 0.01% and Net investment income ratios would have been higher by 0.18%, 0.05%, 0.01% and 0.01% excluding these expenses.

<sup>8</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.

<sup>9</sup> Ratios include legal expenses of $142,895, $64,931, $59,051 and $433,533 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2025, 2024, 2023 and 2021, respectively. Expense ratios would have been lower by 0.18%, 0.04%, 0.01% and 0.01% and Net investment income ratios would have been higher by 0.18%, 0.04%, 0.01% and 0.01% excluding these expenses.

<sup>10</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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &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 year** | &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;&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;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;&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;(0.37) | &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;— |
| 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;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &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;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;&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 year (in thousands)** | &nbsp;&nbsp;$270 | &nbsp;&nbsp;$246 | &nbsp;&nbsp;$1197 | &nbsp;&nbsp;$1248 | &nbsp;&nbsp;$1592 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92%<sup>4</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;&nbsp;&nbsp;1.05%<sup>4</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;&nbsp;&nbsp;4.38%<sup>4</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;&nbsp;&nbsp;6.25%<sup>4</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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &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 year** | &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;&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;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;&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;(0.35) | &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;— |
| 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;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &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;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;&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 year (in thousands)** | &nbsp;&nbsp;$5 | &nbsp;&nbsp;$5 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$25 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69%<sup>5</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;&nbsp;&nbsp;1.79%<sup>5</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;&nbsp;&nbsp;3.63%<sup>5</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;&nbsp;&nbsp;5.53%<sup>5</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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &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 year** | &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;0.44 | &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;0.37 | &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;0.81 | &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;(0.38) | &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;— |
| 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;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$9567 | &nbsp;&nbsp;$9098 | &nbsp;&nbsp;$9108 | &nbsp;&nbsp;$4131 | &nbsp;&nbsp;$6310 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%<sup>6</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;0.80%<sup>6</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;4.63%<sup>6</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;6.50%<sup>6</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 year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

<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.

<sup>4</sup> Ratios include legal expenses of $89 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratios would have been lower by 0.03% and Net investment income ratios would have been higher by 0.03% 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 year ended October 31, 2025. Expense ratios would have been lower by 0.02% and Net investment income ratios would have been higher by 0.02% excluding these expenses.

<sup>6</sup> Ratios include legal expenses of $3,167 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratios would have been lower by 0.03% and Net investment income ratios would have been higher by 0.03% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &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 year** | &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;0.35<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;&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;0.38 | &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;(0.34) | &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;(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;— |
| Total distributions | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$2343 | &nbsp;&nbsp;$3024 | &nbsp;&nbsp;$3779 | &nbsp;&nbsp;$4742 | &nbsp;&nbsp;$11153 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements<sup>4</sup> | &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>4</sup> | &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>4</sup> | &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>4</sup> | &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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &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 year** | &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;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;0.05 | &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;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;(0.30) | &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;(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;— |
| Total distributions | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$630 | &nbsp;&nbsp;$1195 | &nbsp;&nbsp;$1492 | &nbsp;&nbsp;$1782 | &nbsp;&nbsp;$5762 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements<sup>5</sup> | &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>5</sup> | &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>5</sup> | &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>5</sup> | &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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &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 year** | &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;0.38<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &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;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &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;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &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;(0.37) | &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;(0.01) | &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;— |
| Total distributions | &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 year** | &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;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;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;73% |
| **Net assets, end of year (in thousands)** | &nbsp;&nbsp;$15745 | &nbsp;&nbsp;$23028 | &nbsp;&nbsp;$67689 | &nbsp;&nbsp;$86347 | &nbsp;&nbsp;$277188 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Expenses after reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &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>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &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>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98% | &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 year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

<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.

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

<sup>5</sup> Ratios include legal expenses of $1,416, $600, $298, $79 and $756 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. Expense ratios would have been lower by 0.16%, 0.04%, 0.02%, 0.14% and 0.01% and Net investment income ratios would have been higher by 0.16%, 0.04%, 0.02%, 0.07% and 0.01% excluding these expenses.

<sup>6</sup> Ratios include legal expenses of $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 years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. Expense ratios would have been lower by 0.16%, 0.04%, 0.02%, 0.14% and 0.01% and Net investment income ratios would have been higher by 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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &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 year** | &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;0.06 | &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;&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;0.26 | &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;(0.17) | &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;(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;— |
| Total distributions | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$1453 | &nbsp;&nbsp;$1728 | &nbsp;&nbsp;$8499 | &nbsp;&nbsp;$2975 | &nbsp;&nbsp;$6834 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements<sup>4</sup> | &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>4</sup> | &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>4</sup> | &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>4</sup> | &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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &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 year** | &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;0.05 | &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;0.16 | &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;0.21 | &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;(0.12) | &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;(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;— |
| Total distributions | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$109 | &nbsp;&nbsp;$117 | &nbsp;&nbsp;$171 | &nbsp;&nbsp;$291 | &nbsp;&nbsp;$1219 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements<sup>5</sup> | &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>5</sup> | &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>5</sup> | &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>5</sup> | &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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &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 year** | &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;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34<sup>1</sup> | &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;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &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;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &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;(0.17) | &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;(0.11) | &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;— |
| Total distributions | &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 year** | &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;5.44% | &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;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;32% |
| **Net assets, end of year (in thousands)** | &nbsp;&nbsp;$29623 | &nbsp;&nbsp;$30302 | &nbsp;&nbsp;$51723 | &nbsp;&nbsp;$52073 | &nbsp;&nbsp;$124954 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Expenses after reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &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>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.47% | &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>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.85% | &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 year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

<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.

<sup>4</sup> Ratios include legal expenses of $9,684, $7,502, $5,360, $(1101) and $10,827 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. Expense ratios would have been lower by 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 0.63%, 0.16% and 0.07%, lower by 0.03% and higher by 0.08% excluding these expenses.

<sup>5</sup> Ratios include legal expenses of $735, $276, $141, $(46) and $1,388 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. Expense ratios would have been lower by 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 0.64%, 0.17% and 0.07%, lower by 0.01% and higher by 0.09% excluding these expenses.

<sup>6</sup> Ratios include legal expenses of $194,857, $55,297, $34,017, $(12847) and $182,441 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. Expense ratios would have been lower by 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 0.64%, 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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &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 year** | &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 | &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;1.91 | &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;1.99 | &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;(0.15) | &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;(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;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$14 | &nbsp;&nbsp;$41 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;$804 | &nbsp;&nbsp;$1611 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17%<sup>4</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;1.31%<sup>4</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;&nbsp;&nbsp;0.07%<sup>4</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 after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%<sup>4</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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &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 year** | &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 | &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;1.85 | &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;1.86 | &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;(0.13) | &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;(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;(—)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$2 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &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;2.02% | &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;(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 after reimbursements | &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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &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 year** | &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;&nbsp;0.10<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Less distributions: |  |  |  |  |  |
| From net investment income | &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;(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;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &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 year** | &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;&nbsp;&nbsp;25.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.62% | &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;&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 year (in thousands)** | &nbsp;&nbsp;$13829 | &nbsp;&nbsp;$22596 | &nbsp;&nbsp;$22849 | &nbsp;&nbsp;$75264 | &nbsp;&nbsp;$96417 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| **Net investment income to average net assets:** |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &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 year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

<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.

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

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

<sup>6</sup> Ratios include legal expenses of $7,186 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratios would have been lower by 0.04% and Net investment income ratios would have been higher by 0.04% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &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 year** | &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;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Net realized and unrealized gain (loss) | &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;&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;(0.08) | &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;— |
| 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;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &nbsp;&nbsp;$16.97 | &nbsp;&nbsp;$13.90 | &nbsp;&nbsp;$11.03 | &nbsp;&nbsp;$10.07 | &nbsp;&nbsp;$15.32 |
| **Total return<sup>2</sup>** | &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>3</sup>** | &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 year (in thousands)** | &nbsp;&nbsp;$475 | &nbsp;&nbsp;$424 | &nbsp;&nbsp;$441 | &nbsp;&nbsp;$393 | &nbsp;&nbsp;$321 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%<sup>4</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;1.55%<sup>4</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;(2.51)%<sup>4</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;(0.06)%<sup>4</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)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &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 year** | &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 loss | &nbsp;&nbsp;&nbsp;&nbsp;(6.90) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| Net realized and unrealized gain (loss) | &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;&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;(0.07) | &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;— |
| 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;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &nbsp;&nbsp;$17.21 | &nbsp;&nbsp;$14.18 | &nbsp;&nbsp;$11.26 | &nbsp;&nbsp;$10.36 | &nbsp;&nbsp;$15.79 |
| **Total return<sup>2</sup>** | &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>3</sup>** | &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 year (in thousands)** | &nbsp;&nbsp;$13 | &nbsp;&nbsp;$17 | &nbsp;&nbsp;$14 | &nbsp;&nbsp;$41 | &nbsp;&nbsp;$162 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71%<sup>5</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>5</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;(3.29)%<sup>5</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;(0.88)%<sup>5</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)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** | **Ashmore Emerging Markets Small-Cap Equity Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &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 year** | &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;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Net realized and unrealized gain (loss) | &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;5.65 |
| Total from investment operations | &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;5.63 |
| Less distributions: |  |  |  |  |  |
| From net investment income | &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;— |
| 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;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &nbsp;&nbsp;$22.27 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$14.38 | &nbsp;&nbsp;$13.09 | &nbsp;&nbsp;$19.82 |
| **Total return<sup>2</sup>** | &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>3</sup>** | &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 year (in thousands)** | &nbsp;&nbsp;$5772 | &nbsp;&nbsp;$9769 | &nbsp;&nbsp;$8043 | &nbsp;&nbsp;$6237 | &nbsp;&nbsp;$10994 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%<sup>6</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;2.45% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>6</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;1.52% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(2.20)%<sup>6</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;0.12%<sup>6</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;

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

<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.

<sup>4</sup> Ratios include legal expenses of $118 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratios would have been lower by 0.03% and Net investment income ratios would have been higher by 0.03% excluding these expenses.

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

<sup>6</sup> Ratios include legal expenses of $1,797 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratios would have been lower by 0.03% and Net investment income ratios would have been higher by 0.03% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &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 year** | &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;0.23<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;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;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;(0.22) | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;(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;(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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$1460 | &nbsp;&nbsp;$2337 | &nbsp;&nbsp;$1597 | &nbsp;&nbsp;$3018 | &nbsp;&nbsp;$2561 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31%<sup>4</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>4</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;1.53%<sup>4</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;2.03%<sup>4</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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &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 year** | &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;0.10<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;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;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;(0.18) | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(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;(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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$340 | &nbsp;&nbsp;$267 | &nbsp;&nbsp;$204 | &nbsp;&nbsp;$293 | &nbsp;&nbsp;$209 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%<sup>5</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;2.55%<sup>5</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;0.43%<sup>5</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;0.95%<sup>5</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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &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 year** | &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;0.25<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>1</sup> | &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;1.95 | &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;3.58 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &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;3.64 |
| Less distributions: |  |  |  |  |  |
| From net investment income | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;(0.23) | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$99569 | &nbsp;&nbsp;$86409 | &nbsp;&nbsp;$61026 | &nbsp;&nbsp;$69320 | &nbsp;&nbsp;$77540 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &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;1.36%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &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 year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

<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.

<sup>4</sup> Ratios include legal expenses of $779 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratios would have been lower by 0.04% and Net investment income ratios would have been higher by 0.03% excluding these expenses.

<sup>5</sup> Ratios include legal expenses of $113 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratios would have been lower by 0.03% and Net investment income ratios would have been higher by 0.03% excluding these expenses.

<sup>6</sup> Ratios include legal expenses of $31,844 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratios would have been lower by 0.03% and Net investment income ratios would have been higher by 0.03% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &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 year** | &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;0.07 | &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;3.14 | &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;3.21 | &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;(0.09) | &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;(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;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$46717 | &nbsp;&nbsp;$36317 | &nbsp;&nbsp;$4469 | &nbsp;&nbsp;$3081 | &nbsp;&nbsp;$3872 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%<sup>4</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;1.30%<sup>4</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;&nbsp;0.19%<sup>4</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;0.54%<sup>4</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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &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 year** | &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;(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;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;2.87 | &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;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>5</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;(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;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$85 | &nbsp;&nbsp;$67 | &nbsp;&nbsp;$70 | &nbsp;&nbsp;$105 | &nbsp;&nbsp;$107 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%<sup>6</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;2.05%<sup>6</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;(0.54)%<sup>6</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>6</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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &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 year** | &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;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>1</sup> | &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;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &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;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &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;(0.11) | &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;(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;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &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;27.98% | &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;31.24% |
| **Portfolio turnover rate<sup>3</sup>** | &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;77% |
| **Net assets, end of year (in thousands)** | &nbsp;&nbsp;$197270 | &nbsp;&nbsp;$126172 | &nbsp;&nbsp;$88044 | &nbsp;&nbsp;$90921 | &nbsp;&nbsp;$116727 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &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;1.05%<sup>7</sup> | &nbsp;&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;&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;0.45%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &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;0.80%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &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 year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

<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.

<sup>4</sup> Ratios include legal expenses of $12,265 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratios would have been lower by 0.03% and Net investment income ratios would have been higher by 0.04% excluding these expenses.

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

<sup>6</sup> Ratios include legal expenses of $24 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratios would have been lower by 0.03% and Net investment income ratios would have been higher by 0.03% excluding these expenses.

<sup>7</sup> Ratios include legal expenses of $47,894 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratios would have been lower by 0.03% and Net investment income ratios would have been higher by 0.04% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &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 year** | &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;0.06 | &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;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;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;(0.07) | &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;(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;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$2 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &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;1.32% | &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;(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;0.51% | &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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &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 year** | &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 loss | &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;2.96 | &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;2.93 | &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;(0.01) | &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;(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;— |
| Total distributions | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &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;2.07% | &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;(1.77)% | &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;(0.26)% | &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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &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 year** | &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;0.08 | &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;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;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;(0.10) | &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;(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;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$16512 | &nbsp;&nbsp;$12836 | &nbsp;&nbsp;$10149 | &nbsp;&nbsp;$8884 | &nbsp;&nbsp;$15041 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97%<sup>4</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;1.05%<sup>4</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;(0.20)%<sup>4</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;0.72%<sup>4</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 year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

<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.

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

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &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 year** | &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;&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;&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;&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;(0.46) | &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;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &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;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;&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 year (in thousands)** | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &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;&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;&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;&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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &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 year** | &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;&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;&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;&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;(0.41) | &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;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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 year** | &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;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;&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 year (in thousands)** | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &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;&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;&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;&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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &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 year** | &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;0.49 | &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;0.62 | &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;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;(0.47) | &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;— |
| 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;(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;(0.47) | &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 year** | &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;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;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 year (in thousands)** | &nbsp;&nbsp;$21721 | &nbsp;&nbsp;$19414 | &nbsp;&nbsp;$16347 | &nbsp;&nbsp;$16042 | &nbsp;&nbsp;$20442 |
| **Ratios to average net assets:** |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%<sup>3</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;0.74%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>3</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;5.21%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%<sup>3</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;5.91%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11%<sup>3</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 year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

<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.

