# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0001145549-25-043625
**Filing Date:** 2025-6
**Character Count:** 1054917
**Document Hash:** 8e2532fab53edee7731143e2bb5b33b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-043625.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001145549-25-043625

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22468
- **FILM NUMBER:** 251084539

**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:

#### April 30, 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_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Total Return Fund (Class A/EMKAX) | $72 | 1.43% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$76897017 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;427 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929929.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Total Return Fund

### Class C/EMKCX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Total Return Fund (Class C/EMKCX) | $109 | 2.18% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$76897017 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;427 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929954.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Total Return Fund

### Institutional Class/EMKIX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Total Return Fund (Institutional Class/EMKIX) | $59 | 1.18% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$76897017 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;427 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929882.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Local Currency Bond Fund

### Class A/ELBAX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Local Currency Bond Fund (Class A/ELBAX) | $54 | 1.06% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9353962 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929809.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Local Currency Bond Fund

### Class C/ELBCX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Local Currency Bond Fund (Class C/ELBCX) | $89 | 1.77% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9353962 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929857.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Local Currency Bond Fund

### Institutional Class/ELBIX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

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

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9353962 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929785.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Corporate Income Fund

### Class A/ECDAX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Corporate Income Fund (Class A/ECDAX) | $64 | 1.28% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$21073929 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929713.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929718.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Corporate Income Fund

### Class C/ECDCX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Corporate Income Fund (Class C/ECDCX) | $101 | 2.03% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$21073929 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929737.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929732.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Corporate Income Fund

### Institutional Class/EMCIX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Corporate Income Fund (Institutional Class/EMCIX) | $51 | 1.03% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$21073929 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929665.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929660.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Short Duration Fund

### Class A/ESFAX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Short Duration Fund (Class A/ESFAX) | $74 | 1.48% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$32730462 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929497.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929502.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Short Duration Fund

### Class C/ESFCX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Short Duration Fund (Class C/ESFCX) | $112 | 2.24% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$32730462 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929521.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929516.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Short Duration Fund

### Institutional Class/ESFIX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Short Duration Fund (Institutional Class/ESFIX) | $62 | 1.24% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$32730462 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929449.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929444.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Active Equity Fund

### Class A/EMQAX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Active Equity Fund (Class A/EMQAX) | $65 | 1.31% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$22501599 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Al Rajhi Bank | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. GDR | 2.1% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929593.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929588.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Active Equity Fund

### Class C/EMQCX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Active Equity Fund (Class C/EMQCX) | $100 | 2.02% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$22501599 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Al Rajhi Bank | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. GDR | 2.1% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929641.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929646.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Active Equity Fund

### Institutional Class/EMQIX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Active Equity Fund (Institutional Class/EMQIX) | $53 | 1.06% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$22501599 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Al Rajhi Bank | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. GDR | 2.1% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929569.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929574.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Small-Cap Equity Fund

### Class A/ESSAX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Small-Cap Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Small-Cap Equity Fund (Class A/ESSAX) | $76 | 1.56% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$4958199 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My EG Services Bhd. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gudeng Precision Industrial Co. Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Systems S.A. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;WinWay Technology Co. Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Gemmological Institute India Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinik Co. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Krishna Institute of Medical Sciences Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eris Lifesciences Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | 2.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929281.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929286.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Small-Cap Equity Fund

### Class C/ESSCX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Small-Cap Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Small-Cap Equity Fund (Class C/ESSCX) | $113 | 2.31% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$4958199 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My EG Services Bhd. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gudeng Precision Industrial Co. Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Systems S.A. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;WinWay Technology Co. Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Gemmological Institute India Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinik Co. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Krishna Institute of Medical Sciences Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eris Lifesciences Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | 2.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929305.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929300.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Small-Cap Equity Fund

### Institutional Class/ESCIX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Small-Cap Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Small-Cap Equity Fund (Institutional Class/ESCIX) | $64 | 1.31% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$4958199 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My EG Services Bhd. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gudeng Precision Industrial Co. Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Systems S.A. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;WinWay Technology Co. Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Gemmological Institute India Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinik Co. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Krishna Institute of Medical Sciences Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eris Lifesciences Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | 2.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929233.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929228.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Frontier Equity Fund

### Class A/EFEAX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Frontier Equity Fund (Class A/EFEAX) | $91 | 1.81% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$91182524 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR (Registered) | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banca Transilvania S.A. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank of Kuwait S.A.K.P. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;FPT Corp. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qatar National Bank QPSC | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doha Bank QPSC | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attijariwafa Bank | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR (Registered) | 3.0% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929161.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929156.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Frontier Equity Fund

### Class C/EFECX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Frontier Equity Fund (Class C/EFECX) | $128 | 2.56% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$91182524 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR (Registered) | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banca Transilvania S.A. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank of Kuwait S.A.K.P. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;FPT Corp. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qatar National Bank QPSC | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doha Bank QPSC | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attijariwafa Bank | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR (Registered) | 3.0% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929209.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929214.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Frontier Equity Fund

### Institutional Class/EFEIX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Frontier Equity Fund (Institutional Class/EFEIX) | $78 | 1.56% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$91182524 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR (Registered) | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banca Transilvania S.A. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank of Kuwait S.A.K.P. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;FPT Corp. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qatar National Bank QPSC | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doha Bank QPSC | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attijariwafa Bank | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR (Registered) | 3.0% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929137.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929142.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity Fund

### Class A/EMEAX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity Fund (Class A/EMEAX) | $64 | 1.31% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$164310137 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, Class B | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR (Registered) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 2.1% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929377.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929372.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity Fund

### Class C/EMECX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity Fund (Class C/EMECX) | $101 | 2.06% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$164310137 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, Class B | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR (Registered) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 2.1% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929425.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929430.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity Fund

### Institutional Class/EMFIX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity Fund (Institutional Class/EMFIX) | $52 | 1.06% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$164310137 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, Class B | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR (Registered) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 2.1% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2929353.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2929358.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity ESG Fund

### Class A/ESAGX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity ESG Fund (Class A/ESAGX) | $62 | 1.27% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$12515977 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, Class B | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Proya Cosmetics Co. Ltd., Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2930001.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2930006.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity ESG Fund

### Class C/ESCGX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity ESG Fund (Class C/ESCGX) | $99 | 2.02% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$12515977 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, Class B | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Proya Cosmetics Co. Ltd., Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2930026.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2930021.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity ESG Fund

### Institutional Class/ESIGX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity ESG Fund (Institutional Class/ESIGX) | $52 | 1.06% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$12515977 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, Class B | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Proya Cosmetics Co. Ltd., Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2930073.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2930078.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Debt Fund

### Class A/IGAEX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Debt Fund (Class A/IGAEX) | $46 | 0.92% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$19382859 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;137 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2930098.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Debt Fund

### Class C/IGCEX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Debt Fund (Class C/IGCEX) | $83 | 1.67% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$19382859 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;137 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2930145.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Debt Fund

### Institutional Class/IGIEX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Debt Fund (Institutional Class/IGIEX) | $37 | 0.74% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$19382859 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;137 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2930170.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity ex China Fund

### Class A/EMXAX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity ex China Fund (Class A/EMXAX) | $62 | 1.27% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7212335 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR (Registered) | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. GDR (Registered) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 2.5% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2930217.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2930222.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity ex China Fund

### Class C/EMXCX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity ex China Fund (Class C/EMXCX) | $98 | 2.02% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7212335 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR (Registered) | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. GDR (Registered) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 2.5% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2930242.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2930237.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity ex China Fund

### Institutional Class/EMXIX
![TSR - Logo](images_7269.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund ("Fund") for the period of November 1, 2024 to April 30, 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 six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity ex China Fund (Institutional Class/EMXIX) | $52 | 1.06% |

---

Key Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7212335 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR (Registered) | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. GDR (Registered) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 2.5% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2930289.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2930294.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 2. Code of Ethics.**

Not applicable for this reporting period.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 3. Audit Committee Financial Expert.**

Not applicable for this reporting period.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 4. Principal Accountant Fees and Services.**

Not applicable for this reporting period.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 6. Investments.**

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

(b) Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) The Financial Statements are filed herewith.

(b) The Financial Highlights are filed herewith.

------

ASHMORE FUNDS

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

April 30, 2025

![](img22ec32231.gif)

------

ASHMORE FUNDS

#### **TABLE OF CONTENTS**

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Page** |
| [FINANCIAL STATEMENTS:](#xx_fdf87dbb-e76f-4ae2-a5b0-de53bc1cd712_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_83a92a58-cc9b-4133-bb64-0b9aeebfba02_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_63b80bcc-cc12-450c-9ccd-fc9cc2dd788e_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_4098e5d6-48e7-43d6-95b9-c50c4679121a_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_4098e5d6-48e7-43d6-95b9-c50c4679121a_5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of Investments](#xx_c3d05405-9350-4e70-b302-02237fc9de06_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_c3d05405-9350-4e70-b302-02237fc9de06_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_c3d05405-9350-4e70-b302-02237fc9de06_18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Corporate Income Fund](#xx_c3d05405-9350-4e70-b302-02237fc9de06_28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Short Duration Fund](#xx_c3d05405-9350-4e70-b302-02237fc9de06_38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Active Equity Fund](#xx_c3d05405-9350-4e70-b302-02237fc9de06_43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Small-Cap Equity Fund](#xx_c3d05405-9350-4e70-b302-02237fc9de06_47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Frontier Equity Fund](#xx_c3d05405-9350-4e70-b302-02237fc9de06_52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Equity Fund](#xx_c3d05405-9350-4e70-b302-02237fc9de06_56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Equity ESG Fund](#xx_c3d05405-9350-4e70-b302-02237fc9de06_60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Debt Fund](#xx_c3d05405-9350-4e70-b302-02237fc9de06_64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Equity ex China Fund](#xx_c3d05405-9350-4e70-b302-02237fc9de06_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_d132d82f-8076-45e1-a3a8-7fe3492d592e_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Supplementary Information](#xx_08c3568e-971b-49a8-81ed-c488c26fd0c7_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_bf73b59f-cfe8-42f5-b178-2fd040d6108f_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures for Open-End Management Investment Companies](#xx_46f603e1-6d3b-41d7-b3e7-896396e99fea_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_961341ce-4767-405f-866e-369732a4554e_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Information](#xx_d5e3d3fa-8b97-42ca-b631-094bf606aea1_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |

---

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

(This page intentionally left blank)

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### STATEMENTS OF ASSETS AND LIABILITIES
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Ashmore<br> Emerging<br> Markets<br> Total Return<br> Fund | &nbsp;&nbsp;Ashmore<br> Emerging<br> Markets<br> Local Currency<br> Bond Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Corporate Income Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Short Duration Fund |
| **ASSETS:** |  |  |  |  |
| Investments in securities, at value | &nbsp;&nbsp;$75906587 | &nbsp;&nbsp;$9018050 | &nbsp;&nbsp;$20353001 | &nbsp;&nbsp;$32877834 |
| Deposits with broker for forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;112621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320390 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Variation margin receivable on 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on interest rate 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;&nbsp;&nbsp;&nbsp;&nbsp;4157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;86036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;149281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;30983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15156 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243790 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79008369** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9498394** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21203192** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33457175** |
| **LIABILITIES:** |  |  |  |  |
| Cash overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Variation margin payable on centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;265543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594144 |
| Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27639 |
| Due to broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;63559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16977 |
| Trustees' fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042 |
| 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;2410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 |
| Custody fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 |
| Professional fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70828 |
| Regulatory fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 |
| Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8667 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2111352** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**144432** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**129263** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**726713** |
| **Net Assets** | &nbsp;&nbsp;**$76897017** | &nbsp;&nbsp;**$9353962** | &nbsp;&nbsp;**$21073929** | &nbsp;&nbsp;**$32730462** |
| **NET ASSETS:** |  |  |  |  |
| Paid in capital | &nbsp;&nbsp;$550994034 | &nbsp;&nbsp;$10469445 | &nbsp;&nbsp;$186015461 | &nbsp;&nbsp;$442380338 |
| Distributable earnings/(Accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;(474097017) | &nbsp;&nbsp;&nbsp;&nbsp;(1115483) | &nbsp;&nbsp;&nbsp;&nbsp;(164941532) | &nbsp;&nbsp;&nbsp;&nbsp;(409649876) |
| **Net Assets** | &nbsp;&nbsp;**$76897017** | &nbsp;&nbsp;**$9353962** | &nbsp;&nbsp;**$21073929** | &nbsp;&nbsp;**$32730462** |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp;$1332717 | &nbsp;&nbsp;$253855 | &nbsp;&nbsp;$2630681 | &nbsp;&nbsp;$1497123 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119774 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75162690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9095254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17544202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31113565 |
| **Shares Issued and Outstanding (no par value, unlimited shares authorized):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305708 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25622 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15179854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6469339 |
| **Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding):** |  |  |  |  |
| Class A | &nbsp;&nbsp;$4.88 | &nbsp;&nbsp;$6.36 | &nbsp;&nbsp;$5.41 | &nbsp;&nbsp;$4.90 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81 |
| **Cost of Investments in securities** | &nbsp;&nbsp;**$103890346** | &nbsp;&nbsp;**$9120221** | &nbsp;&nbsp;**$41067157** | &nbsp;&nbsp;**$56507402** |
| **Cost of foreign currency held** | &nbsp;&nbsp;**$(95943)** | &nbsp;&nbsp;**$24049** | &nbsp;&nbsp;**$63** | &nbsp;&nbsp;**$5** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| $21323800 | &nbsp;&nbsp;$4929508 | &nbsp;&nbsp;$87857899 | &nbsp;&nbsp;$162530423 | &nbsp;&nbsp;$12396710 | &nbsp;&nbsp;$19125481 | &nbsp;&nbsp;$6982077 |
| &nbsp;&nbsp;&nbsp;&nbsp;1740490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10291 |
| &nbsp;&nbsp;&nbsp;**23115217** | &nbsp;&nbsp;&nbsp;&nbsp;**5079158** | &nbsp;&nbsp;&nbsp;&nbsp;**92845785** | &nbsp;&nbsp;&nbsp;&nbsp;**164589761** | &nbsp;&nbsp;&nbsp;&nbsp;**12573034** | &nbsp;&nbsp;&nbsp;&nbsp;**19451405** | &nbsp;&nbsp;&nbsp;&nbsp;**7276663** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**613618** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**120959** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1663261** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**279624** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57057** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68546** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64328** |
| **$22501599** | &nbsp;&nbsp;**$4958199** | &nbsp;&nbsp;**$91182524** | &nbsp;&nbsp;**$164310137** | &nbsp;&nbsp;**$12515977** | &nbsp;&nbsp;**$19382859** | &nbsp;&nbsp;**$7212335** |
| $42441598 | &nbsp;&nbsp;$8064551 | &nbsp;&nbsp;$79128979 | &nbsp;&nbsp;$167818361 | &nbsp;&nbsp;$11980686 | &nbsp;&nbsp;$23046302 | &nbsp;&nbsp;$7526093 |
| &nbsp;&nbsp;(19939999) | &nbsp;&nbsp;&nbsp;&nbsp;(3106352) | &nbsp;&nbsp;&nbsp;&nbsp;12053545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3508224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535291 | &nbsp;&nbsp;&nbsp;&nbsp;(3663443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313758) |
| **$22501599** | &nbsp;&nbsp;**$4958199** | &nbsp;&nbsp;**$91182524** | &nbsp;&nbsp;**$164310137** | &nbsp;&nbsp;**$12515977** | &nbsp;&nbsp;**$19382859** | &nbsp;&nbsp;**$7212335** |
| $39946 | &nbsp;&nbsp;$341800 | &nbsp;&nbsp;$2550151 | &nbsp;&nbsp;$32860445 | &nbsp;&nbsp;$1237 | &nbsp;&nbsp;$963 | &nbsp;&nbsp;$716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 |
| &nbsp;&nbsp;&nbsp;22460236 | &nbsp;&nbsp;&nbsp;&nbsp;4599707 | &nbsp;&nbsp;&nbsp;&nbsp;88308256 | &nbsp;&nbsp;&nbsp;&nbsp;131384257 | &nbsp;&nbsp;&nbsp;&nbsp;12513544 | &nbsp;&nbsp;&nbsp;&nbsp;19380958 | &nbsp;&nbsp;&nbsp;&nbsp;7210921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874561 | &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;118 | &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;1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6225 | &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;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;2766463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6906794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11929365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752630 |
| $8.02 | &nbsp;&nbsp;$13.38 | &nbsp;&nbsp;$10.87 | &nbsp;&nbsp;$11.43 | &nbsp;&nbsp;$10.59 | &nbsp;&nbsp;$8.18 | &nbsp;&nbsp;$9.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58 |
| **$20516236** | &nbsp;&nbsp;**$4828728** | &nbsp;&nbsp;**$79395339** | &nbsp;&nbsp;**$151025061** | &nbsp;&nbsp;**$10744946** | &nbsp;&nbsp;**$19394929** | &nbsp;&nbsp;**$6981610** |
| **$22898** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$138666** | &nbsp;&nbsp;**$68484** | &nbsp;&nbsp;**$139** | &nbsp;&nbsp;**$1191** | &nbsp;&nbsp;**$1918** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### STATEMENTS OF OPERATIONS
*For the Six Month Period Ended April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Ashmore<br> Emerging<br> Markets<br> Total Return<br> Fund | &nbsp;&nbsp;Ashmore<br> Emerging<br> Markets<br> Local Currency<br> Bond Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Corporate Income Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Short Duration Fund |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest, net of foreign tax withholdings\* | &nbsp;&nbsp;$3132885 | &nbsp;&nbsp;$344806 | &nbsp;&nbsp;$889387 | &nbsp;&nbsp;$718581 |
| Dividends, net of foreign tax withholdings\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp;**3132885** | &nbsp;&nbsp;&nbsp;&nbsp;**344806** | &nbsp;&nbsp;&nbsp;&nbsp;**889387** | &nbsp;&nbsp;&nbsp;&nbsp;**718581** |
| **EXPENSES:** |  |  |  |  |
| Investment Manager fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33852 | &nbsp;&nbsp;&nbsp;&nbsp;101472 | &nbsp;&nbsp;&nbsp;&nbsp;102296 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6061 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60103 | &nbsp;&nbsp;&nbsp;&nbsp;128688 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8483 |
| Offering expenses and registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22842 |
| Insurance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605 |
| Distribution and servicing fees - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974 |
| Distribution and servicing fees - Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 |
| Regulatory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10111 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**721048** | &nbsp;&nbsp;&nbsp;&nbsp;**125149** | &nbsp;&nbsp;&nbsp;&nbsp;**233083** | &nbsp;&nbsp;&nbsp;&nbsp;**291695** |
| Less expenses reimbursed by the Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;(204257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88385) | &nbsp;&nbsp;&nbsp;&nbsp;(101907) | &nbsp;&nbsp;&nbsp;&nbsp;(94456) |
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**516791** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36764** | &nbsp;&nbsp;&nbsp;&nbsp;**131176** | &nbsp;&nbsp;&nbsp;&nbsp;**197239** |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**2616094** | &nbsp;&nbsp;&nbsp;&nbsp;**308042** | &nbsp;&nbsp;&nbsp;&nbsp;**758211** | &nbsp;&nbsp;&nbsp;&nbsp;**521342** |
| **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 $10,115, $(334), $-, $-, $(89), $50,819, $(23444), $(281), $(1), $-, and $-, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21014) | &nbsp;&nbsp;&nbsp;&nbsp;(647730) | &nbsp;&nbsp;&nbsp;&nbsp;203811 |
| &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;(22689) | &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;(199277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1581) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange transactions | &nbsp;&nbsp;&nbsp;&nbsp;(529260) | &nbsp;&nbsp;&nbsp;&nbsp;(108108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**(169035)** | &nbsp;&nbsp;&nbsp;&nbsp;**(120283)** | &nbsp;&nbsp;&nbsp;&nbsp;**(682075)** | &nbsp;&nbsp;&nbsp;&nbsp;**202474** |
| **NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-, $-, $-, $12,969, $21,795, $(38531), $(1758), $(1333), $-, and $(1970), respectively) | &nbsp;&nbsp;&nbsp;&nbsp;(293184) | &nbsp;&nbsp;&nbsp;&nbsp;168613 | &nbsp;&nbsp;&nbsp;&nbsp;246504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71569 |
| &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;28669 | &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;132818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32113 | &nbsp;&nbsp;&nbsp;&nbsp;&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;15141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| **Change in Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**(106046)** | &nbsp;&nbsp;&nbsp;&nbsp;**191699** | &nbsp;&nbsp;&nbsp;&nbsp;**278545** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**73145** |
| **Net Realized and Unrealized Gains (Losses)** | &nbsp;&nbsp;&nbsp;&nbsp;**(275081)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71416** | &nbsp;&nbsp;&nbsp;&nbsp;**(403530)** | &nbsp;&nbsp;&nbsp;&nbsp;**275619** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;**$2341013** | &nbsp;&nbsp;**$379458** | &nbsp;&nbsp;**$354681** | &nbsp;&nbsp;**$796961** |
| **\* Foreign Tax Withholdings** | &nbsp;&nbsp;**$15655** | &nbsp;&nbsp;**$6782** | &nbsp;&nbsp;**$2712** | &nbsp;&nbsp;**$4089** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_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 |
| $23858 | &nbsp;&nbsp;$784 | &nbsp;&nbsp;$74413 | &nbsp;&nbsp;$46629 | &nbsp;&nbsp;$4862 | &nbsp;&nbsp;$648152 | &nbsp;&nbsp;$3647 |
| &nbsp;&nbsp;&nbsp;&nbsp;222037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36033 | &nbsp;&nbsp;&nbsp;&nbsp;1656936 | &nbsp;&nbsp;&nbsp;&nbsp;1455664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81515 |
| &nbsp;&nbsp;&nbsp;&nbsp;**245895** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36817** | &nbsp;&nbsp;&nbsp;&nbsp;**1731349** | &nbsp;&nbsp;&nbsp;&nbsp;**1502293** | &nbsp;&nbsp;&nbsp;&nbsp;**104752** | &nbsp;&nbsp;&nbsp;&nbsp;**648152** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85162** |
| &nbsp;&nbsp;&nbsp;&nbsp;110092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &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;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8041 |
| &nbsp;&nbsp;&nbsp;&nbsp;**207175** | &nbsp;&nbsp;&nbsp;&nbsp;**115132** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**923199** | &nbsp;&nbsp;&nbsp;&nbsp;**1148703** | &nbsp;&nbsp;&nbsp;&nbsp;**126784** | &nbsp;&nbsp;&nbsp;&nbsp;**132722** | &nbsp;&nbsp;&nbsp;&nbsp;**159560** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61655) | &nbsp;&nbsp;&nbsp;&nbsp;(121694) |
| &nbsp;&nbsp;&nbsp;&nbsp;**116492** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46369** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**711918** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**882418** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65826** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71067** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37866** |
| &nbsp;&nbsp;&nbsp;&nbsp;**129403** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9552)** | &nbsp;&nbsp;&nbsp;&nbsp;**1019431** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**619875** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38926** | &nbsp;&nbsp;&nbsp;&nbsp;**577085** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47296** |
| &nbsp;&nbsp;&nbsp;1070999 | &nbsp;&nbsp;&nbsp;&nbsp;(357893) | &nbsp;&nbsp;&nbsp;&nbsp;4320912 | &nbsp;&nbsp;&nbsp;&nbsp;(1522177) | &nbsp;&nbsp;&nbsp;&nbsp;(247516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54852 | &nbsp;&nbsp;&nbsp;&nbsp;(251926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8457) |
| &nbsp;&nbsp;&nbsp;**1053936** | &nbsp;&nbsp;&nbsp;&nbsp;**(363788)** | &nbsp;&nbsp;&nbsp;&nbsp;**4283014** | &nbsp;&nbsp;&nbsp;&nbsp;**(1619213)** | &nbsp;&nbsp;&nbsp;&nbsp;**(252025)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47314** | &nbsp;&nbsp;&nbsp;&nbsp;**(260546)** |
| &nbsp;&nbsp;(1221051) | &nbsp;&nbsp;&nbsp;&nbsp;101392 | &nbsp;&nbsp;&nbsp;&nbsp;(3125383) | &nbsp;&nbsp;&nbsp;&nbsp;(1825957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90772) | &nbsp;&nbsp;&nbsp;&nbsp;(490528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258 | &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;(44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| &nbsp;&nbsp;**(1219738)** | &nbsp;&nbsp;&nbsp;&nbsp;**101621** | &nbsp;&nbsp;&nbsp;&nbsp;**(3132235)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1822699)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(90716)** | &nbsp;&nbsp;&nbsp;&nbsp;**(485292)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5220)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(165802)** | &nbsp;&nbsp;&nbsp;&nbsp;**(262167)** | &nbsp;&nbsp;&nbsp;&nbsp;**1150779** | &nbsp;&nbsp;&nbsp;&nbsp;**(3441912)** | &nbsp;&nbsp;&nbsp;&nbsp;**(342741)** | &nbsp;&nbsp;&nbsp;&nbsp;**(437978)** | &nbsp;&nbsp;&nbsp;&nbsp;**(265766)** |
| **$(36399)** | &nbsp;&nbsp;**$(271719)** | &nbsp;&nbsp;**$2170210** | &nbsp;&nbsp;**$(2822037)** | &nbsp;&nbsp;**$(303815)** | &nbsp;&nbsp;**$139107** | &nbsp;&nbsp;**$(218470)** |
| **$24609** | &nbsp;&nbsp;**$6045** | &nbsp;&nbsp;**$81267** | &nbsp;&nbsp;**$209097** | &nbsp;&nbsp;**$17723** | &nbsp;&nbsp;**$1768** | &nbsp;&nbsp;**$13138** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### STATEMENTS OF CHANGES IN NET ASSETS
*For the Six Month Period Ended April 30, 2025 (Unaudited) and the Fiscal Year Ended October 31, 2024*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;$2616094 | &nbsp;&nbsp;$10454500 | &nbsp;&nbsp;$308042 | &nbsp;&nbsp;$686203 | &nbsp;&nbsp;$758211 | &nbsp;&nbsp;$3066045 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169035) | &nbsp;&nbsp;&nbsp;&nbsp;(111501905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(682075) | &nbsp;&nbsp;&nbsp;&nbsp;(18184448) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106046) | &nbsp;&nbsp;&nbsp;&nbsp;146123079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278545 | &nbsp;&nbsp;&nbsp;&nbsp;22801689 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2341013** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45075674** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**379458** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**830467** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**354681** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7683286** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186248) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63203) |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2471926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7221276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(642865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2847338) |
| **Total Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2520715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7271920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(755702) | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;(132529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(967955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344415) | &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;(188579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279513) | &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;(16052051) | &nbsp;&nbsp;&nbsp;&nbsp;(393489305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239135) | &nbsp;&nbsp;&nbsp;&nbsp;(5148496) | &nbsp;&nbsp;&nbsp;&nbsp;(48885035) |
| **Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(16373159) | &nbsp;&nbsp;&nbsp;&nbsp;(393858543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160576) | &nbsp;&nbsp;&nbsp;&nbsp;(1203232) | &nbsp;&nbsp;&nbsp;&nbsp;(5772424) | &nbsp;&nbsp;&nbsp;&nbsp;(50299313) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**(16552861)** | &nbsp;&nbsp;&nbsp;&nbsp;**(359150554)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4822** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(957311)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6173445)** | &nbsp;&nbsp;&nbsp;&nbsp;**(45712816)** |
| **NET ASSETS:** |  |  |  |  |  |  |
| **Net Assets at the Beginning of period** | &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 period** | &nbsp;&nbsp;**$76897017** | &nbsp;&nbsp;**$93449878** | &nbsp;&nbsp;**$9353962** | &nbsp;&nbsp;**$9349140** | &nbsp;&nbsp;**$21073929** | &nbsp;&nbsp;**$27247374** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_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 |
| $521342 | &nbsp;&nbsp;$1875316 | &nbsp;&nbsp;$129403 | &nbsp;&nbsp;$312397 | &nbsp;&nbsp;$(9552) | &nbsp;&nbsp;$17776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202474 | &nbsp;&nbsp;&nbsp;&nbsp;(35105134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(642879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73145 | &nbsp;&nbsp;&nbsp;&nbsp;35737512 | &nbsp;&nbsp;&nbsp;&nbsp;(1219738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**796961** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2507694** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(36399)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5716093** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(271719)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2270175** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(634) | &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;(1864) | &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;(21) | &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;&nbsp;(617782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1964405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349675) | &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;&nbsp;(650840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2329417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350330) | &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;(237252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6708051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &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;15 | &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;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672902 | &nbsp;&nbsp;&nbsp;&nbsp;(21659966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249856 | &nbsp;&nbsp;&nbsp;&nbsp;(5719882) | &nbsp;&nbsp;&nbsp;&nbsp;(4885585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437457 | &nbsp;&nbsp;&nbsp;&nbsp;(28424222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249771 | &nbsp;&nbsp;&nbsp;&nbsp;(5728383) | &nbsp;&nbsp;&nbsp;&nbsp;(4951273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**583578** | &nbsp;&nbsp;&nbsp;&nbsp;**(28245945)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(136958)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(251178)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5251897)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1711922** |
| &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** |
| **$32730462** | &nbsp;&nbsp;**$32146884** | &nbsp;&nbsp;**$22501599** | &nbsp;&nbsp;**$22638557** | &nbsp;&nbsp;**$4958199** | &nbsp;&nbsp;**$10210096** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### STATEMENTS OF CHANGES IN NET ASSETS
*For the Six Month Period Ended April 30, 2025 (Unaudited) and the Fiscal Year Ended October 31, 2024*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;$1019431 | &nbsp;&nbsp;$1711291 | &nbsp;&nbsp;$619875 | &nbsp;&nbsp;$942011 | &nbsp;&nbsp;$38926 | &nbsp;&nbsp;$45032 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7211885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1619213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663642 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(3132235) | &nbsp;&nbsp;&nbsp;&nbsp;12760508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1822699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21491245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980497 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2170210** | &nbsp;&nbsp;&nbsp;&nbsp;**21683684** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2822037)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26677999** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(303815)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2689171** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139970) | &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;(4) | &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;(332) | &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;(165) | &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;— | &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;(302156) | &nbsp;&nbsp;&nbsp;&nbsp;(1889415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6273) |
| **Total Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310365) | &nbsp;&nbsp;&nbsp;&nbsp;(1952942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62251) | &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;(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;(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;(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;(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;&nbsp;&nbsp;162553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2581716) | &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;3 | &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;51049 | &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;165 | &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;&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;&nbsp;&nbsp;96199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6309158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15723050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43573 | &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;&nbsp;&nbsp;309801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5284276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43560784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43576 | &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;**2169646** | &nbsp;&nbsp;&nbsp;&nbsp;**26185555** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1754091** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69973072** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(322490)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2687309** |
| **NET ASSETS:** |  |  |  |  |  |  |
| **Net Assets at the Beginning of period** | &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 period** | &nbsp;&nbsp;**$91182524** | &nbsp;&nbsp;**$89012878** | &nbsp;&nbsp;**$164310137** | &nbsp;&nbsp;**$162556046** | &nbsp;&nbsp;**$12515977** | &nbsp;&nbsp;**$12838467** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_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<sup>1</sup> | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Equity ex China Fund<sup>1</sup> |
| 2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 |
| $577085 | &nbsp;&nbsp;$1137411 | &nbsp;&nbsp;$47296 | &nbsp;&nbsp;$24667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62995) |
| &nbsp;&nbsp;&nbsp;&nbsp;(485292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**139107** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3397699** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(218470)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(34589)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | &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;(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | &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;(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;(552870) | &nbsp;&nbsp;&nbsp;&nbsp;(1126327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26139) |
| &nbsp;&nbsp;&nbsp;&nbsp;(552920) | &nbsp;&nbsp;&nbsp;&nbsp;(1126430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &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;747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &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;731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24910 | &nbsp;&nbsp;&nbsp;&nbsp;7500737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24914 | &nbsp;&nbsp;&nbsp;&nbsp;7502215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(32847)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3066686** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(229148)** | &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;**—** |
| **$19382859** | &nbsp;&nbsp;**$19415706** | &nbsp;&nbsp;**$7212335** | &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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$4.89 | &nbsp;&nbsp;$4.55 | &nbsp;&nbsp;$4.32 | &nbsp;&nbsp;$6.60 | &nbsp;&nbsp;$6.80 | &nbsp;&nbsp;$7.54 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| **Net asset value at end of period** | &nbsp;&nbsp;$4.88 | &nbsp;&nbsp;$4.89 | &nbsp;&nbsp;$4.55 | &nbsp;&nbsp;$4.32 | &nbsp;&nbsp;$6.60 | &nbsp;&nbsp;$6.80 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.31)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1333 | &nbsp;&nbsp;$1467 | &nbsp;&nbsp;$1446 | &nbsp;&nbsp;$1920 | &nbsp;&nbsp;$5917 | &nbsp;&nbsp;$10377 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%<sup>5</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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42%<sup>5</sup> |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%<sup>5</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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>5</sup> |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%<sup>5</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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%<sup>5</sup> |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79%<sup>5</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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82%<sup>5</sup> |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;$4.54 | &nbsp;&nbsp;$4.30 | &nbsp;&nbsp;$6.58 | &nbsp;&nbsp;$6.78 | &nbsp;&nbsp;$7.53 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| **Net asset value at end of period** | &nbsp;&nbsp;$4.86 | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;$4.54 | &nbsp;&nbsp;$4.30 | &nbsp;&nbsp;$6.58 | &nbsp;&nbsp;$6.78 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;(6.09)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$401 | &nbsp;&nbsp;$593 | &nbsp;&nbsp;$815 | &nbsp;&nbsp;$1080 | &nbsp;&nbsp;$2386 | &nbsp;&nbsp;$3905 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;2.65%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17%<sup>6</sup> |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;2.18%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06%<sup>6</sup> |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;4.53%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01%<sup>6</sup> |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;5.00%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%<sup>6</sup> |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$4.96 | &nbsp;&nbsp;$4.62 | &nbsp;&nbsp;$4.38 | &nbsp;&nbsp;$6.70 | &nbsp;&nbsp;$6.90 | &nbsp;&nbsp;$7.65 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Net asset value at end of period** | &nbsp;&nbsp;$4.95 | &nbsp;&nbsp;$4.96 | &nbsp;&nbsp;$4.62 | &nbsp;&nbsp;$4.38 | &nbsp;&nbsp;$6.70 | &nbsp;&nbsp;$6.90 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.09)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$75163 | &nbsp;&nbsp;$91390 | &nbsp;&nbsp;$450339 | &nbsp;&nbsp;$488864 | &nbsp;&nbsp;$1216666 | &nbsp;&nbsp;$1229181 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>7</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%<sup>7</sup> |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%<sup>7</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07%<sup>7</sup> |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%<sup>7</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99%<sup>7</sup> |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.77%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%<sup>7</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%<sup>7</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> 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 $1,107, $740, $229, $3,181 and $5,146 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2021 and 2020, respectively. Expense ratios would have been lower by 0.16%, 0.05%, 0.01%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.16% 0.05%, 0.01%, 0.01% and 0.05% excluding these expenses.