<sup>3</sup> Ratios include legal expenses of $13,519 and $2,091 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025 and 2024. Expense ratios would have been lower by 0.07% and 0.01% and Net investment income ratios would have been higher by 0.06% and 0.01% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &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;$9.91 | &nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income | &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;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Less distributions: |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &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;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Net asset value at end of period** | &nbsp;&nbsp;$12.61 | &nbsp;&nbsp;$9.91 |
| **Total return<sup>2</sup>** | &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;63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| **Net assets, end of period (in thousands)** | &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;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% |
| **Net investment income (loss) to average net assets:** |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(2.25)% | &nbsp;&nbsp;&nbsp;&nbsp;(2.49)% |
| Net investment income after reimbursements | &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_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &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;$9.89 | &nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income (loss) | &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;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Less distributions: |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &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;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Net asset value at end of period** | &nbsp;&nbsp;$12.52 | &nbsp;&nbsp;$9.89 |
| **Total return<sup>2</sup>** | &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;63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| **Net assets, end of period (in thousands)** | &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;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% |
| **Net investment loss to average net assets:** |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(2.88)% | &nbsp;&nbsp;&nbsp;&nbsp;(3.56)% |
| Net investment loss after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.05)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.35)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &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;$9.92 | &nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income | &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;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Less distributions: |  |  |
| From net investment income | &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;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Net asset value at end of period** | &nbsp;&nbsp;$12.64 | &nbsp;&nbsp;$9.92 |
| **Total return<sup>2</sup>** | &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;63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| **Net assets, end of period (in thousands)** | &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;3.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37% |
| Expenses after reimbursements | &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;(1.88)% | &nbsp;&nbsp;&nbsp;&nbsp;(2.51)% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>5</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> Ratios include legal expenses of $2,583 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratios would have been lower by 0.03% and Net investment income ratios would have been higher by 0.03% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $524,803)** |  |  |  |  |
| Angola (Rep of), 8.750%, 04/14/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | $187562 | &nbsp;&nbsp;0.25 |
| Angola (Rep of), 9.875%, 10/15/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193562 | &nbsp;&nbsp;0.25 |
| Angola (Rep of), 9.125%, 11/26/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174720 | &nbsp;&nbsp;0.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**555844** | &nbsp;&nbsp;**0.73** |
| **Argentina (Cost $1,200,144)** |  |  |  |  |
| Argentina (Rep of), 1.000%, 07/09/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153971 | &nbsp;&nbsp;0.20 |
| Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1143844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936236 | &nbsp;&nbsp;1.23 |
| Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490681 | &nbsp;&nbsp;0.64 |
| Argentina (Rep of), 5.000%, 01/09/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199727 | &nbsp;&nbsp;0.26 |
| 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;246468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160451 | &nbsp;&nbsp;0.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1941066** | &nbsp;&nbsp;**2.54** |
| **Armenia (Cost $195,271)** |  |  |  |  |
| Armenia (Rep of), 6.750%, 03/12/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208100 | &nbsp;&nbsp;0.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208100** | &nbsp;&nbsp;**0.27** |
| **Azerbaijan (Cost $402,600)** |  |  |  |  |
| Southern Gas Corridor CJSC, 6.875%, 03/24/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399045 | &nbsp;&nbsp;0.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**399045** | &nbsp;&nbsp;**0.52** |
| **Bahrain (Cost $750,014)** |  |  |  |  |
| Bahrain (Rep of), 5.625%, 09/30/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260780 | &nbsp;&nbsp;0.34 |
| Bahrain (Rep of), 6.625%, 10/06/2037<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204575 | &nbsp;&nbsp;0.27 |
| Bahrain (Rep of), 7.500%, 09/20/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347895 | &nbsp;&nbsp;0.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**813250** | &nbsp;&nbsp;**1.07** |
| **Benin (Cost $195,938)** |  |  |  |  |
| Benin (Rep of), 8.375%, 01/23/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213020 | &nbsp;&nbsp;0.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**213020** | &nbsp;&nbsp;**0.28** |
| **Brazil (Cost $5,070,081)** |  |  |  |  |
| Brazil (Rep of), 4.625%, 01/13/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240840 | &nbsp;&nbsp;0.31 |
| Brazil (Rep of), 6.000%, 10/20/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204300 | &nbsp;&nbsp;0.27 |
| Brazil (Rep of), 6.625%, 03/15/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208400 | &nbsp;&nbsp;0.27 |
| Brazil (Rep of), 7.250%, 01/12/2056 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470891 | &nbsp;&nbsp;0.62 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2029<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;1222900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542597 | &nbsp;&nbsp;2.02 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2030<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;20146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234104 | &nbsp;&nbsp;2.93 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2032<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424572 | &nbsp;&nbsp;0.56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5325704** | &nbsp;&nbsp;**6.98** |
| **Bulgaria (Cost $23,127)** |  |  |  |  |
| Bulgaria (Rep of), 5.000%, 03/05/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24003 | &nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24003** | &nbsp;&nbsp;**0.03** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Chile (Cost $1,548,633)** |  |  |  |  |
| Chile (Rep of), 4.950%, 01/05/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;410637 | $415565 | &nbsp;&nbsp;0.54 |
| Chile (Rep of), 3.100%, 05/07/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278910 | &nbsp;&nbsp;0.37 |
| Chile (Rep of), 3.100%, 01/22/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224879 | &nbsp;&nbsp;0.29 |
| Corp. Nacional del Cobre de Chile, 5.625%, 10/18/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235178 | &nbsp;&nbsp;0.31 |
| Empresa de Transporte de Pasajeros Metro S.A., 4.700%, 05/07/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252996 | &nbsp;&nbsp;0.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1407528** | &nbsp;&nbsp;**1.84** |
| **China (Cost $19,541,988)** |  |  |  |  |
| Central China Real Estate Ltd., 7.650%, 08/27/2023<sup>5,6</sup> |  | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53200 | &nbsp;&nbsp;0.07 |
| Central China Real Estate Ltd., 7.900%, 11/07/2023<sup>5,6</sup> |  | &nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53480 | &nbsp;&nbsp;0.07 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>5,6</sup> |  | &nbsp;&nbsp;3666000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109980 | &nbsp;&nbsp;0.14 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>5,6</sup> |  | &nbsp;&nbsp;1667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46676 | &nbsp;&nbsp;0.06 |
| China (Rep of), 1.830%, 08/25/2035 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;4880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688140 | &nbsp;&nbsp;0.90 |
| China (Rep of), 2.150%, 08/25/2055 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;1280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179547 | &nbsp;&nbsp;0.24 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>5,6</sup> |  | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76500 | &nbsp;&nbsp;0.10 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>5,6</sup> |  | &nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50150 | &nbsp;&nbsp;0.07 |
| China SCE Group Holdings Ltd., 7.000%, 05/02/2025<sup>5,6</sup> |  | &nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56525 | &nbsp;&nbsp;0.07 |
| China SCE Group Holdings Ltd., 6.000%, 02/04/2026<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30897 | &nbsp;&nbsp;0.04 |
| Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/2021<sup>2,5,6</sup> |  | &nbsp;&nbsp;4515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67725 | &nbsp;&nbsp;0.09 |
| Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022<sup>2,5,6</sup> |  | &nbsp;&nbsp;5635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84525 | &nbsp;&nbsp;0.11 |
| Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022<sup>2,5,6</sup> |  | &nbsp;&nbsp;1189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17835 | &nbsp;&nbsp;0.02 |
| Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023<sup>5,6</sup> |  | &nbsp;&nbsp;1975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29625 | &nbsp;&nbsp;0.04 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2025<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;150388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2026<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 5.000%, 11/30/2027<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 7.721%, 12/28/2027<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2027<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;250639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 6.250%, 12/28/2028<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;300753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5789 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2028<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;401005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 6.500%, 12/28/2029<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;501256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10777 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2029<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;401005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9023 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 6.750%, 12/28/2030<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;601507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12331 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2030<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;501256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8526 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 7.000%, 12/28/2031<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;902262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18045 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2031<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;501256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6266 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 7.250%, 12/28/2032<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;845397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13738 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2032<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;945649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11678 | &nbsp;&nbsp;0.02 |
| KWG Group Holdings Ltd., 6.000%, 01/14/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9375 | &nbsp;&nbsp;0.01 |
| Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268509 | &nbsp;&nbsp;0.35 |
| Sunac China Holdings Ltd., 6.000%, 09/30/2025<sup>2,5,6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;242011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36302 | &nbsp;&nbsp;0.05 |
| Sunac China Holdings Ltd., 6.250%, 09/30/2026<sup>2,5,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;242599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36106 | &nbsp;&nbsp;0.05 |
| Sunac China Holdings Ltd., 6.500%, 09/30/2027<sup>2,5,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;243156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36186 | &nbsp;&nbsp;0.05 |
| Sunac China Holdings Ltd., 6.750%, 09/30/2028<sup>2,5,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;390696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58628 | &nbsp;&nbsp;0.08 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>2,5,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;554417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82431 | &nbsp;&nbsp;0.11 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Sunac China Holdings Ltd., 7.250%, 09/30/2030<sup>2,5,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551679 | $216812 | &nbsp;&nbsp;0.28 |
| Yuzhou Group Holdings Co. Ltd., 7.000%, (100% Cash), 06/30/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66787 | &nbsp;&nbsp;0.09 |
| Yuzhou Group Holdings Co. Ltd., 4.000%, (100% Cash), 06/30/2028<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14443 | &nbsp;&nbsp;0.02 |
| Yuzhou Group Holdings Co. Ltd., 4.500%, (100% Cash), 06/30/2029<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18866 | &nbsp;&nbsp;0.02 |
| Yuzhou Group Holdings Co. Ltd., 5.000%, (100% Cash), 06/30/2030<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22405 | &nbsp;&nbsp;0.03 |
| Yuzhou Group Holdings Co. Ltd., 5.500%, (100% Cash), 06/30/2031<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11796 | &nbsp;&nbsp;0.02 |
| Yuzhou Group Holdings Co. Ltd., 1.000%, (100% Cash), 06/30/2034<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;2775 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;3830 | &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;1000 | &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;7895 | &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;0.01 |
| 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;11015 | &nbsp;&nbsp;0.01 |
| 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;21017 | &nbsp;&nbsp;0.03 |
| Zhenro Properties Group Ltd., 17.254%, 11/30/2025<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 6.630%, 01/07/2026<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163 | &nbsp;&nbsp;0.01 |
| 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;14282 | &nbsp;&nbsp;0.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2620963** | &nbsp;&nbsp;**3.43** |
| **Colombia (Cost $1,626,343)** |  |  |  |  |
| Colombia (Rep of), 5.625%, 02/26/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208500 | &nbsp;&nbsp;0.27 |
| 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;262644 | &nbsp;&nbsp;0.34 |
| Colombian TES, 7.750%, 09/18/2030 | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;601600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136074 | &nbsp;&nbsp;0.18 |
| Colombian TES, 7.000%, 03/26/2031 | &nbsp;&nbsp;COP | &nbsp;&nbsp;2867800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613784 | &nbsp;&nbsp;0.81 |
| Colombian TES, 13.250%, 02/09/2033 | &nbsp;&nbsp;COP | &nbsp;&nbsp;1521800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422553 | &nbsp;&nbsp;0.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1643555** | &nbsp;&nbsp;**2.15** |
| **Costa Rica (Cost $413,166)** |  |  |  |  |
| Costa Rica (Rep of), 6.125%, 02/19/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209945 | &nbsp;&nbsp;0.28 |
| Costa Rica (Rep of), 7.000%, 04/04/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216800 | &nbsp;&nbsp;0.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**426745** | &nbsp;&nbsp;**0.56** |
| **Czech Republic (Cost $2,991,051)** |  |  |  |  |
| Czech (Rep of), 5.000%, 09/30/2030 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339860 | &nbsp;&nbsp;0.44 |
| Czech (Rep of), 1.750%, 06/23/2032 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175181 | &nbsp;&nbsp;0.23 |
| Czech (Rep of), 4.900%, 04/14/2034 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83590 | &nbsp;&nbsp;0.11 |
| Czech (Rep of), 1.950%, 07/30/2037 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225874 | &nbsp;&nbsp;0.30 |
| New World Resources N.V., 8.000%, 04/07/2020<sup>5,6,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&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;&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;**824505** | &nbsp;&nbsp;**1.08** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Dominican Republic (Cost $1,518,572)** |  |  |  |  |
| Dominican (Rep of), 6.000%, 07/19/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198000 | $203742 | &nbsp;&nbsp;0.27 |
| Dominican (Rep of), 4.875%, 09/23/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469343 | &nbsp;&nbsp;0.61 |
| Dominican (Rep of), 5.300%, 01/21/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268128 | &nbsp;&nbsp;0.35 |
| Dominican (Rep of), 6.500%, 02/15/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225108 | &nbsp;&nbsp;0.30 |
| Dominican (Rep of), 6.400%, 06/05/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155847 | &nbsp;&nbsp;0.20 |
| Dominican (Rep of), 5.875%, 01/30/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272532 | &nbsp;&nbsp;0.36 |
| Dominican Republic Central Bank Notes, 13.000%, 01/30/2026 | &nbsp;&nbsp;DOP | &nbsp;&nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52558 | &nbsp;&nbsp;0.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1647258** | &nbsp;&nbsp;**2.16** |
| **Ecuador (Cost $221,385)** |  |  |  |  |
| Ecuador (Rep of), 6.900%, 07/31/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210324 | &nbsp;&nbsp;0.27 |
| 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;197684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134389 | &nbsp;&nbsp;0.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**344713** | &nbsp;&nbsp;**0.45** |
| **Egypt (Cost $1,654,487)** |  |  |  |  |
| Egypt (Rep of), 23.440%, 07/01/2028 | &nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;9291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196893 | &nbsp;&nbsp;0.26 |
| Egypt (Rep of), 23.381%, 08/26/2028 | &nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;8593000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183347 | &nbsp;&nbsp;0.24 |
| Egypt (Rep of), 7.625%, 05/29/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242824 | &nbsp;&nbsp;0.32 |
| Egypt (Rep of), 8.500%, 01/31/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367954 | &nbsp;&nbsp;0.48 |
| Egypt (Rep of), 7.903%, 02/21/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303861 | &nbsp;&nbsp;0.40 |
| Egypt (Rep of), 8.700%, 03/01/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260081 | &nbsp;&nbsp;0.34 |
| Egypt (Rep of), 8.875%, 05/29/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188812 | &nbsp;&nbsp;0.25 |
| Egypt (Rep of), 8.750%, 09/30/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185688 | &nbsp;&nbsp;0.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1929460** | &nbsp;&nbsp;**2.53** |
| **El Salvador (Cost $125,325)** |  |  |  |  |
| El Salvador (Rep of), 7.650%, 06/15/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28031 | &nbsp;&nbsp;0.03 |
| El Salvador (Rep of), 7.125%, 01/20/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135176 | &nbsp;&nbsp;0.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**163207** | &nbsp;&nbsp;**0.21** |
| **Ghana (Cost $762,832)** |  |  |  |  |
| Ghana (Rep of), 0.000%, 07/03/2026<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31789 | &nbsp;&nbsp;0.04 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2029<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272367 | &nbsp;&nbsp;0.36 |
| Ghana (Rep of), 0.000%, 01/03/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78260 | &nbsp;&nbsp;0.10 |
| 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;513369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439572 | &nbsp;&nbsp;0.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**821988** | &nbsp;&nbsp;**1.08** |
| **Guatemala (Cost $298,864)** |  |  |  |  |
| Guatemala (Rep of), 6.125%, 06/01/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246467 | &nbsp;&nbsp;0.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**246467** | &nbsp;&nbsp;**0.32** |
| **Hungary (Cost $1,722,532)** |  |  |  |  |
| Hungary (Rep of), 6.750%, 10/22/2028 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;93410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280316 | &nbsp;&nbsp;0.37 |
| Hungary (Rep of), 5.375%, 09/26/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256881 | &nbsp;&nbsp;0.34 |
| Hungary (Rep of), 6.750%, 07/23/2031 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;72800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220284 | &nbsp;&nbsp;0.29 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Hungary (continued)** |  |  |  |  |
| Hungary (Rep of), 2.125%, 09/22/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322000 | $276708 | &nbsp;&nbsp;0.36 |
| Hungary (Rep of), 7.000%, 10/24/2035 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259512 | &nbsp;&nbsp;0.34 |
| Hungary (Rep of), 3.000%, 10/27/2038 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141519 | &nbsp;&nbsp;0.18 |
| Hungary (Rep of), 3.125%, 09/21/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254918 | &nbsp;&nbsp;0.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1690138** | &nbsp;&nbsp;**2.21** |
| **India (Cost $2,712,144)** |  |  |  |  |
| Export-Import Bank of India, 5.500%, 01/18/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285578 | &nbsp;&nbsp;0.38 |
| India (Rep of), 7.180%, 08/14/2033 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383530 | &nbsp;&nbsp;0.50 |
| India (Rep of), 7.540%, 05/23/2036 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460546 | &nbsp;&nbsp;0.60 |
| India (Rep of), 7.180%, 07/24/2037 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749638 | &nbsp;&nbsp;0.98 |
| India (Rep of), 7.360%, 09/12/2052 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382260 | &nbsp;&nbsp;0.50 |
| India (Rep of), 7.300%, 06/19/2053 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379549 | &nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2641101** | &nbsp;&nbsp;**3.46** |
| **Indonesia (Cost $3,592,231)** |  |  |  |  |
| Indonesia (Rep of), 6.875%, 04/15/2029 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1603000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101200 | &nbsp;&nbsp;0.13 |
| Indonesia (Rep of), 8.250%, 05/15/2029 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;4633000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305301 | &nbsp;&nbsp;0.40 |
| Indonesia (Rep of), 7.000%, 09/15/2030 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;3011000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192148 | &nbsp;&nbsp;0.25 |
| Indonesia (Rep of), 6.500%, 02/15/2031 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1132000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70799 | &nbsp;&nbsp;0.09 |
| Indonesia (Rep of), 7.750%, 04/15/2031 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2344000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154588 | &nbsp;&nbsp;0.20 |
| Indonesia (Rep of), 8.375%, 03/15/2034 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2536000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174982 | &nbsp;&nbsp;0.23 |
| Indonesia (Rep of), 7.500%, 06/15/2035 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;4016000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265882 | &nbsp;&nbsp;0.35 |
| Indonesia (Rep of), 8.250%, 05/15/2036 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1350000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94181 | &nbsp;&nbsp;0.12 |
| Indonesia (Rep of), 6.625%, 02/17/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114250 | &nbsp;&nbsp;0.15 |
| 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;212500 | &nbsp;&nbsp;0.28 |
| Indonesia (Rep of), 7.500%, 05/15/2038 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;576000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38050 | &nbsp;&nbsp;0.05 |
| Indonesia (Rep of), 7.125%, 06/15/2038 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;3649000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233835 | &nbsp;&nbsp;0.31 |
| Indonesia (Rep of), 8.375%, 04/15/2039 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1774000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125129 | &nbsp;&nbsp;0.16 |
| Indonesia (Rep of), 7.125%, 08/15/2045 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148100 | &nbsp;&nbsp;0.20 |
| 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;229667 | &nbsp;&nbsp;0.30 |
| Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 5.450%, 05/15/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263632 | &nbsp;&nbsp;0.35 |
| Perusahaan Penerbit SBSN Indonesia III, 4.550%, 03/29/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261816 | &nbsp;&nbsp;0.34 |
| Perusahaan Penerbit SBSN Indonesia III, 4.700%, 06/06/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202100 | &nbsp;&nbsp;0.27 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.875%, 07/17/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300570 | &nbsp;&nbsp;0.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3488730** | &nbsp;&nbsp;**4.57** |
| **Ivory Coast (Cost $701,462)** |  |  |  |  |
| Ivory Coast (Rep of), 6.125%, 06/15/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193850 | &nbsp;&nbsp;0.25 |
| Ivory Coast (Rep of), 8.250%, 01/30/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541334 | &nbsp;&nbsp;0.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**735184** | &nbsp;&nbsp;**0.96** |
| **Jordan (Cost $207,413)** |  |  |  |  |
| 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;211250 | &nbsp;&nbsp;0.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**211250** | &nbsp;&nbsp;**0.28** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Kazakhstan (Cost $701,600)** |  |  |  |  |
| Kazakhstan (Rep of), 4.714%, 04/09/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | $286005 | &nbsp;&nbsp;0.37 |
| Kazakhstan (Rep of), 6.500%, 07/21/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325073 | &nbsp;&nbsp;0.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**611078** | &nbsp;&nbsp;**0.80** |
| **Kenya (Cost $155,013)** |  |  |  |  |
| Kenya (Rep of), 8.250%, 02/28/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183250 | &nbsp;&nbsp;0.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**183250** | &nbsp;&nbsp;**0.24** |
| **Malaysia (Cost $3,655,815)** |  |  |  |  |
| Malaysia (Rep of), 3.519%, 04/20/2028 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;3881000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935638 | &nbsp;&nbsp;1.23 |
| Malaysia (Rep of), 4.504%, 04/30/2029 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;3012000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749328 | &nbsp;&nbsp;0.98 |
| Malaysia (Rep of), 3.582%, 07/15/2032 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289678 | &nbsp;&nbsp;0.38 |
| Malaysia (Rep of), 3.828%, 07/05/2034 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82164 | &nbsp;&nbsp;0.11 |
| Malaysia (Rep of), 4.254%, 05/31/2035 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168784 | &nbsp;&nbsp;0.22 |
| Malaysia (Rep of), 4.762%, 04/07/2037 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54132 | &nbsp;&nbsp;0.07 |
| Malaysia (Rep of), 4.054%, 04/18/2039 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;2072000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510542 | &nbsp;&nbsp;0.67 |
| Malaysia (Rep of), 4.696%, 10/15/2042 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42418 | &nbsp;&nbsp;0.05 |
| Malaysia (Rep of), 4.065%, 06/15/2050 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110608 | &nbsp;&nbsp;0.14 |
| Petronas Capital Ltd., 2.480%, 01/28/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183241 | &nbsp;&nbsp;0.24 |
| Petronas Capital Ltd., 4.550%, 04/21/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508126 | &nbsp;&nbsp;0.67 |
| Petronas Capital Ltd., 3.404%, 04/28/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264027 | &nbsp;&nbsp;0.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3898686** | &nbsp;&nbsp;**5.11** |
| **Mexico (Cost $4,480,840)** |  |  |  |  |
| Comision Federal de Electricidad, 6.450%, 01/24/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204300 | &nbsp;&nbsp;0.27 |
| Mexican Bonos, 8.500%, 05/31/2029 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;6140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336167 | &nbsp;&nbsp;0.44 |
| Mexican Bonos, 7.750%, 05/29/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;6200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325480 | &nbsp;&nbsp;0.43 |
| Mexican Bonos, 7.750%, 11/23/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;24990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267386 | &nbsp;&nbsp;1.66 |
| Mexican Bonos, 7.750%, 11/13/2042 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;3860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179003 | &nbsp;&nbsp;0.23 |
| Mexican Udibonos, 2.750%, 11/27/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134534 | &nbsp;&nbsp;0.18 |
| Mexican Udibonos, 4.500%, 11/22/2035 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73816 | &nbsp;&nbsp;0.10 |
| Mexico (Rep of), 6.338%, 05/04/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272082 | &nbsp;&nbsp;0.36 |
| Mexico (Rep of), 6.400%, 05/07/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227772 | &nbsp;&nbsp;0.30 |
| Mexico (Rep of), 3.771%, 05/24/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191364 | &nbsp;&nbsp;0.25 |
| Mexico (Rep of), 3.750%, 04/19/2071 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309258 | &nbsp;&nbsp;0.40 |
| Mexico (Rep of), 5.750%, 10/12/2110 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136656 | &nbsp;&nbsp;0.18 |
| Petroleos Mexicanos, 8.750%, 06/02/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163869 | &nbsp;&nbsp;0.21 |
| Petroleos Mexicanos, 6.700%, 02/16/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418581 | &nbsp;&nbsp;0.55 |
| Petroleos Mexicanos, 6.750%, 09/21/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61191 | &nbsp;&nbsp;0.08 |
| Petroleos Mexicanos, 7.690%, 01/23/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314746 | &nbsp;&nbsp;0.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4616205** | &nbsp;&nbsp;**6.05** |
| **Mongolia (Cost $214,121)** |  |  |  |  |
| Mongolia (Rep of), 4.450%, 07/07/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235155 | &nbsp;&nbsp;0.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**235155** | &nbsp;&nbsp;**0.31** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Morocco (Cost $382,529)** |  |  |  |  |
| Morocco (Rep of), 6.500%, 09/08/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | $274375 | &nbsp;&nbsp;0.36 |
| Morocco (Rep of), 4.000%, 12/15/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149250 | &nbsp;&nbsp;0.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**423625** | &nbsp;&nbsp;**0.55** |
| **Nigeria (Cost $1,512,165)** |  |  |  |  |
| Nigeria (Rep of), 6.500%, 11/28/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288165 | &nbsp;&nbsp;0.38 |
| Nigeria (Rep of), 7.375%, 09/28/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307736 | &nbsp;&nbsp;0.40 |
| Nigeria (Rep of), 7.625%, 11/28/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481913 | &nbsp;&nbsp;0.63 |
| Nigeria OMO Bill, 0.000%, 02/10/2026<sup>4</sup> | &nbsp;&nbsp;NGN | &nbsp;&nbsp;228850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151017 | &nbsp;&nbsp;0.20 |
| Nigeria OMO Bill, 0.000%, 02/24/2026<sup>4</sup> | &nbsp;&nbsp;NGN | &nbsp;&nbsp;128355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84018 | &nbsp;&nbsp;0.11 |
| Nigeria OMO Bill, 0.000%, 03/24/2026<sup>4</sup> | &nbsp;&nbsp;NGN | &nbsp;&nbsp;570328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367875 | &nbsp;&nbsp;0.48 |
| Nigeria OMO Bill, 0.000%, 04/21/2026<sup>4</sup> | &nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;81533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51877 | &nbsp;&nbsp;0.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1732601** | &nbsp;&nbsp;**2.27** |
| **Oman (Cost $1,074,881)** |  |  |  |  |
| 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;278310 | &nbsp;&nbsp;0.36 |
| Oman (Rep of), 6.000%, 08/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399760 | &nbsp;&nbsp;0.52 |
| Oman (Rep of), 6.500%, 03/08/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219312 | &nbsp;&nbsp;0.29 |
| Oman (Rep of), 6.750%, 01/17/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240867 | &nbsp;&nbsp;0.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1138249** | &nbsp;&nbsp;**1.49** |
| **Pakistan (Cost $246,651)** |  |  |  |  |
| Pakistan (Rep of), 8.875%, 04/08/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381008 | &nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**381008** | &nbsp;&nbsp;**0.50** |
| **Panama (Cost $1,053,805)** |  |  |  |  |
| Panama (Rep of), 9.375%, 04/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221342 | &nbsp;&nbsp;0.29 |
| Panama (Rep of), 3.160%, 01/23/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256537 | &nbsp;&nbsp;0.34 |
| Panama (Rep of), 6.400%, 02/14/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210700 | &nbsp;&nbsp;0.27 |
| 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;58077 | &nbsp;&nbsp;0.08 |
| 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;273462 | &nbsp;&nbsp;0.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1020118** | &nbsp;&nbsp;**1.34** |
| **Paraguay (Cost $319,450)** |  |  |  |  |
| Paraguay (Rep of), 5.850%, 08/21/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347506 | &nbsp;&nbsp;0.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**347506** | &nbsp;&nbsp;**0.46** |
| **Peru (Cost $1,735,594)** |  |  |  |  |
| Peru (Rep of), 8.750%, 11/21/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269445 | &nbsp;&nbsp;0.35 |
| Peru (Rep of), 5.375%, 02/08/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533520 | &nbsp;&nbsp;0.70 |
| Peru (Rep of), 6.850%, 08/12/2035<sup>2</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;1196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375027 | &nbsp;&nbsp;0.49 |
| Peru (Rep of), 3.300%, 03/11/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77925 | &nbsp;&nbsp;0.10 |
| 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;103584 | &nbsp;&nbsp;0.14 |
| 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;82782 | &nbsp;&nbsp;0.11 |
| 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;37554 | &nbsp;&nbsp;0.05 |
| Petroleos del Peru S.A., 5.625%, 06/19/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289500 | &nbsp;&nbsp;0.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1769337** | &nbsp;&nbsp;**2.32** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Philippines (Cost $1,270,046)** |  |  |  |  |
| Philippines (Rep of), 9.500%, 02/02/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | $174680 | &nbsp;&nbsp;0.23 |
| Philippines (Rep of), 6.375%, 07/27/2030 | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;24850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433981 | &nbsp;&nbsp;0.57 |
| Philippines (Rep of), 6.000%, 08/20/2030 | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;6655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114521 | &nbsp;&nbsp;0.15 |
| Philippines (Rep of), 7.750%, 01/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126985 | &nbsp;&nbsp;0.17 |
| Philippines (Rep of), 6.375%, 10/23/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115101 | &nbsp;&nbsp;0.15 |
| Philippines (Rep of), 6.250%, 01/14/2036 | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202891 | &nbsp;&nbsp;0.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1168159** | &nbsp;&nbsp;**1.53** |
| **Poland (Cost $2,375,941)** |  |  |  |  |
| Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208318 | &nbsp;&nbsp;0.27 |
| Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211472 | &nbsp;&nbsp;0.28 |
| Bank Gospodarstwa Krajowego, 6.250%, 07/09/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210620 | &nbsp;&nbsp;0.28 |
| Poland (Rep of), 3.750%, 05/25/2027 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;2305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622338 | &nbsp;&nbsp;0.81 |
| Poland (Rep of), 5.500%, 11/16/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66111 | &nbsp;&nbsp;0.09 |
| Poland (Rep of), 2.750%, 04/25/2028 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344649 | &nbsp;&nbsp;0.45 |
| Poland (Rep of), 7.500%, 07/25/2028 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298739 | &nbsp;&nbsp;0.39 |
| Poland (Rep of), 1.250%, 10/25/2030 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217334 | &nbsp;&nbsp;0.28 |
| Poland (Rep of), 4.875%, 10/04/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89382 | &nbsp;&nbsp;0.12 |
| Poland (Rep of), 6.000%, 10/25/2033 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70400 | &nbsp;&nbsp;0.09 |
| Poland (Rep of), 5.000%, 10/25/2034 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194966 | &nbsp;&nbsp;0.26 |
| Poland (Rep of), 5.500%, 03/18/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134705 | &nbsp;&nbsp;0.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2669034** | &nbsp;&nbsp;**3.50** |
| **Romania (Cost $1,759,320)** |  |  |  |  |
| Romania (Rep of), 4.150%, 01/26/2028 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321593 | &nbsp;&nbsp;0.42 |
| Romania (Rep of), 6.625%, 02/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178957 | &nbsp;&nbsp;0.24 |
| Romania (Rep of), 5.875%, 01/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185170 | &nbsp;&nbsp;0.24 |
| Romania (Rep of), 3.000%, 02/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53820 | &nbsp;&nbsp;0.07 |
| Romania (Rep of), 7.350%, 04/28/2031 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263915 | &nbsp;&nbsp;0.35 |
| Romania (Rep of), 3.625%, 03/27/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;0.05 |
| Romania (Rep of), 7.125%, 01/17/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94876 | &nbsp;&nbsp;0.12 |
| Romania (Rep of), 6.000%, 05/25/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24090 | &nbsp;&nbsp;0.03 |
| Romania (Rep of), 4.750%, 10/11/2034 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145897 | &nbsp;&nbsp;0.19 |
| Romania (Rep of), 5.750%, 03/24/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142715 | &nbsp;&nbsp;0.19 |
| Romania (Rep of), 7.500%, 02/10/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162199 | &nbsp;&nbsp;0.21 |
| Romania (Rep of), 6.125%, 01/22/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53775 | &nbsp;&nbsp;0.07 |
| Romania (Rep of), 4.000%, 02/14/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118680 | &nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1785287** | &nbsp;&nbsp;**2.34** |
| **Saudi Arabia (Cost $1,493,569)** |  |  |  |  |
| Gaci First Investment Co., 5.250%, 10/13/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370854 | &nbsp;&nbsp;0.49 |
| KSA Ijarah Sukuk Ltd., 4.875%, 09/09/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205537 | &nbsp;&nbsp;0.27 |
| Saudi (Rep of), 4.750%, 01/18/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352569 | &nbsp;&nbsp;0.46 |
| Saudi (Rep of), 4.625%, 10/04/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221299 | &nbsp;&nbsp;0.29 |
| Saudi (Rep of), 4.500%, 04/22/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248182 | &nbsp;&nbsp;0.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1398441** | &nbsp;&nbsp;**1.83** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Serbia (Cost $236,128)** |  |  |  |  |
| Serbia (Rep of), 6.000%, 06/12/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | $241500 | &nbsp;&nbsp;0.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**241500** | &nbsp;&nbsp;**0.32** |
| **South Africa (Cost $3,005,274)** |  |  |  |  |
| South Africa (Rep of), 4.300%, 10/12/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377186 | &nbsp;&nbsp;0.49 |
| South Africa (Rep of), 8.000%, 01/31/2030 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;18498195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076503 | &nbsp;&nbsp;1.41 |
| South Africa (Rep of), 8.250%, 03/31/2032 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;8115222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466147 | &nbsp;&nbsp;0.61 |
| South Africa (Rep of), 5.875%, 04/20/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221665 | &nbsp;&nbsp;0.29 |
| South Africa (Rep of), 8.875%, 02/28/2035 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;7355749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424548 | &nbsp;&nbsp;0.56 |
| South Africa (Rep of), 7.100%, 11/19/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214950 | &nbsp;&nbsp;0.28 |
| South Africa (Rep of), 8.500%, 01/31/2037 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;4147491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225254 | &nbsp;&nbsp;0.30 |
| South Africa (Rep of), 9.000%, 01/31/2040 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1488840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80651 | &nbsp;&nbsp;0.11 |
| South Africa (Rep of), 5.650%, 09/27/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291505 | &nbsp;&nbsp;0.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3378409** | &nbsp;&nbsp;**4.43** |
| **Supranational (Cost $339,484)** |  |  |  |  |
| Inter-American Development Bank, 7.350%, 10/06/2030 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162035 | &nbsp;&nbsp;0.21 |
| International Bank for Reconstruction & Development, 6.500%, 04/17/2030 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;14700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164393 | &nbsp;&nbsp;0.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**326428** | &nbsp;&nbsp;**0.43** |
| **Thailand (Cost $404,864)** |  |  |  |  |
| Thailand (Rep of), 2.650%, 06/17/2028 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;4139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131966 | &nbsp;&nbsp;0.17 |
| Thailand (Rep of), 3.390%, 06/17/2037 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33890 | &nbsp;&nbsp;0.05 |
| Thailand (Rep of), 3.300%, 06/17/2038 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;6314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224158 | &nbsp;&nbsp;0.29 |
| Thailand (Rep of), 3.600%, 06/17/2067 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;1802000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72254 | &nbsp;&nbsp;0.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**462268** | &nbsp;&nbsp;**0.61** |
| **Turkey (Cost $1,810,842)** |  |  |  |  |
| Turkey (Rep of), 31.080%, 11/08/2028 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;&nbsp;&nbsp;6971650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155998 | &nbsp;&nbsp;0.20 |
| Turkey (Rep of), 5.250%, 03/13/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351461 | &nbsp;&nbsp;0.46 |
| Turkey (Rep of), 7.125%, 02/12/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207800 | &nbsp;&nbsp;0.27 |
| Turkey (Rep of), 7.250%, 05/29/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218714 | &nbsp;&nbsp;0.29 |
| Turkey (Rep of), 7.125%, 07/17/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252164 | &nbsp;&nbsp;0.33 |
| Turkey (Rep of), 26.200%, 10/05/2033 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;&nbsp;&nbsp;2213259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47458 | &nbsp;&nbsp;0.06 |
| Turkey (Rep of), 6.500%, 01/03/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261688 | &nbsp;&nbsp;0.34 |
| Turkey (Rep of), 4.875%, 04/16/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255444 | &nbsp;&nbsp;0.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1750727** | &nbsp;&nbsp;**2.29** |
| **Ukraine (Cost $465,284)** |  |  |  |  |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9026 | &nbsp;&nbsp;0.01 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2034<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26632 | &nbsp;&nbsp;0.03 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2034<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238768 | &nbsp;&nbsp;0.31 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27477 | &nbsp;&nbsp;0.04 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278322 | $154469 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2036<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22853 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2036<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49540 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**528765** | &nbsp;&nbsp;&nbsp;&nbsp;**0.69** |
| **United Arab Emirates (Cost $787,226)** |  |  |  |  |
| Abu Dhabi (Gov't of), 3.125%, 09/30/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272951 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| DP World Crescent Ltd., 3.875%, 07/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213398 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| DP World Crescent Ltd., 5.500%, 09/13/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317015 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**803364** | &nbsp;&nbsp;&nbsp;&nbsp;**1.05** |
| **United States (Cost $1,532,554)** |  |  |  |  |
| U.S. Treasury Bill, 3.817%, 12/11/2025<sup>9</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532908 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1532908** | &nbsp;&nbsp;&nbsp;&nbsp;**2.01** |
| **Uruguay (Cost $1,937,143)** |  |  |  |  |
| Uruguay (Rep of), 7.875%, (100% Cash), 01/15/2033<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212197 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Uruguay (Rep of), 5.750%, 10/28/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199036 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Uruguay (Rep of), 8.000%, 10/29/2035 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7603835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191535 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Uruguay (Rep of), 7.625%, 03/21/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154463 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Uruguay (Rep of), 5.442%, 02/14/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212865 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Uruguay (Rep of), 4.125%, 11/20/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102476 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Uruguay (Rep of), 5.100%, 06/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106017 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Uruguay (Rep of), 4.975%, 04/20/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230105 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Uruguay (Rep of), 5.250%, 09/10/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174101 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Uruguay Monetary Regulation Bill, 0.000%, 05/08/2026<sup>4</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302929 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1885724** | &nbsp;&nbsp;&nbsp;&nbsp;**2.47** |
| **Uzbekistan (Cost $790,225)** |  |  |  |  |
| Navoi Mining & Metallurgical Combinat, 6.750%, 05/14/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Uzbekistan (Rep of), 15.500%, 02/25/2028 | &nbsp;&nbsp;&nbsp;UZS | &nbsp;&nbsp;2500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216616 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Uzbekistan (Rep of), 5.375%, 02/20/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201025 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Uzbekistan (Rep of), 6.947%, 05/25/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216769 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**844410** | &nbsp;&nbsp;&nbsp;&nbsp;**1.11** |
| **Venezuela (Cost $7,244,880)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7442981 | &nbsp;&nbsp;&nbsp;&nbsp;9.75 |
| Petroleos de Venezuela S.A., 12.750%, 02/17/2022<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58576 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Petroleos de Venezuela S.A., 9.750%, 05/17/2035<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64460 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Venezuela (Rep of), 11.750%, 10/21/2026<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495990 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Venezuela (Rep of), 9.250%, 09/15/2027<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491040 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Venezuela (Rep of), 11.950%, 08/05/2031<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243594 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8796641** | &nbsp;&nbsp;**11.52** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Zambia (Cost $217,908)** |  |  |  |  |
| Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/2033<sup>3</sup> |  | &nbsp;&nbsp;142473 | $136759 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Zambia (Rep of), 0.500%, 12/31/2053 |  | &nbsp;&nbsp;160015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111279 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**248038** | &nbsp;&nbsp;&nbsp;&nbsp;**0.32** |
| **Total Debt Securities (Cost $89,203,558)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74499745** | &nbsp;&nbsp;**97.60** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |
| **China (Cost $84,894)** |  |  |  |
| Kaisa Group Holdings Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;581802 | $8985 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Sunac Services Holdings Ltd.<sup>2</sup> &nbsp;&nbsp;HKD | &nbsp;&nbsp;206826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41145 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Yuzhou Group Holdings Co. Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;544593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11096 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**61226** | &nbsp;&nbsp;&nbsp;&nbsp;**0.08** |
| **Total Equity Securities (Cost $84,894)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**61226** | &nbsp;&nbsp;&nbsp;&nbsp;**0.08** |
| **Total Investments (Total Cost $89,288,452)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74560971** | &nbsp;&nbsp;&nbsp;&nbsp;**97.68** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767592 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| **Net Assets** |  | **$76328563** | &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 October 31, 2025, these securities had a total value of $1,772,538 or 2.32% of net assets.

<sup>3</sup> Step coupon bond. Rate as of October 31, 2025 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_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

At October 31, 2025, 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)** |
| 11/04/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97600 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;525546 | &nbsp;&nbsp;$14 |
| 11/04/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971524 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;5212616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619 |
| 11/04/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;1100677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 |
| 11/10/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269308 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;22669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107 |
| 11/10/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605676 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;116564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22785 |
| 11/12/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685688 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;100436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19422 |
| 11/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146795 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;20226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950 |
| 11/12/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6754424 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| 11/12/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665734 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;147731548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628 |
| 11/12/2025 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;2041298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| 11/12/2025 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;5660173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 |
| 11/28/2025 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34100000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1044123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12789 |
| 11/28/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143867 | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;8228626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787 |
| 11/28/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76776 | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;4385677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117 |
| 11/28/2025 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42300 | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;1267098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116 |
| 11/28/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Uruguayan Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4683580 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7280 |
| 12/02/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561974 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;8406074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12132 |
| 12/10/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;11343329029 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;681281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 |
| 12/10/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;4732995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 |
| 12/10/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361000 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;498884672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11305 |
| 12/10/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54800 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;75581749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821 |
| 12/10/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376000 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;528656000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437 |
| 12/10/2025 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39500 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;54569882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249 |
| 12/17/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322455 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;76600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 |
| 12/17/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552461 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;606228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193 |
| 12/17/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34099144 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1046628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12019 |
| 12/17/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77800 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;325196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| 01/12/2026 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253521000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;166900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7099 |
| 01/20/2026 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9299713 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;188693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083 |
| 01/20/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9299713 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;187024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3751 |
| 01/30/2026 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570112193 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;603753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091 |
| 01/30/2026 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Israeli Shekel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817056 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;248245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662 |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820760 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;240943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161 |
| 01/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45095832 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;986454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8188 |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39524703 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;865496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268 |
| 01/30/2026 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396000 | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;8239414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890 |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;4909366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961 |
| 01/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343000 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;116038615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| 01/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488174 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;164761611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362 |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75164 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;1397303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| 01/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554694 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;9634543 | &nbsp;&nbsp;$2588 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;180244 |
| 11/04/2025 | &nbsp;&nbsp;Santander | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290783 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;1567235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229) |
| 11/10/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39585 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;2247216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7821) |
| 11/10/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79169 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;4480973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15358) |
| 11/10/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20244 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;1146795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3948) |
| 11/12/2025 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34742225 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3885) |
| 11/12/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102455233 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1162731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9329) |
| 11/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15376200 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;173500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401) |
| 11/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119448 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;6832483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24585) |
| 11/12/2025 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43800 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;3895063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |
| 11/28/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7377962 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;129030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3432) |
| 11/28/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644102 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;497716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1788) |
| 11/28/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42208682 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1398101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26226) |
| 11/28/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;500067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |
| 12/10/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;3737690697 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2700936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80991) |
| 12/10/2025 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55609557 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;40100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1120) |
| 12/17/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58600 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;246712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401) |
| 12/17/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731000 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;3072583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3808) |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369818750 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2651) |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33462162 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1625560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37170) |
| 01/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520058293 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1560565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23978) |
| 01/30/2026 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127646820 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;378000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(849) |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20123780 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1082849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10217) |
| 01/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089931 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1125958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19518) |
| 01/30/2026 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444351 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;396000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5263) |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748795 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2430) |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590172 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;593997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9793) |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217890 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;243176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1470) |
| 01/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661480 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;2606362541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5944) |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;129143760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574) |
| 01/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;1288770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1726) |
| 02/11/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112921942 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1265189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(733) |
| 03/12/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20439951 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2902107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8156) |
| 04/17/2026 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49306000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;554000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4203) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(318074) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(137830) |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

At October 31, 2025, 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)\*\*** |
| 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;&nbsp;&nbsp;4158165 | &nbsp;&nbsp;01/02/2029 | &nbsp;&nbsp;$1728 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1728 |
| 7-Day CNY CNRR (Pay Quarterly) | &nbsp;&nbsp;1.600% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410000 | &nbsp;&nbsp;12/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027 |
| 9.355% (Pay Quarterly) | &nbsp;&nbsp;1-Day COOVIBR (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;3199000000 | &nbsp;&nbsp;01/21/2035 | &nbsp;&nbsp;&nbsp;&nbsp;14537 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14537 |
| 1-Day COOVIBR (Pay Quarterly) | &nbsp;&nbsp;8.420% (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;11014000000 | &nbsp;&nbsp;01/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;(20979) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(20979) |
| 1-Day COOVIBR (Pay Quarterly) | &nbsp;&nbsp;8.170% (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;2609650000 | &nbsp;&nbsp;04/07/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8438) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8438) |
| 1-Day INR MIBOR (Pay Semi-Annually) | &nbsp;&nbsp;5.999% (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20630000 | &nbsp;&nbsp;12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767 |
| 1-Day INR MIBOR (Pay Semi-Annually) | &nbsp;&nbsp;6.024% (Receive Quarterly) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16154000 | &nbsp;&nbsp;12/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128 |
| 5.744% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day INR MIBOR (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106631000 | &nbsp;&nbsp;06/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6138) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6138) |
| 3M KRW KWCDC (Pay Quarterly) | &nbsp;&nbsp;2.387% (Receive Semi-Annually) | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3622705000 | &nbsp;&nbsp;12/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;(21331) | &nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;(21399) |
| 3M KRW KWCDC (Pay Quarterly) | &nbsp;&nbsp;2.536% (Receive Quarterly) | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1882800000 | &nbsp;&nbsp;12/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5418) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5418) |
| 7.290% (Pay Monthly) | &nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500000 | &nbsp;&nbsp;12/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$(38088) |

---

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

\*\*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_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Total Return Fund's investments and other financial instruments, which are carried at fair value, as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$2262674 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2262674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47341 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1199866 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1199866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12691551 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12691551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;55599338 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;55599338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Linked Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208350 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2490625 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2490625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;74499745 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;74499745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61226 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61226 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$74560971 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$74560971 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$24284 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$24284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180244 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180244 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62372) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62372) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318074) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318074) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(175918) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(175918) |
| <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 October 31, 2025.

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 October 31, 2025.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

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

#### Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &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;$24284<sup>†</sup> |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;180244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$180244 | &nbsp;&nbsp;$24284 |
| **Liabilities:** |  |  |
| Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(62372)<sup>†</sup> |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(318074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$(318074) | &nbsp;&nbsp;$(62372) |

---

&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 Year Ended October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | &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;$478240 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Net Realized Gain on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;84028 | &nbsp;&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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(115318) |
|  | &nbsp;&nbsp;$478240 | &nbsp;&nbsp;$84028 | &nbsp;&nbsp;$(115318) |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |  |  |
| Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(186970) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Net Change in Unrealized Depreciation on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(25841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$(186970) | &nbsp;&nbsp;$(25841) | &nbsp;&nbsp;$— |

---

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

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Brazil (Cost $501,496)** |  |  |  |  |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2030<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;4734000 | $524980 | &nbsp;&nbsp;5.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**524980** | &nbsp;&nbsp;**5.33** |
| **Chile (Cost $117,028)** |  |  |  |  |
| 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;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21242 | &nbsp;&nbsp;0.22 |
| 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;85000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92911 | &nbsp;&nbsp;0.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**114153** | &nbsp;&nbsp;**1.16** |
| **China (Cost $460,561)** |  |  |  |  |
| China (Rep of), 1.440%, 09/15/2027 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74447 | &nbsp;&nbsp;0.76 |
| China (Rep of), 2.620%, 09/25/2029 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64397 | &nbsp;&nbsp;0.65 |
| China (Rep of), 1.780%, 09/15/2032 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134298 | &nbsp;&nbsp;1.37 |
| China (Rep of), 1.830%, 08/25/2035 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56405 | &nbsp;&nbsp;0.57 |
| China (Rep of), 1.980%, 04/25/2045 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17771 | &nbsp;&nbsp;0.18 |
| China (Rep of), 2.150%, 08/25/2055 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115022 | &nbsp;&nbsp;1.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**462340** | &nbsp;&nbsp;**4.70** |
| **Colombia (Cost $358,275)** |  |  |  |  |
| Colombian TES, 7.000%, 03/26/2031 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;539600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115488 | &nbsp;&nbsp;1.17 |
| Colombian TES, 7.000%, 06/30/2032 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;306900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63171 | &nbsp;&nbsp;0.64 |
| Colombian TES, 13.250%, 02/09/2033 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;394800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109623 | &nbsp;&nbsp;1.12 |
| Colombian TES, 7.250%, 10/18/2034 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;307600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61321 | &nbsp;&nbsp;0.62 |
| Colombian TES, 11.500%, 07/25/2046 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;144300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35704 | &nbsp;&nbsp;0.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**385307** | &nbsp;&nbsp;**3.91** |
| **Czech Republic (Cost $373,618)** |  |  |  |  |
| Czech (Rep of), 5.000%, 09/30/2030 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122330 | &nbsp;&nbsp;1.24 |
| Czech (Rep of), 1.750%, 06/23/2032 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67877 | &nbsp;&nbsp;0.69 |
| Czech (Rep of), 4.900%, 04/14/2034 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;3470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169625 | &nbsp;&nbsp;1.73 |
| Czech (Rep of), 1.950%, 07/30/2037 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26890 | &nbsp;&nbsp;0.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**386722** | &nbsp;&nbsp;**3.93** |
| **Egypt (Cost $94,876)** |  |  |  |  |
| Egypt (Rep of), 23.440%, 07/01/2028 | &nbsp;&nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;2349000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49780 | &nbsp;&nbsp;0.50 |
| Egypt (Rep of), 23.381%, 08/26/2028 | &nbsp;&nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;2245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47901 | &nbsp;&nbsp;0.49 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97681** | &nbsp;&nbsp;**0.99** |
| **Hungary (Cost $396,371)** |  |  |  |  |
| Hungary (Rep of), 9.500%, 10/21/2026 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;22860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69968 | &nbsp;&nbsp;0.71 |
| Hungary (Rep of), 3.000%, 10/27/2027 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;12730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35574 | &nbsp;&nbsp;0.36 |
| Hungary (Rep of), 4.500%, 03/23/2028 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;10650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30361 | &nbsp;&nbsp;0.31 |
| Hungary (Rep of), 6.750%, 10/22/2028 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;2410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232 | &nbsp;&nbsp;0.08 |
| Hungary (Rep of), 3.000%, 08/21/2030 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;14230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36446 | &nbsp;&nbsp;0.37 |
| Hungary (Rep of), 6.750%, 07/23/2031 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;30980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93742 | &nbsp;&nbsp;0.95 |
| Hungary (Rep of), 4.750%, 11/24/2032 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;10070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26899 | &nbsp;&nbsp;0.27 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Hungary (continued)** |  |  |  |  |
| Hungary (Rep of), 7.000%, 10/24/2035 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31450000 | $94628 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| 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;11154 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**406004** | &nbsp;&nbsp;&nbsp;&nbsp;**4.12** |
| **India (Cost $787,240)** |  |  |  |  |
| India (Rep of), 7.180%, 08/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134107 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| India (Rep of), 7.540%, 05/23/2036 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90469 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| India (Rep of), 7.410%, 12/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42725 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| India (Rep of), 7.180%, 07/24/2037 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166547 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| India (Rep of), 7.360%, 09/12/2052 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184098 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| India (Rep of), 7.300%, 06/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137687 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**755633** | &nbsp;&nbsp;&nbsp;&nbsp;**7.68** |
| **Indonesia (Cost $1,144,555)** |  |  |  |  |
| Indonesia (Rep of), 5.500%, 04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1071000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64595 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Indonesia (Rep of), 5.125%, 04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;625000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37735 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Indonesia (Rep of), 7.000%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2169000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134346 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Indonesia (Rep of), 6.375%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1834000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114027 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| 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;38573 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| 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;7700 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Indonesia (Rep of), 10.500%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;213000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15456 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| 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;50223 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| 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;43405 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| 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;79903 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| 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;62704 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| 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;38033 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| 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;37192 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| 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;27094 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| 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;57269 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| 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;24407 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| 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;44300 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Indonesia (Rep of), 7.125%, 06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1906000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122140 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Indonesia (Rep of), 7.125%, 08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;638000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40987 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Indonesia (Rep of), 7.125%, 08/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;753000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48487 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1088576** | &nbsp;&nbsp;**11.06** |
| **Malaysia (Cost $429,436)** |  |  |  |  |
| Malaysia (Rep of), 3.828%, 07/05/2034 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9265 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Malaysia (Rep of), 3.476%, 07/02/2035 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22881 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| 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;60244 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| 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;36713 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| 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;23840 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| 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;78250 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| 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;13085 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| 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;2989 | &nbsp;&nbsp;&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;68048 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Malaysia (continued)** |  |  |  |  |
| Malaysia (Rep of), 4.457%, 03/31/2053 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | $60027 | &nbsp;&nbsp;0.61 |
| Malaysia Government Investment Issue, 4.417%, 09/30/2041 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816 | &nbsp;&nbsp;0.03 |
| Malaysia Government Investment Issue, 4.291%, 08/14/2043 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14748 | &nbsp;&nbsp;0.15 |
| Malaysia Government Investment Issue, 5.357%, 05/15/2052 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72414 | &nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**465320** | &nbsp;&nbsp;**4.73** |
| **Mexico (Cost $925,714)** |  |  |  |  |
| Mexican Bonos, 8.500%, 05/31/2029 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77746 | &nbsp;&nbsp;0.79 |
| Mexican Bonos, 7.750%, 05/29/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;4960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260384 | &nbsp;&nbsp;2.64 |
| Mexican Bonos, 7.500%, 05/26/2033 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75677 | &nbsp;&nbsp;0.77 |
| Mexican Bonos, 7.750%, 11/23/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;3360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170405 | &nbsp;&nbsp;1.73 |
| Mexican Bonos, 8.500%, 11/18/2038 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100327 | &nbsp;&nbsp;1.02 |
| Mexican Bonos, 7.750%, 11/13/2042 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;2030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94139 | &nbsp;&nbsp;0.96 |
| 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;51109 | &nbsp;&nbsp;0.52 |
| Mexican Udibonos, 2.750%, 11/27/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121921 | &nbsp;&nbsp;1.24 |
| Mexican Udibonos, 4.500%, 11/22/2035 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13841 | &nbsp;&nbsp;0.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**965549** | &nbsp;&nbsp;**9.81** |
| **Nigeria (Cost $151,487)** |  |  |  |  |
| Nigeria OMO Bill, 0.000%, 02/10/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;34424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22716 | &nbsp;&nbsp;0.23 |
| Nigeria OMO Bill, 0.000%, 02/24/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;32903000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21538 | &nbsp;&nbsp;0.22 |
| Nigeria OMO Bill, 0.000%, 03/03/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;59626000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38925 | &nbsp;&nbsp;0.40 |
| Nigeria OMO Bill, 0.000%, 03/24/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;90309000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58252 | &nbsp;&nbsp;0.59 |
| Nigeria OMO Bill, 0.000%, 04/07/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;11877000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612 | &nbsp;&nbsp;0.08 |
| Nigeria OMO Bill, 0.000%, 04/21/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;14134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8993 | &nbsp;&nbsp;0.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**158036** | &nbsp;&nbsp;**1.61** |
| **Peru (Cost $156,641)** |  |  |  |  |
| Peru (Rep of), 7.300%, 08/12/2033<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11255 | &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;287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89994 | &nbsp;&nbsp;0.92 |
| Peru (Rep of), 7.600%, 08/12/2039<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74801 | &nbsp;&nbsp;0.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**176050** | &nbsp;&nbsp;**1.79** |
| **Philippines (Cost $228,863)** |  |  |  |  |
| Philippines (Rep of), 6.375%, 07/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;10550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184246 | &nbsp;&nbsp;1.87 |
| Philippines (Rep of), 6.000%, 08/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36051 | &nbsp;&nbsp;0.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**220297** | &nbsp;&nbsp;**2.24** |
| **Poland (Cost $416,807)** |  |  |  |  |
| Poland (Rep of), 2.750%, 10/25/2029 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66246 | &nbsp;&nbsp;0.67 |
| Poland (Rep of), 4.500%, 07/25/2030 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34084 | &nbsp;&nbsp;0.35 |
| Poland (Rep of), 1.250%, 10/25/2030 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44110 | &nbsp;&nbsp;0.45 |
| Poland (Rep of), 1.750%, 04/25/2032 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94124 | &nbsp;&nbsp;0.96 |
| Poland (Rep of), 6.000%, 10/25/2033 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140228 | &nbsp;&nbsp;1.42 |
| Poland (Rep of), 5.000%, 10/25/2034 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50339 | &nbsp;&nbsp;0.51 |
| Poland (Rep of), 5.000%, 10/25/2035 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30615 | &nbsp;&nbsp;0.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**459746** | &nbsp;&nbsp;**4.67** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Romania (Cost $291,147)** |  |  |  |  |
| Romania (Rep of), 4.150%, 01/26/2028 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;260000 | $55743 | &nbsp;&nbsp;0.57 |
| Romania (Rep of), 6.300%, 04/25/2029 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16630 | &nbsp;&nbsp;0.17 |
| Romania (Rep of), 4.850%, 07/25/2029 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42261 | &nbsp;&nbsp;0.43 |
| Romania (Rep of), 8.000%, 04/29/2030 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16476 | &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;23055 | &nbsp;&nbsp;0.23 |
| 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;89892 | &nbsp;&nbsp;0.91 |
| 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;10303 | &nbsp;&nbsp;0.10 |
| Romania (Rep of), 4.750%, 10/11/2034 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42796 | &nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**297156** | &nbsp;&nbsp;**3.02** |
| **South Africa (Cost $742,118)** |  |  |  |  |
| South Africa (Rep of), 7.000%, 02/28/2031 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;1666386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91978 | &nbsp;&nbsp;0.93 |
| South Africa (Rep of), 8.250%, 03/31/2032 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;4146140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238159 | &nbsp;&nbsp;2.42 |
| South Africa (Rep of), 8.875%, 02/28/2035 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;6183659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356899 | &nbsp;&nbsp;3.63 |
| South Africa (Rep of), 8.500%, 01/31/2037 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;1244830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67608 | &nbsp;&nbsp;0.69 |
| South Africa (Rep of), 9.000%, 01/31/2040 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;1725529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93472 | &nbsp;&nbsp;0.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**848116** | &nbsp;&nbsp;**8.62** |
| **Supranational (Cost $164,255)** |  |  |  |  |
| Inter-American Development Bank, 7.350%, 10/06/2030 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92591 | &nbsp;&nbsp;0.94 |
| 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;64863 | &nbsp;&nbsp;0.66 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**157454** | &nbsp;&nbsp;**1.60** |
| **Thailand (Cost $384,722)** |  |  |  |  |
| Thailand (Rep of), 2.650%, 06/17/2028 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835 | &nbsp;&nbsp;0.06 |
| Thailand (Rep of), 3.775%, 06/25/2032 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40717 | &nbsp;&nbsp;0.41 |
| Thailand (Rep of), 3.350%, 06/17/2033 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1814000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62740 | &nbsp;&nbsp;0.64 |
| Thailand (Rep of), 1.585%, 12/17/2035 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;2103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63943 | &nbsp;&nbsp;0.65 |
| Thailand (Rep of), 3.400%, 06/17/2036 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15912 | &nbsp;&nbsp;0.16 |
| Thailand (Rep of), 3.390%, 06/17/2037 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;3810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136490 | &nbsp;&nbsp;1.39 |
| Thailand (Rep of), 3.300%, 06/17/2038 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42744 | &nbsp;&nbsp;0.43 |
| Thailand (Rep of), 2.000%, 06/17/2042 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1047000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31362 | &nbsp;&nbsp;0.32 |
| Thailand (Rep of), 2.875%, 06/17/2046 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48623 | &nbsp;&nbsp;0.49 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**448366** | &nbsp;&nbsp;**4.55** |
| **Turkey (Cost $118,015)** |  |  |  |  |
| Turkey (Rep of), 31.080%, 11/08/2028 | &nbsp;&nbsp;&nbsp;TRY | &nbsp;&nbsp;1006740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22527 | &nbsp;&nbsp;0.23 |
| Turkey (Rep of), 26.200%, 10/05/2033 | &nbsp;&nbsp;&nbsp;TRY | &nbsp;&nbsp;2709134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58091 | &nbsp;&nbsp;0.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80618** | &nbsp;&nbsp;**0.82** |
| **United States (Cost $856,771)** |  |  |  |  |
| U.S. Treasury Bill, 3.805%, 12/11/2025<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;860500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856983 | &nbsp;&nbsp;8.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**856983** | &nbsp;&nbsp;**8.71** |
| **Uruguay (Cost $101,348)** |  |  |  |  |
| Uruguay (Rep of), 8.250%, 05/21/2031 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;416243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10605 | &nbsp;&nbsp;0.11 |
| Uruguay (Rep of), 8.000%, 10/29/2035 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;996390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25098 | &nbsp;&nbsp;0.25 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Uruguay (continued)** |  |  |  |  |
| Uruguay Monetary Regulation Bill, 0.000%, 05/08/2026<sup>2</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;2781000 | $67047 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**102750** | &nbsp;&nbsp;&nbsp;&nbsp;**1.04** |
| **Total Debt Securities (Cost $9,201,344)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9457837** | &nbsp;&nbsp;&nbsp;&nbsp;**96.09** |
| **Total Investments in Securities (Cost $9,201,344)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9457837** | &nbsp;&nbsp;&nbsp;&nbsp;**96.09** |
| **Total Investments (Total Cost $9,201,344)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9457837** | &nbsp;&nbsp;&nbsp;&nbsp;**96.09** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384456 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 |
| **Net Assets** |  |  | **$9842293** | &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 October 31, 2025, these securities had a total value of $290,203 or 2.95% 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_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