<sup>6</sup> Ratios include legal expenses of $377, $357, $111, $1,113 and $1,990 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2021 and 2020, respectively. Expense ratios would have been lower by 0.16%, 0.05%, 0.01%, 0.01% and 0.04% and Net investment income ratios would have been higher by 0.16%, 0.05%, 0.01%, 0.01% and 0.04% excluding these expenses.

<sup>7</sup> Ratios include legal expenses of $68,755, $64,931, $59,051, $433,533 and $640,665 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2021 and 2020, respectively. Expense ratios would have been lower by 0.16%, 0.04%, 0.01%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.16%, 0.04%, 0.01%, 0.01% and 0.05% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$6.26 | &nbsp;&nbsp;$6.12 | &nbsp;&nbsp;$5.62 | &nbsp;&nbsp;$6.92 | &nbsp;&nbsp;$6.86 | &nbsp;&nbsp;$7.35 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Net asset value at end of period** | &nbsp;&nbsp;$6.36 | &nbsp;&nbsp;$6.26 | &nbsp;&nbsp;$6.12 | &nbsp;&nbsp;$5.62 | &nbsp;&nbsp;$6.92 | &nbsp;&nbsp;$6.86 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.17% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;(5.51)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$254 | &nbsp;&nbsp;$246 | &nbsp;&nbsp;$1197 | &nbsp;&nbsp;$1248 | &nbsp;&nbsp;$1592 | &nbsp;&nbsp;$1755 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;3.02%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;4.62%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;6.58%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$6.04 | &nbsp;&nbsp;$5.95 | &nbsp;&nbsp;$5.44 | &nbsp;&nbsp;$6.75 | &nbsp;&nbsp;$6.74 | &nbsp;&nbsp;$7.27 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| **Net asset value at end of period** | &nbsp;&nbsp;$6.11 | &nbsp;&nbsp;$6.04 | &nbsp;&nbsp;$5.95 | &nbsp;&nbsp;$5.44 | &nbsp;&nbsp;$6.75 | &nbsp;&nbsp;$6.74 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;7.36% | &nbsp;&nbsp;&nbsp;&nbsp;11.41% | &nbsp;&nbsp;&nbsp;&nbsp;(18.30)% | &nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;(6.25)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$5 | &nbsp;&nbsp;$5 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;$30 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;3.77% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;2.50% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;1.77% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;1.97% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;3.87% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;3.77% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;5.87% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;4.30% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$6.61 | &nbsp;&nbsp;$6.44 | &nbsp;&nbsp;$5.90 | &nbsp;&nbsp;$7.24 | &nbsp;&nbsp;$7.16 | &nbsp;&nbsp;$7.66 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| **Net asset value at end of period** | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$6.61 | &nbsp;&nbsp;$6.44 | &nbsp;&nbsp;$5.90 | &nbsp;&nbsp;$7.24 | &nbsp;&nbsp;$7.16 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.38)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$9095 | &nbsp;&nbsp;$9098 | &nbsp;&nbsp;$9108 | &nbsp;&nbsp;$4131 | &nbsp;&nbsp;$6310 | &nbsp;&nbsp;$28257 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77%<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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%<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% | &nbsp;&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;4.87%<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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.83%<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;&nbsp;&nbsp;&nbsp;5.28% |

---

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

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

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

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

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

<sup>5</sup> Ratios include legal expenses of $45 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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.

<sup>6</sup> Ratios include legal expenses of $1,638 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$5.52 | &nbsp;&nbsp;$5.14 | &nbsp;&nbsp;$4.96 | &nbsp;&nbsp;$7.53 | &nbsp;&nbsp;$7.53 | &nbsp;&nbsp;$7.92 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33<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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| 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;— | &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;(—)<sup>2</sup> |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| **Net asset value at end of period** | &nbsp;&nbsp;$5.41 | &nbsp;&nbsp;$5.52 | &nbsp;&nbsp;$5.14 | &nbsp;&nbsp;$4.96 | &nbsp;&nbsp;$7.53 | &nbsp;&nbsp;$7.53 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$2631 | &nbsp;&nbsp;$3024 | &nbsp;&nbsp;$3779 | &nbsp;&nbsp;$4742 | &nbsp;&nbsp;$11153 | &nbsp;&nbsp;$11198 |
| **Ratios to average net assets:<sup>5</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% |
| Expenses after reimbursements<sup>6</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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76% |
| Net investment income after reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$5.50 | &nbsp;&nbsp;$5.12 | &nbsp;&nbsp;$4.95 | &nbsp;&nbsp;$7.52 | &nbsp;&nbsp;$7.51 | &nbsp;&nbsp;$7.91 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.29<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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| 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;— | &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;(—)<sup>2</sup> |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| **Net asset value at end of period** | &nbsp;&nbsp;$5.40 | &nbsp;&nbsp;$5.50 | &nbsp;&nbsp;$5.12 | &nbsp;&nbsp;$4.95 | &nbsp;&nbsp;$7.52 | &nbsp;&nbsp;$7.51 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;(0.01)% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$899 | &nbsp;&nbsp;$1195 | &nbsp;&nbsp;$1492 | &nbsp;&nbsp;$1782 | &nbsp;&nbsp;$5762 | &nbsp;&nbsp;$7466 |
| **Ratios to average net assets:<sup>5</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.88% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% |
| Expenses after reimbursements<sup>7</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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.49% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% |
| Net investment income after reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.34% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;$5.36 | &nbsp;&nbsp;$5.17 | &nbsp;&nbsp;$7.85 | &nbsp;&nbsp;$7.84 | &nbsp;&nbsp;$8.25 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &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) | &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;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>2</sup> |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| **Net asset value at end of period** | &nbsp;&nbsp;$5.64 | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;$5.36 | &nbsp;&nbsp;$5.17 | &nbsp;&nbsp;$7.85 | &nbsp;&nbsp;$7.84 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$17544 | &nbsp;&nbsp;$23028 | &nbsp;&nbsp;$67689 | &nbsp;&nbsp;$86347 | &nbsp;&nbsp;$277188 | &nbsp;&nbsp;$261307 |
| **Ratios to average net assets:<sup>5</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| Expenses after reimbursements<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% |
| Net investment income after reimbursements<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11% |

---

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

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

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

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

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

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

<sup>6</sup> Ratios include legal expenses of $2,231, $1,526, $770, $63, $1,438 and $6,538 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the years October 31, 2024, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.16%, 0.04%, 0.02%, 0.12%, 0.01% and 0.05% and Net Investment Income ratios would have been higher by 0.16%, 0.04%, 0.02%, 0.07%, 0.01% and 0.05% excluding these expenses.

<sup>7</sup> Ratios include legal expenses of $789, $600, $298, $79, $756 and $4,394 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.16%, 0.04%, 0.02%, 0.14%, 0.01% and 0.05% and Net Investment Income ratios would have been higher by 0.16%, 0.04%, 0.02%, 0.07%, 0.01% and 0.05% excluding these expenses.

<sup>8</sup> Ratios include legal expenses of $15,768, $19,803, $13,964, $3,742, $34,379 and $153,663 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the years October 31, 2024, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.16%, 0.04%, 0.02%, 0.14%, 0.01% and 0.04% and Net Investment Income ratios would have been higher by 0.16%, 0.04%, 0.02%, 0.07%, 0.01% and 0.04% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;$4.78 | &nbsp;&nbsp;$4.28 | &nbsp;&nbsp;$6.80 | &nbsp;&nbsp;$7.52 | &nbsp;&nbsp;$9.00 |
| **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;0.26<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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.46) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &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) | &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;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| **Net asset value at end of period** | &nbsp;&nbsp;$4.90 | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;$4.78 | &nbsp;&nbsp;$4.28 | &nbsp;&nbsp;$6.80 | &nbsp;&nbsp;$7.52 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58% | &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)% | &nbsp;&nbsp;&nbsp;&nbsp;(11.25)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1497 | &nbsp;&nbsp;$1728 | &nbsp;&nbsp;$8499 | &nbsp;&nbsp;$2975 | &nbsp;&nbsp;$6834 | &nbsp;&nbsp;$19865 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| Expenses after reimbursements<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07% |
| Net investment income after reimbursements<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$4.65 | &nbsp;&nbsp;$4.56 | &nbsp;&nbsp;$4.09 | &nbsp;&nbsp;$6.53 | &nbsp;&nbsp;$7.22 | &nbsp;&nbsp;$8.66 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.05<sup>1</sup> | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.45) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &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) | &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;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| **Net asset value at end of period** | &nbsp;&nbsp;$4.67 | &nbsp;&nbsp;$4.65 | &nbsp;&nbsp;$4.56 | &nbsp;&nbsp;$4.09 | &nbsp;&nbsp;$6.53 | &nbsp;&nbsp;$7.22 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;7.60% | &nbsp;&nbsp;&nbsp;&nbsp;21.32% | &nbsp;&nbsp;&nbsp;&nbsp;(32.29)% | &nbsp;&nbsp;&nbsp;&nbsp;(4.56)% | &nbsp;&nbsp;&nbsp;&nbsp;(12.05)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$120 | &nbsp;&nbsp;$117 | &nbsp;&nbsp;$171 | &nbsp;&nbsp;$291 | &nbsp;&nbsp;$1219 | &nbsp;&nbsp;$1572 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.84% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| Expenses after reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% |
| Net investment income after reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.32% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$4.79 | &nbsp;&nbsp;$4.69 | &nbsp;&nbsp;$4.20 | &nbsp;&nbsp;$6.69 | &nbsp;&nbsp;$7.40 | &nbsp;&nbsp;$8.83 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &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) | &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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;(0.10) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| **Net asset value at end of period** | &nbsp;&nbsp;$4.81 | &nbsp;&nbsp;$4.79 | &nbsp;&nbsp;$4.69 | &nbsp;&nbsp;$4.20 | &nbsp;&nbsp;$6.69 | &nbsp;&nbsp;$7.40 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.63% | &nbsp;&nbsp;&nbsp;&nbsp;(31.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.75)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.94)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$31113 | &nbsp;&nbsp;$30302 | &nbsp;&nbsp;$51723 | &nbsp;&nbsp;$52073 | &nbsp;&nbsp;$124954 | &nbsp;&nbsp;$441467 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| Expenses after reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.98% |
| Net investment income after reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10% |

---

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

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

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

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

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

<sup>5</sup> Ratios include legal expenses of $4,411, $7,502, $5,360, $(1101), $10,827 and $37,676 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and for the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.56% and 0.07%, higher by 0.03% and lower by 0.08% and 0.07% and Net Investment Income ratios would have been higher by 0.56% and 0.07%, lower by 0.03% and higher by 0.08% and 0.07% excluding these expenses.

<sup>6</sup> Ratios include legal expenses of $336, $276, $141, $(46), $1,388 and $2,841 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and for the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.57% and 0.07%, higher by 0.01% and lower by 0.09% and 0.16% and Net Investment Income ratios would have been higher by 0.57% and 0.07%, lower by 0.01% and higher by 0.09% and 0.16% excluding these expenses.

<sup>7</sup> Ratios include legal expenses of $84,485, $55,297, $34,017, $(12847), $182,441 and $835,457 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and for the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.57% and 0.07%, higher by 0.02% and lower by 0.08% and 0.12% and Net Investment Income ratios would have been higher by 0.57% and 0.07%, lower by 0.02% and higher by 0.08% and 0.12% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$8.17 | &nbsp;&nbsp;$6.48 | &nbsp;&nbsp;$6.11 | &nbsp;&nbsp;$12.55 | &nbsp;&nbsp;$11.08 | &nbsp;&nbsp;$10.46 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>1</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| 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;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| **Net asset value at end of period** | &nbsp;&nbsp;$8.02 | &nbsp;&nbsp;$8.17 | &nbsp;&nbsp;$6.48 | &nbsp;&nbsp;$6.11 | &nbsp;&nbsp;$12.55 | &nbsp;&nbsp;$11.08 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(0.25)% | &nbsp;&nbsp;&nbsp;&nbsp;27.22% | &nbsp;&nbsp;&nbsp;&nbsp;7.68% | &nbsp;&nbsp;&nbsp;&nbsp;(33.53)% | &nbsp;&nbsp;&nbsp;&nbsp;14.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$40 | &nbsp;&nbsp;$41 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;$804 | &nbsp;&nbsp;$1611 | &nbsp;&nbsp;$1616 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;2.13%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;1.31%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &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;0.11%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;(0.25)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;0.93%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$7.93 | &nbsp;&nbsp;$6.30 | &nbsp;&nbsp;$5.96 | &nbsp;&nbsp;$12.33 | &nbsp;&nbsp;$10.90 | &nbsp;&nbsp;$10.32 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1,6</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>6</sup> |
| 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;(3.07) | &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;(—)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$7.76 | &nbsp;&nbsp;$7.93 | &nbsp;&nbsp;$6.30 | &nbsp;&nbsp;$5.96 | &nbsp;&nbsp;$12.33 | &nbsp;&nbsp;$10.90 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(0.66)% | &nbsp;&nbsp;&nbsp;&nbsp;26.43% | &nbsp;&nbsp;&nbsp;&nbsp;6.89% | &nbsp;&nbsp;&nbsp;&nbsp;(34.05)% | &nbsp;&nbsp;&nbsp;&nbsp;13.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$2 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;2.98% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% |
| Expenses after reimbursements | &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% | &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;(0.75)% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;(0.30)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;0.21% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;(0.01)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$8.26 | &nbsp;&nbsp;$6.54 | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;$12.63 | &nbsp;&nbsp;$11.15 | &nbsp;&nbsp;$10.51 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>1</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &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) | &nbsp;&nbsp;&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;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &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;(0.13) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Net asset value at end of period** | &nbsp;&nbsp;$8.12 | &nbsp;&nbsp;$8.26 | &nbsp;&nbsp;$6.54 | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;$12.63 | &nbsp;&nbsp;$11.15 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$22460 | &nbsp;&nbsp;$22596 | &nbsp;&nbsp;$22849 | &nbsp;&nbsp;$75264 | &nbsp;&nbsp;$96417 | &nbsp;&nbsp;$80474 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%<sup>7</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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>7</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% | &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;0.35%<sup>7</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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%<sup>7</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;&nbsp;&nbsp;&nbsp;0.94% |

---

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

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

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

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

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

<sup>5</sup> Ratios include legal expenses of $7 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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.