At October 31, 2025, 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)** |
| 11/04/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;268458 | &nbsp;&nbsp;$151 |
| 11/10/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375544 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;6707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 |
| 11/10/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369841 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;24172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4725 |
| 11/12/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179059 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;20828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028 |
| 11/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285710 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;5039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 |
| 11/12/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399598 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| 11/12/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295169 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;26148101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 |
| 11/28/2025 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;186166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 |
| 11/28/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45470 | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;2600706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 |
| 11/28/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87375 | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;4995613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333 |
| 11/28/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245806 | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;318101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 |
| 11/28/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Uruguayan Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490230 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 |
| 12/10/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;1162490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| 12/10/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;127139584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 |
| 12/10/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;134976000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 |
| 12/17/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953754 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;701594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4796 |
| 12/17/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6084909 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;186768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 |
| 01/12/2026 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;76800000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;50560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 |
| 01/20/2026 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499953 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;50724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 |
| 01/20/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499953 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;50276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 |
| 01/30/2026 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;47573479 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;50381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84681 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;24859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
| 01/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;10755219 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;235266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953 |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105309 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;24204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 |
| 01/30/2026 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;2122273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;936108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 |
| 01/30/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;64885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| 01/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;31800670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| 01/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164406 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;55487953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 |
| 01/30/2026 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;169187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90956 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;1690332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14093 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;261998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;50839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| 01/30/2026 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;14545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| 01/30/2026 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;261243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| 01/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131397 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;2282241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;42667 |
| 11/04/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641490 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;119561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(445) |
| 11/04/2025 | &nbsp;&nbsp;Santander | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895500 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;166987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(706) |
| 11/10/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8588 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;487532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1697) |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| 11/10/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17176 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;972143 | &nbsp;&nbsp;$(3332) |
| 11/10/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;285710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(984) |
| 11/12/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051846 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) |
| 11/12/2025 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9235275 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1033) |
| 11/12/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;10448133 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;118572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(951) |
| 11/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013250 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) |
| 11/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25608 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;1464770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5270) |
| 11/28/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;129888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| 12/02/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298057 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |
| 12/02/2025 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268532 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;235712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1831) |
| 12/10/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;266362410 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;192479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5772) |
| 12/10/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141382 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;2354296133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) |
| 12/17/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;21111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |
| 12/17/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;865872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1073) |
| 01/09/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Uzbekistan Som | &nbsp;&nbsp;611250000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;93625000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(671) |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5757247 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;279529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6242) |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950075 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;11730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |
| 01/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;82097854 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;246355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3785) |
| 01/30/2026 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;34106690 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) |
| 01/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411358 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;388547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6735) |
| 01/30/2026 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364735 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1329) |
| 01/30/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56911 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;15540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200896 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(652) |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453131 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;103915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1713) |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422318 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;81970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464) |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511343 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;11314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |
| 01/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130302 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;513415432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1171) |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;16948000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) |
| 01/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;16955125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) |
| 01/30/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;11930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) |
| 01/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;322193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431) |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;291693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| 02/11/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;13077343 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;146520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85) |
| 03/12/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3727996 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;529379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1558) |
| 04/17/2026 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;13528000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1153) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(50318) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(7651) |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

At October 31, 2025, 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;13.290% (Receive At Maturity) | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498505 | &nbsp;&nbsp;01/03/2028 | &nbsp;&nbsp;$462 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$462 |
| 1-Day Brazil CENTIP Interbank Deposit Rate (Pay At Maturity) | &nbsp;&nbsp;13.140% (Receive At Maturity) | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278266 | &nbsp;&nbsp;01/03/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351) |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 |
| 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;&nbsp;&nbsp;833 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 |
| 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;&nbsp;&nbsp;360 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| 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;7411 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7411 |
| 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;886 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 |
| 7-Day CNY CNRR (Pay Quarterly) | &nbsp;&nbsp;1.600% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp;12/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 |
| 9.355% (Pay Quarterly) | &nbsp;&nbsp;1-Day COOVIBR (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;634000000 | &nbsp;&nbsp;01/21/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2881 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2881 |
| 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;(4158) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4158) |
| 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;(1959) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1959) |
| 1-Day INR MIBOR (Pay Semi-Annually) | &nbsp;&nbsp;5.999% (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7012000 | &nbsp;&nbsp;12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1280 |
| 1-Day INR MIBOR (Pay Semi-Annually) | &nbsp;&nbsp;6.024% (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490000 | &nbsp;&nbsp;12/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1063 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1063 |
| 1-Day INR MIBOR (Pay Semi-Annually) | &nbsp;&nbsp;6.236% (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020000 | &nbsp;&nbsp;01/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1695 |
| 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;&nbsp;(369) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369) |
| 5.744% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day INR MIBOR (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18042000 | &nbsp;&nbsp;06/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;(1039) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1039) |
| 3M KRW KWCDC (Pay Quarterly) | &nbsp;&nbsp;2.387% (Receive Quarterly) | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;935217000 | &nbsp;&nbsp;12/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;(5507) | &nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;(5524) |
| 3M KRW KWCDC (Pay Quarterly) | &nbsp;&nbsp;2.536% (Receive Quarterly) | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;485200000 | &nbsp;&nbsp;12/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;(1396) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1396) |
| 7.290% (Pay Monthly) | &nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400000 | &nbsp;&nbsp;12/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| 3M MYR KLIBO (Pay Quarterly) | &nbsp;&nbsp;3.270% (Receive Quarterly) | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;06/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 |
| 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;1077 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1077 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$4338 |

---

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

\*\*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_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Local Currency Bond Fund's investments and other financial instruments, which are carried at fair value, as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$89978 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$89978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157454 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7992578 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7992578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Linked Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135762 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1082065 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1082065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9457837 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9457837 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9457837 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9457837 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$19134 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$19134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42667 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42667 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14796) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14796) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50318) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50318) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(3313) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(3313) |
| <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 October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &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;$19134<sup>†</sup> |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;42667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$42667 | &nbsp;&nbsp;$19134 |
| **Liabilities:** |  |  |
| Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(14796)<sup>†</sup> |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(50318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$(50318) | &nbsp;&nbsp;$(14796) |

---

&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_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &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** |
| **Realized Gain (Loss) on Derivatives:** |  |  |
| Net Realized Gain on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$78363 | &nbsp;&nbsp;$— |
| Net Realized Gain on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12902 |
|  | &nbsp;&nbsp;$78363 | &nbsp;&nbsp;$12902 |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |  |
| Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(32193) | &nbsp;&nbsp;$— |
| Net Change in Unrealized Appreciation on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7384 |
|  | &nbsp;&nbsp;$(32193) | &nbsp;&nbsp;$7384 |

---

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

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Argentina (Cost $716,545)** |  |  |  |  |
| Pampa Energia S.A., 7.875%, 12/16/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | $131437 | &nbsp;&nbsp;0.70 |
| Pluspetrol S.A., 8.500%, 05/30/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132386 | &nbsp;&nbsp;0.71 |
| Telecom Argentina S.A., 9.500%, 07/18/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103500 | &nbsp;&nbsp;0.55 |
| Vista Energy Argentina S.A.U., 7.625%, 12/10/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128453 | &nbsp;&nbsp;0.69 |
| YPF Energia Electrica S.A., 7.875%, 10/16/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128215 | &nbsp;&nbsp;0.68 |
| YPF S.A., 9.500%, 01/17/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102925 | &nbsp;&nbsp;0.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**726916** | &nbsp;&nbsp;**3.88** |
| **Brazil (Cost $995,043)** |  |  |  |  |
| Embraer Netherlands Finance B.V., 5.400%, 01/09/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200060 | &nbsp;&nbsp;1.07 |
| JBS U.S.A. Holding Lux S.a.r.l./JBS U.S.A. Food Co./JBS Lux Co. S.a.r.l., 5.750%, 04/01/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62455 | &nbsp;&nbsp;0.33 |
| LD Celulose International GmbH, 7.950%, 01/26/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210690 | &nbsp;&nbsp;1.13 |
| 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;33746 | &nbsp;&nbsp;0.18 |
| Samarco Mineracao S.A., 9.500%, (100% Cash), 06/30/2031<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;104565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104207 | &nbsp;&nbsp;0.56 |
| Suzano Austria GmbH, 3.125%, 01/15/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67196 | &nbsp;&nbsp;0.36 |
| Trident Energy Finance PLC, 12.500%, 11/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205220 | &nbsp;&nbsp;1.10 |
| 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;53357 | &nbsp;&nbsp;0.28 |
| 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;88528 | &nbsp;&nbsp;0.47 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1025459** | &nbsp;&nbsp;**5.48** |
| **Chile (Cost $933,270)** |  |  |  |  |
| Banco de Credito e Inversiones S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.944%), 8.750%, 05/08/2029<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215131 | &nbsp;&nbsp;1.15 |
| BPCE S.A., 3.150%, 03/06/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231880 | &nbsp;&nbsp;1.24 |
| 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;201718 | &nbsp;&nbsp;1.08 |
| Latam Airlines Group S.A., 7.625%, 01/07/2031<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206055 | &nbsp;&nbsp;1.10 |
| Telefonica Moviles Chile S.A., 3.537%, 11/18/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96750 | &nbsp;&nbsp;0.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**951534** | &nbsp;&nbsp;**5.08** |
| **China (Cost $10,463,660)** |  |  |  |  |
| 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;13950 | &nbsp;&nbsp;0.07 |
| 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;78330 | &nbsp;&nbsp;0.42 |
| 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;5320 | &nbsp;&nbsp;0.03 |
| 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;11200 | &nbsp;&nbsp;0.06 |
| 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;8500 | &nbsp;&nbsp;0.05 |
| 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;32300 | &nbsp;&nbsp;0.17 |
| 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;52530 | &nbsp;&nbsp;0.28 |
| China SCE Group Holdings Ltd., 6.000%, 02/04/2026<sup>5</sup> |  | &nbsp;&nbsp;1099000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46707 | &nbsp;&nbsp;0.25 |
| Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/2021<sup>4,5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12450 | &nbsp;&nbsp;0.07 |
| Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022<sup>4,5,6</sup> |  | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;0.10 |
| Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022<sup>4,5,6</sup> |  | &nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27600 | &nbsp;&nbsp;0.15 |
| Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13875 | &nbsp;&nbsp;0.07 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2025<sup>4,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;137218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2026<sup>4,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;182943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443 | &nbsp;&nbsp;0.01 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Kaisa Group Holdings Ltd., 5.000%, 11/30/2027<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35568 | $2800 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 7.721%, 12/28/2027<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;182943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4574 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2027<sup>4,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;228690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 6.250%, 12/28/2028<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;274416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282 | &nbsp;&nbsp;0.03 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2028<sup>4,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;365888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 6.500%, 12/28/2029<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;457360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9833 | &nbsp;&nbsp;0.05 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2029<sup>4,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;365888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8232 | &nbsp;&nbsp;0.04 |
| Kaisa Group Holdings Ltd., 6.750%, 12/28/2030<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;548833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11251 | &nbsp;&nbsp;0.06 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2030<sup>4,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;457360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7779 | &nbsp;&nbsp;0.04 |
| Kaisa Group Holdings Ltd., 7.000%, 12/28/2031<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;823249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16465 | &nbsp;&nbsp;0.09 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2031<sup>4,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;457360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5717 | &nbsp;&nbsp;0.03 |
| Kaisa Group Holdings Ltd., 7.250%, 12/28/2032<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;771364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12535 | &nbsp;&nbsp;0.07 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2032<sup>4,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;862837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10655 | &nbsp;&nbsp;0.06 |
| Sunac China Holdings Ltd., 6.000%, 09/30/2025<sup>2,4,5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;0.08 |
| Sunac China Holdings Ltd., 6.250%, 09/30/2026<sup>2,4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14883 | &nbsp;&nbsp;0.08 |
| Sunac China Holdings Ltd., 6.500%, 09/30/2027<sup>2,4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14882 | &nbsp;&nbsp;0.08 |
| Sunac China Holdings Ltd., 6.750%, 09/30/2028<sup>2,4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15006 | &nbsp;&nbsp;0.08 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>2,4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;217339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32314 | &nbsp;&nbsp;0.17 |
| Sunac China Holdings Ltd., 7.250%, 09/30/2030<sup>2,4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;442587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66353 | &nbsp;&nbsp;0.35 |
| Yuzhou Group Holdings Co. Ltd., 7.000%, (100% Cash), 06/30/2027<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;252334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29659 | &nbsp;&nbsp;0.16 |
| Yuzhou Group Holdings Co. Ltd., 4.000%, (100% Cash), 06/30/2028<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;213940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6414 | &nbsp;&nbsp;0.03 |
| Yuzhou Group Holdings Co. Ltd., 4.500%, (100% Cash), 06/30/2029<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;372538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8378 | &nbsp;&nbsp;0.05 |
| Yuzhou Group Holdings Co. Ltd., 5.000%, (100% Cash), 06/30/2030<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;497245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950 | &nbsp;&nbsp;0.05 |
| Yuzhou Group Holdings Co. Ltd., 5.500%, (100% Cash), 06/30/2031<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;697517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238 | &nbsp;&nbsp;0.03 |
| Yuzhou Group Holdings Co. Ltd., 1.000%, (100% Cash), 06/30/2034<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;227169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;3400 | &nbsp;&nbsp;0.02 |
| 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;5238 | &nbsp;&nbsp;0.03 |
| 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;1750 | &nbsp;&nbsp;0.01 |
| 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;5788 | &nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**661222** | &nbsp;&nbsp;**3.53** |
| **Colombia (Cost $489,752)** |  |  |  |  |
| AI Candelaria S.A., 5.750%, 06/15/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226281 | &nbsp;&nbsp;1.21 |
| 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;74950 | &nbsp;&nbsp;0.40 |
| Grupo Aval Ltd., 4.375%, 02/04/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188060 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**489291** | &nbsp;&nbsp;**2.61** |
| **Costa Rica (Cost $213,950)** |  |  |  |  |
| Liberty Costa Rica Senior Secured Finance, 10.875%, 01/15/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211489 | &nbsp;&nbsp;1.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**211489** | &nbsp;&nbsp;**1.13** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Czech Republic (Cost $2,177,320)** |  |  |  |  |
| Energo-Pro A.S., 11.000%, 11/02/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $211000 | &nbsp;&nbsp;1.13 |
| 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>4,5,6,8,9</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;**211000** | &nbsp;&nbsp;**1.13** |
| **Georgia (Cost $195,595)** |  |  |  |  |
| Bank of Georgia JSC, (Variable, USD SOFR ICE Swap Rate 5Y + 5.618%), 9.500%, 07/16/2029<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205280 | &nbsp;&nbsp;1.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**205280** | &nbsp;&nbsp;**1.10** |
| **Guatemala (Cost $179,750)** |  |  |  |  |
| CT Trust, 5.125%, 02/03/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189100 | &nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**189100** | &nbsp;&nbsp;**1.01** |
| **Hong Kong (Cost $669,924)** |  |  |  |  |
| Bank of East Asia (The) Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.300%), 4.875%, 04/22/2032<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299469 | &nbsp;&nbsp;1.60 |
| Prudential Funding Asia PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.517%), 2.950%, 11/03/2033<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191106 | &nbsp;&nbsp;1.02 |
| Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.450%), 5.905%, 05/14/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211630 | &nbsp;&nbsp;1.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**702205** | &nbsp;&nbsp;**3.75** |
| **India (Cost $756,665)** |  |  |  |  |
| Greenko Power II Ltd., 4.300%, 12/13/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;159500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152339 | &nbsp;&nbsp;0.82 |
| Power Finance Corp. Ltd., 4.500%, 06/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234370 | &nbsp;&nbsp;1.25 |
| Sammaan Capital Ltd., 9.700%, 07/03/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209476 | &nbsp;&nbsp;1.12 |
| Vedanta Resources Finance II PLC, 9.475%, 07/24/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202500 | &nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**798685** | &nbsp;&nbsp;**4.27** |
| **Indonesia (Cost $450,995)** |  |  |  |  |
| Medco Maple Tree Pte. Ltd., 8.960%, 04/27/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261720 | &nbsp;&nbsp;1.40 |
| Minejesa Capital B.V., 5.625%, 08/10/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199300 | &nbsp;&nbsp;1.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**461020** | &nbsp;&nbsp;**2.46** |
| **Israel (Cost $358,770)** |  |  |  |  |
| Energean Israel Finance Ltd., 8.500%, 09/30/2033<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;158790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169151 | &nbsp;&nbsp;0.90 |
| Leviathan Bond Ltd., 6.500%, 06/30/2027<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67698 | &nbsp;&nbsp;0.36 |
| Leviathan Bond Ltd., 6.750%, 06/30/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;137043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138285 | &nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**375134** | &nbsp;&nbsp;**2.00** |
| **Kazakhstan (Cost $492,038)** |  |  |  |  |
| KazMunayGas National Co. JSC, 5.750%, 04/19/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207942 | &nbsp;&nbsp;1.11 |
| KazMunayGas National Co. JSC, 6.375%, 10/24/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367318 | &nbsp;&nbsp;1.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**575260** | &nbsp;&nbsp;**3.07** |
| **Mexico (Cost $1,210,078)** |  |  |  |  |
| Alfa S.A.B. de C.V., 6.875%, 03/25/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222176 | &nbsp;&nbsp;1.19 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;215000 | $228988 | &nbsp;&nbsp;1.22 |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.072%), 8.375%, 05/20/2031<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209600 | &nbsp;&nbsp;1.12 |
| 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>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216990 | &nbsp;&nbsp;1.16 |
| Infraestructura Energetica Nova S.A.P.I. de C.V., 4.750%, 01/15/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155892 | &nbsp;&nbsp;0.83 |
| Petroleos Mexicanos, 6.500%, 06/02/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79159 | &nbsp;&nbsp;0.42 |
| Tierra Mojada Luxembourg II S.a.r.l., 5.750%, 12/01/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;169056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166097 | &nbsp;&nbsp;0.89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1278902** | &nbsp;&nbsp;**6.83** |
| **Morocco (Cost $195,222)** |  |  |  |  |
| OCP S.A., 5.125%, 06/23/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168270 | &nbsp;&nbsp;0.90 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**168270** | &nbsp;&nbsp;**0.90** |
| **Nigeria (Cost $381,571)** |  |  |  |  |
| IHS Holding Ltd., 6.250%, 11/29/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199720 | &nbsp;&nbsp;1.07 |
| IHS Holding Ltd., 8.250%, 11/29/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207900 | &nbsp;&nbsp;1.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**407620** | &nbsp;&nbsp;**2.18** |
| **Pakistan (Cost $180,330)** |  |  |  |  |
| Veon Midco B.V., 3.375%, 11/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192207 | &nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**192207** | &nbsp;&nbsp;**1.03** |
| **Panama (Cost $196,099)** |  |  |  |  |
| Sable International Finance Ltd., 7.125%, 10/15/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**200000** | &nbsp;&nbsp;**1.07** |
| **Peru (Cost $409,466)** |  |  |  |  |
| Minsur S.A., 4.500%, 10/28/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205443 | &nbsp;&nbsp;1.10 |
| Niagara Energy S.A.C., 5.746%, 10/03/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205550 | &nbsp;&nbsp;1.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**410993** | &nbsp;&nbsp;**2.20** |
| **Poland (Cost $111,872)** |  |  |  |  |
| GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123975 | &nbsp;&nbsp;0.66 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**123975** | &nbsp;&nbsp;**0.66** |
| **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 $863,612)** |  |  |  |  |
| Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;184600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188811 | &nbsp;&nbsp;1.01 |
| EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;275366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255488 | &nbsp;&nbsp;1.36 |
| Greensaif Pipelines Bidco S.a.r.l., 6.510%, 02/23/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256886 | &nbsp;&nbsp;1.37 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Saudi Arabia (continued)** |  |  |  |  |
| Saudi Arabian Oil Co., 5.875%, 07/17/2064 |  | &nbsp;&nbsp;200000 | $199450 | &nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**900635** | &nbsp;&nbsp;**4.81** |
| **Singapore (Cost $199,259)** |  |  |  |  |
| Great Eastern Life Assurance Co. (The) Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 0.696%), 5.398%, 01/22/2032<sup>3</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203750 | &nbsp;&nbsp;1.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**203750** | &nbsp;&nbsp;**1.09** |
| **South Africa (Cost $718,871)** |  |  |  |  |
| AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028 |  | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261056 | &nbsp;&nbsp;1.40 |
| Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029 |  | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220710 | &nbsp;&nbsp;1.18 |
| Prosus N.V., 4.027%, 08/03/2050 |  | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256950 | &nbsp;&nbsp;1.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**738716** | &nbsp;&nbsp;**3.95** |
| **South Korea (Cost $635,005)** |  |  |  |  |
| Hanwha Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.292%), 6.300%, 06/24/2055<sup>3</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209940 | &nbsp;&nbsp;1.12 |
| Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.064%), 2.875%, 05/12/2026<sup>3</sup> |  | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252450 | &nbsp;&nbsp;1.35 |
| Woori Bank, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.277%), 6.375%, 07/24/2029<sup>3</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209812 | &nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**672202** | &nbsp;&nbsp;**3.59** |
| **Thailand (Cost $331,974)** |  |  |  |  |
| Bangkok Bank PCL, 9.025%, 03/15/2029 |  | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157413 | &nbsp;&nbsp;0.84 |
| Bangkok Bank PCL, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.150%), 3.466%, 09/23/2036<sup>3</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182416 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**339829** | &nbsp;&nbsp;**1.82** |
| **Turkey (Cost $626,096)** |  |  |  |  |
| Turkcell Iletisim Hizmetleri A.S., 7.650%, 01/24/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209662 | &nbsp;&nbsp;1.12 |
| Turkiye Vakiflar Bankasi T.A.O., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.669%), 8.994%, 10/05/2034<sup>3</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211188 | &nbsp;&nbsp;1.13 |
| Yapi ve Kredi Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.499%), 9.743%, 04/04/2029<sup>3</sup> |  | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215635 | &nbsp;&nbsp;1.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**636485** | &nbsp;&nbsp;**3.40** |
| **United Arab Emirates (Cost $398,048)** |  |  |  |  |
| First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/2026<sup>3</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198721 | &nbsp;&nbsp;1.06 |
| MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.539%), 6.375%, 03/20/2026<sup>3</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199963 | &nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**398684** | &nbsp;&nbsp;**2.13** |
| **United States (Cost $913,237)** |  |  |  |  |
| U.S. Treasury Bill, 3.809%, 12/11/2025<sup>11</sup> |  | &nbsp;&nbsp;917200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913451 | &nbsp;&nbsp;4.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**913451** | &nbsp;&nbsp;**4.88** |
| **Uzbekistan (Cost $405,077)** |  |  |  |  |
| Jscb Agrobank, 9.250%, 10/02/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217750 | &nbsp;&nbsp;1.16 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Uzbekistan (continued)** |  |  |  |  |
| Navoi Mining & Metallurgical Combinat, 6.950%, 10/17/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $213750 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**431500** | &nbsp;&nbsp;&nbsp;&nbsp;**2.30** |
| **Venezuela (Cost $2,056,724)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>5,6</sup> |  | &nbsp;&nbsp;1724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703398 | &nbsp;&nbsp;&nbsp;&nbsp;9.10 |
| Petroleos de Venezuela S.A., 9.750%, 05/17/2035<sup>5</sup> |  | &nbsp;&nbsp;2103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511029 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2214427** | &nbsp;&nbsp;**11.83** |
| **Zambia (Cost $208,578)** |  |  |  |  |
| First Quantum Minerals Ltd., 8.625%, 06/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209250 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**209250** | &nbsp;&nbsp;&nbsp;&nbsp;**1.12** |
| **Total Debt Securities (Cost $30,616,043)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18024493** | &nbsp;&nbsp;**96.29** |
| **Bank Loans** |  |  |  |  |
| **Czech Republic (Cost $362,934)** |  |  |  |  |
| New World Resources N.V., 8.500%, 10/07/2016<sup>5,6,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;952166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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 $362,934)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |  |
| **China (Cost $32,473)** |  |  |  |  |
| Kaisa Group Holdings Ltd.\* | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524296 | $8096 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Sunac Services Holdings Ltd.<sup>4</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Yuzhou Group Holdings Co. Ltd.\* | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4927 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27473** | &nbsp;&nbsp;&nbsp;&nbsp;**0.15** |
| **Czech Republic (Cost $1,093,253)** |  |  |  |  |
| New World Resources PLC, Class A\*<sup>,8</sup> | &nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Niger (Cost $877,496)** |  |  |  |  |
| Savannah Energy PLC\* | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;2258852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206238 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**206238** | &nbsp;&nbsp;&nbsp;&nbsp;**1.10** |
| **Total Equity Securities (Cost $2,003,222)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**233711** | &nbsp;&nbsp;&nbsp;&nbsp;**1.25** |
| **Total Investments (Total Cost $32,982,199)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18258204** | &nbsp;&nbsp;&nbsp;&nbsp;**97.54** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459825 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 |
| **Net Assets** |  |  | **$18718029** | &nbsp;&nbsp;**100.00** |

---

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

<br> \* Non-income producing security. <br> <sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

<sup>2</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>3</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>4</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 October 31, 2025, these securities had a total value of $918,061 or 4.90% of net assets.