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

<sup>7</sup> Ratios include legal expenses of $4,133 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_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** | **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;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$13.90 | &nbsp;&nbsp;$11.03 | &nbsp;&nbsp;$10.07 | &nbsp;&nbsp;$15.32 | &nbsp;&nbsp;$10.99 | &nbsp;&nbsp;$8.84 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)<sup>1</sup> | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 |
| 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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$13.38 | &nbsp;&nbsp;$13.90 | &nbsp;&nbsp;$11.03 | &nbsp;&nbsp;$10.07 | &nbsp;&nbsp;$15.32 | &nbsp;&nbsp;$10.99 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(3.08)% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;24.32% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$342 | &nbsp;&nbsp;$424 | &nbsp;&nbsp;$441 | &nbsp;&nbsp;$393 | &nbsp;&nbsp;$321 | &nbsp;&nbsp;$388 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67%<sup>5</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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%<sup>5</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% | &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;(2.57)%<sup>5</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)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.74)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.46)%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.14)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;(0.50)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.73)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_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** | **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;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$14.18 | &nbsp;&nbsp;$11.26 | &nbsp;&nbsp;$10.36 | &nbsp;&nbsp;$15.79 | &nbsp;&nbsp;$11.40 | &nbsp;&nbsp;$9.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;(0.08)<sup>1</sup> | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| 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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &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;&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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$13.62 | &nbsp;&nbsp;$14.18 | &nbsp;&nbsp;$11.26 | &nbsp;&nbsp;$10.36 | &nbsp;&nbsp;$15.79 | &nbsp;&nbsp;$11.40 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(3.45)% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;23.64% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$17 | &nbsp;&nbsp;$17 | &nbsp;&nbsp;$14 | &nbsp;&nbsp;$41 | &nbsp;&nbsp;$162 | &nbsp;&nbsp;$135 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44%<sup>6</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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31%<sup>6</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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% |
| **Net investment loss to average net assets:** |  |  |  |  |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(3.31)%<sup>6</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)% | &nbsp;&nbsp;&nbsp;&nbsp;(2.70)% |
| Net investment loss after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(1.18)%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.80)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.73)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.14)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.31)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_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** | **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;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$14.38 | &nbsp;&nbsp;$13.09 | &nbsp;&nbsp;$19.82 | &nbsp;&nbsp;$14.19 | &nbsp;&nbsp;$11.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02)<sup>1</sup> | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 |
| 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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$17.54 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$14.38 | &nbsp;&nbsp;$13.09 | &nbsp;&nbsp;$19.82 | &nbsp;&nbsp;$14.19 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(2.92)% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;24.58% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$4599 | &nbsp;&nbsp;$9769 | &nbsp;&nbsp;$8043 | &nbsp;&nbsp;$6237 | &nbsp;&nbsp;$10994 | &nbsp;&nbsp;$7419 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &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;(2.22)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.51)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.18)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.51)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.26)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.47)% |

---

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

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

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

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

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

<sup>5</sup> Ratios include legal expenses of $81 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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.

<sup>6</sup> Ratios include legal expenses of $3 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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.

<sup>7</sup> Ratios include legal expenses of $1,300 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$10.64 | &nbsp;&nbsp;$8.13 | &nbsp;&nbsp;$8.36 | &nbsp;&nbsp;$10.13 | &nbsp;&nbsp;$7.07 | &nbsp;&nbsp;$8.02 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11<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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)<sup>1</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.87 | &nbsp;&nbsp;$10.64 | &nbsp;&nbsp;$8.13 | &nbsp;&nbsp;$8.36 | &nbsp;&nbsp;$10.13 | &nbsp;&nbsp;$7.07 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;34.75% | &nbsp;&nbsp;&nbsp;&nbsp;(0.72)% | &nbsp;&nbsp;&nbsp;&nbsp;(15.92)% | &nbsp;&nbsp;&nbsp;&nbsp;44.20% | &nbsp;&nbsp;&nbsp;&nbsp;(11.47)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$2550 | &nbsp;&nbsp;$2337 | &nbsp;&nbsp;$1597 | &nbsp;&nbsp;$3018 | &nbsp;&nbsp;$2561 | &nbsp;&nbsp;$656 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&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;1.66%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;(0.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$10.15 | &nbsp;&nbsp;$7.78 | &nbsp;&nbsp;$8.03 | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;$6.82 | &nbsp;&nbsp;$7.80 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07<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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>1</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.36 | &nbsp;&nbsp;$10.15 | &nbsp;&nbsp;$7.78 | &nbsp;&nbsp;$8.03 | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;$6.82 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;33.73% | &nbsp;&nbsp;&nbsp;&nbsp;(1.51)% | &nbsp;&nbsp;&nbsp;&nbsp;(16.58)% | &nbsp;&nbsp;&nbsp;&nbsp;43.13% | &nbsp;&nbsp;&nbsp;&nbsp;(12.13)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$324 | &nbsp;&nbsp;$267 | &nbsp;&nbsp;$204 | &nbsp;&nbsp;$293 | &nbsp;&nbsp;$209 | &nbsp;&nbsp;$286 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&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;0.86%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.77)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;(0.40)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$12.50 | &nbsp;&nbsp;$9.50 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$11.77 | &nbsp;&nbsp;$8.20 | &nbsp;&nbsp;$9.32 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09<sup>1</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| **Net asset value at end of period** | &nbsp;&nbsp;$12.79 | &nbsp;&nbsp;$12.50 | &nbsp;&nbsp;$9.50 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$11.77 | &nbsp;&nbsp;$8.20 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;(11.17)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$88309 | &nbsp;&nbsp;$86409 | &nbsp;&nbsp;$61026 | &nbsp;&nbsp;$69320 | &nbsp;&nbsp;$77540 | &nbsp;&nbsp;$53053 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% |

---

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

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

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

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

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

<sup>5</sup> Ratios include legal expenses of $476 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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.

<sup>6</sup> Ratios include legal expenses of $58 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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.

<sup>7</sup> Ratios include legal expenses of $16,557 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$11.67 | &nbsp;&nbsp;$9.28 | &nbsp;&nbsp;$8.29 | &nbsp;&nbsp;$16.77 | &nbsp;&nbsp;$13.08 | &nbsp;&nbsp;$11.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &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;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Net asset value at end of period** | &nbsp;&nbsp;$11.43 | &nbsp;&nbsp;$11.67 | &nbsp;&nbsp;$9.28 | &nbsp;&nbsp;$8.29 | &nbsp;&nbsp;$16.77 | &nbsp;&nbsp;$13.08 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.66)% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;17.21% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$32861 | &nbsp;&nbsp;$36317 | &nbsp;&nbsp;$4469 | &nbsp;&nbsp;$3081 | &nbsp;&nbsp;$3872 | &nbsp;&nbsp;$1394 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &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;0.22%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;(0.48)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.42)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;(0.34)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$10.75 | &nbsp;&nbsp;$8.61 | &nbsp;&nbsp;$7.70 | &nbsp;&nbsp;$15.80 | &nbsp;&nbsp;$12.39 | &nbsp;&nbsp;$10.64 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &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> | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &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;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &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;— | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.51 | &nbsp;&nbsp;$10.75 | &nbsp;&nbsp;$8.61 | &nbsp;&nbsp;$7.70 | &nbsp;&nbsp;$15.80 | &nbsp;&nbsp;$12.39 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(1.98)% | &nbsp;&nbsp;&nbsp;&nbsp;24.90% | &nbsp;&nbsp;&nbsp;&nbsp;12.45% | &nbsp;&nbsp;&nbsp;&nbsp;(39.46)% | &nbsp;&nbsp;&nbsp;&nbsp;30.13% | &nbsp;&nbsp;&nbsp;&nbsp;16.45% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$65 | &nbsp;&nbsp;$67 | &nbsp;&nbsp;$70 | &nbsp;&nbsp;$105 | &nbsp;&nbsp;$107 | &nbsp;&nbsp;$2 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &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;(0.52)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.73)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;(1.11)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.22)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.19)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.27)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;(0.99)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.90)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2020** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$11.24 | &nbsp;&nbsp;$8.93 | &nbsp;&nbsp;$7.97 | &nbsp;&nbsp;$16.23 | &nbsp;&nbsp;$12.65 | &nbsp;&nbsp;$10.81 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &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;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| **Net asset value at end of period** | &nbsp;&nbsp;$11.01 | &nbsp;&nbsp;$11.24 | &nbsp;&nbsp;$8.93 | &nbsp;&nbsp;$7.97 | &nbsp;&nbsp;$16.23 | &nbsp;&nbsp;$12.65 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.65% | &nbsp;&nbsp;&nbsp;&nbsp;(38.85)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.41% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$131384 | &nbsp;&nbsp;$126172 | &nbsp;&nbsp;$88044 | &nbsp;&nbsp;$90921 | &nbsp;&nbsp;$116727 | &nbsp;&nbsp;$82385 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &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;0.51%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% |

---

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

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

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

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

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

<sup>5</sup> Ratios include legal expenses of $6,241 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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.

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

<sup>7</sup> Ratios include legal expenses of $12 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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.

<sup>8</sup> Ratios include legal expenses of $23,271 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Period Ended<br> October 31,<br> 2020<sup>1</sup>** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$10.89 | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$7.61 | &nbsp;&nbsp;$14.91 | &nbsp;&nbsp;$12.05 | &nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &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;(2.03) | &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;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.59 | &nbsp;&nbsp;$10.89 | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$7.61 | &nbsp;&nbsp;$14.91 | &nbsp;&nbsp;$12.05 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(2.44)% | &nbsp;&nbsp;&nbsp;&nbsp;26.09% | &nbsp;&nbsp;&nbsp;&nbsp;14.21% | &nbsp;&nbsp;&nbsp;&nbsp;(40.26)% | &nbsp;&nbsp;&nbsp;&nbsp;24.50% | &nbsp;&nbsp;&nbsp;&nbsp;20.50% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$1 |
| **Ratios to average net assets:<sup>5</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16% |
| 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% | &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;(0.87)% | &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)% | &nbsp;&nbsp;&nbsp;&nbsp;(2.89)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &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)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.15)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Period Ended<br> October 31,<br> 2020<sup>1</sup>** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$10.59 | &nbsp;&nbsp;$8.45 | &nbsp;&nbsp;$7.47 | &nbsp;&nbsp;$14.77 | &nbsp;&nbsp;$12.00 | &nbsp;&nbsp;$10.00 |
| **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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &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;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &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;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.29 | &nbsp;&nbsp;$10.59 | &nbsp;&nbsp;$8.45 | &nbsp;&nbsp;$7.47 | &nbsp;&nbsp;$14.77 | &nbsp;&nbsp;$12.00 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(2.83)% | &nbsp;&nbsp;&nbsp;&nbsp;25.33% | &nbsp;&nbsp;&nbsp;&nbsp;13.32% | &nbsp;&nbsp;&nbsp;&nbsp;(40.76)% | &nbsp;&nbsp;&nbsp;&nbsp;23.81% | &nbsp;&nbsp;&nbsp;&nbsp;20.00% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 |
| **Ratios to average net assets:<sup>5</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77% |
| 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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| **Net investment loss to average net assets:** |  |  |  |  |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(1.46)% | &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)% | &nbsp;&nbsp;&nbsp;&nbsp;(3.50)% |
| Net investment loss after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.54)% | &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)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.90)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Period Ended<br> October 31,<br> 2020<sup>1</sup>** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$10.99 | &nbsp;&nbsp;$8.69 | &nbsp;&nbsp;$7.65 | &nbsp;&nbsp;$14.96 | &nbsp;&nbsp;$12.06 | &nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>2</sup> |
| 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;— | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.67 | &nbsp;&nbsp;$10.99 | &nbsp;&nbsp;$8.69 | &nbsp;&nbsp;$7.65 | &nbsp;&nbsp;$14.96 | &nbsp;&nbsp;$12.06 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42)% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.60% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$12514 | &nbsp;&nbsp;$12836 | &nbsp;&nbsp;$10149 | &nbsp;&nbsp;$8884 | &nbsp;&nbsp;$15041 | &nbsp;&nbsp;$12062 |
| **Ratios to average net assets:<sup>5</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%<sup>6</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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68% |
| 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;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &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;(0.35)%<sup>6</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)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.41)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%<sup>6</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;&nbsp;&nbsp;&nbsp;0.10% |

---

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

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

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

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

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

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

<sup>6</sup> Ratios include legal expenses of $2,343 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Period Ended<br> October 31,<br> 2020<sup>1</sup>** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$8.35 | &nbsp;&nbsp;$7.34 | &nbsp;&nbsp;$7.52 | &nbsp;&nbsp;$9.90 | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;(0.03) | &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;(0.23) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Net asset value at end of period** | &nbsp;&nbsp;$8.18 | &nbsp;&nbsp;$8.35 | &nbsp;&nbsp;$7.34 | &nbsp;&nbsp;$7.52 | &nbsp;&nbsp;$9.90 | &nbsp;&nbsp;$9.85 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;20.72% | &nbsp;&nbsp;&nbsp;&nbsp;3.31% | &nbsp;&nbsp;&nbsp;&nbsp;(21.27)% | &nbsp;&nbsp;&nbsp;&nbsp;3.85% | &nbsp;&nbsp;&nbsp;&nbsp;(1.19)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% |
| Expenses after reimbursements | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment income (loss) before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;4.85% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;(1.27)% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;5.82% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Period Ended<br> October 31,<br> 2020<sup>1</sup>** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$8.35 | &nbsp;&nbsp;$7.34 | &nbsp;&nbsp;$7.52 | &nbsp;&nbsp;$9.90 | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;(0.03) | &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;(0.20) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Net asset value at end of period** | &nbsp;&nbsp;$8.18 | &nbsp;&nbsp;$8.35 | &nbsp;&nbsp;$7.34 | &nbsp;&nbsp;$7.52 | &nbsp;&nbsp;$9.90 | &nbsp;&nbsp;$9.85 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;19.82% | &nbsp;&nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp;&nbsp;(21.84)% | &nbsp;&nbsp;&nbsp;&nbsp;3.08% | &nbsp;&nbsp;&nbsp;&nbsp;(1.26)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;2.70% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62% |
| Expenses after reimbursements | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment income (loss) before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;4.18% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;(2.02)% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;5.21% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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** | &nbsp;&nbsp;**Period Ended<br> October 31,<br> 2020<sup>1</sup>** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$8.37 | &nbsp;&nbsp;$7.35 | &nbsp;&nbsp;$7.53 | &nbsp;&nbsp;$9.90 | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;— | &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;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Net asset value at end of period** | &nbsp;&nbsp;$8.19 | &nbsp;&nbsp;$8.37 | &nbsp;&nbsp;$7.35 | &nbsp;&nbsp;$7.53 | &nbsp;&nbsp;$9.90 | &nbsp;&nbsp;$9.85 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$19381 | &nbsp;&nbsp;$19414 | &nbsp;&nbsp;$16347 | &nbsp;&nbsp;$16042 | &nbsp;&nbsp;$20442 | &nbsp;&nbsp;$19757 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%<sup>5</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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>5</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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment income (loss) before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%<sup>5</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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92)% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11%<sup>5</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;&nbsp;&nbsp;&nbsp;2.79% |

---

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

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

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

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

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

<sup>5</sup> Ratios include legal expenses of $6,404 and $2,091 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the year ended October 31, 2024, respectively. Expense ratios would have been lower by 0.07% and 0.01% and Net Investment Income ratios would have been higher by 0.07% and 0.01% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_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;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Less distributions: |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &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;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Net asset value at end of period** | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$9.91 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(2.98)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.60)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &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;4.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% |
| Expenses after reimbursements | &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;(2.39)% | &nbsp;&nbsp;&nbsp;&nbsp;(2.49)% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_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;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Less distributions: |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &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;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Net asset value at end of period** | &nbsp;&nbsp;$9.52 | &nbsp;&nbsp;$9.89 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(3.37)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.87)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &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;5.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% |
| **Net investment income (loss) to average net assets:** |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(3.11)% | &nbsp;&nbsp;&nbsp;&nbsp;(3.56)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;(0.35)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_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;**Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | &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;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Less distributions: |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &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;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Net asset value at end of period** | &nbsp;&nbsp;$9.58 | &nbsp;&nbsp;$9.92 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(2.94)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.47)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$7210 | &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;4.46%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>5</sup> | &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;(2.08)%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.51)% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%<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 $1,353 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $727,248)** |  |  |  |  |
| Angola (Rep of), 8.750%, 04/14/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | $154062 | &nbsp;&nbsp;0.20 |
| Angola (Rep of), 9.375%, 05/08/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191885 | &nbsp;&nbsp;0.25 |
| Angola (Rep of), 9.125%, 11/26/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277236 | &nbsp;&nbsp;0.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**623183** | &nbsp;&nbsp;**0.81** |
| **Argentina (Cost $875,129)** |  |  |  |  |
| Argentina (Rep of), 1.000%, 07/09/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190215 | &nbsp;&nbsp;0.25 |
| Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/2030<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689453 | &nbsp;&nbsp;0.90 |
| Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365364 | &nbsp;&nbsp;0.47 |
| Argentina (Rep of), 5.000%, 01/09/2038<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222967 | &nbsp;&nbsp;0.29 |
| Argentina (Rep of), (Step to 4.875% on 07/09/29), 3.500%, 07/09/2041<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175552 | &nbsp;&nbsp;0.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1643551** | &nbsp;&nbsp;**2.14** |
| **Armenia (Cost $195,095)** |  |  |  |  |
| Armenia (Rep of), 6.750%, 03/12/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;0.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**188000** | &nbsp;&nbsp;**0.24** |
| **Azerbaijan (Cost $410,885)** |  |  |  |  |
| Southern Gas Corridor CJSC, 6.875%, 03/24/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398384 | &nbsp;&nbsp;0.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**398384** | &nbsp;&nbsp;**0.52** |
| **Bahrain (Cost $298,078)** |  |  |  |  |
| Bahrain (Rep of), 7.500%, 09/20/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312459 | &nbsp;&nbsp;0.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**312459** | &nbsp;&nbsp;**0.41** |
| **Benin (Cost $195,874)** |  |  |  |  |
| Benin (Rep of), 8.375%, 01/23/2041<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181250 | &nbsp;&nbsp;0.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**181250** | &nbsp;&nbsp;**0.24** |
| **Brazil (Cost $7,636,566)** |  |  |  |  |
| Brazil (Rep of), 6.000%, 04/07/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251625 | &nbsp;&nbsp;0.33 |
| Brazil (Rep of), 4.625%, 01/13/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238320 | &nbsp;&nbsp;0.31 |
| Brazil (Rep of), 6.125%, 03/15/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196200 | &nbsp;&nbsp;0.26 |
| Brazil (Rep of), 5.000%, 01/27/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210520 | &nbsp;&nbsp;0.27 |
| Brazil Letras do Tesouro Nacional, 0.000%, 07/01/2027<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;15224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034845 | &nbsp;&nbsp;2.65 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2028<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;6060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762068 | &nbsp;&nbsp;0.99 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2030<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;14558000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409642 | &nbsp;&nbsp;1.83 |
| Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;6476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078733 | &nbsp;&nbsp;1.40 |
| MC Brazil Downstream Trading S.a.r.l., 7.250%, 06/30/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213498 | &nbsp;&nbsp;0.28 |
| Oi S.A., (88% PIK), 8.500%, 12/31/2028<sup>3,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3323859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226022 | &nbsp;&nbsp;0.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6621473** | &nbsp;&nbsp;**8.61** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Bulgaria (Cost $23,100)** |  |  |  |  |
| Bulgaria (Rep of), 5.000%, 03/05/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | $23182 | &nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23182** | &nbsp;&nbsp;**0.03** |
| **Chile (Cost $2,166,573)** |  |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos, 6.000%, 04/01/2033<sup>3</sup> | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;370000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398593 | &nbsp;&nbsp;0.52 |
| Chile (Rep of), 4.950%, 01/05/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596287 | &nbsp;&nbsp;0.78 |
| Chile (Rep of), 3.100%, 05/07/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265500 | &nbsp;&nbsp;0.34 |
| Chile (Rep of), 3.100%, 01/22/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210232 | &nbsp;&nbsp;0.27 |
| Corp. Nacional del Cobre de Chile, 5.625%, 10/18/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220948 | &nbsp;&nbsp;0.29 |
| Empresa de Transporte de Pasajeros Metro S.A., 4.700%, 05/07/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227795 | &nbsp;&nbsp;0.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1919355** | &nbsp;&nbsp;**2.50** |
| **China (Cost $27,552,506)** |  |  |  |  |
| Central China Real Estate Ltd., 7.650%, 08/27/2023<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83600 | &nbsp;&nbsp;0.11 |
| Central China Real Estate Ltd., 7.900%, 11/07/2023<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84040 | &nbsp;&nbsp;0.11 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3666000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155805 | &nbsp;&nbsp;0.20 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70847 | &nbsp;&nbsp;0.09 |
| China (Rep of), 2.270%, 05/25/2034 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;6060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875888 | &nbsp;&nbsp;1.14 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>6,7</sup> |  | &nbsp;&nbsp;&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>6,7</sup> |  | &nbsp;&nbsp;&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>6</sup> |  | &nbsp;&nbsp;&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>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30898 | &nbsp;&nbsp;0.04 |
| Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/2021<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;4515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112875 | &nbsp;&nbsp;0.15 |
| Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;5635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140875 | &nbsp;&nbsp;0.18 |
| Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29725 | &nbsp;&nbsp;0.04 |
| Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59812 | &nbsp;&nbsp;0.08 |
| Kaisa Group Holdings Ltd., 8.500%, 06/30/2022<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148750 | &nbsp;&nbsp;0.19 |
| Kaisa Group Holdings Ltd., 10.875%, 07/23/2023<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106250 | &nbsp;&nbsp;0.14 |
| KWG Group Holdings Ltd., 6.000%, 01/14/2024<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;0.01 |
| Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264364 | &nbsp;&nbsp;0.34 |
| Sunac China Holdings Ltd., 6.000%, 09/30/2025<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27831 | &nbsp;&nbsp;0.04 |
| Sunac China Holdings Ltd., 6.250%, 09/30/2026<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28505 | &nbsp;&nbsp;0.04 |
| Sunac China Holdings Ltd., 6.500%, 09/30/2027<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27963 | &nbsp;&nbsp;0.04 |
| Sunac China Holdings Ltd., 6.750%, 09/30/2028<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44930 | &nbsp;&nbsp;0.06 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63758 | &nbsp;&nbsp;0.08 |
| Sunac China Holdings Ltd., 7.250%, 09/30/2030<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1446184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166311 | &nbsp;&nbsp;0.22 |
| Yuzhou Group Holdings Co. Ltd., 9.950%, 06/08/2023<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111650 | &nbsp;&nbsp;0.15 |
| Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/2023<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3962000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277340 | &nbsp;&nbsp;0.36 |
| Yuzhou Group Holdings Co. Ltd., 7.850%, 08/12/2026<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93100 | &nbsp;&nbsp;0.12 |
| Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/2027<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;0.03 |
| Zhenro Properties Group Ltd., 8.700%, 08/03/2022<sup>6,7</sup> |  | &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>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>6,7</sup> |  | &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;— |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Zhenro Properties Group Ltd., 8.300%, 09/15/2023<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3158000 | $7895 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 8.350%, 03/10/2024<sup>6,7</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>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8978 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 7.100%, 09/10/2024<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12337 | &nbsp;&nbsp;0.02 |
| Zhenro Properties Group Ltd., 7.350%, 02/05/2025<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21018 | &nbsp;&nbsp;0.03 |
| Zhenro Properties Group Ltd., 14.724%, 05/29/2025 |  | &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>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5782 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 6.700%, 08/04/2026<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5713000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15996 | &nbsp;&nbsp;0.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3305579** | &nbsp;&nbsp;**4.30** |
| **Colombia (Cost $1,753,680)** |  |  |  |  |
| Colombia (Rep of), 3.875%, 04/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284758 | &nbsp;&nbsp;0.37 |
| 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;178438 | &nbsp;&nbsp;0.23 |
| 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;224460 | &nbsp;&nbsp;0.29 |
| Colombian TES, 7.750%, 09/18/2030 | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;449400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92261 | &nbsp;&nbsp;0.12 |
| Colombian TES, 7.000%, 03/26/2031 | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;575200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110303 | &nbsp;&nbsp;0.15 |
| Colombian TES, 13.250%, 02/09/2033 | &nbsp;&nbsp;COP | &nbsp;&nbsp;1251100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315098 | &nbsp;&nbsp;0.41 |
| Colombian TES, 6.250%, 07/09/2036 | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;373400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56306 | &nbsp;&nbsp;0.07 |
| Colombian TES, 11.500%, 07/25/2046 | &nbsp;&nbsp;COP | &nbsp;&nbsp;1652400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351332 | &nbsp;&nbsp;0.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1612956** | &nbsp;&nbsp;**2.10** |
| **Costa Rica (Cost $395,249)** |  |  |  |  |
| 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;205893 | &nbsp;&nbsp;0.27 |
| Costa Rica (Rep of), 7.300%, 11/13/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202850 | &nbsp;&nbsp;0.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**408743** | &nbsp;&nbsp;**0.53** |
| **Czech Republic (Cost $3,069,478)** |  |  |  |  |
| Czech (Rep of), 0.950%, 05/15/2030 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65543 | &nbsp;&nbsp;0.09 |
| 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;333368 | &nbsp;&nbsp;0.43 |
| 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;170353 | &nbsp;&nbsp;0.22 |
| Czech (Rep of), 2.000%, 10/13/2033 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93953 | &nbsp;&nbsp;0.12 |
| 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;83043 | &nbsp;&nbsp;0.11 |
| Czech (Rep of), 4.200%, 12/04/2036 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142145 | &nbsp;&nbsp;0.18 |
| New World Resources N.V., 8.000%, 04/07/2020<sup>6,7,8</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>6,7,8</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;**888405** | &nbsp;&nbsp;**1.15** |
| **Dominican Republic (Cost $1,649,107)** |  |  |  |  |
| Dominican (Rep of), 6.000%, 07/19/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199584 | &nbsp;&nbsp;0.26 |
| Dominican (Rep of), 4.875%, 09/23/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575398 | &nbsp;&nbsp;0.75 |
| Dominican (Rep of), 5.300%, 01/21/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244718 | &nbsp;&nbsp;0.32 |
| Dominican (Rep of), 6.500%, 02/15/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204240 | &nbsp;&nbsp;0.27 |
| Dominican (Rep of), 6.400%, 06/05/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142584 | &nbsp;&nbsp;0.18 |
| Dominican (Rep of), 5.875%, 01/30/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247763 | &nbsp;&nbsp;0.32 |
| Dominican Republic Central Bank Notes, 13.000%, 01/30/2026 | &nbsp;&nbsp;DOP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57086 | &nbsp;&nbsp;0.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1671373** | &nbsp;&nbsp;**2.17** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Ecuador (Cost $244,370)** |  |  |  |  |
| Ecuador (Rep of), (Step to 6.900% on 07/31/25), 5.500%, 07/31/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296000 | $176934 | &nbsp;&nbsp;0.23 |
| Ecuador (Rep of), (Step to 5.500% on 07/31/26), 5.000%, 07/31/2040<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121720 | &nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**298654** | &nbsp;&nbsp;**0.39** |
| **Egypt (Cost $1,473,223)** |  |  |  |  |
| Egypt (Rep of), 6.588%, 02/21/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364549 | &nbsp;&nbsp;0.47 |
| Egypt (Rep of), 7.625%, 05/29/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201238 | &nbsp;&nbsp;0.26 |
| Egypt (Rep of), 8.500%, 01/31/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289075 | &nbsp;&nbsp;0.38 |
| Egypt (Rep of), 7.903%, 02/21/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239549 | &nbsp;&nbsp;0.31 |
| Egypt (Rep of), 8.700%, 03/01/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204925 | &nbsp;&nbsp;0.27 |
| Egypt (Rep of), 8.875%, 05/29/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154060 | &nbsp;&nbsp;0.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1453396** | &nbsp;&nbsp;**1.89** |
| **El Salvador (Cost $143,673)** |  |  |  |  |
| El Salvador (Rep of), 7.650%, 06/15/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47800 | &nbsp;&nbsp;0.06 |
| El Salvador (Rep of), 7.125%, 01/20/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119700 | &nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**167500** | &nbsp;&nbsp;**0.22** |
| **Ghana (Cost $853,668)** |  |  |  |  |
| Ghana (Rep of), 0.000%, 07/03/2026<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46090 | &nbsp;&nbsp;0.06 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2029<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236401 | &nbsp;&nbsp;0.31 |
| Ghana (Rep of), 0.000%, 01/03/2030<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75861 | &nbsp;&nbsp;0.10 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402570 | &nbsp;&nbsp;0.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**764912** | &nbsp;&nbsp;**0.99** |
| **Guatemala (Cost $299,376)** |  |  |  |  |
| Guatemala (Rep of), 6.125%, 06/01/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222951 | &nbsp;&nbsp;0.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**222951** | &nbsp;&nbsp;**0.29** |
| **Hungary (Cost $1,355,492)** |  |  |  |  |
| Hungary (Rep of), 6.750%, 10/22/2028 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;93410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265163 | &nbsp;&nbsp;0.34 |
| Hungary (Rep of), 2.125%, 09/22/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423473 | &nbsp;&nbsp;0.55 |
| Hungary (Rep of), 3.000%, 10/27/2038 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;71560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132014 | &nbsp;&nbsp;0.17 |
| Hungary (Rep of), 3.125%, 09/21/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229412 | &nbsp;&nbsp;0.30 |
| MFB Magyar Fejlesztesi Bank Zrt, 6.500%, 06/29/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205626 | &nbsp;&nbsp;0.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1255688** | &nbsp;&nbsp;**1.63** |
| **India (Cost $2,325,043)** |  |  |  |  |
| Export-Import Bank of India, 5.500%, 01/18/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276216 | &nbsp;&nbsp;0.36 |
| India (Rep of), 7.180%, 08/14/2033 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;32860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409473 | &nbsp;&nbsp;0.53 |
| India (Rep of), 7.540%, 05/23/2036 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;38740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497526 | &nbsp;&nbsp;0.65 |
| India (Rep of), 7.180%, 07/24/2037 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;70980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891306 | &nbsp;&nbsp;1.16 |
| India (Rep of), 7.360%, 09/12/2052 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;4480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56800 | &nbsp;&nbsp;0.07 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **India (continued)** |  |  |  |  |
| India (Rep of), 7.300%, 06/19/2053 | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22590000 | $284415 | &nbsp;&nbsp;0.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2415736** | &nbsp;&nbsp;**3.14** |
| **Indonesia (Cost $4,655,936)** |  |  |  |  |
| Indonesia (Rep of), 6.875%, 04/15/2029 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;1603000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97584 | &nbsp;&nbsp;0.13 |
| Indonesia (Rep of), 8.250%, 05/15/2029 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;4633000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295954 | &nbsp;&nbsp;0.38 |
| Indonesia (Rep of), 7.000%, 09/15/2030 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;3011000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184484 | &nbsp;&nbsp;0.24 |
| Indonesia (Rep of), 6.500%, 02/15/2031 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;1132000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67595 | &nbsp;&nbsp;0.09 |
| Indonesia (Rep of), 7.750%, 04/15/2031 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;2344000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147765 | &nbsp;&nbsp;0.19 |
| Indonesia (Rep of), 8.375%, 03/15/2034 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;2536000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167617 | &nbsp;&nbsp;0.22 |
| Indonesia (Rep of), 7.500%, 06/15/2035 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;4016000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252210 | &nbsp;&nbsp;0.33 |
| Indonesia (Rep of), 8.250%, 05/15/2036 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;1350000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89214 | &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;109800 | &nbsp;&nbsp;0.14 |
| 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;203575 | &nbsp;&nbsp;0.26 |
| Indonesia (Rep of), 7.500%, 05/15/2038 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;576000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36079 | &nbsp;&nbsp;0.05 |
| Indonesia (Rep of), 7.125%, 06/15/2038 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;3649000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222342 | &nbsp;&nbsp;0.29 |
| Indonesia (Rep of), 8.375%, 04/15/2039 | &nbsp;&nbsp;IDR | &nbsp;&nbsp;1774000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119040 | &nbsp;&nbsp;0.15 |
| 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;216089 | &nbsp;&nbsp;0.28 |
| Indonesia (Rep of), 5.250%, 01/08/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325458 | &nbsp;&nbsp;0.42 |
| 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;257040 | &nbsp;&nbsp;0.33 |
| Pertamina Persero PT, 6.000%, 05/03/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316169 | &nbsp;&nbsp;0.41 |
| 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;261261 | &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;196376 | &nbsp;&nbsp;0.26 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 05/15/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199914 | &nbsp;&nbsp;0.26 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192310 | &nbsp;&nbsp;0.25 |
| 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;275200 | &nbsp;&nbsp;0.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4233076** | &nbsp;&nbsp;**5.50** |
| **Ivory Coast (Cost $1,127,475)** |  |  |  |  |
| Ivory Coast (Rep of), 6.375%, 03/03/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353588 | &nbsp;&nbsp;0.46 |
| Ivory Coast (Rep of), 6.125%, 06/15/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439460 | &nbsp;&nbsp;0.57 |
| Ivory Coast (Rep of), 8.250%, 01/30/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284425 | &nbsp;&nbsp;0.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1077473** | &nbsp;&nbsp;**1.40** |
| **Kazakhstan (Cost $703,738)** |  |  |  |  |
| Kazakhstan (Rep of), 4.714%, 04/09/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278255 | &nbsp;&nbsp;0.36 |
| Kazakhstan (Rep of), 6.500%, 07/21/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303322 | &nbsp;&nbsp;0.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**581577** | &nbsp;&nbsp;**0.76** |
| **Kenya (Cost $154,773)** |  |  |  |  |
| Kenya (Rep of), 8.250%, 02/28/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149000 | &nbsp;&nbsp;0.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**149000** | &nbsp;&nbsp;**0.19** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Malaysia (Cost $3,761,488)** |  |  |  |  |
| Malaysia (Rep of), 3.519%, 04/20/2028 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;3881000 | $905762 | &nbsp;&nbsp;1.18 |
| Malaysia (Rep of), 4.504%, 04/30/2029 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;3012000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727382 | &nbsp;&nbsp;0.95 |
| Malaysia (Rep of), 3.582%, 07/15/2032 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279468 | &nbsp;&nbsp;0.36 |
| Malaysia (Rep of), 3.828%, 07/05/2034 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79042 | &nbsp;&nbsp;0.10 |
| Malaysia (Rep of), 4.254%, 05/31/2035 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162219 | &nbsp;&nbsp;0.21 |
| Malaysia (Rep of), 4.762%, 04/07/2037 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52133 | &nbsp;&nbsp;0.07 |
| Malaysia (Rep of), 4.054%, 04/18/2039 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;1742000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413304 | &nbsp;&nbsp;0.54 |
| Malaysia (Rep of), 4.696%, 10/15/2042 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41058 | &nbsp;&nbsp;0.05 |
| Malaysia (Rep of), 4.065%, 06/15/2050 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107039 | &nbsp;&nbsp;0.14 |
| Malaysia Government Investment Issue, 4.193%, 10/07/2032 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28593 | &nbsp;&nbsp;0.04 |
| Petronas Capital Ltd., 2.480%, 01/28/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174624 | &nbsp;&nbsp;0.23 |
| Petronas Capital Ltd., 4.550%, 04/21/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646030 | &nbsp;&nbsp;0.84 |
| Petronas Capital Ltd., 3.404%, 04/28/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242181 | &nbsp;&nbsp;0.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3858835** | &nbsp;&nbsp;**5.02** |
| **Mexico (Cost $5,334,203)** |  |  |  |  |
| Comision Federal de Electricidad, 3.875%, 07/26/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240462 | &nbsp;&nbsp;0.31 |
| Comision Federal de Electricidad, 6.450%, 01/24/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191448 | &nbsp;&nbsp;0.25 |
| Mexican Bonos, 8.500%, 05/31/2029 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;18760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949403 | &nbsp;&nbsp;1.24 |
| Mexican Bonos, 7.750%, 05/29/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;18840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905200 | &nbsp;&nbsp;1.18 |
| Mexican Bonos, 7.750%, 11/13/2042 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;9640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401463 | &nbsp;&nbsp;0.52 |
| Mexico (Rep of), 5.400%, 02/09/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216028 | &nbsp;&nbsp;0.28 |
| Mexico (Rep of), 6.338%, 05/04/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240572 | &nbsp;&nbsp;0.31 |
| Mexico (Rep of), 3.771%, 05/24/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167536 | &nbsp;&nbsp;0.22 |
| Mexico (Rep of), 3.750%, 04/19/2071 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270165 | &nbsp;&nbsp;0.35 |
| Mexico (Rep of), 5.750%, 10/12/2110 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118092 | &nbsp;&nbsp;0.15 |
| Petroleos Mexicanos, 8.750%, 06/02/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148923 | &nbsp;&nbsp;0.20 |
| Petroleos Mexicanos, 6.750%, 09/21/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348957 | &nbsp;&nbsp;0.46 |
| Petroleos Mexicanos, 6.350%, 02/12/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110333 | &nbsp;&nbsp;0.14 |
| Petroleos Mexicanos, 7.690%, 01/23/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525600 | &nbsp;&nbsp;0.68 |
| Petroleos Mexicanos, 6.950%, 01/28/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299915 | &nbsp;&nbsp;0.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5134097** | &nbsp;&nbsp;**6.68** |
| **Mongolia (Cost $211,184)** |  |  |  |  |
| Mongolia (Rep of), 4.450%, 07/07/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216715 | &nbsp;&nbsp;0.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**216715** | &nbsp;&nbsp;**0.28** |
| **Morocco (Cost $575,236)** |  |  |  |  |
| Morocco (Rep of), 6.500%, 09/08/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464625 | &nbsp;&nbsp;0.60 |
| 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;131500 | &nbsp;&nbsp;0.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**596125** | &nbsp;&nbsp;**0.77** |
| **Nigeria (Cost $1,664,572)** |  |  |  |  |
| 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;269206 | &nbsp;&nbsp;0.35 |
| 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;256996 | &nbsp;&nbsp;0.34 |
| 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;384172 | &nbsp;&nbsp;0.50 |
| Nigeria OMO Bill, 0.000%, 10/07/2025<sup>4</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;613308000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342417 | &nbsp;&nbsp;0.45 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Nigeria (continued)** |  |  |  |  |
| Nigeria OMO Bill, 0.000%, 11/04/2025<sup>4</sup> | &nbsp;&nbsp;NGN | &nbsp;&nbsp;364474000 | $201164 | &nbsp;&nbsp;0.26 |
| Nigeria OMO Bill, 0.000%, 12/09/2025<sup>4</sup> | &nbsp;&nbsp;NGN | &nbsp;&nbsp;244804000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131638 | &nbsp;&nbsp;0.17 |
| 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;118031 | &nbsp;&nbsp;0.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1703624** | &nbsp;&nbsp;**2.22** |
| **Oman (Cost $1,359,902)** |  |  |  |  |
| 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;276537 | &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;391164 | &nbsp;&nbsp;0.51 |
| 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;197494 | &nbsp;&nbsp;0.26 |
| 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;216613 | &nbsp;&nbsp;0.28 |
| Oman (Rep of), 7.000%, 01/25/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314270 | &nbsp;&nbsp;0.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1396078** | &nbsp;&nbsp;**1.82** |
| **Pakistan (Cost $246,453)** |  |  |  |  |
| 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;285000 | &nbsp;&nbsp;0.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**285000** | &nbsp;&nbsp;**0.37** |
| **Panama (Cost $687,020)** |  |  |  |  |
| 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;215534 | &nbsp;&nbsp;0.28 |
| Panama (Rep of), 6.700%, 01/26/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125515 | &nbsp;&nbsp;0.16 |
| 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;218752 | &nbsp;&nbsp;0.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**559801** | &nbsp;&nbsp;**0.73** |
| **Paraguay (Cost $318,977)** |  |  |  |  |
| 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;332372 | &nbsp;&nbsp;0.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**332372** | &nbsp;&nbsp;**0.43** |
| **Peru (Cost $2,079,758)** |  |  |  |  |
| Peru (Rep of), 6.150%, 08/12/2032 | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92599 | &nbsp;&nbsp;0.12 |
| Peru (Rep of), 8.750%, 11/21/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331422 | &nbsp;&nbsp;0.43 |
| Peru (Rep of), 5.375%, 02/08/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575421 | &nbsp;&nbsp;0.75 |
| Peru (Rep of), 7.600%, 08/12/2039<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;1022000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288901 | &nbsp;&nbsp;0.38 |
| 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;72848 | &nbsp;&nbsp;0.09 |
| Peru (Rep of), 5.625%, 11/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129203 | &nbsp;&nbsp;0.17 |
| Peru (Rep of), 2.780%, 12/01/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116095 | &nbsp;&nbsp;0.15 |
| Peru (Rep of), 3.230%, 07/28/2121 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62361 | &nbsp;&nbsp;0.08 |
| 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;243600 | &nbsp;&nbsp;0.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1912450** | &nbsp;&nbsp;**2.49** |
| **Philippines (Cost $1,022,486)** |  |  |  |  |
| Philippines (Rep of), 9.500%, 02/02/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175087 | &nbsp;&nbsp;0.23 |
| Philippines (Rep of), 7.750%, 01/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125895 | &nbsp;&nbsp;0.16 |
| Philippines (Rep of), 6.375%, 10/23/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111180 | &nbsp;&nbsp;0.15 |
| Philippines (Rep of), 6.250%, 01/14/2036 | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208397 | &nbsp;&nbsp;0.27 |
| Philippines (Rep of), 3.950%, 01/20/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300756 | &nbsp;&nbsp;0.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**921315** | &nbsp;&nbsp;**1.20** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Poland (Cost $2,744,938)** |  |  |  |  |
| Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $201014 | &nbsp;&nbsp;0.26 |
| Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203544 | &nbsp;&nbsp;0.27 |
| Bank Gospodarstwa Krajowego, 6.250%, 07/09/2054<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199404 | &nbsp;&nbsp;0.26 |
| Poland (Rep of), 2.500%, 07/25/2026 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121721 | &nbsp;&nbsp;0.16 |
| Poland (Rep of), 0.250%, 10/25/2026 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;471000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117478 | &nbsp;&nbsp;0.15 |
| Poland (Rep of), 3.750%, 05/25/2027 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;2305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602818 | &nbsp;&nbsp;0.78 |
| Poland (Rep of), 2.500%, 07/25/2027 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;491000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124767 | &nbsp;&nbsp;0.16 |
| Poland (Rep of), 5.500%, 11/16/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142270 | &nbsp;&nbsp;0.19 |
| Poland (Rep of), 2.750%, 04/25/2028 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332089 | &nbsp;&nbsp;0.43 |
| Poland (Rep of), 7.500%, 07/25/2028 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294036 | &nbsp;&nbsp;0.38 |
| Poland (Rep of), 1.250%, 10/25/2030 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;946000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209452 | &nbsp;&nbsp;0.27 |
| Poland (Rep of), 4.875%, 10/04/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87032 | &nbsp;&nbsp;0.11 |
| Poland (Rep of), 6.000%, 10/25/2033 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68937 | &nbsp;&nbsp;0.09 |
| Poland (Rep of), 5.000%, 10/25/2034 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;732000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190641 | &nbsp;&nbsp;0.25 |
| Poland (Rep of), 5.500%, 03/18/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127821 | &nbsp;&nbsp;0.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3023024** | &nbsp;&nbsp;**3.93** |
| **Qatar (Cost $813,311)** |  |  |  |  |
| Qatar (Rep of), 3.250%, 06/02/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268600 | &nbsp;&nbsp;0.35 |
| Qatar (Rep of), 4.817%, 03/14/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199980 | &nbsp;&nbsp;0.26 |
| QatarEnergy, 3.125%, 07/12/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328500 | &nbsp;&nbsp;0.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**797080** | &nbsp;&nbsp;**1.04** |
| **Romania (Cost $1,756,302)** |  |  |  |  |
| Romania (Rep of), 3.000%, 02/27/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64967 | &nbsp;&nbsp;0.08 |
| Romania (Rep of), 4.150%, 01/26/2028 | &nbsp;&nbsp;RON | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315917 | &nbsp;&nbsp;0.41 |
| Romania (Rep of), 6.625%, 02/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175655 | &nbsp;&nbsp;0.23 |
| Romania (Rep of), 5.875%, 01/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156520 | &nbsp;&nbsp;0.20 |
| Romania (Rep of), 3.000%, 02/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49688 | &nbsp;&nbsp;0.06 |
| Romania (Rep of), 7.350%, 04/28/2031 | &nbsp;&nbsp;RON | &nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258842 | &nbsp;&nbsp;0.34 |
| Romania (Rep of), 3.625%, 03/27/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36477 | &nbsp;&nbsp;0.05 |
| Romania (Rep of), 7.125%, 01/17/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88671 | &nbsp;&nbsp;0.12 |
| Romania (Rep of), 4.750%, 10/11/2034 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139865 | &nbsp;&nbsp;0.18 |
| Romania (Rep of), 5.750%, 03/24/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74314 | &nbsp;&nbsp;0.10 |
| Romania (Rep of), 7.500%, 02/10/2037<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183080 | &nbsp;&nbsp;0.24 |
| Romania (Rep of), 6.125%, 01/22/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47523 | &nbsp;&nbsp;0.06 |
| Romania (Rep of), 4.000%, 02/14/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101695 | &nbsp;&nbsp;0.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1693214** | &nbsp;&nbsp;**2.20** |
| **Saudi Arabia (Cost $1,294,104)** |  |  |  |  |
| Gaci First Investment Co., 5.250%, 10/13/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359965 | &nbsp;&nbsp;0.47 |
| Saudi (Rep of), 4.750%, 01/18/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;348000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350502 | &nbsp;&nbsp;0.46 |
| Saudi (Rep of), 4.625%, 10/04/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203309 | &nbsp;&nbsp;0.26 |
| Saudi (Rep of), 4.500%, 04/22/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228506 | &nbsp;&nbsp;0.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1142282** | &nbsp;&nbsp;**1.49** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **South Africa (Cost $3,310,195)** |  |  |  |  |
| South Africa (Rep of), 4.300%, 10/12/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | $549220 | &nbsp;&nbsp;0.71 |
| South Africa (Rep of), 8.000%, 01/31/2030 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;18498195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963793 | &nbsp;&nbsp;1.25 |
| 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;404764 | &nbsp;&nbsp;0.53 |
| South Africa (Rep of), 5.875%, 04/20/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203131 | &nbsp;&nbsp;0.26 |
| 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;354481 | &nbsp;&nbsp;0.46 |
| 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;65515 | &nbsp;&nbsp;0.09 |
| South Africa (Rep of), 8.750%, 01/31/2044 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;6900423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287063 | &nbsp;&nbsp;0.37 |
| South Africa (Rep of), 5.650%, 09/27/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246636 | &nbsp;&nbsp;0.32 |
| South Africa (Rep of), 8.750%, 02/28/2048 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;5194831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212876 | &nbsp;&nbsp;0.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3287479** | &nbsp;&nbsp;**4.27** |
| **Supranational (Cost $787,885)** |  |  |  |  |
| Asian Infrastructure Investment Bank (The), 7.000%, 03/01/2029 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;7600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90486 | &nbsp;&nbsp;0.12 |
| Inter-American Development Bank, 7.350%, 10/06/2030 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170737 | &nbsp;&nbsp;0.22 |
| International Bank for Reconstruction & Development, 6.850%, 04/24/2028 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357843 | &nbsp;&nbsp;0.47 |
| 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;172662 | &nbsp;&nbsp;0.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**791728** | &nbsp;&nbsp;**1.03** |
| **Thailand (Cost $960,057)** |  |  |  |  |
| Thailand (Rep of), 2.350%, 06/17/2026 | &nbsp;&nbsp;THB | &nbsp;&nbsp;16588000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500432 | &nbsp;&nbsp;0.65 |
| Thailand (Rep of), 2.650%, 06/17/2028 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;4139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127745 | &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;32323 | &nbsp;&nbsp;0.04 |
| Thailand (Rep of), 3.300%, 06/17/2038 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;6314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214965 | &nbsp;&nbsp;0.28 |
| Thailand (Rep of), 2.875%, 06/17/2046 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;1744000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55252 | &nbsp;&nbsp;0.07 |
| 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;64873 | &nbsp;&nbsp;0.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**995590** | &nbsp;&nbsp;**1.29** |
| **Turkey (Cost $1,975,701)** |  |  |  |  |
| Turkey (Rep of), 31.080%, 11/08/2028 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;&nbsp;&nbsp;6971650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160777 | &nbsp;&nbsp;0.21 |
| Turkey (Rep of), 5.250%, 03/13/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328588 | &nbsp;&nbsp;0.43 |
| Turkey (Rep of), 7.125%, 07/17/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235708 | &nbsp;&nbsp;0.31 |
| 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;48274 | &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;242475 | &nbsp;&nbsp;0.31 |
| Turkey (Rep of), 4.875%, 04/16/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225876 | &nbsp;&nbsp;0.29 |
| Turkey (Rep of), 5.750%, 05/11/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206353 | &nbsp;&nbsp;0.27 |
| Turkiye Ihracat Kredi Bankasi A.S., 9.000%, 01/28/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400356 | &nbsp;&nbsp;0.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1848407** | &nbsp;&nbsp;**2.40** |
| **Ukraine (Cost $526,559)** |  |  |  |  |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2030<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8324 | &nbsp;&nbsp;0.01 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2034<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23979 | &nbsp;&nbsp;0.03 |
| Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/2034<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297389 | &nbsp;&nbsp;0.39 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Ukraine (continued)** |  |  |  |  |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2035<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54036 | $26883 | &nbsp;&nbsp;0.03 |
| Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/2035<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135543 | &nbsp;&nbsp;0.18 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2036<sup>2,3</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;22290 | &nbsp;&nbsp;0.03 |
| Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/2036<sup>2,3</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;43444 | &nbsp;&nbsp;0.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**557852** | &nbsp;&nbsp;**0.73** |
| **United Arab Emirates (Cost $1,004,238)** |  |  |  |  |
| 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;249167 | &nbsp;&nbsp;0.32 |
| 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;209564 | &nbsp;&nbsp;0.27 |
| 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;304798 | &nbsp;&nbsp;0.40 |
| DP World Ltd., 5.625%, 09/25/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211899 | &nbsp;&nbsp;0.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**975428** | &nbsp;&nbsp;**1.27** |
| **United States (Cost $662,547)** |  |  |  |  |
| U.S. Treasury Bill, 4.133%, 07/10/2025<sup>9</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662551 | &nbsp;&nbsp;0.86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**662551** | &nbsp;&nbsp;**0.86** |
| **Uruguay (Cost $1,899,307)** |  |  |  |  |
| Uruguay (Rep of), (100% Cash), 7.875%, 01/15/2033<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222628 | &nbsp;&nbsp;0.29 |
| Uruguay (Rep of), 5.750%, 10/28/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208977 | &nbsp;&nbsp;0.27 |
| Uruguay (Rep of), 7.625%, 03/21/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187411 | &nbsp;&nbsp;0.25 |
| Uruguay (Rep of), 4.125%, 11/20/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119389 | &nbsp;&nbsp;0.16 |
| Uruguay (Rep of), 5.100%, 06/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123818 | &nbsp;&nbsp;0.16 |
| 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;217754 | &nbsp;&nbsp;0.28 |
| 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;163651 | &nbsp;&nbsp;0.21 |
| Uruguay Monetary Regulation Bill, 0.000%, 07/25/2025<sup>4</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87005 | &nbsp;&nbsp;0.11 |
| Uruguay Monetary Regulation Bill, 0.000%, 10/01/2025<sup>4</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152165 | &nbsp;&nbsp;0.20 |
| Uruguay Monetary Regulation Bill, 0.000%, 10/31/2025<sup>4</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163057 | &nbsp;&nbsp;0.21 |
| Uruguay Monetary Regulation Bill, 0.000%, 11/07/2025<sup>4</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9089 | &nbsp;&nbsp;0.01 |
| Uruguay Monetary Regulation Bill, 0.000%, 04/10/2026<sup>4</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5622000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122388 | &nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1777332** | &nbsp;&nbsp;**2.31** |
| **Uzbekistan (Cost $393,350)** |  |  |  |  |
| Uzbekistan (Rep of), 15.500%, 02/25/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;UZS | &nbsp;&nbsp;2500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193864 | &nbsp;&nbsp;0.25 |
| Uzbekistan (Rep of), 6.947%, 05/25/2032<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199300 | &nbsp;&nbsp;0.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**393164** | &nbsp;&nbsp;**0.51** |
| **Venezuela (Cost $7,925,643)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7005690 | &nbsp;&nbsp;9.11 |
| Petroleos de Venezuela S.A., 12.750%, 02/17/2022<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30240 | &nbsp;&nbsp;0.04 |
| Petroleos de Venezuela S.A., 9.750%, 05/17/2035<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33424 | &nbsp;&nbsp;0.05 |
| Venezuela (Rep of), 11.750%, 10/21/2026<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299247 | &nbsp;&nbsp;0.39 |
| Venezuela (Rep of), 9.250%, 09/15/2027<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609700 | &nbsp;&nbsp;0.79 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Venezuela (continued)** |  |  |  |  |
| Venezuela (Rep of), 11.950%, 08/05/2031<sup>6</sup> |  | &nbsp;&nbsp;2241800 | $369897 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8348198** | &nbsp;&nbsp;**10.86** |
| **Zambia (Cost $233,326)** |  |  |  |  |
| Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/2033<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;161082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139185 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Zambia (Rep of), 0.500%, 12/31/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;160015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90709 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**229894** | &nbsp;&nbsp;&nbsp;&nbsp;**0.30** |
| **Total Debt Securities (Cost $103,834,077)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75857491** | &nbsp;&nbsp;**98.65** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |
| **China (Cost $56,269)** |  |  |  |
| Sunac Services Holdings Ltd.<sup>3</sup> &nbsp;&nbsp;HKD | &nbsp;&nbsp;206826 | $49096 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49096** | &nbsp;&nbsp;&nbsp;&nbsp;**0.06** |
| **Total Equity Securities (Cost $56,269)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49096** | &nbsp;&nbsp;&nbsp;&nbsp;**0.06** |
| **Total Investments (Total Cost $103,890,346)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75906587** | &nbsp;&nbsp;&nbsp;&nbsp;**98.71** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990430 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| **Net Assets** |  | **$76897017** | &nbsp;&nbsp;**100.00** |