<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 October 31, 2025 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 October 31, 2025, 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)** |
| 01/02/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;240375 | &nbsp;&nbsp;British Pound | &nbsp;&nbsp;179990 | &nbsp;&nbsp;$3914 |
| 01/02/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;95361 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;81221 | &nbsp;&nbsp;&nbsp;&nbsp;1397 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5311 |
| Total |  |  |  |  |  | &nbsp;&nbsp;$5311 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Income Fund's investments and other financial instruments, which are carried at fair value, as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$11500808 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$11500810 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914409 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4695823 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4695823 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913451 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913451 |
| &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;&nbsp;18024491 | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;18024493 |
| &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;&nbsp;27473 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Niger | &nbsp;&nbsp;&nbsp;&nbsp;206238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;206238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27473 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233711 |
| Total Investments | &nbsp;&nbsp;$206238 | &nbsp;&nbsp;$18051964 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$18258204 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5311 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5311 |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5311 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5311 |

---

During the year ended October 31, 2025, Common Stock in the amount of $206,238 were transferred out of Level 3 investments.

The amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the year ended October 31, 2025.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

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

#### Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &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;$5311 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;$5311 | &nbsp;&nbsp;$— |

---

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | &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;$(20791) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Net Realized Loss on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Realized Loss on Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(22502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Realized Loss on Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(22740) |
|  | &nbsp;&nbsp;$(20791) | &nbsp;&nbsp;$(22919) | &nbsp;&nbsp;$(22740) |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |  |  |
| Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$20328 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Net Change in Unrealized Appreciation on Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$20328 | &nbsp;&nbsp;$15075 | &nbsp;&nbsp;$— |

---

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

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Brazil (Cost $1,598,971)** |  |  |  |  |
| Banco do Brasil S.A., 4.875%, 01/11/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | $397802 | &nbsp;&nbsp;1.28 |
| BRF GmbH, 4.350%, 09/29/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396400 | &nbsp;&nbsp;1.27 |
| CSN Inova Ventures, 6.750%, 01/28/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185100 | &nbsp;&nbsp;0.59 |
| NBM U.S. Holdings, Inc., 7.000%, 05/14/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114712 | &nbsp;&nbsp;0.37 |
| Suzano Austria GmbH, 6.000%, 01/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516985 | &nbsp;&nbsp;1.66 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1610999** | &nbsp;&nbsp;**5.17** |
| **Chile (Cost $710,035)** |  |  |  |  |
| Banco de Credito e Inversiones S.A., 3.500%, 10/12/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196794 | &nbsp;&nbsp;0.63 |
| BPCE S.A., 3.150%, 03/06/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189290 | &nbsp;&nbsp;0.61 |
| GNL Quintero S.A., 4.634%, 07/31/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;129470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129552 | &nbsp;&nbsp;0.41 |
| Inversiones CMPC S.A., 4.375%, 04/04/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199636 | &nbsp;&nbsp;0.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**715272** | &nbsp;&nbsp;**2.29** |
| **China (Cost $13,278,693)** |  |  |  |  |
| Central China Real Estate Ltd., 7.900%, 11/07/2023<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15680 | &nbsp;&nbsp;0.05 |
| Central China Real Estate Ltd., 7.250%, 07/16/2024<sup>2,3</sup> |  | &nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38250 | &nbsp;&nbsp;0.12 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;979000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29370 | &nbsp;&nbsp;0.09 |
| Central China Real Estate Ltd., 7.250%, 04/28/2025<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5320 | &nbsp;&nbsp;0.02 |
| Central China Real Estate Ltd., 7.500%, 07/14/2025<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13715 | &nbsp;&nbsp;0.04 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15680 | &nbsp;&nbsp;0.05 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17425 | &nbsp;&nbsp;0.06 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;0.11 |
| China SCE Group Holdings Ltd., 7.000%, 05/02/2025<sup>2,3</sup> |  | &nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48237 | &nbsp;&nbsp;0.15 |
| China SCE Group Holdings Ltd., 6.000%, 02/04/2026<sup>2</sup> |  | &nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46113 | &nbsp;&nbsp;0.15 |
| Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022<sup>2,3,4</sup> |  | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;0.19 |
| Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023<sup>2,3</sup> |  | &nbsp;&nbsp;4160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62400 | &nbsp;&nbsp;0.20 |
| Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023<sup>2,3,4</sup> |  | &nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22650 | &nbsp;&nbsp;0.07 |
| Fortune Star BVI Ltd., 8.500%, 05/19/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334400 | &nbsp;&nbsp;1.07 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2025<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;332374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9053 | &nbsp;&nbsp;0.03 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2026<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;443131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5919 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 5.000%, 11/30/2027<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6777 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 7.721%, 12/28/2027<sup>4,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;443131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11078 | &nbsp;&nbsp;0.04 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2027<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;553941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5678 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 6.250%, 12/28/2028<sup>4,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;664698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12795 | &nbsp;&nbsp;0.04 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2028<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;886264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 6.500%, 12/28/2029<sup>4,6</sup> |  | &nbsp;&nbsp;1107831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23818 | &nbsp;&nbsp;0.08 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2029<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;886264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19941 | &nbsp;&nbsp;0.06 |
| Kaisa Group Holdings Ltd., 6.750%, 12/28/2030<sup>4,6</sup> |  | &nbsp;&nbsp;1329396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27253 | &nbsp;&nbsp;0.09 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2030<sup>4,5</sup> |  | &nbsp;&nbsp;1107831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18843 | &nbsp;&nbsp;0.06 |
| Kaisa Group Holdings Ltd., 7.000%, 12/28/2031<sup>4,6</sup> |  | &nbsp;&nbsp;1994096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39882 | &nbsp;&nbsp;0.13 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2031<sup>4,5</sup> |  | &nbsp;&nbsp;1107831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13848 | &nbsp;&nbsp;0.04 |
| Kaisa Group Holdings Ltd., 7.250%, 12/28/2032<sup>4,6</sup> |  | &nbsp;&nbsp;1868418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30362 | &nbsp;&nbsp;0.10 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2032<sup>4,5</sup> |  | &nbsp;&nbsp;2089984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25809 | &nbsp;&nbsp;0.08 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| KWG Group Holdings Ltd., 6.000%, 01/14/2024<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | $12813 | &nbsp;&nbsp;0.04 |
| Meituan, 0.000%, 04/27/2028<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394869 | &nbsp;&nbsp;1.27 |
| Sunac China Holdings Ltd., 6.000%, 09/30/2025<sup>2,3,4,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13681 | &nbsp;&nbsp;0.04 |
| Sunac China Holdings Ltd., 6.250%, 09/30/2026<sup>2,4,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13607 | &nbsp;&nbsp;0.04 |
| Sunac China Holdings Ltd., 6.500%, 09/30/2027<sup>2,4,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14073 | &nbsp;&nbsp;0.05 |
| Sunac China Holdings Ltd., 6.750%, 09/30/2028<sup>2,4,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;143385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21516 | &nbsp;&nbsp;0.07 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>2,4,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;507343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75432 | &nbsp;&nbsp;0.24 |
| Sunac China Holdings Ltd., 7.250%, 09/30/2030<sup>2,4,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;130119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19507 | &nbsp;&nbsp;0.06 |
| Yuzhou Group Holdings Co. Ltd., 7.000%, (100% Cash), 06/30/2027<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;442296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51987 | &nbsp;&nbsp;0.17 |
| Yuzhou Group Holdings Co. Ltd., 4.000%, (100% Cash), 06/30/2028<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11243 | &nbsp;&nbsp;0.04 |
| Yuzhou Group Holdings Co. Ltd., 4.500%, (100% Cash), 06/30/2029<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;652993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14686 | &nbsp;&nbsp;0.05 |
| Yuzhou Group Holdings Co. Ltd., 5.000%, (100% Cash), 06/30/2030<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;871582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17440 | &nbsp;&nbsp;0.06 |
| Yuzhou Group Holdings Co. Ltd., 5.500%, (100% Cash), 06/30/2031<sup>6</sup> |  | &nbsp;&nbsp;1222624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9182 | &nbsp;&nbsp;0.03 |
| Yuzhou Group Holdings Co. Ltd., 1.000%, (100% Cash), 06/30/2034<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;342847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 8.000%, 03/06/2023<sup>2,3</sup> |  | &nbsp;&nbsp;4920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;0.04 |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 8.300%, 09/15/2023<sup>2,3</sup> |  | &nbsp;&nbsp;1017000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 7.875%, 04/14/2024<sup>2,3</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;**1688596** | &nbsp;&nbsp;**5.42** |
| **Colombia (Cost $809,190)** |  |  |  |  |
| Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.929%), 6.909%, 10/18/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411516 | &nbsp;&nbsp;1.32 |
| Empresas Publicas de Medellin ESP, 4.250%, 07/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;0.60 |
| Grupo Nutresa S.A., 8.000%, 05/12/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214345 | &nbsp;&nbsp;0.69 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**814861** | &nbsp;&nbsp;**2.61** |
| **Guatemala (Cost $652,764)** |  |  |  |  |
| 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;308385 | &nbsp;&nbsp;0.99 |
| Millicom International Cellular S.A., 5.125%, 01/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357977 | &nbsp;&nbsp;1.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**666362** | &nbsp;&nbsp;**2.14** |
| **Hong Kong (Cost $404,290)** |  |  |  |  |
| 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;404820 | &nbsp;&nbsp;1.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**404820** | &nbsp;&nbsp;**1.30** |
| **Hungary (Cost $406,093)** |  |  |  |  |
| 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;406200 | &nbsp;&nbsp;1.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**406200** | &nbsp;&nbsp;**1.30** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **India (Cost $2,928,618)** |  |  |  |  |
| Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027 |  | &nbsp;&nbsp;578270 | $565259 | &nbsp;&nbsp;1.81 |
| Delhi International Airport Ltd., 6.450%, 06/04/2029 |  | &nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656145 | &nbsp;&nbsp;2.10 |
| Greenko Power II Ltd., 4.300%, 12/13/2028 |  | &nbsp;&nbsp;325380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310771 | &nbsp;&nbsp;1.00 |
| Muthoot Finance Ltd., 7.125%, 02/14/2028 |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306180 | &nbsp;&nbsp;0.98 |
| Sammaan Capital Ltd., 9.700%, 07/03/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209476 | &nbsp;&nbsp;0.67 |
| Sammaan Capital Ltd., 8.950%, 08/28/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210500 | &nbsp;&nbsp;0.68 |
| TML Holdings Pte. Ltd., 4.350%, 06/09/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198800 | &nbsp;&nbsp;0.64 |
| Vedanta Resources Finance II PLC, 10.250%, 06/03/2028 |  | &nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314888 | &nbsp;&nbsp;1.01 |
| Vedanta Resources Finance II PLC, 10.875%, 09/17/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209560 | &nbsp;&nbsp;0.67 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2981579** | &nbsp;&nbsp;**9.56** |
| **Indonesia (Cost $727,687)** |  |  |  |  |
| Bank Negara Indonesia Persero Tbk PT, 3.750%, 03/30/2026 |  | &nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332313 | &nbsp;&nbsp;1.06 |
| Freeport Indonesia PT, 4.763%, 04/14/2027 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401324 | &nbsp;&nbsp;1.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**733637** | &nbsp;&nbsp;**2.35** |
| **Mexico (Cost $795,917)** |  |  |  |  |
| Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.621%, 12/10/2029 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415376 | &nbsp;&nbsp;1.33 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.250%, 09/10/2029 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410950 | &nbsp;&nbsp;1.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**826326** | &nbsp;&nbsp;**2.65** |
| **Nigeria (Cost $191,344)** |  |  |  |  |
| IHS Holding Ltd., 6.250%, 11/29/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199720 | &nbsp;&nbsp;0.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**199720** | &nbsp;&nbsp;**0.64** |
| **Oman (Cost $199,576)** |  |  |  |  |
| Bank Muscat SAOG, 4.750%, 03/17/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199750 | &nbsp;&nbsp;0.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**199750** | &nbsp;&nbsp;**0.64** |
| **Pakistan (Cost $549,518)** |  |  |  |  |
| Veon Midco B.V., 3.375%, 11/25/2027 |  | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562556 | &nbsp;&nbsp;1.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**562556** | &nbsp;&nbsp;**1.80** |
| **Peru (Cost $523,932)** |  |  |  |  |
| Banco de Credito del Peru S.A., 5.850%, 01/11/2029 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417572 | &nbsp;&nbsp;1.34 |
| Transportadora de Gas del Peru S.A., 4.250%, 04/30/2028 |  | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119963 | &nbsp;&nbsp;0.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**537535** | &nbsp;&nbsp;**1.72** |
| **South Africa (Cost $591,462)** |  |  |  |  |
| Prosus N.V., 3.257%, 01/19/2027 |  | &nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601041 | &nbsp;&nbsp;1.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**601041** | &nbsp;&nbsp;**1.93** |
| **Tanzania (Cost $381,061)** |  |  |  |  |
| HTA Group Ltd., 2.875%, 03/18/2027 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393010 | &nbsp;&nbsp;1.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**393010** | &nbsp;&nbsp;**1.26** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Thailand (Cost $817,172)** |  |  |  |  |
| Muangthai Capital PCL, 6.875%, 09/30/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | $507500 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Muangthai Capital PCL, 7.550%, 07/21/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310890 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**818390** | &nbsp;&nbsp;&nbsp;&nbsp;**2.62** |
| **Turkey (Cost $820,288)** |  |  |  |  |
| Turkiye Garanti Bankasi A.S., (Variable, USD ICE Swap Rate 5Y + 4.220%), 7.177%, 05/24/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411500 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| 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;416000 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**827500** | &nbsp;&nbsp;&nbsp;&nbsp;**2.65** |
| **United Arab Emirates (Cost $407,349)** |  |  |  |  |
| Alpha Star Holding IX Ltd., 7.000%, 08/26/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Alpha Star Holding VIII Ltd., 8.375%, 04/12/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206916 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**410916** | &nbsp;&nbsp;&nbsp;&nbsp;**1.32** |
| **United States (Cost $1,814,838)** |  |  |  |  |
| U.S. Treasury Bill, 3.816%, 12/11/2025<sup>8</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1822700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815250 | &nbsp;&nbsp;&nbsp;&nbsp;5.82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1815250** | &nbsp;&nbsp;&nbsp;&nbsp;**5.82** |
| **Uzbekistan (Cost $1,015,362)** |  |  |  |  |
| Jscb Agrobank, 9.250%, 10/02/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435500 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Navoi Mining & Metallurgical Combinat, 6.700%, 10/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623400 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1058900** | &nbsp;&nbsp;&nbsp;&nbsp;**3.40** |
| **Venezuela (Cost $11,158,543)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>2,3</sup> |  | &nbsp;&nbsp;12447500 | &nbsp;&nbsp;&nbsp;&nbsp;12298752 | &nbsp;&nbsp;39.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12298752** | &nbsp;&nbsp;**39.44** |
| **Vietnam (Cost $165,962)** |  |  |  |  |
| Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167350 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**167350** | &nbsp;&nbsp;&nbsp;&nbsp;**0.54** |
| **Total Debt Securities (Cost $40,948,665)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30739322** | &nbsp;&nbsp;**98.57** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |
| **China (Cost $22,282)** |  |  |  |
| Kaisa Group Holdings Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;1269633 | $19606 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Yuzhou Group Holdings Co. Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;423916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8637 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28243** | &nbsp;&nbsp;&nbsp;&nbsp;**0.09** |
| **Total Equity Securities (Cost $22,282)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28243** | &nbsp;&nbsp;&nbsp;&nbsp;**0.09** |
| **Total Investments (Total Cost $40,970,947)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30767565** | &nbsp;&nbsp;&nbsp;&nbsp;**98.66** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417873 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| **Net Assets** |  | **$31185438** | &nbsp;&nbsp;**100.00** |

---

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

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

\* Non-income producing security.

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

<sup>2</sup> Issuer has defaulted on terms of debt obligation.

<sup>3</sup> Maturity has been extended under the terms of a plan of reorganization.

<sup>4</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 October 31, 2025, these securities had a total value of $497,061 or 1.59% of net assets.

<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.

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Short Duration Fund's investments and other financial instruments, which are carried at fair value, as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$12631785 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12631785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892509 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410916 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14799862 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14799862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1815250 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1815250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30739322 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30739322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28243 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28243 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$30767565 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$30767565 |

---

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

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2025:

---

| | |
|:---|:---|
|  | &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;$(1582) |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |
| Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$1587 |

---

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

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $358,556)** |  |  |  |  |
| Grupo Financiero Galicia S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;3870 | $228833 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| YPF S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;5087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185319 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**414152** | &nbsp;&nbsp;&nbsp;&nbsp;**2.99** |
| **Brazil (Cost $393,196)** |  |  |  |  |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91079 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Vale S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;12100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146776 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| XP, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211352 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**449207** | &nbsp;&nbsp;&nbsp;&nbsp;**3.25** |
| **China (Cost $4,054,038)** |  |  |  |  |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;30200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641650 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 |
| China International Capital Corp. Ltd., Class H<sup>2</sup> | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69389 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142954 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247674 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;517000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400007 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| Mao Geping Cosmetics Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237878 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249046 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| PDD Holdings, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;3079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415265 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Pop Mart International Group Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62787 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;4460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134920 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146344 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089219 | &nbsp;&nbsp;&nbsp;&nbsp;7.87 |
| Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63288 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Xiaomi Corp., Class B\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;45800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254065 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4154486** | &nbsp;&nbsp;**30.01** |
| **India (Cost $2,445,276)** |  |  |  |  |
| Dr. Reddy's Laboratories Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;4702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62490 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| FSN E-Commerce Ventures Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;103624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289150 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;15567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563836 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 |
| Infosys Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;20265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335791 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;2179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396682 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;8952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149536 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Reliance Industries Ltd. GDR<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;4359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288954 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;21280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404477 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2490916** | &nbsp;&nbsp;**17.99** |
| **Indonesia (Cost $260,749)** |  |  |  |  |
| Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;126600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64642 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;38700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232587 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**297229** | &nbsp;&nbsp;&nbsp;&nbsp;**2.15** |
| **Kuwait (Cost $173,145)** |  |  |  |  |
| National Bank of Kuwait S.A.K.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;&nbsp;&nbsp;60237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206667 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**206667** | &nbsp;&nbsp;&nbsp;&nbsp;**1.49** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (Cost $200,356)** |  |  |  |  |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;24600 | $231521 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**231521** | &nbsp;&nbsp;&nbsp;&nbsp;**1.67** |
| **Peru (Cost $142,168)** |  |  |  |  |
| Southern Copper Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;1559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216389 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**216389** | &nbsp;&nbsp;&nbsp;&nbsp;**1.56** |
| **Saudi Arabia (Cost $183,780)** |  |  |  |  |
| Al Rajhi Bank | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67729 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63919 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;6146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65388 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**197036** | &nbsp;&nbsp;&nbsp;&nbsp;**1.42** |
| **South Africa (Cost $406,117)** |  |  |  |  |
| Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;6583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138464 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| FirstRand Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;56832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269641 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**408105** | &nbsp;&nbsp;&nbsp;&nbsp;**2.95** |
| **South Korea (Cost $1,645,517)** |  |  |  |  |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279807 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| KB Financial Group, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63885 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Samsung Biologics Co. Ltd.\*<sup>,2,3,4</sup> | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299920 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| Samsung C&T Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289215 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;7212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542930 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 |
| Samsung Electronics Co. Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39176 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301989 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;5294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194466 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2011388** | &nbsp;&nbsp;**14.53** |
| **Taiwan (Cost $1,857,325)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101374 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Chunghwa Telecom Co. Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;4180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177984 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227369 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123661 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83365 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;30951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497558 | &nbsp;&nbsp;10.82 |
| United Microelectronics Corp. ADR |  | &nbsp;&nbsp;36140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278640 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2489951** | &nbsp;&nbsp;**17.98** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (Cost $25,194)** |  |  |  |
| Aldar Properties PJSC &nbsp;&nbsp;AED | &nbsp;&nbsp;9615 | $23555 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23555** | &nbsp;&nbsp;&nbsp;&nbsp;**0.17** |
| **Total Common Stocks (Cost $12,145,417)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13590602** | &nbsp;&nbsp;&nbsp;&nbsp;**98.16** |
| **Total Investments (Total Cost $12,145,417)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13590602** | &nbsp;&nbsp;&nbsp;&nbsp;**98.16** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254767 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| **Net Assets** |  | **$13845369** | &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 October 31, 2025, these securities had a total value of $975,115 or 7.04% of net assets.

<sup>3</sup> Security is a Level 3 investment.

<sup>4</sup> Restricted security that has been deemed illiquid. At October 31, 2025 the value of these restricted illiquid securities amount to $299,920 or 2.17% 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** |
| Samsung Biologics Co. Ltd. | &nbsp;&nbsp;2/2/23-8/21/25 | &nbsp;&nbsp;$253731 |

---

Percentages shown are based on net assets.

At October 31, 2025, 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;12.4% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;15.3 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;17.6 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;27.3 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &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_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Active Equity Fund's investments and other financial instruments, which are carried at fair value, as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$414152 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$414152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415265 | &nbsp;&nbsp;&nbsp;&nbsp;3739221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4154486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962117 | &nbsp;&nbsp;&nbsp;&nbsp;1528799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2490916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297229 |
| &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;206667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216389 |
| &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;197036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197036 |
| &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;408105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408105 |
| &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;1711468 | &nbsp;&nbsp;&nbsp;&nbsp;299920 | &nbsp;&nbsp;&nbsp;&nbsp;2011388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456624 | &nbsp;&nbsp;&nbsp;&nbsp;2033327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2489951 |
| &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;23555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;3377862 | &nbsp;&nbsp;&nbsp;&nbsp;9912820 | &nbsp;&nbsp;&nbsp;&nbsp;299920 | &nbsp;&nbsp;&nbsp;&nbsp;13590602 |
| Total Investments | &nbsp;&nbsp;$3377862 | &nbsp;&nbsp;$9912820 | &nbsp;&nbsp;$299920 | &nbsp;&nbsp;$13590602 |

---

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the year ended October 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and<br> Subcategory** | **Beginning<br> Balance<br> at 10/31/2024** | **Accrued<br> Discounts<br> (Premiums)** | **Purchases** | **Sales** | **Realized<br> Gains<br> (Losses)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Transfers<br> into<br> Level 3** | **Transfers<br> out of<br> Level 3** | **Ending<br> Balance<br> at 10/31/2025** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> from Investments<br> still held<br> 10/31/2025** |
| Investments, at value |  |  |  |  |  |  |  |  |  |  |
| Common Stock |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea | $— | $— | $— | $— | $— | $— | $299920 | $— | $299920 | $37690 |
| Total | $— | $— | $— | $— | $— | $— | $299920 | $— | $299920 | $37690 |

---

The following table on "Quantitative information about Level 3 Fair Value measurements" provides information on the valuation

techniques and inputs used to value Level 3 securities at October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements |
|  | &nbsp;&nbsp;Fair Value at<br> 10/31/2025 | &nbsp;&nbsp;Valuation<br> Technique | &nbsp;&nbsp;Unobservable<br> Input |
| Common Stock | &nbsp;&nbsp;$299920 | &nbsp;&nbsp;Transaction Price | &nbsp;&nbsp;$859.37 |
| Total | &nbsp;&nbsp;$299920 |  |  |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

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

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2025:

---

| | |
|:---|:---|
|  | &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;$846 |

---

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

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

#### SCHEDULE OF INVESTMENTS
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $120,475)** |  |  |  |  |
| Grupo Financiero Galicia S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | $65339 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Loma Negra Cia Industrial Argentina S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85566 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**150905** | &nbsp;&nbsp;&nbsp;&nbsp;**2.41** |
| **Brazil (Cost $177,835)** |  |  |  |  |
| Lojas Renner S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119631 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109689 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**229320** | &nbsp;&nbsp;&nbsp;&nbsp;**3.66** |
| **China (Cost $408,524)** |  |  |  |  |
| Atour Lifestyle Holdings Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94946 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| Huaming Power Equipment Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120795 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| JNBY Design Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122875 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| Proya Cosmetics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85169 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85225 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88725 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**597735** | &nbsp;&nbsp;&nbsp;&nbsp;**9.55** |
| **Hungary (Cost $89,069)** |  |  |  |  |
| Wizz Air Holdings PLC\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64997 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64997** | &nbsp;&nbsp;&nbsp;&nbsp;**1.04** |
| **India (Cost $863,402)** |  |  |  |  |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65700 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Care Ratings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123219 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| CreditAccess Grameen Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184159 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 |
| Eris Lifesciences Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75414 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172120 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| Medi Assist Healthcare Services Ltd.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191077 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 |
| Quess Corp. Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86461 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**898150** | &nbsp;&nbsp;**14.35** |
| **Indonesia (Cost $210,617)** |  |  |  |  |
| Bank Syariah Indonesia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;507700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77681 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Ciputra Development Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1995600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106115 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**183796** | &nbsp;&nbsp;&nbsp;&nbsp;**2.94** |
| **Malaysia (Cost $266,357)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;1474897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296893 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**296893** | &nbsp;&nbsp;&nbsp;&nbsp;**4.74** |
| **Mexico (Cost $320,627)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175815 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138068 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| Grupo Traxion S.A.B. de C.V.\*<sup>,2</sup> | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48781 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**362664** | &nbsp;&nbsp;&nbsp;&nbsp;**5.79** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Poland (Cost $151,646)** |  |  |  |  |
| Benefit Systems S.A.\* | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | $187597 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**187597** | &nbsp;&nbsp;&nbsp;&nbsp;**3.00** |
| **Saudi Arabia (Cost $230,773)** |  |  |  |  |
| Rasan Information Technology Co.\* | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;5948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174633 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 |
| United International Transportation Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;4418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86953 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**261586** | &nbsp;&nbsp;&nbsp;&nbsp;**4.18** |
| **South Africa (Cost $219,971)** |  |  |  |  |
| Boxer Retail Ltd.\* | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;19437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85266 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Karooooo Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;4018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179122 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**264388** | &nbsp;&nbsp;&nbsp;&nbsp;**4.22** |
| **South Korea (Cost $596,656)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95248 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| Cosmax, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69792 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132621 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230779 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254972 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 |
| KoMiCo Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100509 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| LigaChem Biosciences, Inc.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98674 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**982595** | &nbsp;&nbsp;**15.70** |
| **Taiwan (Cost $1,229,018)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180221 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;23737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205848 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228607 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 |
| Himax Technologies, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97026 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Kaori Heat Treatment Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161583 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 |
| Kinik Co. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112032 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Taiwan Union Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124601 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| Unimicron Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137456 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| WinWay Technology Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170073 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1417447** | &nbsp;&nbsp;**22.64** |
| **United Arab Emirates (Cost $95,281)** |  |  |  |  |
| Spinneys 1961 Holding PLC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;221481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96487 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96487** | &nbsp;&nbsp;&nbsp;&nbsp;**1.54** |
| **Vietnam (Cost $205,515)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102913 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Vietnam (continued)** |  |  |  |  |
| Phu Nhuan Jewelry JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;35200 | $126480 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**229393** | &nbsp;&nbsp;&nbsp;&nbsp;**3.67** |
| **Total Common Stocks (Cost $5,185,766)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6223953** | &nbsp;&nbsp;&nbsp;&nbsp;**99.43** |
| **Total Investments (Total Cost $5,185,766)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6223953** | &nbsp;&nbsp;&nbsp;&nbsp;**99.43** |
| 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;35766 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| **Net Assets** |  |  | **$6259719** | &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 October 31, 2025, these securities had a total value of $466,730 or 7.46% of net assets.