---

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

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

<sup>2</sup> Step coupon bond. Rate as of April 30, 2025 is disclosed.

<sup>3</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $4,173,845 or 5.43% of net assets.

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

<sup>5</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>6</sup> Issuer has defaulted on terms of debt obligation.

<sup>7</sup> Maturity has been extended under the terms of a plan of reorganization.

<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.

At April 30, 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)** |
| 05/02/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18566955 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;401507 | &nbsp;&nbsp;$80817 |
| 05/02/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26497173 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;681494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6839 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 05/05/2025 | &nbsp;&nbsp;Santander | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;102719 | &nbsp;&nbsp;$1106 |
| 05/15/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28614950 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;331000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062 |
| 05/15/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34881441 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;404000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8095 |
| 05/15/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;&nbsp;&nbsp;6324320000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319 |
| 05/15/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297997047 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;17710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |
| 05/15/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620133 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20519 |
| 05/15/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367573 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;273645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8029 |
| 05/15/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245439 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081 |
| 05/15/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37495624 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1161954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12689 |
| 05/15/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23339436 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;712111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19054 |
| 05/15/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23339436 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;710118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21048 |
| 05/15/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119005 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;1956481664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 |
| 05/15/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58500 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;969631650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| 05/29/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489086 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;9316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| 05/29/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7701039 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;145467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644 |
| 05/29/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29940877 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;896756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 |
| 05/29/2025 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38300 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;1276482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| 05/30/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6910483 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;118442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5351 |
| 06/03/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383527 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;45663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
| 06/03/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5072450 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;96069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928 |
| 06/03/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768721 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;15828227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093 |
| 06/12/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13403806 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1846000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4336 |
| 06/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8083573 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;149270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6312 |
| 06/12/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58501075 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;667390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21755 |
| 06/12/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64751180 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;739000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23771 |
| 06/12/2025 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546348 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;40403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 |
| 06/12/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;3096801220 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2142131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38042 |
| 06/12/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499622100 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6738 |
| 06/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;1479782400 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17779 |
| 06/12/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;7393798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319 |
| 06/12/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112500 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;813800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
| 06/12/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230183 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;1660526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 |
| 06/12/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9485 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;487546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| 06/18/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539153 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;800605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21084 |
| 06/18/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209044 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;273620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7085 |
| 06/18/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288044 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;65301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 |
| 06/18/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777126 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;618720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26048 |
| 07/31/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55682073 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2527178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6666 |
| 07/31/2025 | &nbsp;&nbsp;Societe Generale | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219132462 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;603149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7624 |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Israeli Shekel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933748 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;253515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810 |
| 07/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26332604 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1302176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24214 |
| 07/31/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852423 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;230167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076025 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;547422 | &nbsp;&nbsp;$606 |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710215 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;37379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083394 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;25227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45800 | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;43262222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| 07/31/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32300 | &nbsp;&nbsp;Israeli Shekel | &nbsp;&nbsp;116692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |
| 07/31/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37800 | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;142221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 |
| 07/31/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47500 | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;208807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
| 07/31/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104900 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;1959714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383073 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;7175708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| 07/31/2025 | &nbsp;&nbsp;Societe Generale | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;1353937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| 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;&nbsp;&nbsp;&nbsp;184 |
| 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;&nbsp;2368 |
| 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;&nbsp;1845 |
| 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;&nbsp;&nbsp;&nbsp;404 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;444820 |
| 05/02/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472353 | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;18707539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13623) |
| 05/05/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15828227 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2787641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2261) |
| 05/05/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868039 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;16418227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21167) |
| 05/06/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32223408 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8945) |
| 05/06/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;22092280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9769) |
| 05/15/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600982341 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;36840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(605) |
| 05/15/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;19981810043 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1216215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11432) |
| 05/15/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748161 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;63496391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1997) |
| 05/15/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473000 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;7881676400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2218) |
| 05/15/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166160 | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;220516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2823) |
| 05/15/2025 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;48410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1197) |
| 05/15/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21560 | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;707103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(592) |
| 05/15/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093000 | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;35775202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27746) |
| 05/15/2025 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97613 | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;3193022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2416) |
| 05/29/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487546 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;9560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) |
| 05/29/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82414 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;4315679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1148) |
| 05/29/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79864 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;4234780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2132) |
| 06/03/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800100 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) |
| 06/03/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24320 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;1269308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) |
| 06/03/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116527 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;6186669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2996) |
| 06/12/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030636 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1634) |
| 06/12/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21876516 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;3027041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7085) |
| 06/12/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;6652184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13304) |
| 06/12/2025 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77100 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;564829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(872) |
| 06/12/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63335 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;3347271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1089) |
| 06/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79864 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;4248756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1911) |
| 06/12/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89800 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;7664655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490) |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 06/12/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;20652000 | &nbsp;&nbsp;$(3281) |
| 06/12/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393840 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;34201845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9059) |
| 06/12/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711130 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;61687483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15551) |
| 06/12/2025 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132300 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;11404876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2050) |
| 06/12/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018712 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;1483016417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25343) |
| 06/12/2025 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185500 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;269625573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4319) |
| 06/18/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533298 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;2348575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11973) |
| 06/18/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84400 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;378112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3387) |
| 06/18/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283626 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;1255554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7877) |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276119441 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;293950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2519) |
| 07/31/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83790 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;3832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
| 07/31/2025 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15234688 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;694000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737) |
| 07/31/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271048 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235) |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36163 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;9592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) |
| 07/31/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84158 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;19128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) |
| 07/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685970 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;382098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26356588 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;615173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1409) |
| 07/31/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;1212120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3111) |
| 07/31/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304802 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;1320006356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3508) |
| 07/31/2025 | &nbsp;&nbsp;Santander | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59754 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;258436861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(609) |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67265 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;1275987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(827) |
| 09/04/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488000000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20459) |
| 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;&nbsp;&nbsp;(875) |
| 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;&nbsp;&nbsp;(1508) |
| 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;&nbsp;&nbsp;(404) |
| 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;&nbsp;&nbsp;(3463) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(262862) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$181958 |

---

At April 30, 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)\*\*** |
| 4.905% (Pay Semianually) | &nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682000000 | &nbsp;&nbsp;10/14/2034 | &nbsp;&nbsp;$2582 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2582 |
| 1-Day CLP CLICP (Pay Semianually) | &nbsp;&nbsp;4.786% (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939257000 | &nbsp;&nbsp;11/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3419 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3419 |
| 1-Day CLP CLICP (Pay Semianually) | &nbsp;&nbsp;4.869% (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;1800000000 | &nbsp;&nbsp;04/02/2027 | &nbsp;&nbsp;&nbsp;&nbsp;17100 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17100 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/<br> Pay Rate** | &nbsp;&nbsp;**Receive Rate/<br> Receive Rate<br> Index** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)\*\*** |
| 1-Day CLP CLICP (Pay Semianually) | &nbsp;&nbsp;4.670% (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;1200000000 | &nbsp;&nbsp;04/07/2027 | &nbsp;&nbsp;$6686 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6686 |
| 7-Day CNY CNRR (Pay Quarterly) | &nbsp;&nbsp;2.535% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860000 | &nbsp;&nbsp;09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010 |
| 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;(23441) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(23441) |
| 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;10295 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10295 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |
| 1-Day INR MIBOR (Pay Semianually) | &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;3431 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431 |
| 1-Day INR MIBOR (Pay Semianually) | &nbsp;&nbsp;6.024% (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16154000 | &nbsp;&nbsp;12/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$26932 |

---

\*\*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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Total Return Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 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;$3971011 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3971011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1000591 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1000591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14405638 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14405638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;54490746 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;54490746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1989505 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1989505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;75857491 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;75857491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49096 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49096 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$75906587 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$75906587 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$50423 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$50423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444820 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444820 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23491) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23491) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262862) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262862) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$208890 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$208890 |

---

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

There were no transfers to or from Level 3 during the period ended April 30, 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 April 30, 2025.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

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

#### Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 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;$50423<sup>†</sup> |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;444820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$444820 | &nbsp;&nbsp;$50423 |
| **Liabilities:** |  |  |
| Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(23491)<sup>†</sup> |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(262862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$(262862) | &nbsp;&nbsp;$(23491) |

---

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

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

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 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 Loss on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(199277) | &nbsp;&nbsp;$— |
| Net Realized Gain on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;95121 |
|  | &nbsp;&nbsp;$(199277) | &nbsp;&nbsp;$95121 |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |  |
| Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$132818 | &nbsp;&nbsp;$— |
| 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;&nbsp;39179 |
|  | &nbsp;&nbsp;$132818 | &nbsp;&nbsp;$39179 |

---

\* 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Brazil (Cost $1,160,311)** |  |  |  |  |
| Brazil Letras do Tesouro Nacional, 0.000%, 07/01/2027<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;2888000 | $386011 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2028<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;1316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165492 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2030<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;4433000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429245 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 |
| Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61987 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1042735** | &nbsp;&nbsp;**11.15** |
| **Chile (Cost $150,467)** |  |  |  |  |
| 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;20943 | &nbsp;&nbsp;&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;91569 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Bonos de la Tesoreria de la Republica en pesos, 6.200%, 10/01/2040<sup>3</sup> | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33376 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**145888** | &nbsp;&nbsp;&nbsp;&nbsp;**1.56** |
| **China (Cost $414,670)** |  |  |  |  |
| China (Rep of), 2.850%, 06/04/2027 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84961 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| 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;63329 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| China (Rep of), 2.750%, 02/17/2032 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25138 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| China (Rep of), 2.880%, 02/25/2033 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108151 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| China (Rep of), 2.350%, 02/25/2034 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24670 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| China (Rep of), 2.270%, 05/25/2034 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40470 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| China (Rep of), 3.720%, 04/12/2051 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65914 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| China (Rep of), 3.190%, 04/15/2053 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24524 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**437157** | &nbsp;&nbsp;&nbsp;&nbsp;**4.68** |
| **Colombia (Cost $392,546)** |  |  |  |  |
| Colombian TES, 7.000%, 03/26/2031 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;539600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103476 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| 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;56242 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Colombian TES, 13.250%, 02/09/2033 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;307300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77396 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| 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;53208 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Colombian TES, 6.250%, 07/09/2036 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;94700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14280 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Colombian TES, 9.250%, 05/28/2042 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;110500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19891 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Colombian TES, 11.500%, 07/25/2046 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;273200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58088 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**382581** | &nbsp;&nbsp;&nbsp;&nbsp;**4.09** |
| **Czech Republic (Cost $370,233)** |  |  |  |  |
| Czech (Rep of), 2.500%, 08/25/2028 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11914 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Czech (Rep of), 2.750%, 07/23/2029 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15424 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Czech (Rep of), 0.050%, 11/29/2029 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24482 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Czech (Rep of), 0.950%, 05/15/2030 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23579 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Czech (Rep of), 1.200%, 03/13/2031 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;1540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60875 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| 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;66007 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Czech (Rep of), 2.000%, 10/13/2033 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61986 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Czech (Rep of), 4.900%, 04/14/2034 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96641 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Czech Republic (continued)** |  |  |  |  |
| Czech (Rep of), 1.950%, 07/30/2037 | &nbsp;&nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | $26550 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**387458** | &nbsp;&nbsp;&nbsp;&nbsp;**4.14** |
| **Hungary (Cost $233,202)** |  |  |  |  |
| Hungary (Rep of), 9.500%, 10/21/2026 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66777 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Hungary (Rep of), 3.000%, 10/27/2027 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33103 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Hungary (Rep of), 4.500%, 03/23/2028 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28461 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Hungary (Rep of), 6.750%, 10/22/2028 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6841 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Hungary (Rep of), 3.000%, 08/21/2030 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33942 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Hungary (Rep of), 4.750%, 11/24/2032 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25077 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Hungary (Rep of), 7.000%, 10/24/2035 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25792 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| 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;10405 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**230398** | &nbsp;&nbsp;&nbsp;&nbsp;**2.46** |
| **India (Cost $611,174)** |  |  |  |  |
| 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;143178 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| 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;97733 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| 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;180949 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| India (Rep of), 7.360%, 09/12/2052 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108274 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| India (Rep of), 7.300%, 06/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104499 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**634633** | &nbsp;&nbsp;&nbsp;&nbsp;**6.79** |
| **Indonesia (Cost $1,071,591)** |  |  |  |  |
| Indonesia (Rep of), 6.500%, 06/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1063000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64004 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| 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;36785 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Indonesia (Rep of), 7.000%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2169000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132048 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| Indonesia (Rep of), 6.375%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1834000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110206 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| 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;37195 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| 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;14997 | &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;48219 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| 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;41441 | &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;76583 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| 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;60061 | &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;36497 | &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;35666 | &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;25904 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| 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;54859 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Indonesia (Rep of), 6.750%, 07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14920 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| 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;41964 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Indonesia (Rep of), 7.125%, 06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2309000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140693 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**972042** | &nbsp;&nbsp;**10.39** |
| **Malaysia (Cost $433,532)** |  |  |  |  |
| Malaysia (Rep of), 3.828%, 07/05/2034 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37528 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| 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;58062 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| 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;35351 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| 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;22933 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Malaysia (continued)** |  |  |  |  |
| Malaysia (Rep of), 4.696%, 10/15/2042 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297000 | $75740 | &nbsp;&nbsp;0.81 |
| Malaysia (Rep of), 4.180%, 05/16/2044 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12718 | &nbsp;&nbsp;0.14 |
| Malaysia (Rep of), 4.921%, 07/06/2048 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893 | &nbsp;&nbsp;0.03 |
| Malaysia (Rep of), 4.065%, 06/15/2050 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65852 | &nbsp;&nbsp;0.70 |
| Malaysia (Rep of), 4.457%, 03/31/2053 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57905 | &nbsp;&nbsp;0.62 |
| Malaysia Government Investment Issue, 4.417%, 09/30/2041 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714 | &nbsp;&nbsp;0.03 |
| Malaysia Government Investment Issue, 4.291%, 08/14/2043 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14329 | &nbsp;&nbsp;0.15 |
| Malaysia Government Investment Issue, 5.357%, 05/15/2052 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69793 | &nbsp;&nbsp;0.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**455818** | &nbsp;&nbsp;**4.87** |
| **Mexico (Cost $869,983)** |  |  |  |  |
| 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;71863 | &nbsp;&nbsp;0.77 |
| Mexican Bonos, 7.750%, 05/29/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;7370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354104 | &nbsp;&nbsp;3.79 |
| 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;68467 | &nbsp;&nbsp;0.73 |
| Mexican Bonos, 7.750%, 11/23/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;2440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111796 | &nbsp;&nbsp;1.19 |
| Mexican Bonos, 7.750%, 11/13/2042 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131184 | &nbsp;&nbsp;1.40 |
| 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;45648 | &nbsp;&nbsp;0.49 |
| Mexican Udibonos, 2.750%, 11/27/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59900 | &nbsp;&nbsp;0.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**842962** | &nbsp;&nbsp;**9.01** |
| **Nigeria (Cost $183,399)** |  |  |  |  |
| Nigeria OMO Bill, 0.000%, 09/30/2025<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;10560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5927 | &nbsp;&nbsp;0.06 |
| Nigeria OMO Bill, 0.000%, 10/07/2025<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;122724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68518 | &nbsp;&nbsp;0.73 |
| Nigeria OMO Bill, 0.000%, 11/04/2025<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;73468000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40549 | &nbsp;&nbsp;0.43 |
| Nigeria OMO Bill, 0.000%, 12/09/2025<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;34338000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18465 | &nbsp;&nbsp;0.20 |
| Nigeria OMO Bill, 0.000%, 02/10/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;34424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17755 | &nbsp;&nbsp;0.19 |
| Nigeria OMO Bill, 0.000%, 03/03/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;59626000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30424 | &nbsp;&nbsp;0.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**181638** | &nbsp;&nbsp;**1.94** |
| **Peru (Cost $150,428)** |  |  |  |  |
| Peru (Rep of), 6.150%, 08/12/2032 | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21070 | &nbsp;&nbsp;0.22 |
| Peru (Rep of), 7.300%, 08/12/2033<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9895 | &nbsp;&nbsp;0.11 |
| Peru (Rep of), 7.600%, 08/12/2039<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123532 | &nbsp;&nbsp;1.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**154497** | &nbsp;&nbsp;**1.65** |
| **Poland (Cost $383,892)** |  |  |  |  |
| Poland (Rep of), 3.750%, 05/25/2027 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101472 | &nbsp;&nbsp;1.09 |
| Poland (Rep of), 2.750%, 10/25/2029 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64051 | &nbsp;&nbsp;0.68 |
| Poland (Rep of), 1.250%, 10/25/2030 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42511 | &nbsp;&nbsp;0.45 |
| Poland (Rep of), 1.750%, 04/25/2032 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42521 | &nbsp;&nbsp;0.45 |
| Poland (Rep of), 6.000%, 10/25/2033 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137314 | &nbsp;&nbsp;1.47 |
| Poland (Rep of), 5.000%, 10/25/2034 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49223 | &nbsp;&nbsp;0.53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**437092** | &nbsp;&nbsp;**4.67** |
| **Romania (Cost $279,875)** |  |  |  |  |
| Romania (Rep of), 4.150%, 01/26/2028 | &nbsp;&nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54759 | &nbsp;&nbsp;0.59 |
| Romania (Rep of), 6.300%, 04/25/2029 | &nbsp;&nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16395 | &nbsp;&nbsp;0.18 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Romania (continued)** |  |  |  |  |
| Romania (Rep of), 4.850%, 07/25/2029 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $41381 | &nbsp;&nbsp;0.44 |
| 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;16270 | &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;22398 | &nbsp;&nbsp;0.24 |
| Romania (Rep of), 7.350%, 04/28/2031 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88165 | &nbsp;&nbsp;0.94 |
| 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;41027 | &nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**280395** | &nbsp;&nbsp;**3.00** |
| **South Africa (Cost $683,666)** |  |  |  |  |
| South Africa (Rep of), 7.000%, 02/28/2031 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;1666386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80467 | &nbsp;&nbsp;0.86 |
| South Africa (Rep of), 8.250%, 03/31/2032 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;1646706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82133 | &nbsp;&nbsp;0.88 |
| South Africa (Rep of), 8.875%, 02/28/2035 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;3301287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159092 | &nbsp;&nbsp;1.70 |
| South Africa (Rep of), 8.500%, 01/31/2037 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;576460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25678 | &nbsp;&nbsp;0.27 |
| South Africa (Rep of), 9.000%, 01/31/2040 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;1725529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75931 | &nbsp;&nbsp;0.81 |
| South Africa (Rep of), 8.750%, 01/31/2044 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;3705947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154170 | &nbsp;&nbsp;1.65 |
| South Africa (Rep of), 8.750%, 02/28/2048 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;2824672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115751 | &nbsp;&nbsp;1.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**693222** | &nbsp;&nbsp;**7.41** |
| **Supranational (Cost $242,957)** |  |  |  |  |
| Asian Infrastructure Investment Bank (The), 7.000%, 03/01/2029 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25003 | &nbsp;&nbsp;0.27 |
| 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;97564 | &nbsp;&nbsp;1.04 |
| International Bank for Reconstruction & Development, 6.850%, 04/24/2028 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53676 | &nbsp;&nbsp;0.57 |
| 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;68125 | &nbsp;&nbsp;0.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**244368** | &nbsp;&nbsp;**2.61** |
| **Thailand (Cost $384,972)** |  |  |  |  |
| Thailand (Rep of), 2.650%, 06/17/2028 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5648 | &nbsp;&nbsp;0.06 |
| Thailand (Rep of), 3.775%, 06/25/2032 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39270 | &nbsp;&nbsp;0.42 |
| Thailand (Rep of), 3.350%, 06/17/2033 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1814000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60282 | &nbsp;&nbsp;0.65 |
| Thailand (Rep of), 1.585%, 12/17/2035 | &nbsp;&nbsp;THB | &nbsp;&nbsp;2103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60852 | &nbsp;&nbsp;0.65 |
| Thailand (Rep of), 3.400%, 06/17/2036 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15246 | &nbsp;&nbsp;0.16 |
| Thailand (Rep of), 3.390%, 06/17/2037 | &nbsp;&nbsp;THB | &nbsp;&nbsp;3810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130182 | &nbsp;&nbsp;1.39 |
| Thailand (Rep of), 3.300%, 06/17/2038 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40991 | &nbsp;&nbsp;0.44 |
| Thailand (Rep of), 2.000%, 06/17/2042 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1047000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29666 | &nbsp;&nbsp;0.32 |
| Thailand (Rep of), 2.875%, 06/17/2046 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45906 | &nbsp;&nbsp;0.49 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**428043** | &nbsp;&nbsp;**4.58** |
| **Turkey (Cost $118,114)** |  |  |  |  |
| Turkey (Rep of), 31.080%, 11/08/2028 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;1006740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23217 | &nbsp;&nbsp;0.25 |
| Turkey (Rep of), 26.200%, 10/05/2033 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;2709134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59090 | &nbsp;&nbsp;0.63 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**82307** | &nbsp;&nbsp;**0.88** |
| **United States (Cost $864,976)** |  |  |  |  |
| U.S. Treasury Bill, 4.152%, 07/10/2025<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;872100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864986 | &nbsp;&nbsp;9.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**864986** | &nbsp;&nbsp;**9.25** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Uruguay (Cost $120,233)** |  |  |  |  |
| Uruguay (Rep of), 8.250%, 05/21/2031 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;416243 | $9258 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Uruguay Monetary Regulation Bill, 0.000%, 07/25/2025<sup>2</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;646000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15040 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Uruguay Monetary Regulation Bill, 0.000%, 08/22/2025<sup>2</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6821 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Uruguay Monetary Regulation Bill, 0.000%, 10/01/2025<sup>2</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;1463000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33476 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Uruguay Monetary Regulation Bill, 0.000%, 10/31/2025<sup>2</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;1247000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28319 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Uruguay Monetary Regulation Bill, 0.000%, 11/07/2025<sup>2</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Uruguay Monetary Regulation Bill, 0.000%, 04/10/2026<sup>2</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;1151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25057 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119830** | &nbsp;&nbsp;&nbsp;&nbsp;**1.28** |
| **Total Debt Securities (Cost $9,120,221)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9018050** | &nbsp;&nbsp;&nbsp;&nbsp;**96.41** |
| **Total Investments in Securities (Cost $9,120,221)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9018050** | &nbsp;&nbsp;&nbsp;&nbsp;**96.41** |
| **Total Investments (Total Cost $9,120,221)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9018050** | &nbsp;&nbsp;&nbsp;&nbsp;**96.41** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335912 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 |
| **Net Assets** |  |  | **$9353962** | &nbsp;&nbsp;**100.00** |

---

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

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

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

<sup>3</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $279,315 or 2.99% 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.

At April 30, 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)** |
| 05/02/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616878 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;78257 | &nbsp;&nbsp;$15701 |
| 05/15/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6916000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707 |
| 05/15/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8374999 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 |
| 05/15/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;1682000000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 |
| 05/15/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95777306 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;5692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| 05/15/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309165 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915 |
| 05/15/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7462714 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;231841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947 |
| 05/15/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103447 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;1699587650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 |
| 05/29/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249995 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;4762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| 05/29/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586982 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;29977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 |
| 05/29/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935520 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;207725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 |
| 06/03/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656134 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;12570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| 06/03/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045299 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;19797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 06/03/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391998 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;2240971 | &nbsp;&nbsp;$579 |
| 06/12/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289233 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;453000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 |
| 06/12/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137654 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| 06/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764111 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;32563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 |
| 06/12/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16122080 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5919 |
| 06/12/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;133992300 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 |
| 06/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;329482800 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3958 |
| 06/12/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229000 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;1651883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 |
| 06/12/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;132451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| 06/18/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501518 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;566205 | &nbsp;&nbsp;&nbsp;&nbsp;14575 |
| 06/18/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538117 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;121992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943 |
| 07/31/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10360839 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;470235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 |
| 07/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780658 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;38604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 |
| 07/31/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71752 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;19374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821453 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;216607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959995 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;50576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156447 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;3643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 07/31/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;42648400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47297 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;936490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94394 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;1767713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| 07/31/2025 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;187317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29899 | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;1281001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| 11/10/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375544 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;6707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| 11/10/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369841 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;24172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 |
| 11/12/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179059 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;20828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
| 11/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&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;101 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;65449 |
| 05/02/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124009 | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;4897879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3226) |
| 05/05/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240971 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;394676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320) |
| 05/05/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391638 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;2240971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2718) |
| 05/06/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6521404 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1810) |
| 05/06/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124000 | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;4891862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2163) |
| 05/15/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;&nbsp;&nbsp;133377521 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;8168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) |
| 05/15/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180170 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;15290999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(481) |
| 05/15/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;1428954500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) |
| 05/15/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232279 | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;312008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6815) |
| 05/15/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;7462714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5788) |
| 05/29/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132451 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |
| 05/29/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20548 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;1075313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272) |
| 05/29/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17020 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;902494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454) |
| 06/03/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400050 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) |
| 06/03/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7195 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;375544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 06/03/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24974 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;1325889 | &nbsp;&nbsp;$(641) |
| 06/12/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270945 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;452599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1059) |
| 06/12/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;1543601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3087) |
| 06/12/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13741 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;726188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236) |
| 06/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17020 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;905473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407) |
| 06/12/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;2323350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369) |
| 06/12/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219788 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;19153704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5843) |
| 06/12/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;7753230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1333) |
| 06/12/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226328 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;329482800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5631) |
| 06/18/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34765 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;154172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1029) |
| 06/18/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;2632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15569464 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;16575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142) |
| 07/31/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019584 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) |
| 07/31/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113533 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;5192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
| 07/31/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479250 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| 07/31/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892104 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| 07/31/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38990 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;8862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |
| 07/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111882 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;25356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
| 07/31/2025 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354897 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;8325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |
| 07/31/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;281385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(722) |
| 07/31/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115207 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;498925595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1326) |
| 07/31/2025 | &nbsp;&nbsp;Santander | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15154 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;65543575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) |
| 07/31/2025 | &nbsp;&nbsp;Societe Generale | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18023 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;6548083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228) |
| 07/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;397074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| 09/04/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;129600000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5434) |
| 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;8588 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;487532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) |
| 11/10/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17176 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;972143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327) |
| 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;5043 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;285710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101) |
| 11/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25608 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;1464770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(742) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(53878) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$11571 |

---

At April 30, 2025, the Ashmore Emerging Markets Local Currency Bond Fund had the following over the counter 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)** | &nbsp;&nbsp;**Counterparty** |
| 3M MYR KLIBO (Pay Quarterly) | &nbsp;&nbsp;3.622% (Receive Quarterly) | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;$1257 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1257 | &nbsp;&nbsp;HSBC Bank |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/<br> Pay Rate** | &nbsp;&nbsp;**Receive Rate/<br> Receive Rate<br> Index** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Counterparty** |
| 3M MYR KLIBO (Pay Quarterly) | &nbsp;&nbsp;3.680% (Receive Quarterly) | &nbsp;&nbsp;MYR | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;$2900 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2900 | &nbsp;&nbsp;HSBC Bank |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$4157 |  |

---

At April 30, 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 BRL BZDIO (Pay At Maturity) | &nbsp;&nbsp;14.270% (Receive At Maturity) | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907185 | &nbsp;&nbsp;01/02/2029 | &nbsp;&nbsp;$4549 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4549 |
| 4.905% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;114000000 | &nbsp;&nbsp;10/14/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 |
| 1-Day CLP CLICP (Pay Semi-Annually) | &nbsp;&nbsp;4.786% (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;195679000 | &nbsp;&nbsp;11/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 |
| 1-Day CLP CLICP (Pay Semi-Annually) | &nbsp;&nbsp;4.869% (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;316000000 | &nbsp;&nbsp;04/02/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3002 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002 |
| 1-Day CLP CLICP (Pay Semi-Annually) | &nbsp;&nbsp;4.670% (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;280000000 | &nbsp;&nbsp;04/07/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 |
| 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;9404 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9404 |
| 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;1522 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 |
| 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;(4645) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4645) |
| 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;2041 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041 |
| 1 Day COOVIBR (Pay Quarterly) | &nbsp;&nbsp;8.170% (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;605810000 | &nbsp;&nbsp;04/07/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| 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;1166 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 |
| 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;1814 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 |
| 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;&nbsp;284 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 |
| 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;2095 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$24910 |

---

\*\*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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Local Currency Bond Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 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;$86836 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$86836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251189 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7469750 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7469750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Linked Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59900 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1150375 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1150375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9018050 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9018050 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9018050 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9018050 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the Counter Interest Rate Swap Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4157 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29567 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65449 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65449 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4657) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4657) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53878) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53878) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$40638 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$40638 |

---

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

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

#### Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 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;$29567<sup>†</sup> |
| Unrealized Appreciation on Over the Counter Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4157 |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;65449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$65449 | &nbsp;&nbsp;$33724 |
| **Liabilities:** |  |  |
| Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(4657)<sup>†</sup> |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(53878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$(53878) | &nbsp;&nbsp;$(4657) |

---

&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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 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;$4432 | &nbsp;&nbsp;$— |
| Net Realized Gain on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4407 |
|  | &nbsp;&nbsp;$4432 | &nbsp;&nbsp;$4407 |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |  |
| Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(12971) | &nbsp;&nbsp;$— |
| Net Change in Unrealized Appreciation on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32113 |
|  | &nbsp;&nbsp;$(12971) | &nbsp;&nbsp;$32113 |

---

\* 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $200,000)** |  |  |  |  |
| Azule Energy Finance PLC, 8.125%, 01/23/2030<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $191500 | &nbsp;&nbsp;0.91 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**191500** | &nbsp;&nbsp;**0.91** |
| **Argentina (Cost $799,924)** |  |  |  |  |
| Pampa Energia S.A., 7.875%, 12/16/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130520 | &nbsp;&nbsp;0.62 |
| Telecom Argentina S.A., 9.500%, 07/18/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125190 | &nbsp;&nbsp;0.59 |
| Vista Energy Argentina S.A.U., 7.625%, 12/10/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124059 | &nbsp;&nbsp;0.59 |
| YPF Energia Electrica S.A., 7.875%, 10/16/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126961 | &nbsp;&nbsp;0.60 |
| YPF S.A., 9.500%, 01/17/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183107 | &nbsp;&nbsp;0.87 |
| YPF S.A., 8.750%, 09/11/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;107818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109267 | &nbsp;&nbsp;0.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**799104** | &nbsp;&nbsp;**3.79** |
| **Brazil (Cost $1,930,217)** |  |  |  |  |
| Braskem Netherlands Finance B.V., 8.000%, 10/15/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177350 | &nbsp;&nbsp;0.84 |
| Globo Comunicacao e Participacoes S.A., 5.500%, 01/14/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184924 | &nbsp;&nbsp;0.88 |
| LD Celulose International GmbH, 7.950%, 01/26/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204850 | &nbsp;&nbsp;0.97 |
| MC Brazil Downstream Trading S.a.r.l., 7.250%, 06/30/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;326829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252639 | &nbsp;&nbsp;1.20 |
| Nexa Resources S.A., 6.750%, 04/09/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204250 | &nbsp;&nbsp;0.97 |
| Oi S.A., (96% PIK), 8.500%, 12/31/2028<sup>2,3</sup> |  | &nbsp;&nbsp;1933227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131459 | &nbsp;&nbsp;0.62 |
| Petrobras Global Finance B.V., 6.850%, 06/05/2115 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39094 | &nbsp;&nbsp;0.19 |
| Rumo Luxembourg S.a.r.l., 4.200%, 01/18/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218313 | &nbsp;&nbsp;1.04 |
| Samarco Mineracao S.A., 9.500%, 06/30/2031<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18759 | &nbsp;&nbsp;0.09 |
| 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;63964 | &nbsp;&nbsp;0.30 |
| Trident Energy Finance PLC, 12.500%, 11/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189312 | &nbsp;&nbsp;0.90 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1684914** | &nbsp;&nbsp;**8.00** |
| **Chile (Cost $637,194)** |  |  |  |  |
| Banco de Credito e Inversiones S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.944%), 8.750%, 05/08/2029<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207250 | &nbsp;&nbsp;0.98 |
| BPCE S.A., 3.150%, 03/06/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222230 | &nbsp;&nbsp;1.06 |
| 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;193741 | &nbsp;&nbsp;0.92 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**623221** | &nbsp;&nbsp;**2.96** |
| **China (Cost $15,374,067)** |  |  |  |  |
| 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;19763 | &nbsp;&nbsp;0.09 |
| 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;110967 | &nbsp;&nbsp;0.53 |
| 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;8550 | &nbsp;&nbsp;0.04 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;0.08 |
| 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;0.04 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32300 | &nbsp;&nbsp;0.15 |
| China SCE Group Holdings Ltd., 7.000%, 05/02/2025<sup>5</sup> |  | &nbsp;&nbsp;1236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52530 | &nbsp;&nbsp;0.25 |
| 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;0.22 |
| Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/2021<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20750 | &nbsp;&nbsp;0.10 |
| Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022<sup>5,6</sup> |  | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;0.14 |
| Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022<sup>5,6</sup> |  | &nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;0.22 |
| 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;25438 | &nbsp;&nbsp;0.12 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Kaisa Group Holdings Ltd., 11.500%, 01/30/2023<sup>5,6</sup> |  | &nbsp;&nbsp;1850000 | $78625 | &nbsp;&nbsp;0.37 |
| Kaisa Group Holdings Ltd., 10.875%, 07/23/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;0.08 |
| Kaisa Group Holdings Ltd., 9.375%, 06/30/2024<sup>5,6</sup> |  | &nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57375 | &nbsp;&nbsp;0.27 |
| Kaisa Group Holdings Ltd., 11.250%, 04/16/2025<sup>5,6</sup> |  | &nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50150 | &nbsp;&nbsp;0.24 |
| Kaisa Group Holdings Ltd., 11.700%, 11/11/2025<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26562 | &nbsp;&nbsp;0.13 |
| Sunac China Holdings Ltd., 6.000%, 09/30/2025<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;0.06 |
| Sunac China Holdings Ltd., 6.250%, 09/30/2026<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11750 | &nbsp;&nbsp;0.06 |
| Sunac China Holdings Ltd., 6.500%, 09/30/2027<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;0.05 |
| Sunac China Holdings Ltd., 6.750%, 09/30/2028<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;0.05 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;217339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24994 | &nbsp;&nbsp;0.12 |
| Sunac China Holdings Ltd., 7.250%, 09/30/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;442587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50898 | &nbsp;&nbsp;0.24 |
| Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023<sup>5,6</sup> |  | &nbsp;&nbsp;3200550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224038 | &nbsp;&nbsp;1.06 |
| 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;**1010573** | &nbsp;&nbsp;**4.80** |
| **Colombia (Cost $1,039,490)** |  |  |  |  |
| AI Candelaria S.A., 5.750%, 06/15/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205075 | &nbsp;&nbsp;0.98 |
| Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.320%), 8.625%, 12/24/2034<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206990 | &nbsp;&nbsp;0.98 |
| Ecopetrol S.A., 8.875%, 01/13/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176107 | &nbsp;&nbsp;0.84 |
| 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;65219 | &nbsp;&nbsp;0.31 |
| EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A., 5.375%, 12/30/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171312 | &nbsp;&nbsp;0.81 |
| Grupo Aval Ltd., 4.375%, 02/04/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175250 | &nbsp;&nbsp;0.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**999953** | &nbsp;&nbsp;**4.75** |
| **Costa Rica (Cost $214,986)** |  |  |  |  |
| Liberty Costa Rica Senior Secured Finance, 10.875%, 01/15/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211062 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**211062** | &nbsp;&nbsp;**1.00** |
| **Czech Republic (Cost $2,179,053)** |  |  |  |  |
| Energo-Pro A.S., 11.000%, 11/02/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209126 | &nbsp;&nbsp;0.99 |
| New World Resources N.V., 8.000%, 04/07/2020<sup>5,6,7</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1685299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| New World Resources N.V., 0.000%, 10/07/2020<sup>2,5,6,7,8</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>5,6,7</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;**209126** | &nbsp;&nbsp;**0.99** |
| **Georgia (Cost $195,572)** |  |  |  |  |
| Bank of Georgia JSC, (Variable, USD SOFR ICE Swap Rate 5Y + 5.618%), 9.500%, 07/16/2029<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196626 | &nbsp;&nbsp;0.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**196626** | &nbsp;&nbsp;**0.93** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Ghana (Cost $193,181)** |  |  |  |  |
| Kosmos Energy Ltd., 8.750%, 10/01/2031 |  | &nbsp;&nbsp;200000 | $160940 | &nbsp;&nbsp;0.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**160940** | &nbsp;&nbsp;**0.76** |
| **Guatemala (Cost $178,474)** |  |  |  |  |
| CT Trust, 5.125%, 02/03/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180440 | &nbsp;&nbsp;0.86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**180440** | &nbsp;&nbsp;**0.86** |
| **Hong Kong (Cost $668,160)** |  |  |  |  |
| Bank of East Asia (The) Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.300%), 4.875%, 04/22/2032<sup>4</sup> |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292755 | &nbsp;&nbsp;1.39 |
| Prudential Funding Asia PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.517%), 2.950%, 11/03/2033<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184373 | &nbsp;&nbsp;0.87 |
| Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.450%), 5.905%, 05/14/2035<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202314 | &nbsp;&nbsp;0.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**679442** | &nbsp;&nbsp;**3.22** |
| **India (Cost $768,556)** |  |  |  |  |
| Greenko Power II Ltd., 4.300%, 12/13/2028 |  | &nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152354 | &nbsp;&nbsp;0.72 |
| Power Finance Corp. Ltd., 4.500%, 06/18/2029 |  | &nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229400 | &nbsp;&nbsp;1.09 |
| Sammaan Capital Ltd., 9.700%, 07/03/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195688 | &nbsp;&nbsp;0.93 |
| Vedanta Resources Finance II PLC, 9.475%, 07/24/2030<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184126 | &nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**761568** | &nbsp;&nbsp;**3.61** |
| **Indonesia (Cost $482,409)** |  |  |  |  |
| Freeport Indonesia PT, 6.200%, 04/14/2052 |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212232 | &nbsp;&nbsp;1.01 |
| Medco Maple Tree Pte. Ltd., 8.960%, 04/27/2029 |  | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255157 | &nbsp;&nbsp;1.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**467389** | &nbsp;&nbsp;**2.22** |
| **Israel (Cost $563,998)** |  |  |  |  |
| Energian Israel Finance Ltd., 8.500%, 09/30/2033<sup>2</sup> |  | &nbsp;&nbsp;158790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159287 | &nbsp;&nbsp;0.76 |
| Leviathan Bond Ltd., 6.500%, 06/30/2027<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;67382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66287 | &nbsp;&nbsp;0.31 |
| Leviathan Bond Ltd., 6.750%, 06/30/2030<sup>2</sup> |  | &nbsp;&nbsp;137043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132803 | &nbsp;&nbsp;0.63 |
| Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204095 | &nbsp;&nbsp;0.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**562472** | &nbsp;&nbsp;**2.67** |
| **Jordan (Cost $199,740)** |  |  |  |  |
| Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199200 | &nbsp;&nbsp;0.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**199200** | &nbsp;&nbsp;**0.95** |
| **Kazakhstan (Cost $491,246)** |  |  |  |  |
| KazMunayGas National Co. JSC, 5.750%, 04/19/2047 |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184114 | &nbsp;&nbsp;0.87 |
| KazMunayGas National Co. JSC, 6.375%, 10/24/2048 |  | &nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324167 | &nbsp;&nbsp;1.54 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**508281** | &nbsp;&nbsp;**2.41** |
| **Kuwait (Cost $258,456)** |  |  |  |  |
| NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/2025<sup>4</sup> |  | &nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262350 | &nbsp;&nbsp;1.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**262350** | &nbsp;&nbsp;**1.25** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (Cost $1,146,059)** |  |  |  |  |
| Alfa S.A.B. de C.V., 6.875%, 03/25/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $208835 | &nbsp;&nbsp;0.99 |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217365 | &nbsp;&nbsp;1.03 |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.072%), 8.375%, 05/20/2031<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196600 | &nbsp;&nbsp;0.93 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.214%), 8.125%, 01/08/2039<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203100 | &nbsp;&nbsp;0.96 |
| 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;138000 | &nbsp;&nbsp;0.66 |
| Tierra Mojada Luxembourg II S.a.r.l., 5.750%, 12/01/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;173454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159406 | &nbsp;&nbsp;0.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1123306** | &nbsp;&nbsp;**5.33** |
| **Morocco (Cost $195,178)** |  |  |  |  |
| OCP S.A., 5.125%, 06/23/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145954 | &nbsp;&nbsp;0.69 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**145954** | &nbsp;&nbsp;**0.69** |
| **Nigeria (Cost $379,273)** |  |  |  |  |
| IHS Holding Ltd., 6.250%, 11/29/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189131 | &nbsp;&nbsp;0.90 |
| IHS Holding Ltd., 8.250%, 11/29/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192250 | &nbsp;&nbsp;0.91 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**381381** | &nbsp;&nbsp;**1.81** |
| **Pakistan (Cost $175,055)** |  |  |  |  |
| VEON Holdings B.V., 3.375%, 11/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183155 | &nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**183155** | &nbsp;&nbsp;**0.87** |
| **Panama (Cost $195,887)** |  |  |  |  |
| Sable International Finance Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.944%), 7.125%, 10/15/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196510 | &nbsp;&nbsp;0.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**196510** | &nbsp;&nbsp;**0.93** |
| **Peru (Cost $447,550)** |  |  |  |  |
| Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.000%), 3.125%, 07/01/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39768 | &nbsp;&nbsp;0.19 |
| Minsur S.A., 4.500%, 10/28/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196254 | &nbsp;&nbsp;0.93 |
| Niagara Energy S.A.C., 5.746%, 10/03/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196812 | &nbsp;&nbsp;0.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**432834** | &nbsp;&nbsp;**2.05** |
| **Poland (Cost $108,107)** |  |  |  |  |
| 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;112209 | &nbsp;&nbsp;0.53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**112209** | &nbsp;&nbsp;**0.53** |
| **Russian Federation (Cost $1,481,647)** |  |  |  |  |
| Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/2027<sup>5,7</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 $868,345)** |  |  |  |  |
| Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;188458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187751 | &nbsp;&nbsp;0.89 |
| EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;277940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245890 | &nbsp;&nbsp;1.17 |
| 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;240781 | &nbsp;&nbsp;1.14 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 | $183500 | &nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**857922** | &nbsp;&nbsp;**4.07** |
| **Singapore (Cost $199,252)** |  |  |  |  |
| Great Eastern Life Assurance Co. (The) Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 0.696%), 5.398%, 01/22/2032<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193575 | &nbsp;&nbsp;0.92 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**193575** | &nbsp;&nbsp;**0.92** |
| **South Africa (Cost $923,710)** |  |  |  |  |
| Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/2026<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;0.94 |
| AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028 |  | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255825 | &nbsp;&nbsp;1.21 |
| Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029 |  | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216759 | &nbsp;&nbsp;1.03 |
| Prosus N.V., 4.027%, 08/03/2050 |  | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236025 | &nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**906609** | &nbsp;&nbsp;**4.30** |
| **South Korea (Cost $853,913)** |  |  |  |  |
| Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/2052<sup>4</sup> |  | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225632 | &nbsp;&nbsp;1.07 |
| Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.064%), 2.875%, 05/12/2026<sup>4</sup> |  | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246312 | &nbsp;&nbsp;1.17 |
| SK Hynix, Inc., 5.500%, 01/16/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204438 | &nbsp;&nbsp;0.97 |
| Woori Bank, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.277%), 6.375%, 07/24/2029<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199400 | &nbsp;&nbsp;0.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**875782** | &nbsp;&nbsp;**4.16** |
| **Taiwan (Cost $209,768)** |  |  |  |  |
| Cathaylife Singapore Pte. Ltd., 5.950%, 07/05/2034 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207376 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**207376** | &nbsp;&nbsp;**0.98** |
| **Thailand (Cost $507,292)** |  |  |  |  |
| Bangkok Bank PCL, 9.025%, 03/15/2029 |  | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158549 | &nbsp;&nbsp;0.75 |
| Bangkok Bank PCL, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.150%), 3.466%, 09/23/2036<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175752 | &nbsp;&nbsp;0.84 |
| GC Treasury Center Co. Ltd., 2.980%, 03/18/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172562 | &nbsp;&nbsp;0.82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**506863** | &nbsp;&nbsp;**2.41** |
| **Togo (Cost $209,305)** |  |  |  |  |
| Ecobank Transnational, Inc., 10.125%, 10/15/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205750 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**205750** | &nbsp;&nbsp;**0.98** |
| **Turkey (Cost $826,015)** |  |  |  |  |
| Turkcell Iletisim Hizmetleri A.S., 7.650%, 01/24/2032<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199876 | &nbsp;&nbsp;0.95 |
| Turkiye Garanti Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.836%), 8.125%, 01/03/2035<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196064 | &nbsp;&nbsp;0.93 |
| Turkiye Vakiflar Bankasi T.A.O., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.669%), 8.994%, 10/05/2034<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202687 | &nbsp;&nbsp;0.96 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Turkey (continued)** |  |  |  |  |
| Yapi ve Kredi Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.499%), 9.743%, 04/04/2029<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | $206570 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**805197** | &nbsp;&nbsp;&nbsp;&nbsp;**3.82** |
| **United Arab Emirates (Cost $398,024)** |  |  |  |  |
| First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/2026<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.539%), 6.375%, 03/20/2026<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199812 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**397812** | &nbsp;&nbsp;&nbsp;&nbsp;**1.89** |
| **United States (Cost $105,925)** |  |  |  |  |
| U.S. Treasury Bill, 4.164%, 07/10/2025<sup>9</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;106800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105929 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**105929** | &nbsp;&nbsp;&nbsp;&nbsp;**0.50** |
| **Uzbekistan (Cost $405,617)** |  |  |  |  |
| Jscb Agrobank, 9.250%, 10/02/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205150 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Navoi Mining & Metallurgical Combinat, 6.950%, 10/17/2031<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201196 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**406346** | &nbsp;&nbsp;&nbsp;&nbsp;**1.93** |
| **Venezuela (Cost $2,308,664)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>5,6</sup> |  | &nbsp;&nbsp;1724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603320 | &nbsp;&nbsp;&nbsp;&nbsp;7.61 |
| Petroleos de Venezuela S.A., 9.750%, 05/17/2035<sup>5</sup> |  | &nbsp;&nbsp;2987000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376362 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1979682** | &nbsp;&nbsp;&nbsp;&nbsp;**9.39** |
| **Vietnam (Cost $185,216)** |  |  |  |  |
| Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;190613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182214 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**182214** | &nbsp;&nbsp;&nbsp;&nbsp;**0.86** |
| **Zambia (Cost $209,189)** |  |  |  |  |
| First Quantum Minerals Ltd., 8.625%, 06/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202938 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**202938** | &nbsp;&nbsp;&nbsp;&nbsp;**0.96** |
| **Total Debt Securities (Cost $38,713,714)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20117507** | &nbsp;&nbsp;**95.46** |
| **Bank Loans** |  |  |  |  |
| **Czech Republic (Cost $362,933)** |  |  |  |  |
| New World Resources N.V., 8.500%, 10/07/2016<sup>6,7</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;952167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Total Bank Loans (Cost $362,933)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |
| **China (Cost $19,761)** |  |  |  |
| Sunac Services Holdings Ltd.<sup>2</sup> &nbsp;&nbsp;HKD | &nbsp;&nbsp;72634 | $17242 | &nbsp;&nbsp;0.08 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17242** | &nbsp;&nbsp;**0.08** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Czech Republic (Cost $1,093,253)** |  |  |  |  |
| New World Resources PLC, Class A\*<sup>,7</sup> | &nbsp;&nbsp;GBP | &nbsp;&nbsp;36580138 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Niger (Cost $877,496)** |  |  |  |  |
| Savannah Energy PLC\* | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;2258852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218252 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**218252** | &nbsp;&nbsp;&nbsp;&nbsp;**1.04** |
| **Total Equity Securities (Cost $1,990,510)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**235494** | &nbsp;&nbsp;&nbsp;&nbsp;**1.12** |
| **Total Investments (Total Cost $41,067,157)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20353001** | &nbsp;&nbsp;&nbsp;&nbsp;**96.58** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720928 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 |
| **Net Assets** |  |  | **$21073929** | &nbsp;&nbsp;**100.00** |