Percentages shown are based on net assets.

At October 31, 2025, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;9.1% |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;14.9 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;24.9 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;28.2 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;99.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Small-Cap Equity Fund's investments and other financial instruments, which are carried at fair value, as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$150905 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$150905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502789 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64997 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64997 |
| &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;&nbsp;&nbsp;&nbsp;898150 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183796 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183796 |
| &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;296893 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362664 |
| &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;187597 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187597 |
| &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;261586 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85266 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264388 |
| &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;982595 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97026 | &nbsp;&nbsp;&nbsp;&nbsp;1320421 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1417447 |
| &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;96487 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96487 |
| &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;229393 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;1113983 | &nbsp;&nbsp;&nbsp;&nbsp;5109970 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6223953 |
| Total Investments | &nbsp;&nbsp;$1113983 | &nbsp;&nbsp;$5109970 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6223953 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $4,207,178)** |  |  |  |  |
| Globant S.A.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12650 | $778987 | &nbsp;&nbsp;0.77 |
| Loma Negra Cia Industrial Argentina S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;117088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284456 | &nbsp;&nbsp;1.27 |
| Transportadora de Gas del Sur S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060661 | &nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3124104** | &nbsp;&nbsp;**3.08** |
| **Cambodia (Cost $585,566)** |  |  |  |  |
| NagaCorp Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;1331263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893361 | &nbsp;&nbsp;0.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**893361** | &nbsp;&nbsp;**0.88** |
| **Canada (Cost $695,774)** |  |  |  |  |
| Cameco Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430940 | &nbsp;&nbsp;1.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1430940** | &nbsp;&nbsp;**1.41** |
| **Egypt (Cost $766,237)** |  |  |  |  |
| Commercial International Bank - Egypt (CIB) GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;352977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753553 | &nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**753553** | &nbsp;&nbsp;**0.74** |
| **Greece (Cost $2,047,889)** |  |  |  |  |
| Piraeus Financial Holdings S.A.\* | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;292270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279289 | &nbsp;&nbsp;2.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2279289** | &nbsp;&nbsp;**2.25** |
| **Iceland (Cost $1,463,726)** |  |  |  |  |
| Arion Banki HF<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ISK | &nbsp;&nbsp;1347618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888269 | &nbsp;&nbsp;1.86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1888269** | &nbsp;&nbsp;**1.86** |
| **Kazakhstan (Cost $6,102,758)** |  |  |  |  |
| Halyk Savings Bank of Kazakhstan JSC GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;109313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918879 | &nbsp;&nbsp;2.88 |
| Kaspi.KZ JSC ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081572 | &nbsp;&nbsp;3.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6000451** | &nbsp;&nbsp;**5.92** |
| **Kuwait (Cost $4,477,232)** |  |  |  |  |
| Gulf Bank K.S.C.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;1547289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768736 | &nbsp;&nbsp;1.74 |
| National Bank of Kuwait S.A.K.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;1018373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3493939 | &nbsp;&nbsp;3.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5262675** | &nbsp;&nbsp;**5.19** |
| **Mauritius (Cost $782,966)** |  |  |  |  |
| MCB Group Ltd. | &nbsp;&nbsp;MUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019639 | &nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1019639** | &nbsp;&nbsp;**1.01** |
| **Morocco (Cost $3,297,062)** |  |  |  |  |
| Akdital Holding | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343379 | &nbsp;&nbsp;1.33 |
| Attijariwafa Bank | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3043006 | &nbsp;&nbsp;3.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4386385** | &nbsp;&nbsp;**4.33** |
| **Pakistan (Cost $1,182,706)** |  |  |  |  |
| Searle (The) Co. Ltd.\* | &nbsp;&nbsp;&nbsp;PKR | &nbsp;&nbsp;3918459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559098 | &nbsp;&nbsp;1.54 |
| Systems Ltd. | &nbsp;&nbsp;&nbsp;PKR | &nbsp;&nbsp;1085622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594791 | &nbsp;&nbsp;0.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2153889** | &nbsp;&nbsp;**2.13** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Peru (Cost $1,807,998)** |  |  |  |  |
| Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6718 | $1753398 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Hudbay Minerals, Inc. | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279030 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3032428** | &nbsp;&nbsp;&nbsp;&nbsp;**2.99** |
| **Philippines (Cost $5,222,687)** |  |  |  |  |
| Ayala Land, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;2043700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691358 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;987223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238657 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| Century Pacific Food, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;1409500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838606 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;150810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357026 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5125647** | &nbsp;&nbsp;&nbsp;&nbsp;**5.06** |
| **Qatar (Cost $5,182,245)** |  |  |  |  |
| Doha Bank QPSC | &nbsp;&nbsp;QAR | &nbsp;&nbsp;4051628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798837 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;796733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968233 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Qatar National Bank QPSC | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;534705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717552 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6484622** | &nbsp;&nbsp;&nbsp;&nbsp;**6.40** |
| **Romania (Cost $3,357,634)** |  |  |  |  |
| Banca Transilvania S.A. | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;527230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3346451 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 |
| OMV Petrom S.A. | &nbsp;&nbsp;RON | &nbsp;&nbsp;7201236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539229 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4885680** | &nbsp;&nbsp;&nbsp;&nbsp;**4.82** |
| **Saudi Arabia (Cost $4,938,483)** |  |  |  |  |
| Al Babtain Power & Telecommunication Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420145 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| AlKhorayef Water & Power Technologies Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622681 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512515 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Riyadh Cables Group Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257029 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;149666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592316 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5404686** | &nbsp;&nbsp;&nbsp;&nbsp;**5.33** |
| **Slovenia (Cost $1,664,675)** |  |  |  |  |
| Nova Ljubljanska Banka dd GDR (Registered) | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317534 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3317534** | &nbsp;&nbsp;&nbsp;&nbsp;**3.27** |
| **Tanzania (Cost $896,730)** |  |  |  |  |
| Helios Towers PLC\* | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;603277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188114 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1188114** | &nbsp;&nbsp;&nbsp;&nbsp;**1.17** |
| **United Arab Emirates (Cost $10,893,594)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;396701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280644 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;467156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709585 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Adnoc Gas PLC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;770662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732184 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Aldar Properties PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;683699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674938 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Emaar Properties PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;948332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665461 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;179729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375734 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;405249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925371 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| RAK Properties PJSC\* | &nbsp;&nbsp;AED | &nbsp;&nbsp;2473142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949488 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13313405** | &nbsp;&nbsp;**13.13** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Vietnam (Cost $20,444,088)** |  |  |  |  |
| Asia Commercial Bank JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;1653031 | $1600759 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Bank for Foreign Trade of Vietnam JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;828684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875617 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| FPT Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;408363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612130 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| FPT DIGITAL RETAIL JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;402200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267755 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| Gemadept Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;562900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455705 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Hoa Phat Group JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;2580860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618661 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 |
| Imexpharm Pharmaceutical JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611101 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;869000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726573 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 |
| Nam Long Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;658400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993088 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Phu Nhuan Jewelry JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;593066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130996 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| Vietnam Prosperity JSC Bank | &nbsp;&nbsp;VND | &nbsp;&nbsp;1727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882076 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Vinhomes JSC\*<sup>,2</sup> | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;965900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643991 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23418452** | &nbsp;&nbsp;&nbsp;&nbsp;**23.10** |
| **Total Common Stocks (Cost $80,017,228)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95363123** | &nbsp;&nbsp;&nbsp;&nbsp;**94.07** |
| **Rights** |  |  |  |  |
| **Vietnam (Cost $—)** |  |  |  |  |
| Nam Long Investment Corp.\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;1027900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149801 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**149801** | &nbsp;&nbsp;&nbsp;&nbsp;**0.15** |
| **Total Rights (Cost $—)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**149801** | &nbsp;&nbsp;&nbsp;&nbsp;**0.15** |
| **Investment Companies** |  |  |  |  |
| Vietnam Enterprise Investments Ltd., Class C \* | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;175328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744081 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| VinaCapital Vietnam Opportunity Fund Ltd. | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;152841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919545 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| **Total Investment Companies (Cost $2,171,626)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2663626** | &nbsp;&nbsp;&nbsp;&nbsp;**2.63** |
| **Total Investments (Total Cost $82,188,854)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**98176550** | &nbsp;&nbsp;&nbsp;&nbsp;**96.85** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191963 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| **Net Assets** |  |  | **$101368513** | &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 October 31, 2025, these securities had a total value of $5,532,260 or 5.46% of net assets.

Percentages shown are based on net assets.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

At October 31, 2025, the industry sectors for the Ashmore Emerging Markets Frontier Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;50.9 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;11.6 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;96.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$3124104 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3124104 |
| &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;&nbsp;&nbsp;893361 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753553 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753553 |
| &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;2279289 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279289 |
| &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;1888269 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918879 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000451 |
| &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;5262675 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5262675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauritius | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019639 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019639 |
| &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;4386385 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386385 |
| &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;2153889 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032428 |
| &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;5125647 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125647 |
| &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;6484622 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6484622 |
| &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;4885680 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885680 |
| &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;5404686 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5404686 |
| &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;3317534 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanzania | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188114 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188114 |
| &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;13313405 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13313405 |
| &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;23418452 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23418452 |
| &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;10669044 | &nbsp;&nbsp;&nbsp;&nbsp;84694079 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;95363123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rights |  |  |  |  |
| &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;&nbsp;&nbsp;149801 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies |  |  |  |  |
| &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;2663626 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663626 |
| Total Investments | &nbsp;&nbsp;$10669044 | &nbsp;&nbsp;$87507506 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$98176550 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

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

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2025:

---

| | |
|:---|:---|
|  | &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;$(24) |

---

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

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $1,926,447)** |  |  |  |  |
| Grupo Financiero Galicia S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49877 | $2949227 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2949227** | &nbsp;&nbsp;&nbsp;&nbsp;**1.21** |
| **Brazil (Cost $11,076,857)** |  |  |  |  |
| Lojas Renner S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;604600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667722 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861808 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| NU Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;150700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427777 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Rede D'Or Sao Luiz S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;503013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4052191 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;264200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178934 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| XP, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211630 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13400062** | &nbsp;&nbsp;&nbsp;&nbsp;**5.49** |
| **China (Cost $43,069,368)** |  |  |  |  |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;2056000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617551 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159493 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5399276 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| Full Truck Alliance Co. Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;214100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783300 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Giant Biogene Holding Co. Ltd.<sup>2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;269200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285865 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| H World Group Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300869 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Kanzhun Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;160852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564480 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| KE Holdings, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483844 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| NetEase, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440470 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;186800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026155 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928249 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;304864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373136 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;238600 | &nbsp;&nbsp;&nbsp;&nbsp;19394603 | &nbsp;&nbsp;&nbsp;&nbsp;7.95 |
| Tencent Music Entertainment Group ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;142810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187519 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58944810** | &nbsp;&nbsp;**24.15** |
| **Hong Kong (Cost $3,911,321)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4913764 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4913764** | &nbsp;&nbsp;&nbsp;&nbsp;**2.01** |
| **Hungary (Cost $1,957,586)** |  |  |  |  |
| Wizz Air Holdings PLC\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371747 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1371747** | &nbsp;&nbsp;&nbsp;&nbsp;**0.56** |
| **India (Cost $21,211,566)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060144 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| CreditAccess Grameen Ltd.\* | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;116207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860275 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;249318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9030298 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 |
| InterGlobe Aviation Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404559 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;587084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232582 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218430 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Marico Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;174250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412571 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **India (continued)** |  |  |  |  |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;134059 | $2695699 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22914558** | &nbsp;&nbsp;&nbsp;&nbsp;**9.39** |
| **Indonesia (Cost $5,620,080)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;8953100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536123 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;628300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776083 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6312206** | &nbsp;&nbsp;&nbsp;&nbsp;**2.59** |
| **Kazakhstan (Cost $1,354,998)** |  |  |  |  |
| Kaspi.KZ JSC ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034944 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1034944** | &nbsp;&nbsp;&nbsp;&nbsp;**0.42** |
| **Malaysia (Cost $1,564,033)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;8583006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727734 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1727734** | &nbsp;&nbsp;&nbsp;&nbsp;**0.71** |
| **Mexico (Cost $10,661,119)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;986300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346500 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893504 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591521 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;402300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786213 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;698000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307568 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11925306** | &nbsp;&nbsp;&nbsp;&nbsp;**4.89** |
| **Poland (Cost $1,626,012)** |  |  |  |  |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941862 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1941862** | &nbsp;&nbsp;&nbsp;&nbsp;**0.79** |
| **South Korea (Cost $25,417,741)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410896 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200320 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697178 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412956 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Kolmar Korea Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463700 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Samsung C&T Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700079 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885997 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481768 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Samsung Electronics Co. Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744161 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29942 | &nbsp;&nbsp;&nbsp;&nbsp;11697485 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527071 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41221611** | &nbsp;&nbsp;**16.89** |
| **Taiwan (Cost $42,409,846)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3792187 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;215794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871376 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3911988 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682738 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;496000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407536 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Taiwan (continued)** |  |  |  |  |
| Elite Material Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | $3499537 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771708 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290889 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Sea Ltd. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763750 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;30966269 | &nbsp;&nbsp;&nbsp;&nbsp;12.69 |
| Unimicron Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;739000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906916 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60864894** | &nbsp;&nbsp;&nbsp;&nbsp;**24.94** |
| **United Arab Emirates (Cost $5,251,952)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;285947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643916 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;885953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170423 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Talabat Holding PLC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;5774185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505626 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5319965** | &nbsp;&nbsp;&nbsp;&nbsp;**2.18** |
| **Vietnam (Cost $2,395,141)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;891400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796855 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2796855** | &nbsp;&nbsp;&nbsp;&nbsp;**1.14** |
| **Total Common Stocks (Cost $179,454,067)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**237639545** | &nbsp;&nbsp;&nbsp;&nbsp;**97.36** |
| **Total Investments (Total Cost $179,454,067)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**237639545** | &nbsp;&nbsp;&nbsp;&nbsp;**97.36** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431955 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| **Net Assets** |  |  | **$244071500** | &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 October 31, 2025, these securities had a total value of $8,114,362 or 3.32% of net assets.

Percentages shown are based on net assets.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

At October 31, 2025, 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;11.1% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;16.2 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;15.5 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;35.6 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;97.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &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 Equity Fund's investments and other financial instruments, which are carried at fair value, as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$2949227 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2949227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;13400062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13400062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;17760482 | &nbsp;&nbsp;&nbsp;&nbsp;41184328 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;58944810 |
| &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;4913764 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4913764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371747 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;9030298 | &nbsp;&nbsp;&nbsp;&nbsp;13884260 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22914558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;3776083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536123 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6312206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;1034944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034944 |
| &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;1727734 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;11925306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11925306 |
| &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;1941862 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941862 |
| &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;41221611 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41221611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;1763750 | &nbsp;&nbsp;&nbsp;&nbsp;59101144 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;60864894 |
| &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;5319965 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319965 |
| &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;2796855 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;61640152 | &nbsp;&nbsp;&nbsp;&nbsp;175999393 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;237639545 |
| Total Investments | &nbsp;&nbsp;$61640152 | &nbsp;&nbsp;$175999393 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$237639545 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND

#### SCHEDULE OF INVESTMENTS
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $885,445)** |  |  |  |  |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $186181 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| NU Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220707 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;56100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208552 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Rede D'Or Sao Luiz S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;35057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282414 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184739 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1082593** | &nbsp;&nbsp;&nbsp;&nbsp;**6.56** |
| **China (Cost $2,912,473)** |  |  |  |  |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;30200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314907 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;11300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621302 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 |
| Full Truck Alliance Co. Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176800 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Kanzhun Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;15064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333818 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| KE Holdings, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;8640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147312 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Proya Cosmetics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137102 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223441 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;26500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490972 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;31450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244814 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414359 | &nbsp;&nbsp;&nbsp;&nbsp;8.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4104827** | &nbsp;&nbsp;**24.85** |
| **Hong Kong (Cost $342,476)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389209 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**389209** | &nbsp;&nbsp;&nbsp;&nbsp;**2.36** |
| **India (Cost $1,449,375)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;2349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203417 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| CreditAccess Grameen Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;12705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203385 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;20426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739830 | &nbsp;&nbsp;&nbsp;&nbsp;4.48 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;5810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230619 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Marico Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;14930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121031 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261408 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1759690** | &nbsp;&nbsp;**10.65** |
| **Indonesia (Cost $478,230)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;686700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194520 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;64500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387645 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**582165** | &nbsp;&nbsp;&nbsp;&nbsp;**3.52** |
| **Kazakhstan (Cost $122,739)** |  |  |  |  |
| Kaspi.KZ JSC ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105379 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**105379** | &nbsp;&nbsp;&nbsp;&nbsp;**0.64** |
| **Malaysia (Cost $164,826)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;917806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184752 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**184752** | &nbsp;&nbsp;&nbsp;&nbsp;**1.12** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (Cost $634,487)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;96200 | $228869 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323753 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;62500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206623 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**759245** | &nbsp;&nbsp;&nbsp;&nbsp;**4.60** |
| **Poland (Cost $211,694)** |  |  |  |  |
| Benefit Systems S.A.\* | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215609 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**215609** | &nbsp;&nbsp;&nbsp;&nbsp;**1.31** |
| **South Africa (Cost $196,378)** |  |  |  |  |
| Boxer Retail Ltd.\* | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;55380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242940 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**242940** | &nbsp;&nbsp;&nbsp;&nbsp;**1.47** |
| **South Korea (Cost $1,074,598)** |  |  |  |  |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326663 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;5698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378085 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173599 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Samsung Electronics Co. Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188416 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899716 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289659 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2256138** | &nbsp;&nbsp;**13.66** |
| **Taiwan (Cost $2,361,687)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168957 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;9710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84206 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290756 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224167 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370982 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114304 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141720 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169695 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Sea Ltd. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122812 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467624 | &nbsp;&nbsp;14.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4155223** | &nbsp;&nbsp;**25.16** |
| **United Arab Emirates (Cost $142,909)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;40938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235353 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**235353** | &nbsp;&nbsp;&nbsp;&nbsp;**1.43** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Vietnam (Cost $213,797)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;79100 | $248184 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**248184** | &nbsp;&nbsp;&nbsp;&nbsp;**1.50** |
| **Total Common Stocks (Cost $11,191,114)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16321307** | &nbsp;&nbsp;&nbsp;&nbsp;**98.83** |
| **Total Investments (Total Cost $11,191,114)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16321307** | &nbsp;&nbsp;&nbsp;&nbsp;**98.83** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193845 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| **Net Assets** |  |  | **$16515152** | &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 October 31, 2025, these securities had a total value of $282,414 or 1.71% of net assets.

Percentages shown are based on net assets.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

At October 31, 2025, 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;8.6% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;19.5 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;17.7 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;35.5 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;98.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &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 Equity ESG Fund's investments and other financial instruments, which are carried at fair value, as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$1082593 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1082593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657930 | &nbsp;&nbsp;&nbsp;&nbsp;3446897 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4104827 |
| &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;389209 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739830 | &nbsp;&nbsp;&nbsp;&nbsp;1019860 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1759690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194520 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105379 |
| &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;184752 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759245 |
| &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;215609 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215609 |
| &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;242940 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242940 |
| &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;2256138 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2256138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122812 | &nbsp;&nbsp;&nbsp;&nbsp;4032411 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4155223 |
| &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;235353 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235353 |
| &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;248184 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;3855434 | &nbsp;&nbsp;&nbsp;&nbsp;12465873 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16321307 |
| Total Investments | &nbsp;&nbsp;$3855434 | &nbsp;&nbsp;$12465873 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16321307 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $379,370)** |  |  |  |  |
| Angola (Rep of), 8.000%, 11/26/2029 |  | &nbsp;&nbsp;200000 | $191456 | &nbsp;&nbsp;0.88 |
| Angola (Rep of), 9.875%, 10/15/2035<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193562 | &nbsp;&nbsp;0.89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**385018** | &nbsp;&nbsp;**1.77** |
| **Argentina (Cost $492,482)** |  |  |  |  |
| Argentina (Rep of), 1.000%, 07/09/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;99200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84518 | &nbsp;&nbsp;0.39 |
| Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/2030<sup>3</sup> |  | &nbsp;&nbsp;383020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313502 | &nbsp;&nbsp;1.44 |
| Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/2035<sup>3</sup> |  | &nbsp;&nbsp;318666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223385 | &nbsp;&nbsp;1.03 |
| Argentina (Rep of), 5.000%, 01/09/2038 |  | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106430 | &nbsp;&nbsp;0.49 |
| Argentina (Rep of), (Step to 4.875% on 07/09/29), 3.500%, 07/09/2041<sup>3</sup> |  | &nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87234 | &nbsp;&nbsp;0.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**815069** | &nbsp;&nbsp;**3.75** |
| **Azerbaijan (Cost $200,540)** |  |  |  |  |
| Southern Gas Corridor CJSC, 6.875%, 03/24/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201538 | &nbsp;&nbsp;0.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**201538** | &nbsp;&nbsp;**0.93** |
| **Bahrain (Cost $400,260)** |  |  |  |  |
| Bahrain (Rep of), 5.625%, 09/30/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;0.92 |
| Bapco Energies BSC Closed, 8.375%, 11/07/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216538 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**417138** | &nbsp;&nbsp;**1.92** |
| **Benin (Cost $207,497)** |  |  |  |  |
| Benin (Rep of), 7.960%, 02/13/2038 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;0.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208000** | &nbsp;&nbsp;**0.96** |
| **Brazil (Cost $408,254)** |  |  |  |  |
| Brazil (Rep of), 8.250%, 01/20/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17580 | &nbsp;&nbsp;0.08 |
| Brazil (Rep of), 6.125%, 03/15/2034 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203700 | &nbsp;&nbsp;0.94 |
| Brazil (Rep of), 7.250%, 01/12/2056 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202534 | &nbsp;&nbsp;0.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**423814** | &nbsp;&nbsp;**1.95** |
| **Bulgaria (Cost $11,564)** |  |  |  |  |
| Bulgaria (Rep of), 5.000%, 03/05/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12002 | &nbsp;&nbsp;0.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12002** | &nbsp;&nbsp;**0.05** |
| **Chile (Cost $874,077)** |  |  |  |  |
| Chile (Rep of), 3.100%, 05/07/2041 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154950 | &nbsp;&nbsp;0.71 |
| Chile (Rep of), 3.100%, 01/22/2061 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254100 | &nbsp;&nbsp;1.17 |
| Corp. Nacional del Cobre de Chile, 4.375%, 02/05/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160850 | &nbsp;&nbsp;0.74 |
| Empresa Nacional del Petroleo, 5.250%, 11/06/2029 |  | &nbsp;&nbsp;268000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273092 | &nbsp;&nbsp;1.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**842992** | &nbsp;&nbsp;**3.88** |
| **Colombia (Cost $257,969)** |  |  |  |  |
| Colombia (Rep of), 7.375%, 09/18/2037 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;0.48 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Colombia (continued)** |  |  |  |  |
| Colombia (Rep of), 5.625%, 02/26/2044 |  | &nbsp;&nbsp;200000 | $166800 | &nbsp;&nbsp;0.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**270800** | &nbsp;&nbsp;**1.25** |
| **Costa Rica (Cost $177,903)** |  |  |  |  |
| Costa Rica (Rep of), 5.625%, 04/30/2043 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189250 | &nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**189250** | &nbsp;&nbsp;**0.87** |
| **Dominican Republic (Cost $698,554)** |  |  |  |  |
| Dominican (Rep of), 4.875%, 09/23/2032 |  | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215514 | &nbsp;&nbsp;0.99 |
| Dominican (Rep of), 5.875%, 10/28/2035<sup>2</sup> |  | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;0.69 |
| Dominican (Rep of), 5.300%, 01/21/2041 |  | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136800 | &nbsp;&nbsp;0.63 |
| Dominican (Rep of), 5.875%, 01/30/2060 |  | &nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256180 | &nbsp;&nbsp;1.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**758494** | &nbsp;&nbsp;**3.49** |
| **Ecuador (Cost $112,492)** |  |  |  |  |
| Ecuador (Rep of), 6.900%, 07/31/2035 |  | &nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94837 | &nbsp;&nbsp;0.44 |
| Ecuador (Rep of), (Step to 5.500% on 07/31/26), 5.000%, 07/31/2040<sup>3</sup> |  | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105372 | &nbsp;&nbsp;0.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**200209** | &nbsp;&nbsp;**0.92** |
| **Egypt (Cost $772,398)** |  |  |  |  |
| Egypt (Rep of), 7.600%, 03/01/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209338 | &nbsp;&nbsp;0.96 |
| Egypt (Rep of), 7.625%, 05/29/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203200 | &nbsp;&nbsp;0.94 |
| Egypt (Rep of), 8.500%, 01/31/2047 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184438 | &nbsp;&nbsp;0.85 |
| Egypt (Rep of), 8.700%, 03/01/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186438 | &nbsp;&nbsp;0.86 |
| Egypt (Rep of), 8.875%, 05/29/2050 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188812 | &nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**972226** | &nbsp;&nbsp;**4.48** |
| **El Salvador (Cost $36,974)** |  |  |  |  |
| El Salvador (Rep of), 7.650%, 06/15/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48794 | &nbsp;&nbsp;0.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48794** | &nbsp;&nbsp;**0.22** |
| **Ghana (Cost $438,375)** |  |  |  |  |
| Ghana (Rep of), 0.000%, 07/03/2026<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12448 | &nbsp;&nbsp;0.06 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2029<sup>3</sup> |  | &nbsp;&nbsp;193600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188760 | &nbsp;&nbsp;0.87 |
| Ghana (Rep of), 0.000%, 01/03/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;35562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30672 | &nbsp;&nbsp;0.14 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>3</sup> |  | &nbsp;&nbsp;281400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240949 | &nbsp;&nbsp;1.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**472829** | &nbsp;&nbsp;**2.18** |
| **Guatemala (Cost $204,738)** |  |  |  |  |
| Guatemala (Rep of), 6.600%, 06/13/2036 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215600 | &nbsp;&nbsp;0.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**215600** | &nbsp;&nbsp;**0.99** |
| **Hungary (Cost $500,008)** |  |  |  |  |
| Hungary (Rep of), 2.125%, 09/22/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171868 | &nbsp;&nbsp;0.79 |
| Hungary (Rep of), 3.125%, 09/21/2051 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129400 | &nbsp;&nbsp;0.60 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Hungary (continued)** |  |  |  |  |
| Magyar Export-Import Bank Zrt, 6.125%, 12/04/2027 |  | &nbsp;&nbsp;200000 | $206876 | &nbsp;&nbsp;0.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**508144** | &nbsp;&nbsp;**2.34** |
| **Indonesia (Cost $920,958)** |  |  |  |  |
| Indonesia (Rep of), 8.500%, 10/12/2035 |  | &nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176045 | &nbsp;&nbsp;0.81 |
| Indonesia (Rep of), 6.625%, 02/17/2037 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114250 | &nbsp;&nbsp;0.53 |
| Indonesia (Rep of), 7.750%, 01/17/2038 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;0.58 |
| Indonesia (Rep of), 5.950%, 01/08/2046 |  | &nbsp;&nbsp;313000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337492 | &nbsp;&nbsp;1.55 |
| Indonesia (Rep of), 4.200%, 10/15/2050 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167750 | &nbsp;&nbsp;0.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**920537** | &nbsp;&nbsp;**4.24** |
| **Ivory Coast (Cost $419,089)** |  |  |  |  |
| Ivory Coast (Rep of), 7.625%, 01/30/2033 |  | &nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217712 | &nbsp;&nbsp;1.00 |
| Ivory Coast (Rep of), 8.250%, 01/30/2037 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212288 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**430000** | &nbsp;&nbsp;**1.98** |
| **Kazakhstan (Cost $431,397)** |  |  |  |  |
| Kazakhstan (Rep of), 4.714%, 04/09/2035 |  | &nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214011 | &nbsp;&nbsp;0.99 |
| Kazakhstan (Rep of), 6.500%, 07/21/2045 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224188 | &nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**438199** | &nbsp;&nbsp;**2.02** |
| **Malaysia (Cost $432,500)** |  |  |  |  |
| Petronas Capital Ltd., 2.480%, 01/28/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179648 | &nbsp;&nbsp;0.82 |
| Petronas Capital Ltd., 4.550%, 04/21/2050 |  | &nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251389 | &nbsp;&nbsp;1.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**431037** | &nbsp;&nbsp;**1.98** |
| **Mexico (Cost $1,392,005)** |  |  |  |  |
| Mexico (Rep of), 5.400%, 02/09/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204770 | &nbsp;&nbsp;0.94 |
| Mexico (Rep of), 4.750%, 03/08/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52390 | &nbsp;&nbsp;0.24 |
| Mexico (Rep of), 5.550%, 01/21/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60464 | &nbsp;&nbsp;0.28 |
| Mexico (Rep of), 6.400%, 05/07/2054 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199800 | &nbsp;&nbsp;0.92 |
| Mexico (Rep of), 3.771%, 05/24/2061 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129300 | &nbsp;&nbsp;0.60 |
| Mexico (Rep of), 3.750%, 04/19/2071 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124200 | &nbsp;&nbsp;0.57 |
| Mexico (Rep of), 5.750%, 10/12/2110 |  | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66576 | &nbsp;&nbsp;0.31 |
| Petroleos Mexicanos, 8.750%, 06/02/2029 |  | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109070 | &nbsp;&nbsp;0.50 |
| Petroleos Mexicanos, 6.700%, 02/16/2032 |  | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164835 | &nbsp;&nbsp;0.76 |
| Petroleos Mexicanos, 6.750%, 09/21/2047 |  | &nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84344 | &nbsp;&nbsp;0.39 |
| Petroleos Mexicanos, 6.350%, 02/12/2048 |  | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80785 | &nbsp;&nbsp;0.37 |
| Petroleos Mexicanos, 7.690%, 01/23/2050 |  | &nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139685 | &nbsp;&nbsp;0.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1416219** | &nbsp;&nbsp;**6.52** |
| **Mongolia (Cost $169,771)** |  |  |  |  |
| Mongolia (Rep of), 4.450%, 07/07/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;0.84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**183000** | &nbsp;&nbsp;**0.84** |
| **Morocco (Cost $206,112)** |  |  |  |  |
| Morocco (Rep of), 6.500%, 09/08/2033 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219500 | &nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**219500** | &nbsp;&nbsp;**1.01** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Nigeria (Cost $453,767)** |  |  |  |  |
| Nigeria (Rep of), 7.696%, 02/23/2038 |  | &nbsp;&nbsp;200000 | $187750 | &nbsp;&nbsp;0.86 |
| Nigeria (Rep of), 7.625%, 11/28/2047 |  | &nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359438 | &nbsp;&nbsp;1.66 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**547188** | &nbsp;&nbsp;**2.52** |
| **Oman (Cost $596,610)** |  |  |  |  |
| Oman (Rep of), 4.750%, 06/15/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200125 | &nbsp;&nbsp;0.92 |
| Oman (Rep of), 6.750%, 10/28/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208472 | &nbsp;&nbsp;0.96 |
| Oman (Rep of), 6.500%, 03/08/2047 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219312 | &nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**627909** | &nbsp;&nbsp;**2.89** |
| **Pakistan (Cost $337,919)** |  |  |  |  |
| Pakistan (Rep of), 8.875%, 04/08/2051 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381008 | &nbsp;&nbsp;1.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**381008** | &nbsp;&nbsp;**1.75** |
| **Panama (Cost $630,222)** |  |  |  |  |
| Panama (Rep of), 7.125%, 01/29/2026 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100500 | &nbsp;&nbsp;0.46 |
| Panama (Rep of), 8.875%, 09/30/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43116 | &nbsp;&nbsp;0.20 |
| Panama (Rep of), 9.375%, 04/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71879 | &nbsp;&nbsp;0.33 |
| Panama (Rep of), 3.160%, 01/23/2030 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187253 | &nbsp;&nbsp;0.86 |
| Panama (Rep of), 6.700%, 01/26/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94644 | &nbsp;&nbsp;0.44 |
| Panama (Rep of), 4.500%, 04/16/2050 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156369 | &nbsp;&nbsp;0.72 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**653761** | &nbsp;&nbsp;**3.01** |
| **Paraguay (Cost $194,194)** |  |  |  |  |
| Paraguay (Rep of), 5.850%, 08/21/2033 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211250 | &nbsp;&nbsp;0.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**211250** | &nbsp;&nbsp;**0.97** |
| **Peru (Cost $659,976)** |  |  |  |  |
| Peru (Rep of), 8.750%, 11/21/2033 |  | &nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188485 | &nbsp;&nbsp;0.87 |
| Peru (Rep of), 5.375%, 02/08/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53352 | &nbsp;&nbsp;0.24 |
| Peru (Rep of), 3.300%, 03/11/2041 |  | &nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112212 | &nbsp;&nbsp;0.52 |
| Peru (Rep of), 2.780%, 12/01/2060 |  | &nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117369 | &nbsp;&nbsp;0.54 |
| Peru (Rep of), 3.230%, 07/28/2121 |  | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30157 | &nbsp;&nbsp;0.14 |
| Petroleos del Peru S.A., 5.625%, 06/19/2047 |  | &nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169357 | &nbsp;&nbsp;0.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**670932** | &nbsp;&nbsp;**3.09** |
| **Philippines (Cost $525,108)** |  |  |  |  |
| Philippines (Rep of), 9.500%, 02/02/2030 |  | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126492 | &nbsp;&nbsp;0.58 |
| Philippines (Rep of), 7.750%, 01/14/2031 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116500 | &nbsp;&nbsp;0.53 |
| Philippines (Rep of), 6.375%, 10/23/2034 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112844 | &nbsp;&nbsp;0.52 |
| Philippines (Rep of), 3.950%, 01/20/2040 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179500 | &nbsp;&nbsp;0.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**535336** | &nbsp;&nbsp;**2.46** |
| **Poland (Cost $504,622)** |  |  |  |  |
| Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211472 | &nbsp;&nbsp;0.97 |
| Poland (Rep of), 5.500%, 11/16/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15495 | &nbsp;&nbsp;0.07 |
| Poland (Rep of), 4.875%, 10/04/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73130 | &nbsp;&nbsp;0.34 |
| Poland (Rep of), 5.125%, 09/18/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78026 | &nbsp;&nbsp;0.36 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Poland (continued)** |  |  |  |  |
| Poland (Rep of), 5.500%, 04/04/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;43000 | $42208 | &nbsp;&nbsp;0.19 |
| Poland (Rep of), 5.500%, 03/18/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94392 | &nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**514723** | &nbsp;&nbsp;**2.37** |
| **Romania (Cost $549,860)** |  |  |  |  |
| Romania (Rep of), 6.625%, 02/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54103 | &nbsp;&nbsp;0.25 |
| Romania (Rep of), 5.875%, 01/30/2029 |  | &nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111102 | &nbsp;&nbsp;0.51 |
| Romania (Rep of), 3.000%, 02/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26910 | &nbsp;&nbsp;0.12 |
| Romania (Rep of), 3.625%, 03/27/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;0.18 |
| Romania (Rep of), 7.125%, 01/17/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38813 | &nbsp;&nbsp;0.18 |
| Romania (Rep of), 6.000%, 05/25/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32120 | &nbsp;&nbsp;0.15 |
| Romania (Rep of), 5.750%, 03/24/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87975 | &nbsp;&nbsp;0.41 |
| Romania (Rep of), 7.500%, 02/10/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89867 | &nbsp;&nbsp;0.41 |
| Romania (Rep of), 6.125%, 01/22/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40331 | &nbsp;&nbsp;0.19 |
| Romania (Rep of), 4.000%, 02/14/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44160 | &nbsp;&nbsp;0.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**564981** | &nbsp;&nbsp;**2.60** |
| **Saudi Arabia (Cost $701,539)** |  |  |  |  |
| Saudi (Rep of), 5.000%, 01/16/2034 |  | &nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333211 | &nbsp;&nbsp;1.53 |
| Saudi (Rep of), 5.000%, 04/17/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186062 | &nbsp;&nbsp;0.86 |
| Suci Second Investment Co., 4.375%, 09/10/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200175 | &nbsp;&nbsp;0.92 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**719448** | &nbsp;&nbsp;**3.31** |
| **South Africa (Cost $527,585)** |  |  |  |  |
| South Africa (Rep of), 4.300%, 10/12/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198519 | &nbsp;&nbsp;0.91 |
| South Africa (Rep of), 5.875%, 04/20/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206200 | &nbsp;&nbsp;0.95 |
| South Africa (Rep of), 5.750%, 09/30/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168700 | &nbsp;&nbsp;0.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**573419** | &nbsp;&nbsp;**2.64** |
| **Turkey (Cost $780,714)** |  |  |  |  |
| Turkey (Rep of), 5.250%, 03/13/2030 |  | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222131 | &nbsp;&nbsp;1.02 |
| Turkey (Rep of), 7.250%, 05/29/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209296 | &nbsp;&nbsp;0.97 |
| Turkey (Rep of), 6.500%, 01/03/2035 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197500 | &nbsp;&nbsp;0.91 |
| Turkey (Rep of), 4.875%, 04/16/2043 |  | &nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180940 | &nbsp;&nbsp;0.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**809867** | &nbsp;&nbsp;**3.73** |
| **Ukraine (Cost $252,632)** |  |  |  |  |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;10246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5405 | &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;38290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15948 | &nbsp;&nbsp;0.07 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2034<sup>3</sup> |  | &nbsp;&nbsp;214378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120266 | &nbsp;&nbsp;0.55 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;32358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16454 | &nbsp;&nbsp;0.08 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2035<sup>3</sup> |  | &nbsp;&nbsp;133654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74178 | &nbsp;&nbsp;0.34 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;26964 | $13684 | &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;77551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42537 | &nbsp;&nbsp;0.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**288472** | &nbsp;&nbsp;**1.33** |
| **United Arab Emirates (Cost $659,982)** |  |  |  |  |
| Abu Dhabi (Gov't of), 3.125%, 09/30/2049 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295882 | &nbsp;&nbsp;1.36 |
| DP World Crescent Ltd., 3.750%, 01/30/2030 |  | &nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351015 | &nbsp;&nbsp;1.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**646897** | &nbsp;&nbsp;**2.98** |
| **United States (Cost $434,808)** |  |  |  |  |
| U.S. Treasury Bill, 3.780%, 12/11/2025<sup>5</sup> |  | &nbsp;&nbsp;436700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434915 | &nbsp;&nbsp;2.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**434915** | &nbsp;&nbsp;**2.00** |
| **Uruguay (Cost $819,095)** |  |  |  |  |
| Uruguay (Rep of), 7.875%, (100% Cash), 01/15/2033<sup>6</sup> |  | &nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123626 | &nbsp;&nbsp;0.57 |
| Uruguay (Rep of), 5.750%, 10/28/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75320 | &nbsp;&nbsp;0.35 |
| Uruguay (Rep of), 7.625%, 03/21/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91588 | &nbsp;&nbsp;0.42 |
| Uruguay (Rep of), 5.442%, 02/14/2037 |  | &nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150998 | &nbsp;&nbsp;0.69 |
| Uruguay (Rep of), 4.125%, 11/20/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55490 | &nbsp;&nbsp;0.26 |
| Uruguay (Rep of), 5.100%, 06/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64688 | &nbsp;&nbsp;0.30 |
| Uruguay (Rep of), 4.975%, 04/20/2055 |  | &nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127615 | &nbsp;&nbsp;0.59 |
| Uruguay (Rep of), 5.250%, 09/10/2060 |  | &nbsp;&nbsp;125454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120248 | &nbsp;&nbsp;0.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**809573** | &nbsp;&nbsp;**3.73** |
| **Uzbekistan (Cost $216,562)** |  |  |  |  |
| Uzbekistan (Rep of), 5.375%, 02/20/2029 |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221128 | &nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**221128** | &nbsp;&nbsp;**1.02** |
| **Venezuela (Cost $765,315)** |  |  |  |  |
| 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;413993 | &nbsp;&nbsp;1.91 |
| Venezuela (Rep of), 11.750%, 10/21/2026<sup>7</sup> |  | &nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259500 | &nbsp;&nbsp;1.20 |
| Venezuela (Rep of), 9.250%, 09/15/2027<sup>7</sup> |  | &nbsp;&nbsp;759000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235290 | &nbsp;&nbsp;1.08 |
| Venezuela (Rep of), 11.950%, 08/05/2031<sup>7</sup> |  | &nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168187 | &nbsp;&nbsp;0.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1076970** | &nbsp;&nbsp;**4.96** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Zambia (Cost $31,581)** |  |  |  |  |
| Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/2033<sup>3</sup> |  | &nbsp;&nbsp;35353 | $33935 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33935** | &nbsp;&nbsp;&nbsp;&nbsp;**0.16** |
| **Total Debt Securities (Cost $19,787,378)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21302121** | &nbsp;&nbsp;&nbsp;&nbsp;**98.06** |
| **Total Investments in Securities (Cost $19,787,378)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21302121** | &nbsp;&nbsp;&nbsp;&nbsp;**98.06** |
| **Total Investments (Total Cost $19,787,378)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21302121** | &nbsp;&nbsp;&nbsp;&nbsp;**98.06** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420634 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| **Net Assets** |  |  | **$21722755** | &nbsp;&nbsp;**100.00** |

---

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

<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 October 31, 2025, these securities had a total value of $343,562 or 1.58% of net assets.

<sup>3</sup> Step coupon bond. Rate as of October 31, 2025 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.

At October 31, 2025, 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)** |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106360 | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;2210455 | &nbsp;&nbsp;$1434 |
| 01/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;36198635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100158 | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;365838 | &nbsp;&nbsp;&nbsp;&nbsp;1188 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2668 |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;2210455 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;107450 | &nbsp;&nbsp;&nbsp;&nbsp;(2523) |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;69394886 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;208266 | &nbsp;&nbsp;&nbsp;&nbsp;(3229) |
| 01/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754820 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;207696 | &nbsp;&nbsp;&nbsp;&nbsp;(3496) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(9248) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(6580) |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Debt Fund's investments and other financial instruments, which are carried at fair value, as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$739772 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$739772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551190 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2123700 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2123700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17452544 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17452544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434915 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21302121 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21302121 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21302121 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21302121 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2668 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2668 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9248) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9248) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(6580) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(6580) |

---

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

#### Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2025:

---

| | |
|:---|:---|
|  | &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;$2668 |
| **Liabilities:** |  |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(9248) |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &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 Gain on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$9545 | &nbsp;&nbsp;$— |
| Net Realized Loss on Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(34493) |
|  | &nbsp;&nbsp;$9545 | &nbsp;&nbsp;$(34493) |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |  |
| Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(1093) | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;$(1093) | &nbsp;&nbsp;$— |

---

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

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $68,189)** |  |  |  |  |
| Grupo Financiero Galicia S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;2022 | $119561 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119561** | &nbsp;&nbsp;&nbsp;&nbsp;**1.25** |
| **Brazil (Cost $609,334)** |  |  |  |  |
| Lojas Renner S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;32720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90255 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104727 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| NU Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96660 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;25100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93309 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Rede D'Or Sao Luiz S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197368 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117936 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| XP, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67414 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**767669** | &nbsp;&nbsp;&nbsp;&nbsp;**8.05** |
| **Hungary (Cost $94,651)** |  |  |  |  |
| Wizz Air Holdings PLC\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;5129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70540 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70540** | &nbsp;&nbsp;&nbsp;&nbsp;**0.74** |
| **India (Cost $1,142,979)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112836 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| CreditAccess Grameen Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;8927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142906 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412365 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 |
| InterGlobe Aviation Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82136 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;28277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107533 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;3459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137300 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Marico Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;14546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117918 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;6363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127949 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1240943** | &nbsp;&nbsp;**13.01** |
| **Indonesia (Cost $278,911)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;464400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131549 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;29900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179699 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**311248** | &nbsp;&nbsp;&nbsp;&nbsp;**3.26** |
| **Kazakhstan (Cost $72,131)** |  |  |  |  |
| Kaspi.KZ JSC ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56990 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56990** | &nbsp;&nbsp;&nbsp;&nbsp;**0.60** |
| **Malaysia (Cost $108,133)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;457200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92033 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**92033** | &nbsp;&nbsp;&nbsp;&nbsp;**0.97** |
| **Mexico (Cost $564,801)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;58100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138225 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98620 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;4720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98389 | &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;191993 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;37000 | $122321 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**649548** | &nbsp;&nbsp;&nbsp;&nbsp;**6.81** |
| **Poland (Cost $105,647)** |  |  |  |  |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126221 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**126221** | &nbsp;&nbsp;&nbsp;&nbsp;**1.32** |
| **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;132736 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**132736** | &nbsp;&nbsp;&nbsp;&nbsp;**1.39** |
| **South Africa (Cost $75,181)** |  |  |  |  |
| Boxer Retail Ltd.\* | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;21179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92908 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**92908** | &nbsp;&nbsp;&nbsp;&nbsp;**0.97** |
| **South Korea (Cost $1,365,723)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88995 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176176 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136888 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241330 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 |
| Kolmar Korea Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79861 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Samsung C&T Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162486 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182953 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140701 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Samsung Electronics Co. Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160433 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443412 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388208 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2201443** | &nbsp;&nbsp;**23.08** |
| **Taiwan (Cost $2,165,559)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162650 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;3236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28063 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158594 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;4931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157909 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192361 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| Elite Material Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174977 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57152 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Kinik Co. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101847 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169696 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Sea Ltd. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90781 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596698 | &nbsp;&nbsp;16.74 |
| Unimicron Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174463 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3065191** | &nbsp;&nbsp;**32.14** |
| **United Arab Emirates (Cost $327,629)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;31202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179381 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;50156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122873 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (continued)** |  |  |  |  |
| Talabat Holding PLC | &nbsp;&nbsp;AED | &nbsp;&nbsp;340042 | $88666 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**390920** | &nbsp;&nbsp;&nbsp;&nbsp;**4.10** |
| **Vietnam (Cost $113,254)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;42400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133034 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**133034** | &nbsp;&nbsp;&nbsp;&nbsp;**1.40** |
| **Total Common Stocks (Cost $7,197,701)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9450985** | &nbsp;&nbsp;&nbsp;&nbsp;**99.09** |
| **Total Investments (Total Cost $7,197,701)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9450985** | &nbsp;&nbsp;&nbsp;&nbsp;**99.09** |
| 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;86379 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| **Net Assets** |  |  | **$9537364** | &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 October 31, 2025, these securities had a total value of $350,044 or 3.67% of net assets.

Percentages shown are based on net assets.

At October 31, 2025, 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;8.1% |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;20.7 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;14.5 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;42.5 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;99.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &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_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of October 31, 2025*

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 October 31, 2025:

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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;$119561 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$119561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70540 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828578 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1240943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131549 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56990 |
| &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;92033 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649548 |
| &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;126221 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126221 |
| &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;132736 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132736 |
| &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;92908 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92908 |
| &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;2201443 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2201443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90781 | &nbsp;&nbsp;&nbsp;&nbsp;2974410 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3065191 |
| &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;390920 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390920 |
| &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;133034 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;2276613 | &nbsp;&nbsp;&nbsp;&nbsp;7174372 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9450985 |
| Total Investments | &nbsp;&nbsp;$2276613 | &nbsp;&nbsp;$7174372 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9450985 |

---

*See accompanying notes to the financial statements.*

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[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE FUNDS NOTES TO FINANCIAL STATEMENTS
*As of October 31, 2025*

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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 October 31, 2025, each with its own investment objective. The Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets 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 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 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.

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[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of October 31, 2025*

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&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").

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

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*As of October 31, 2025*

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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 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.

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*As of October 31, 2025*

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&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 October 31, 2025, 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 another fixed income market. The value of a credit-linked note is based on the price movements of a particular credit, known as a reference credit. Credit-linked notes that a Fund invests in are typically listed instruments that typically provide the same return as the underlying reference credit. A Fund generally will receive a fixed or floating coupon and the note's par value upon maturity. If a specified credit event occurs, such as default or bankruptcy, the Fund may experience a delay in payment or forego interest. The maximum potential risk of loss is limited to the par amount of the credit linked note plus any accrued interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Operating Segments

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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 serve 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.

#### 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.

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#### ASHMORE FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of October 31, 2025*

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#### Market Risk
The value of securities and instruments owned by the Funds may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas. Recent instability in the financial markets has led governments around the world to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. The withdrawal of this support, failure of these efforts, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the values and liquidity of a Fund's portfolio securities and other assets.