---

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

\* Non-income producing security.

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

<sup>2</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $1,283,776 or 6.09% of net assets.

<sup>3</sup> Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

<sup>4</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

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

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

<sup>7</sup> Security is a Level 3 investment.

<sup>8</sup> Restricted security that has been deemed illiquid. At April 30, 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>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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

At April 30, 2025, the Ashmore Emerging Markets Corporate Income Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Trading<br> Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)<sup>(1)</sup>** |
| **Long Contracts** |  |  |  |  |  |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1248891 | &nbsp;&nbsp;$13594 |
| Total |  |  |  |  | &nbsp;&nbsp;$13594 |

---

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

At April 30, 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)** |
| 07/02/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;234258 | &nbsp;&nbsp;British Pound | &nbsp;&nbsp;181385 | &nbsp;&nbsp;$(7534) |
| 07/02/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;88172 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;81221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4216) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(11750) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(11750) |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Income Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 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;$15023011 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$15023013 |
| &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;1021635 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1021635 |
| &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;3966930 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3966930 |
| &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;105929 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105929 |
| &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;20117505 | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;20117507 |
| &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;Niger | &nbsp;&nbsp;&nbsp;&nbsp;218252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218252 |
| &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;17242 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;218252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17242 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235494 |
| Total Investments | &nbsp;&nbsp;$218252 | &nbsp;&nbsp;$20134747 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$20353001 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(1)</sup> | &nbsp;&nbsp;$13594 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13594 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11750) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11750) |
| Total Other Financial Instruments | &nbsp;&nbsp;$13594 | &nbsp;&nbsp;$(11750) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1844 |

---

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

During the period ended April 30, 2025, Common Stock in the amount of $218,252 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 period ended April 30, 2025.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

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

#### Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 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 Futures Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13594<sup>(1)</sup> |
|  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13594 |
| **Liabilities:** |  |  |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(11750) | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;$(11750) | &nbsp;&nbsp;$— |

---

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

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

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 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 Loss on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(4535) | &nbsp;&nbsp;$— |
| Net Realized Loss on Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(22689) |
|  | &nbsp;&nbsp;$(4535) | &nbsp;&nbsp;$(22689) |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |  |
| Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$3267 | &nbsp;&nbsp;$— |
| Net Change in Unrealized Appreciation on Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28669 |
|  | &nbsp;&nbsp;$3267 | &nbsp;&nbsp;$28669 |

---

\* 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Brazil (Cost $2,115,569)** |  |  |  |  |
| Banco do Brasil S.A., 4.875%, 01/11/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | $393125 | &nbsp;&nbsp;1.20 |
| BRF GmbH, 4.350%, 09/29/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391436 | &nbsp;&nbsp;1.20 |
| Embraer Netherlands Finance B.V., 6.950%, 01/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522656 | &nbsp;&nbsp;1.60 |
| NBM U.S. Holdings, Inc., 7.000%, 05/14/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;0.35 |
| Oi S.A., 8.500%, (92% PIK), 12/31/2028<sup>2,3</sup> |  | &nbsp;&nbsp;1184026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80514 | &nbsp;&nbsp;0.25 |
| Suzano Austria GmbH, 6.000%, 01/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508938 | &nbsp;&nbsp;1.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2011669** | &nbsp;&nbsp;**6.15** |
| **Chile (Cost $723,333)** |  |  |  |  |
| 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;193200 | &nbsp;&nbsp;0.59 |
| BPCE S.A., 3.150%, 03/06/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181412 | &nbsp;&nbsp;0.56 |
| GNL Quintero S.A., 4.634%, 07/31/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;145640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143365 | &nbsp;&nbsp;0.44 |
| Inversiones CMPC S.A., 4.375%, 04/04/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197700 | &nbsp;&nbsp;0.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**715677** | &nbsp;&nbsp;**2.19** |
| **China (Cost $26,167,427)** |  |  |  |  |
| Central China Real Estate Ltd., 7.900%, 11/07/2023<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24640 | &nbsp;&nbsp;0.07 |
| Central China Real Estate Ltd., 7.250%, 07/16/2024<sup>4,5</sup> |  | &nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54187 | &nbsp;&nbsp;0.17 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;979000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41607 | &nbsp;&nbsp;0.13 |
| Central China Real Estate Ltd., 7.250%, 04/28/2025<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550 | &nbsp;&nbsp;0.03 |
| Central China Real Estate Ltd., 7.500%, 07/14/2025<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18568 | &nbsp;&nbsp;0.06 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;0.07 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17425 | &nbsp;&nbsp;0.05 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;0.10 |
| China SCE Group Holdings Ltd., 7.000%, 05/02/2025<sup>4</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>4</sup> |  | &nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46112 | &nbsp;&nbsp;0.14 |
| Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022<sup>4,5</sup> |  | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;0.31 |
| Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023<sup>4,5</sup> |  | &nbsp;&nbsp;4160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114400 | &nbsp;&nbsp;0.35 |
| Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023<sup>4,5</sup> |  | &nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37750 | &nbsp;&nbsp;0.11 |
| Fortune Star BVI Ltd., 8.500%, 05/19/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316400 | &nbsp;&nbsp;0.97 |
| Kaisa Group Holdings Ltd., 11.500%, 01/30/2023<sup>4,5</sup> |  | &nbsp;&nbsp;4875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207187 | &nbsp;&nbsp;0.63 |
| Kaisa Group Holdings Ltd., 10.875%, 07/23/2023<sup>4,5</sup> |  | &nbsp;&nbsp;3930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167025 | &nbsp;&nbsp;0.51 |
| Kaisa Group Holdings Ltd., 11.250%, 04/16/2025<sup>4,5</sup> |  | &nbsp;&nbsp;4280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181900 | &nbsp;&nbsp;0.56 |
| KWG Group Holdings Ltd., 6.000%, 01/14/2024<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14350 | &nbsp;&nbsp;0.04 |
| Meituan, 0.000%, 04/27/2028<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192600 | &nbsp;&nbsp;0.59 |
| Sunac China Holdings Ltd., 6.000%, 09/30/2025<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10489 | &nbsp;&nbsp;0.03 |
| Sunac China Holdings Ltd., 6.250%, 09/30/2026<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10743 | &nbsp;&nbsp;0.03 |
| Sunac China Holdings Ltd., 6.500%, 09/30/2027<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10875 | &nbsp;&nbsp;0.03 |
| Sunac China Holdings Ltd., 6.750%, 09/30/2028<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;143385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16489 | &nbsp;&nbsp;0.05 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;143892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16548 | &nbsp;&nbsp;0.05 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;363451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41797 | &nbsp;&nbsp;0.13 |
| Sunac China Holdings Ltd., 7.250%, 09/30/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;130119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14964 | &nbsp;&nbsp;0.05 |
| Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46900 | &nbsp;&nbsp;0.14 |
| Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/2023<sup>4,5</sup> |  | &nbsp;&nbsp;4940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345800 | &nbsp;&nbsp;1.06 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Zhenro Properties Group Ltd., 8.000%, 03/06/2023<sup>4,5</sup> |  | &nbsp;&nbsp;4920000 | $12300 | &nbsp;&nbsp;0.04 |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>4,5</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>4,5</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>4,5</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;**2181657** | &nbsp;&nbsp;**6.67** |
| **Colombia (Cost $581,992)** |  |  |  |  |
| Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.93%), 6.909%, 10/18/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;0.62 |
| Empresas Publicas de Medellin ESP, 4.250%, 07/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178956 | &nbsp;&nbsp;0.55 |
| Oleoducto Central S.A., 4.000%, 07/14/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193376 | &nbsp;&nbsp;0.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**576332** | &nbsp;&nbsp;**1.76** |
| **Czech Republic (Cost $402,504)** |  |  |  |  |
| Energo-Pro A.S., 8.500%, 02/04/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400750 | &nbsp;&nbsp;1.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**400750** | &nbsp;&nbsp;**1.22** |
| **Guatemala (Cost $501,866)** |  |  |  |  |
| Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L., 5.250%, 04/27/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157080 | &nbsp;&nbsp;0.48 |
| Millicom International Cellular S.A., 5.125%, 01/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350775 | &nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**507855** | &nbsp;&nbsp;**1.55** |
| **Hong Kong (Cost $405,501)** |  |  |  |  |
| Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.85%), 6.187%, 07/06/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406184 | &nbsp;&nbsp;1.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**406184** | &nbsp;&nbsp;**1.24** |
| **Hungary (Cost $407,919)** |  |  |  |  |
| OTP Bank Nyrt., (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.71%), 7.500%, 05/25/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409252 | &nbsp;&nbsp;1.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**409252** | &nbsp;&nbsp;**1.25** |
| **India (Cost $2,371,814)** |  |  |  |  |
| Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;604555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580252 | &nbsp;&nbsp;1.77 |
| Delhi International Airport Ltd., 6.450%, 06/04/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630787 | &nbsp;&nbsp;1.93 |
| Greenko Power II Ltd., 4.300%, 12/13/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152354 | &nbsp;&nbsp;0.46 |
| Muthoot Finance Ltd., 7.125%, 02/14/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296625 | &nbsp;&nbsp;0.90 |
| Sammaan Capital Ltd., 9.700%, 07/03/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195688 | &nbsp;&nbsp;0.60 |
| TML Holdings Pte. Ltd., 4.350%, 06/09/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195894 | &nbsp;&nbsp;0.60 |
| Vedanta Resources Finance II PLC, 10.250%, 06/03/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300044 | &nbsp;&nbsp;0.92 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2351644** | &nbsp;&nbsp;**7.18** |
| **Indonesia (Cost $722,557)** |  |  |  |  |
| Bank Negara Indonesia Persero Tbk PT, 3.750%, 03/30/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326248 | &nbsp;&nbsp;0.99 |
| Freeport Indonesia PT, 4.763%, 04/14/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398548 | &nbsp;&nbsp;1.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**724796** | &nbsp;&nbsp;**2.21** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Jordan (Cost $898,482)** |  |  |  |  |
| Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;900000 | $896400 | &nbsp;&nbsp;2.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**896400** | &nbsp;&nbsp;**2.74** |
| **Mexico (Cost $2,437,951)** |  |  |  |  |
| Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.621%, 12/10/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;1.24 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.250%, 09/10/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400920 | &nbsp;&nbsp;1.23 |
| Petroleos Mexicanos, 5.350%, 02/12/2028 |  | &nbsp;&nbsp;1864000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719726 | &nbsp;&nbsp;5.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2525646** | &nbsp;&nbsp;**7.72** |
| **Morocco (Cost $754,909)** |  |  |  |  |
| OCP S.A., 4.500%, 10/22/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744375 | &nbsp;&nbsp;2.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**744375** | &nbsp;&nbsp;**2.27** |
| **Nigeria (Cost $377,501)** |  |  |  |  |
| IHS Holding Ltd., 6.250%, 11/29/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378263 | &nbsp;&nbsp;1.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**378263** | &nbsp;&nbsp;**1.16** |
| **Oman (Cost $199,022)** |  |  |  |  |
| Bank Muscat SAOG, 4.750%, 03/17/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198938 | &nbsp;&nbsp;0.61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**198938** | &nbsp;&nbsp;**0.61** |
| **Pakistan (Cost $352,771)** |  |  |  |  |
| VEON Holdings B.V., 3.375%, 11/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357375 | &nbsp;&nbsp;1.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**357375** | &nbsp;&nbsp;**1.09** |
| **Peru (Cost $524,427)** |  |  |  |  |
| Banco de Credito del Peru S.A., 5.850%, 01/11/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411376 | &nbsp;&nbsp;1.26 |
| Transportadora de Gas del Peru S.A., 4.250%, 04/30/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118110 | &nbsp;&nbsp;0.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**529486** | &nbsp;&nbsp;**1.62** |
| **South Africa (Cost $777,969)** |  |  |  |  |
| Bidvest Group UK (The) PLC, 3.625%, 09/23/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195126 | &nbsp;&nbsp;0.59 |
| Prosus N.V., 3.257%, 01/19/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594559 | &nbsp;&nbsp;1.82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**789685** | &nbsp;&nbsp;**2.41** |
| **Tanzania (Cost $374,570)** |  |  |  |  |
| HTA Group Ltd., 2.875%, 03/18/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372000 | &nbsp;&nbsp;1.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**372000** | &nbsp;&nbsp;**1.14** |
| **Thailand (Cost $504,195)** |  |  |  |  |
| Muangthai Capital PCL, 6.875%, 09/30/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491250 | &nbsp;&nbsp;1.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**491250** | &nbsp;&nbsp;**1.50** |
| **Turkey (Cost $410,995)** |  |  |  |  |
| Turkiye Is Bankasi A.S., 7.750%, 06/12/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404000 | &nbsp;&nbsp;1.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**404000** | &nbsp;&nbsp;**1.23** |
| **United Arab Emirates (Cost $409,506)** |  |  |  |  |
| Alpha Star Holding IX Ltd., 7.000%, 08/26/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201250 | &nbsp;&nbsp;0.61 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (continued)** |  |  |  |  |
| Alpha Star Holding VIII Ltd., 8.375%, 04/12/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | $206188 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**407438** | &nbsp;&nbsp;&nbsp;&nbsp;**1.24** |
| **United States (Cost $1,693,726)** |  |  |  |  |
| U.S. Treasury Bill, 4.133%, 07/10/2025<sup>8</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1707700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693770 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1693770** | &nbsp;&nbsp;&nbsp;&nbsp;**5.17** |
| **Uzbekistan (Cost $1,017,242)** |  |  |  |  |
| Jscb Agrobank, 9.250%, 10/02/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410300 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Navoi Mining & Metallurgical Combinat, 6.700%, 10/17/2028<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203175 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Navoi Mining & Metallurgical Combinat, 6.700%, 10/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406350 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1019825** | &nbsp;&nbsp;&nbsp;&nbsp;**3.12** |
| **Venezuela (Cost $11,158,543)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>4,5</sup> |  | &nbsp;&nbsp;12447500 | &nbsp;&nbsp;&nbsp;&nbsp;11576175 | &nbsp;&nbsp;&nbsp;&nbsp;35.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11576175** | &nbsp;&nbsp;&nbsp;&nbsp;**35.37** |
| **Vietnam (Cost $186,254)** |  |  |  |  |
| Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182214 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**182214** | &nbsp;&nbsp;&nbsp;&nbsp;**0.56** |
| **Total Debt Securities (Cost $56,478,545)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32852656** | &nbsp;&nbsp;**100.37** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |
| **China (Cost $28,857)** |  |  |  |
| Sunac Services Holdings Ltd.<sup>2</sup> &nbsp;&nbsp;HKD | &nbsp;&nbsp;106069 | $25178 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25178** | &nbsp;&nbsp;&nbsp;&nbsp;**0.08** |
| **Total Equity Securities (Cost $28,857)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25178** | &nbsp;&nbsp;&nbsp;&nbsp;**0.08** |
| **Total Investments (Total Cost $56,507,402)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32877834** | &nbsp;&nbsp;**100.45** |
| Liabilities Less Other Assets (See Statements of Assets and Liabilities for further detail) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147372) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| **Net Assets** |  | **$32730462** | &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 April 30, 2025, these securities had a total value of $308,867 or 0.94% of net assets.

<sup>3</sup> Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

<sup>4</sup> Issuer has defaulted on terms of debt obligation.

<sup>5</sup> Maturity has been extended under the terms of a plan of reorganization.

<sup>6</sup> Zero coupon bond.