Derivative financial instruments may result in off-balance sheet market and credit risk. If the markets should move against one or more positions that the Funds hold, the Funds could incur losses greater than the unrealized amounts recorded in the Statements of Assets and Liabilities. Derivative risk exposures are discussed in note 10.

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

4.&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.

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#### ASHMORE FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of October 31, 2025*

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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 year ended October 31, 2025, 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 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_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;3428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26503) |
| 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 |

---

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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;146 | &nbsp;&nbsp;$798 | &nbsp;&nbsp;8451 | &nbsp;&nbsp;$46343 | &nbsp;&nbsp;(112410) | &nbsp;&nbsp;$(616930) | &nbsp;&nbsp;(103813) | &nbsp;&nbsp;$(569789) |
| 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;654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Small-Cap 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;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6721) |
| 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;&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.* 

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) |

---

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;52608 | &nbsp;&nbsp;$354766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69115) | &nbsp;&nbsp;$(457182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16507) | &nbsp;&nbsp;$(102416) |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;47668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273198 | &nbsp;&nbsp;196319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126270 | &nbsp;&nbsp;(1533360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8806967) | &nbsp;&nbsp;(1289373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;11656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11380 | &nbsp;&nbsp;&nbsp;&nbsp;(290702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5168887) | &nbsp;&nbsp;&nbsp;&nbsp;(278409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4951073) |
| 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 |

---

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

Transactions in Class A shares for the year ended October 31, 2024, 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;33071 | &nbsp;&nbsp;$160696 | &nbsp;&nbsp;12473 | &nbsp;&nbsp;$60664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62850) | &nbsp;&nbsp;$(309210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17306) | &nbsp;&nbsp;$(87850) |
| Ashmore Emerging Markets Local Currency Bond Fund | &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;1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8105 | &nbsp;&nbsp;&nbsp;&nbsp;(157476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(976065) | &nbsp;&nbsp;&nbsp;&nbsp;(156190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(967955) |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;28413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153156 | &nbsp;&nbsp;27911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150866 | &nbsp;&nbsp;&nbsp;&nbsp;(243709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1320628) | &nbsp;&nbsp;&nbsp;&nbsp;(187385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1016606) |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;137924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653710 | &nbsp;&nbsp;75781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356003 | &nbsp;&nbsp;(1638684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7717764) | &nbsp;&nbsp;(1424979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6708051) |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&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;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8505) |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125014) |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;137145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433890 | &nbsp;&nbsp;&nbsp;&nbsp;5930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58887 | &nbsp;&nbsp;&nbsp;&nbsp;(119807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1258047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234730 |
| Ashmore Emerging Markets Equity Fund | 2856839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30418302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6161 | &nbsp;&nbsp;&nbsp;&nbsp;(226644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2569664) | &nbsp;&nbsp;&nbsp;&nbsp;2630739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27854799 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;39 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 |

---

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

\* *Amount rounds to less than 0.5 shares.* 

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

Transactions in Class C shares for the year ended October 31, 2024, 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;942 | &nbsp;&nbsp;$4533 | &nbsp;&nbsp;&nbsp;&nbsp;6248 | &nbsp;&nbsp;$30251 | &nbsp;&nbsp;(65149) | &nbsp;&nbsp;$(316172) | &nbsp;&nbsp;(57959) | &nbsp;&nbsp;$(281388) |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803 | &nbsp;&nbsp;11339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61053 | &nbsp;&nbsp;(85481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460528) | &nbsp;&nbsp;(73807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397672) |
| Ashmore Emerging Markets Short Duration Fund | &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;93 | &nbsp;&nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8909 | &nbsp;&nbsp;(14130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65207) | &nbsp;&nbsp;(12147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56205) |
| 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;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;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Ashmore Emerging Markets Small-Cap 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&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 Frontier Equity Fund | 3977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 | &nbsp;&nbsp;&nbsp;&nbsp;(4063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3656 |
| 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;&nbsp;&nbsp;&nbsp;2 | &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;(1877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17085) | &nbsp;&nbsp;&nbsp;&nbsp;(1875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17065) |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&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 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;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;33 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 |

---

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

Transactions in Institutional Class shares for the year ended October 31, 2024, 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 | 3850163 | &nbsp;&nbsp;$18771257 | &nbsp;&nbsp;1852324 | &nbsp;&nbsp;$9146855 | &nbsp;&nbsp;(84718969) | &nbsp;&nbsp;$(421407417) | &nbsp;&nbsp;(79016482) | &nbsp;&nbsp;$(393489305) |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;139074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1582351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239135) |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;657843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749548 | &nbsp;&nbsp;&nbsp;&nbsp;462068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595654 | &nbsp;&nbsp;&nbsp;&nbsp;(9754333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55230237) | &nbsp;&nbsp;&nbsp;&nbsp;(8634422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48885035) |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326110 | &nbsp;&nbsp;&nbsp;&nbsp;(4773319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22030420) | &nbsp;&nbsp;&nbsp;&nbsp;(4693301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21659966) |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;42950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(822709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6201926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(757081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5719882) |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(485218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377141) |
| Ashmore Emerging Markets Frontier Equity Fund | 1266171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14882788 | &nbsp;&nbsp;&nbsp;&nbsp;160965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(935278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10448490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6309158 |
| Ashmore Emerging Markets Equity Fund | 7514879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78339624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163981 | &nbsp;&nbsp;&nbsp;&nbsp;(6163775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62780555) | &nbsp;&nbsp;&nbsp;&nbsp;1366591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15723050 |
| 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;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411 |
| 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;96710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795345 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;748244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7482440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500737 |

---

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

*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 year ended October 31, 2025, 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;$32677221 | &nbsp;&nbsp;$56823741 |
| 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;4285578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442918 |
| 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;11169169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20334517 |
| 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;11473867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14754484 |
| 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;36911616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47655463 |
| Ashmore Emerging Markets Small-Cap 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;4160136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9095772 |
| 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;69447829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72279013 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153070446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123808781 |
| 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;7407644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7335507 |
| 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;6135823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626384 |
| 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;4879246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753907 |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the recharacterization of income recognition on investments in PFICs. At October 31, 2025, 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;$6018740 | &nbsp;&nbsp;$(23218291) | &nbsp;&nbsp;$(17199551) | &nbsp;&nbsp;$91584604 |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250104 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15958428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15180241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33443757 |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12356466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10899316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41666881 |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12258613 |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5325455 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18187026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3420746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14766280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83410270 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58728826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5333753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53395073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184244472 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5017897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11468972 |

---

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 Debt Fund | &nbsp;&nbsp;$1638154 | &nbsp;&nbsp;$(123593) | &nbsp;&nbsp;$1514561 | &nbsp;&nbsp;$19780980 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7522800 |

---

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.

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 Small-Cap 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;46236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614665 |
| 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 Small-Cap 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;— |
| 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;— |

---

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

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.

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 Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2660901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1771808) |
| 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 |

---

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ESG Fund | &nbsp;&nbsp;$239426 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(562534) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4822510 | &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 |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28905 |
| 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 |

---

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[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &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 ex China Fund | &nbsp;&nbsp;$57907 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$57907 |

---

The taxable character of distributions paid during the fiscal year ended October 31, 2024, 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;$7710737 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3095765 | &nbsp;&nbsp;$10806502 |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584546 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096789 |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377976 |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238888 |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56098 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045673 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265711 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6302 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126430 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26143 |

---

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

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund 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.

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 the Statements of Assets and Liabilities and the realized, and changes in unrealized, gains and losses on the Statements of Operations, are included in tables following each Fund's Schedule of Investments and are categorized by type of financial derivative contract.

&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

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[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

in the Statements of Operations. A Fund records realized gains or losses at the time the forward foreign exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Realized gains or losses, if any, are included in net realized gain/(loss) on forward foreign exchange contracts in the Statements of Operations.

Risks arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the United States Dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments should be considered in light of all related and offsetting transactions. The Funds bear market risk from changes in foreign currency exchange rates and credit risk if the counterparty fails to perform. Further information on the impact of these positions on the Funds' financial statements can be found in the notes to the Schedules of Investments.

During the year ended October 31, 2025, the Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Active Equity Fund and Ashmore Emerging Markets Debt Fund had average quarterly contract notional exposures of $42,137,417, $7,499,529, $339,375, $110,894 and $358,798, respectively, related to forward foreign currency exchange contracts.

&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 year ended October 31, 2025, the Ashmore Emerging Markets Corporate Income Fund had average quarterly contract notional exposure of $1,479,844 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,

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

is recorded as unrealized gain or loss. Payments made or received are recorded as part of realized gains and losses. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin") on the Statements of Assets and Liabilities.

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

During the year ended October 31, 2025, the Ashmore Emerging Markets Total Return Fund and Ashmore Emerging Markets Local Currency Bond Fund had average quarterly notional exposures of $12,075,284 and $4,238,017, respectively, related to interest rate swap agreements, and the Ashmore Emerging Markets Total Return Fund and Ashmore Emerging Markets Debt Fund had average quarterly notional exposures of $1,625,000 and $400,000, respectively, related to credit default swap agreements.

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

Offsetting of Financial Assets and Derivative Assets as of October 31, 2025:

*Over-the-Counter Financial Derivative Instruments:*

*Forward Currency 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** |
| Barclays | &nbsp;&nbsp;$8335 | &nbsp;&nbsp;$(8335) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| 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;4651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;44363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36542 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |
| 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;20341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6990 |
| 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;52504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;21243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21243 |
| 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;6688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;19301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| 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;1396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 |
| Total | &nbsp;&nbsp;$180244 | &nbsp;&nbsp;$(114669) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$65575 |

---

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

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;$102297 | &nbsp;&nbsp;$(8335) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$93962 |
| 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;26226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21575 |
| 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;7821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;13351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;86226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33722 |
| 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;47044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40356 |
| 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;32862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13561 |
| 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;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
| 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;1169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;$318074 | &nbsp;&nbsp;$(114669) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$203405 |

---

&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 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;$2876 | &nbsp;&nbsp;$(2876) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| 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;1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 |
| 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;10427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8730 |
| 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;3652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| 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;13639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;4028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884 |
| 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;3556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;3240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |
| Total | &nbsp;&nbsp;$42667 | &nbsp;&nbsp;$(28681) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$13986 |

---

&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;$12666 | &nbsp;&nbsp;$(2876) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9790 |
| 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;1697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 |
| 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;3515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;13692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |
| 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;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;8114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4558 |

---

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Morgan Stanley | &nbsp;&nbsp;$7471 | &nbsp;&nbsp;$(3240) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4231 |
| Northern Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831 |
| 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;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 |
| 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;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
| Total | &nbsp;&nbsp;$50318 | &nbsp;&nbsp;$(28681) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$21637 |

---

&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;$5311 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5311 |
| Total | &nbsp;&nbsp;$5311 | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$5311 |

---

&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;$46 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$46 |
| 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;2622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;$2668 | &nbsp;&nbsp;$(2622) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$46 |

---

&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 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** |
| Morgan Stanley | &nbsp;&nbsp;$9248 | &nbsp;&nbsp;$(2622) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6626 |
| Total | &nbsp;&nbsp;$9248 | &nbsp;&nbsp;$(2622) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$6626 |

---

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% |

---

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Rate** |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;0.65% |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;1.00% |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;1.25% |
| 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 arrangement is expected to continue until at least February 28, 2026. 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, 2026 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 Small-Cap Equity Fund | &nbsp;&nbsp;1.52% | &nbsp;&nbsp;2.27% | &nbsp;&nbsp;1.27% |
| 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

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

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;**Total** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;$1023234 | &nbsp;&nbsp;$517877 | &nbsp;&nbsp;$337780 | &nbsp;&nbsp;$1878891 |
| 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;530036 |
| 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;722312 |
| 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;608669 |
| 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;666201 |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470286 |
| 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;1239581 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645789 |
| 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;385671 |
| 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;413200 |
| 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;319257 |

---

*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.

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

During the year ended October 31, 2025, 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 October 31, 2025, 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;22.54% | &nbsp;&nbsp;&nbsp;&nbsp;99.07% |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;95.56% |
| 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% |
| 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 other investors owning of record or known by the Funds to own beneficially greater than 5% of the outstanding shares of such Funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**# of Investors<br> Owning > 5%<br> of outstanding<br> Shares** | &nbsp;&nbsp;**% of Ownership by<br> Investor** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;6 | &nbsp;&nbsp;37.18%, 27.36%, 11.68%, 6.62%, 6.57%, 6.30% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;2 | &nbsp;&nbsp;89.45%, 8.14% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;5 | &nbsp;&nbsp;50.27%, 16.18%, 10.46%, 10.10%, 5.28% |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;3 | &nbsp;&nbsp;58.06%, 32.91%, 7.84% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;1 | &nbsp;&nbsp;77.46% |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;5 | &nbsp;&nbsp;32.36%, 19.87%, 17.00%, 16.89%, 8.26% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;3 | &nbsp;&nbsp;65.97%, 19.82%, 7.46% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;6 | &nbsp;&nbsp;28.44%, 21.92%, 11.54%, 11.44%, 6.54%, 5.74% |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;3 | &nbsp;&nbsp;60.64%, 33.45%, 5.39% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;2 | &nbsp;&nbsp;69.95%, 30.05% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;2 | &nbsp;&nbsp;88.39%, 6.94% |

---

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

*As of October 31, 2025*

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**# of Investors<br> Owning > 5%<br> of outstanding<br> Shares** | &nbsp;&nbsp;**% of Ownership by<br> Investor** |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;2 | &nbsp;&nbsp;81.29%, 18.63% |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;6 | &nbsp;&nbsp;38.56%, 34.25%, 8.08%, 7.31%, 5.50%, 5.15% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;1 | &nbsp;&nbsp;100% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;4 | &nbsp;&nbsp;55.45%, 18.54%, 10.70%, 10.40% |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;4 | &nbsp;&nbsp;48.76%, 24.65%, 10.88%, 10.84% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;2 | &nbsp;&nbsp;83.76%, 13.50% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;3 | &nbsp;&nbsp;39.81%, 26.03%, 23.00% |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;2 | &nbsp;&nbsp;69.64%, 29.99% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;4 | &nbsp;&nbsp;55.50%, 22.89%, 8.47%, 8.18% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;2 | &nbsp;&nbsp;60.15%, 24.81% |

---

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 December 8, 2025, the Board of Trustees approved the repurposing of Ashmore Emerging Markets Small-Cap Equity Fund (the "Fund") as a completion portfolio for a separately managed account ("SMA") program, to be renamed Ashmore Emerging Markets Equity SMA Completion Fund, effective on or about February 17, 2026, subject to required regulatory filings and shareholder notices. The Board approved changes to the Fund's name and principal investment strategy and determined that the redemption of any remaining shareholders in the Fund, other than Ashmore and/or its affiliates, on or about February 16, 2026 is appropriate. Ashmore Emerging Markets Equity SMA Completion Fund will continue solely as an SMA completion portfolio and no longer be available as an investment vehicle open to retail shareholders. These subsequent events did not affect the Fund's financial position as of October 31, 2025 or its results of operations for the year then ended.

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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 asset under management was 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; Aon to provide advice on remuneration benchmarking; Deloitte to provide advice on tax compliance, share plan design and administration, and as Remuneration Committee advisors. The Remuneration Committee's terms of reference can be found here:

<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.

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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;£14,512 | &nbsp;&nbsp;£5,171 | &nbsp;&nbsp;£19,683 |
| 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;1576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195 |
| 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;4187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5831 |
| 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;97512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134007 |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8711 |
| 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;&nbsp;&nbsp;1801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8999 |
| 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;59057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81160 |
| 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;1148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587 |
| 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;4420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6074 |
| 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.

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE FUNDS

#### CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

------

Not applicable.

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE FUNDS PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

------

Not applicable.

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_TOC)

#### ASHMORE FUNDS STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

------

Not applicable.

------

[**Table of Contents**](#JOB_Multi_206dc06a-0664-4034-895c-06383e383250_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

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The advisory contract was reviewed earlier this year, with the statement regarding the basis for the approvals, which is prepared by Dechert, included in the semi-annual report 2025.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

#### Item 19. Exhibits.
(a)(1) [Exhibit 99.CODE: Code of Ethics pursuant to Item 2 of Form N-CSR.](Exhibit_a1.htm)

(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)

------

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

Ashmore Funds

---

| | |
|:---|:---|
| By  | /s/ George Grunebaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; George Grunebaum, President and Chief Executive Officer  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Principal Executive Officer)  |
| Date: December 30, 2025  | Date: December 30, 2025  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By  | /s/ George Grunebaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; George Grunebaum, President and Chief Executive Officer  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Principal Executive Officer)  |

---

Date: December 30, 2025

---

| | |
|:---|:---|
| By  | /s/ Taurai Sigauke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taurai Sigauke, Treasurer  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Principal Financial and Accounting Officer)  |

---

Date: December 30, 2025

------

## Ex-99.Code

### ASHMORE FUNDS
<u>Code of Ethics</u>

Ashmore Funds (the "Trust"), with respect to each of its series (each a "Fund"), has determined to adopt this Code of Ethics with respect to certain activities by Officers and Trustees of the Trust which might be deemed to create possible conflicts of interest and to establish reporting requirements and enforcement procedures with respect to such activities.

I. Rules Applicable to Officers and Trustees Affiliated with Ashmore Investment Management Limited (the "Manager") or the Funds' Administrator <sup>1</sup>

A. <u>Incorporation of the Manager's Code of Ethics</u>. The provisions of the Code of Ethics for employees of Ashmore Investment Advisors Limited (the "Ashmore Code of Ethics"), which is attached as Appendix A hereto, are hereby incorporated herein as the Trust's Code of Ethics applicable to officers and Trustees of the Trust who are employees of the Trust or officers, directors or employees of Ashmore Investment Advisors Limited, its affiliates or the Funds' Administrator. A violation of the Ashmore Code of Ethics shall constitute a violation of the Trust's Code.

B. <u>Reports</u>. Officers and Trustees of the Trust who are made subject to the Ashmore Code of Ethics pursuant to the preceding paragraph shall file the reports required by the Ashmore Code of Ethics with the Chief Compliance Officer designated therein. A report filed with the Chief Compliance Officer of the Manager shall be deemed to be filed with the Trust.

C. <u>Review and Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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; The Chief Compliance Officer of the Trust shall cause the reported personal securities transactions to be compared with completed and contemplated portfolio transactions of each of the Funds to determine whether a violation of this Code may have occurred. Before making any determination that a violation has been committed by any person, the Chief Compliance Officer of the Trust shall give such person an opportunity to supply additional explanatory material.

------

<sup>1</sup> The Funds' Administrator is The Northern Trust Company. Any officers of the Trust who are employees of the Funds' Administrator must submit a written undertaking to the Chief Compliance Officer of the Trust evidencing their agreement to be subject to, and comply with, this code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&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; If the Chief Compliance Officer of the Trust determines that a violation of any provision of this Code has or may have occurred, he shall submit his written determination, together with any additional explanatory material, to the Board of the Trust at its next meeting when Code of Ethics matters are discussed.

D. <u>Sanctions</u>. In addition to reporting violations of this Code to the Board of the Trust as provided in Section I-C(2), the Chief Compliance Officer of the Trust shall also report to the Board any sanctions imposed with respect to such violations. The Board reserves the right to impose such additional sanctions as it deems appropriate.

II. <u>Rules Applicable to Unaffiliated Trustees</u> 

A. Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;&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; "Beneficial ownership" shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&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; "Control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&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; "Covered Person" means an affiliated person of the Trust, who is not made subject to the Ashmore Code of Ethics pursuant to Part I hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&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; "Interested Trustee" means a Trustee of the Trust who is an "interested person" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Investment Company Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; "Purchase or sale of a security" includes, among other things, the writing of an option to purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&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; "Security" shall have the same meaning as that set forth in Section 2(a)(36) of the Investment Company Act (in effect, all securities) except that it shall not include securities issued by the Government of the United States or an agency thereof, bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt investments, including repurchase agreements, and shares of registered open-end investment companies, but shall include any security convertible into or exchangeable for a security.

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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;(7) &nbsp;&nbsp;&nbsp;&nbsp; "Security Held or to be Acquired by a Fund" means: (i) any security, as defined herein, which, within the most recent 15 days: (A) is or has been held by the Fund, or (B) is being or has been considered by the Fund or the Manager for purchase by the Fund, and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a security described in (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp; "Unaffiliated Trustee" means a Trustee who is not made subject to the Ashmore Code of Ethics pursuant to Part I hereof.

B. Prohibited Actions. No Covered Person, in connection with the purchase or sale, directly or indirectly, by such Covered Person of a security held or to be acquired by a Fund, shall:

(1) Employ any device, scheme or artifice to defraud the Trust or Fund;

(2) Make any untrue statement of a material fact to the Trust or Fund or omit to state a material fact necessary in order to make the statements made to the Trust or Fund, in light of the circumstances under which they are made, not misleading;

(3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Trust or Fund; or

(4) Engage in any manipulative practice with respect to the Trust or Fund.

C. <u>Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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; Every Unaffiliated Trustee of the Trust shall file with the Trust's Chief Compliance Officer a report containing the information described in Section II- C(2) of this Code with respect to purchases or sales of any security in which such Unaffiliated Trustee has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such Trustee, at the time of that transaction, knew or, in the ordinary course of fulfilling his official duties as a Trustee of the Trust, should have known that, during the 15-day period immediately preceding or after the date of the transaction by the Trustee:

(a) such security was or is to be purchased or sold by a Fund or

(b) such security was or is being considered for purchase or sale by a Fund;

<u>provided, however</u>, that an Unaffiliated Trustee shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&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; Every report shall be made not later than 10 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall contain the following information:

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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;(a) the date of the transaction, the title, the number of shares, the interest rate and maturity date (if applicable) and the principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date that the report is submitted by each Unaffiliated Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&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; Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&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; Notwithstanding anything to the contrary contained herein, an Unaffiliated Trustee who is an "interested person" of the Trust shall file the reports required by Rule 17j-1(d)(1) under the Investment Company Act with the Chief Compliance Officer of the Manager. Such reports shall be reviewed by such Officer as provided in Section I-D(1) and any related violations shall be reported by him to the Board as provided in Section I-C(2). The Board may impose such additional sanctions as it deems appropriate.

D. <u>Review and Reporting</u>.

(1) The Chief Compliance Officer of the Trust, in consultation with the Chief Compliance Officer of the Manager (if such position is held by a different individual), shall cause the reported personal securities transactions that he receives pursuant to Section II-C(1) to be compared with completed and contemplated portfolio transactions of the Funds to determine whether any prohibited action listed in Section II-B may have occurred.

(2) Before making any determination that a violation of this Code has occurred, the Chief Compliance Officer of the Trust shall give the person involved an opportunity to supply additional information regarding the transaction in question.

E. <u>Sanctions</u>. If the Chief Compliance Officer of the Trust determines that a violation of this Code has occurred, he shall so advise the Trust's Board, and provide the Board with a report of the matter, including any additional information supplied by such person. The Board may impose such sanctions as it deems appropriate.

III. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Amendments to the Ashmore Code of Ethics</u>. Any amendment to the Ashmore Code of Ethics shall be deemed an amendment to Section 1-A of this Code effective 14 days after written notice of such amendment shall have been received by the Chairman of the Board of the Funds, unless the Trustees of the Funds expressly determine that such amendment shall become effective at an earlier or later date or shall not be adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Records</u>. The Trust shall maintain records in the manner and to the extent set forth below, which records may be maintained on microfilm under the conditions described in Rule 31a-2(f)(1) under the Investment Company Act and shall be available for examination by representatives of the Securities and Exchange Commission.

(1) A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place;

(2) A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

(3) A copy of each report made by an officer or Trustee pursuant to this Code shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

(4) A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code shall be maintained in an easily accessible place; and

(5) To the extent any record required to be kept by this section is also required to be kept by the Manager pursuant to the Ashmore Code of Ethics, the Manager shall maintain such record on behalf of the Trust as well.

C. <u>Confidentiality</u>. All reports of securities transactions and any other information filed with the Trust pursuant to this Code shall be treated as confidential, but are subject to review as provided herein and by personnel of the Securities and Exchange Commission.

D. <u>Interpretation of Provisions</u>. The Trustees of the Trust may from time to time adopt such interpretations of this Code as they deem appropriate.

E. <u>Delegation by Chairman of the Board</u>. The Chairman of the Board of the Trust may from time to time delegate any or all of his responsibilities under this Code, either generally or as to specific instances, to such officer or Trustee of the Trust as he may designate.

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Dated: July 18, 2014

(Reviewed December 2025)

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## Exhibit 99.906

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
I, George Grunebaum, President/Chief Executive Officer of Ashmore Funds (the "Registrant"), certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025 (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.

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| | |
|:---|:---|
| Date: December 30, 2025  | <u>/s/ George Grunebaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | George Grunebaum, President and Chief Executive Officer  |
|  | (Chief Executive Officer)  |

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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, Treasurer/Chief Financial and Accounting Officer of Ashmore Funds (the "Registrant"), certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025 (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.

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| | |
|:---|:---|
| Date: December 30, 2025  | <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, Treasurer  |
|  | (Chief Financial and Accounting 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

#### Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
I, George Grunebaum, 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.

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| | |
|:---|:---|
| Date: December 30, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ George Grunebaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George Grunebaum, President and Chief <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Officer  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer)  |

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EX-99.CERT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

I, Taurai Sigauke, 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: December 30, 2025  | <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, Treasurer  |
|  | (Principal Financial and Accounting Officer)  |

---

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