<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.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

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 April 30, 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;$14228514 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14228514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564600 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407438 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15779378 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15779378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178956 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1693770 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1693770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32852656 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32852656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25178 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25178 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$32877834 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$32877834 |

---

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

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 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;$(1581) |
| **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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $603,720)** |  |  |  |  |
| Grupo Financiero Galicia S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466 | $209347 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Vista Energy S.A.B. de C.V. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208685 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| YPF S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188932 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**606964** | &nbsp;&nbsp;&nbsp;&nbsp;**2.70** |
| **Brazil (Cost $1,424,010)** |  |  |  |  |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463839 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Petroleo Brasileiro S.A. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217581 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267090 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Vale S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316686 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1265196** | &nbsp;&nbsp;&nbsp;&nbsp;**5.62** |
| **China (Cost $4,247,223)** |  |  |  |  |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005453 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472500 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178135 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| H World Group Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430431 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| JD.com, Inc., Class A | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224908 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| KE Holdings, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232902 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Proya Cosmetics Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390522 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252805 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205047 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123173 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4515876** | &nbsp;&nbsp;**20.07** |
| **Hong Kong (Cost $107,786)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108793 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**108793** | &nbsp;&nbsp;&nbsp;&nbsp;**0.48** |
| **India (Cost $3,643,593)** |  |  |  |  |
| Dr. Reddy's Laboratories Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341096 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114192 | &nbsp;&nbsp;&nbsp;&nbsp;4.95 |
| ICICI Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085968 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455161 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125608 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Reliance Industries Ltd. GDR<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473227 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343843 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274784 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4213879** | &nbsp;&nbsp;**18.73** |
| **Indonesia (Cost $916,680)** |  |  |  |  |
| Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1509400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811218 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**811218** | &nbsp;&nbsp;&nbsp;&nbsp;**3.61** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Kuwait (Cost $379,167)** |  |  |  |  |
| National Bank of Kuwait S.A.K.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;139251 | $434691 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**434691** | &nbsp;&nbsp;&nbsp;&nbsp;**1.93** |
| **Mexico (Cost $747,421)** |  |  |  |  |
| Cemex S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;43611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269080 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| GCC S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;23730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198995 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;40500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348031 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**816106** | &nbsp;&nbsp;&nbsp;&nbsp;**3.63** |
| **Peru (Cost $220,196)** |  |  |  |  |
| Southern Copper Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;2496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223442 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**223442** | &nbsp;&nbsp;&nbsp;&nbsp;**0.99** |
| **Saudi Arabia (Cost $694,944)** |  |  |  |  |
| Al Rajhi Bank | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;19007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496877 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;3403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260125 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**757002** | &nbsp;&nbsp;&nbsp;&nbsp;**3.36** |
| **South Africa (Cost $270,043)** |  |  |  |  |
| Absa Group Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;13057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120105 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;8425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179809 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**299914** | &nbsp;&nbsp;&nbsp;&nbsp;**1.33** |
| **South Korea (Cost $2,062,660)** |  |  |  |  |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;4382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351916 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| KB Financial Group, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242594 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Samsung Biologics Co. Ltd.\*<sup>,2</sup> | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112415 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106514 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| SK Hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527757 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237333 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;9799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376462 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1954991** | &nbsp;&nbsp;&nbsp;&nbsp;**8.69** |
| **Taiwan (Cost $4,503,862)** |  |  |  |  |
| ASE Technology Holding Co. Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;32500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283725 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345385 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250993 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151077 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639877 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;82951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364615 | &nbsp;&nbsp;10.51 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335380 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Wistron Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117905 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4488957** | &nbsp;&nbsp;**19.95** |
| **United Arab Emirates (Cost $361,053)** |  |  |  |  |
| Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;197599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444883 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**444883** | &nbsp;&nbsp;&nbsp;&nbsp;**1.98** |
| **Total Common Stocks (Cost $20,182,358)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20941912** | &nbsp;&nbsp;**93.07** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Preferred Stocks** |  |  |  |  |
| **Brazil (Cost $333,878)** |  |  |  |  |
| Itau Unibanco Holding S.A. ADR, 3.944%<sup>3</sup> |  | &nbsp;&nbsp;60521 | $381888 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**381888** | &nbsp;&nbsp;&nbsp;&nbsp;**1.70** |
| **Total Preferred Stocks (Cost $333,878)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**381888** | &nbsp;&nbsp;&nbsp;&nbsp;**1.70** |
| **Total Investments (Total Cost $20,516,236)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21323800** | &nbsp;&nbsp;&nbsp;&nbsp;**94.77** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177799 | &nbsp;&nbsp;&nbsp;&nbsp;5.23 |
| **Net Assets** |  |  | **$22501599** | &nbsp;&nbsp;**100.00** |

---

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

\* Non-income producing security.

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

<sup>2</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $585,642 or 2.60% of net assets.

<sup>3</sup> Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.

Percentages shown are based on net assets.

At April 30, 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;6.7% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;13.6 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;23.8 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;24.0 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;94.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Active Equity Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 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;$606964 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$606964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;1265196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1265196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663333 | &nbsp;&nbsp;&nbsp;&nbsp;3852543 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4515876 |
| &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;108793 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;2541256 | &nbsp;&nbsp;&nbsp;&nbsp;1672623 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4213879 |
| &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;&nbsp;&nbsp;811218 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811218 |
| &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;434691 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223442 |
| &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;757002 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757002 |
| &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;299914 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299914 |
| &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;1954991 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1954991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619105 | &nbsp;&nbsp;&nbsp;&nbsp;3869852 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4488957 |
| &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;444883 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;6735402 | &nbsp;&nbsp;&nbsp;&nbsp;14206510 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20941912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381888 |
| Total Investments | &nbsp;&nbsp;$7117290 | &nbsp;&nbsp;$14206510 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21323800 |

---

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

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 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;$69 |

---

\* 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $190,822)** |  |  |  |  |
| Lojas Renner S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47870 | $123236 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88164 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**211400** | &nbsp;&nbsp;&nbsp;&nbsp;**4.26** |
| **China (Cost $482,443)** |  |  |  |  |
| 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;59560 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Huaming Power Equipment Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126401 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| JNBY Design Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133040 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 |
| Proya Cosmetics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107821 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45659 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68337 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**540818** | &nbsp;&nbsp;**10.91** |
| **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;103793 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**103793** | &nbsp;&nbsp;&nbsp;&nbsp;**2.09** |
| **India (Cost $1,245,728)** |  |  |  |  |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133399 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 |
| Bluspring Enterprises Ltd.\*<sup>,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33139 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| 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;&nbsp;&nbsp;&nbsp;97633 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| CreditAccess Grameen Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105812 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| Digitide Solutions Ltd.\*<sup>,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27566 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Eris Lifesciences Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135518 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 |
| Indian Energy Exchange Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74787 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152386 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| Krishna Institute of Medical Sciences Ltd.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138524 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 |
| Medi Assist Healthcare Services Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122843 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83060 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Quess Corp. Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62646 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Tips Music Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113969 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1281282** | &nbsp;&nbsp;**25.84** |
| **Indonesia (Cost $196,629)** |  |  |  |  |
| Bank Syariah Indonesia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;424100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73834 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Ciputra Development Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1995600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111869 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**185703** | &nbsp;&nbsp;&nbsp;&nbsp;**3.75** |
| **Malaysia (Cost $242,790)** |  |  |  |  |
| My EG Services Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;1355697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281874 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**281874** | &nbsp;&nbsp;&nbsp;&nbsp;**5.68** |
| **Mexico (Cost $283,914)** |  |  |  |  |
| Genomma Lab Internacional S.A.B. de C.V., Class B | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102259 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| 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;124558 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Grupo Traxion S.A.B. de C.V.\*<sup>,2</sup> | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;93900 | $78671 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**305488** | &nbsp;&nbsp;&nbsp;&nbsp;**6.16** |
| **Poland (Cost $183,453)** |  |  |  |  |
| Benefit Systems S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177129 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45229 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**222358** | &nbsp;&nbsp;&nbsp;&nbsp;**4.48** |
| **Saudi Arabia (Cost $93,054)** |  |  |  |  |
| United International Transportation Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;4418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87080 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87080** | &nbsp;&nbsp;&nbsp;&nbsp;**1.76** |
| **South Africa (Cost $92,442)** |  |  |  |  |
| Boxer Retail Ltd.\* | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;15422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57520 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Karooooo Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;1618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68943 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**126463** | &nbsp;&nbsp;&nbsp;&nbsp;**2.55** |
| **South Korea (Cost $586,386)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80105 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| 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;58932 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79468 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;4124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99085 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| Hana Materials, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62070 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133588 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 |
| KoMiCo Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54312 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**567560** | &nbsp;&nbsp;&nbsp;&nbsp;**11.45** |
| **Taiwan (Cost $997,914)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133561 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126645 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| eCloudvalley Digital Technology Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;28977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80971 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195897 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 |
| Kinik Co. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145251 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| Lotes Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37817 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| WinWay Technology Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159695 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**879837** | &nbsp;&nbsp;&nbsp;&nbsp;**17.75** |
| **United Arab Emirates (Cost $144,084)** |  |  |  |  |
| Presight AI Holding PLC\* | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;92638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48968 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Spinneys 1961 Holding PLC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;221481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86884 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**135852** | &nbsp;&nbsp;&nbsp;&nbsp;**2.74** |
| **Total Common Stocks (Cost $4,828,728)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4929508** | &nbsp;&nbsp;&nbsp;&nbsp;**99.42** |
| **Total Investments (Total Cost $4,828,728)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4929508** | &nbsp;&nbsp;&nbsp;&nbsp;**99.42** |
| 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;28691 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| **Net Assets** |  |  | **$4958199** | &nbsp;&nbsp;**100.00** |

---

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

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

\* Non-income producing security.

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

<sup>2</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $716,782 or 14.46% of net assets.

<sup>3</sup> Security is a Level 3 investment.

Percentages shown are based on net assets.

At April 30, 2025, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;10.4 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;11.7 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;28.6 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;23.9 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Small-Cap Equity Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 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;$211400 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$211400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;59560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540818 |
| &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;103793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103793 |
| &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;1220577 | &nbsp;&nbsp;&nbsp;&nbsp;60705 | &nbsp;&nbsp;&nbsp;&nbsp;1281282 |
| &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;185703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185703 |
| &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;281874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;305488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305488 |
| &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;222358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222358 |
| &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;87080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;68943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126463 |
| &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;567560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879837 |
| &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;135852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;645391 | &nbsp;&nbsp;&nbsp;&nbsp;4223412 | &nbsp;&nbsp;&nbsp;&nbsp;60705 | &nbsp;&nbsp;&nbsp;&nbsp;4929508 |
| Total Investments | &nbsp;&nbsp;$645391 | &nbsp;&nbsp;$4223412 | &nbsp;&nbsp;$60705 | &nbsp;&nbsp;$4929508 |

---

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended April 30, 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 04/30/2025** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> from Investments<br> still held<br> 04/30/2025** |
| Investments, at value |  |  |  |  |  |  |  |  |  |  |
| Common Stock |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | $— | $— | $74708 | $— | $— | $(14003) | $— | $— | $60705 | $— |
| Total | $— | $— | $74708 | $— | $— | $(14003) | $— | $— | $60705 | $— |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

The following table on "Quantitative information about Level 3 Fair Value measurements" provides information on the valuation

techniques and inputs used to value Level 3 securities at April 30, 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> 04/30/2025 | &nbsp;&nbsp;Valuation<br> Technique | &nbsp;&nbsp;Unobservable<br> Input |
| Common Stock | &nbsp;&nbsp;$33139 | &nbsp;&nbsp;Transaction Price | &nbsp;&nbsp;$175.18 |
| Common Stock | &nbsp;&nbsp;$27566 | &nbsp;&nbsp;Transaction Price | &nbsp;&nbsp;$145.72 |
| Total | &nbsp;&nbsp;$60705 |  |  |

---

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

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 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;$348 |

---

\* 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $1,423,619)** |  |  |  |  |
| Globant S.A.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750 | $1028738 | &nbsp;&nbsp;1.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1028738** | &nbsp;&nbsp;**1.13** |
| **Cambodia (Cost $1,891,950)** |  |  |  |  |
| NagaCorp Ltd.\* | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;3411263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454470 | &nbsp;&nbsp;1.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1454470** | &nbsp;&nbsp;**1.59** |
| **Canada (Cost $1,061,103)** |  |  |  |  |
| Cameco Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065540 | &nbsp;&nbsp;1.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1065540** | &nbsp;&nbsp;**1.17** |
| **Iceland (Cost $1,265,537)** |  |  |  |  |
| Arion Banki HF<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ISK | &nbsp;&nbsp;1208273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453175 | &nbsp;&nbsp;1.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1453175** | &nbsp;&nbsp;**1.59** |
| **Kazakhstan (Cost $7,170,704)** |  |  |  |  |
| Halyk Savings Bank of Kazakhstan JSC GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;113443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753032 | &nbsp;&nbsp;3.02 |
| Kaspi.KZ JSC ADR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238068 | &nbsp;&nbsp;5.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7991100** | &nbsp;&nbsp;**8.76** |
| **Kuwait (Cost $5,770,047)** |  |  |  |  |
| Gulf Bank K.S.C.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;1881632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063585 | &nbsp;&nbsp;2.27 |
| National Bank of Kuwait S.A.K.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;1353260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224383 | &nbsp;&nbsp;4.63 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6287968** | &nbsp;&nbsp;**6.90** |
| **Mauritius (Cost $964,527)** |  |  |  |  |
| MCB Group Ltd. | &nbsp;&nbsp;MUR | &nbsp;&nbsp;&nbsp;&nbsp;125285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250833 | &nbsp;&nbsp;1.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1250833** | &nbsp;&nbsp;**1.37** |
| **Morocco (Cost $4,137,100)** |  |  |  |  |
| Akdital Holding | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415507 | &nbsp;&nbsp;2.65 |
| Attijariwafa Bank | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081073 | &nbsp;&nbsp;3.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5496580** | &nbsp;&nbsp;**6.03** |
| **Oman (Cost $622,215)** |  |  |  |  |
| OQ Exploration & Production S.A.O.G. | &nbsp;&nbsp;OMR | &nbsp;&nbsp;&nbsp;&nbsp;614238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427689 | &nbsp;&nbsp;0.47 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**427689** | &nbsp;&nbsp;**0.47** |
| **Pakistan (Cost $2,051,200)** |  |  |  |  |
| Searle (The) Co. Ltd.\* | &nbsp;&nbsp;&nbsp;PKR | &nbsp;&nbsp;3484966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017952 | &nbsp;&nbsp;1.12 |
| Systems Ltd. | &nbsp;&nbsp;&nbsp;PKR | &nbsp;&nbsp;&nbsp;&nbsp;721956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352944 | &nbsp;&nbsp;1.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2370896** | &nbsp;&nbsp;**2.60** |
| **Peru (Cost $1,974,595)** |  |  |  |  |
| Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324951 | &nbsp;&nbsp;1.46 |
| Hudbay Minerals, Inc. | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;104400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759562 | &nbsp;&nbsp;0.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2084513** | &nbsp;&nbsp;**2.29** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Philippines (Cost $7,289,595)** |  |  |  |  |
| Ayala Land, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;2090300 | $932540 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;1009702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881191 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 |
| Century Pacific Food, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577079 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| DigiPlus Interactive Corp. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;1202300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861698 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| GT Capital Holdings, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467599 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916893 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| SM Prime Holdings, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;2061500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899370 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7536370** | &nbsp;&nbsp;&nbsp;&nbsp;**8.26** |
| **Qatar (Cost $6,364,937)** |  |  |  |  |
| Doha Bank QPSC | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;4795555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3106320 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024974 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Qatar National Bank QPSC | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338771 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7470065** | &nbsp;&nbsp;&nbsp;&nbsp;**8.19** |
| **Romania (Cost $4,552,564)** |  |  |  |  |
| Banca Transilvania S.A. | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250684 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 |
| OMV Petrom S.A. | &nbsp;&nbsp;RON | &nbsp;&nbsp;11834261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928078 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6178762** | &nbsp;&nbsp;&nbsp;&nbsp;**6.78** |
| **Saudi Arabia (Cost $3,902,029)** |  |  |  |  |
| Al Babtain Power & Telecommunication Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749767 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Al Rajhi Bank | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119418 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| AlKhorayef Water & Power Technologies Co.\* | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535537 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036755 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| United International Transportation Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677222 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4118699** | &nbsp;&nbsp;&nbsp;&nbsp;**4.52** |
| **Slovenia (Cost $1,567,786)** |  |  |  |  |
| Nova Ljubljanska Banka dd GDR (Registered) | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408998 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2408998** | &nbsp;&nbsp;&nbsp;&nbsp;**2.64** |
| **Tanzania (Cost $526,826)** |  |  |  |  |
| Helios Towers PLC\* | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538262 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**538262** | &nbsp;&nbsp;&nbsp;&nbsp;**0.59** |
| **United Arab Emirates (Cost $9,639,386)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423417 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613272 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Adnoc Gas PLC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;1104648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953995 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Aldar Properties PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848453 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| Emaar Properties PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261078 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660329 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382165 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12142709** | &nbsp;&nbsp;**13.32** |
| **Vietnam (Cost $15,845,322)** |  |  |  |  |
| Asia Commercial Bank JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922319 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Vietnam (continued)** |  |  |  |  |
| Bank for Foreign Trade of Vietnam JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;703884 | $1553569 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| FPT Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;850125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586612 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 |
| FPT DIGITAL RETAIL JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;139700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903575 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Hoa Phat Group JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;2286700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247079 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;457700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073328 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Nam Long Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;853200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906535 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Phu Nhuan Jewelry JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;250266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685778 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Vietnam Dairy Products JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;549500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219622 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Vietnam Prosperity JSC Bank | &nbsp;&nbsp;VND | &nbsp;&nbsp;1385800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884217 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Vinhomes JSC\*<sup>,2</sup> | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;492200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107776 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15090410** | &nbsp;&nbsp;&nbsp;&nbsp;**16.55** |
| **Total Common Stocks (Cost $78,021,042)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**86395777** | &nbsp;&nbsp;&nbsp;&nbsp;**94.75** |
| **Investment Companies** |  |  |  |  |
| Vietnam Enterprise Investments Ltd., Class C \* | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;118054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817449 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| VinaCapital Vietnam Opportunity Fund Ltd. | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;122997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644673 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| **Total Investment Companies (Cost $1,374,297)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1462122** | &nbsp;&nbsp;&nbsp;&nbsp;**1.60** |
| **Total Investments (Total Cost $79,395,339)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87857899** | &nbsp;&nbsp;&nbsp;&nbsp;**96.35** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324625 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 |
| **Net Assets** |  |  | **$91182524** | &nbsp;&nbsp;**100.00** |

---

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

\* Non-income producing security.

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

<sup>2</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $2,560,951 or 2.81% of net assets.

Percentages shown are based on net assets.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

At April 30, 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;0.6% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;53.5 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;96.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &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 Frontier Equity Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 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;$1028738 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1028738 |
| &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;1454470 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065540 |
| &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;1453175 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753032 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7991100 |
| &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;6287968 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6287968 |
| &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;1250833 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250833 |
| &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;5496580 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427689 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427689 |
| &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;2370896 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084513 |
| &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;7536370 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7536370 |
| &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;7470065 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7470065 |
| &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;6178762 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6178762 |
| &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;4118699 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118699 |
| &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;2408998 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408998 |
| &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;&nbsp;&nbsp;538262 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382165 | &nbsp;&nbsp;&nbsp;&nbsp;10760544 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12142709 |
| &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;15090410 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15090410 |
| &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;10799024 | &nbsp;&nbsp;&nbsp;&nbsp;75596753 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;86395777 |
| &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;1462122 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462122 |
| Total Investments | &nbsp;&nbsp;$10799024 | &nbsp;&nbsp;$77058875 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$87857899 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $11,230,256)** |  |  |  |  |
| Lojas Renner S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;716000 | $1843257 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195530 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| Rede D'Or Sao Luiz S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;457713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582482 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;308100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042364 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| XP, Inc., Class A |  | &nbsp;&nbsp;118100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901410 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12565043** | &nbsp;&nbsp;&nbsp;&nbsp;**7.65** |
| **China (Cost $39,610,260)** |  |  |  |  |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;417600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982731 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;47100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498238 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| H World Group Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;49098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681116 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| JD.com, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;54374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773680 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| KE Holdings, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;82445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673633 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Meituan, Class B\*<sup>,2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;335030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5603757 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 |
| NetEase, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;24459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618581 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Proya Cosmetics Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366112 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;41100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242856 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;257400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554911 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;125664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753422 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;223200 | &nbsp;&nbsp;&nbsp;&nbsp;13850404 | &nbsp;&nbsp;&nbsp;&nbsp;8.43 |
| Tencent Music Entertainment Group ADR |  | &nbsp;&nbsp;221412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2971349 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Trip.com Group Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;29455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737550 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46308340** | &nbsp;&nbsp;**28.18** |
| **Hong Kong (Cost $3,634,306)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;478200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612848 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3612848** | &nbsp;&nbsp;&nbsp;&nbsp;**2.20** |
| **Hungary (Cost $2,417,434)** |  |  |  |  |
| Wizz Air Holdings PLC\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;112700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475142 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2475142** | &nbsp;&nbsp;&nbsp;&nbsp;**1.51** |
| **India (Cost $21,619,105)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;40687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361554 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;154540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168929 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Axis Bank Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;10081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707762 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Cipla Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;148621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732693 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;98482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7158657 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 |
| Indian Energy Exchange Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;366427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826760 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| InterGlobe Aviation Ltd.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;24773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540987 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;425545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750584 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Marico Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;165084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389322 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;93273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795430 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23432678** | &nbsp;&nbsp;**14.26** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Indonesia (Cost $7,187,623)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;11673800 | $3450657 | &nbsp;&nbsp;2.10 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213968 | &nbsp;&nbsp;1.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6664625** | &nbsp;&nbsp;**4.06** |
| **Kazakhstan (Cost $3,932,221)** |  |  |  |  |
| Kaspi.KZ JSC ADR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612103 | &nbsp;&nbsp;2.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3612103** | &nbsp;&nbsp;**2.20** |
| **Malaysia (Cost $1,926,117)** |  |  |  |  |
| My EG Services Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;11042506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295935 | &nbsp;&nbsp;1.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2295935** | &nbsp;&nbsp;**1.40** |
| **Mexico (Cost $9,325,128)** |  |  |  |  |
| Fomento Economico Mexicano S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442431 | &nbsp;&nbsp;0.88 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209992 | &nbsp;&nbsp;0.74 |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B\* | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774156 | &nbsp;&nbsp;1.69 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536759 | &nbsp;&nbsp;1.54 |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816280 | &nbsp;&nbsp;1.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9779618** | &nbsp;&nbsp;**5.95** |
| **Poland (Cost $1,515,202)** |  |  |  |  |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541901 | &nbsp;&nbsp;0.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1541901** | &nbsp;&nbsp;**0.94** |
| **Saudi Arabia (Cost $1,618,078)** |  |  |  |  |
| United International Transportation Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421695 | &nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1421695** | &nbsp;&nbsp;**0.87** |
| **South Africa (Cost $1,290,061)** |  |  |  |  |
| Boxer Retail Ltd.\* | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372399 | &nbsp;&nbsp;0.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1372399** | &nbsp;&nbsp;**0.83** |
| **South Korea (Cost $13,339,407)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753778 | &nbsp;&nbsp;1.07 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081342 | &nbsp;&nbsp;1.27 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964157 | &nbsp;&nbsp;0.59 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563809 | &nbsp;&nbsp;0.95 |
| KoMiCo Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699438 | &nbsp;&nbsp;1.03 |
| SK Hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864566 | &nbsp;&nbsp;2.35 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828093 | &nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12755183** | &nbsp;&nbsp;**7.76** |
| **Taiwan (Cost $28,667,452)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446932 | &nbsp;&nbsp;0.88 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221216 | &nbsp;&nbsp;0.74 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697457 | &nbsp;&nbsp;1.03 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865498 | &nbsp;&nbsp;1.75 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924405 | &nbsp;&nbsp;1.17 |
| Lotes Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021009 | &nbsp;&nbsp;0.62 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Taiwan (continued)** |  |  |  |  |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | $2584935 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;621000 | &nbsp;&nbsp;&nbsp;&nbsp;17702331 | &nbsp;&nbsp;&nbsp;&nbsp;10.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30463783** | &nbsp;&nbsp;&nbsp;&nbsp;**18.54** |
| **United Arab Emirates (Cost $3,712,411)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;270898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350165 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;598246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346917 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Talabat Holding PLC\* | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;3986679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532048 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4229130** | &nbsp;&nbsp;&nbsp;&nbsp;**2.57** |
| **Total Common Stocks (Cost $151,025,061)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**162530423** | &nbsp;&nbsp;&nbsp;&nbsp;**98.92** |
| **Total Investments (Total Cost $151,025,061)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**162530423** | &nbsp;&nbsp;&nbsp;&nbsp;**98.92** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779714 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| **Net Assets** |  |  | **$164310137** | &nbsp;&nbsp;**100.00** |

---

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

\* Non-income producing security.

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

<sup>2</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $13,029,128 or 7.93% of net assets.

Percentages shown are based on net assets.

At April 30, 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;11.8% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;15.2 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;19.0 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;13.1 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;23.8 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;98.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 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;$12565043 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12565043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;12455909 | &nbsp;&nbsp;&nbsp;&nbsp;33852431 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46308340 |
| &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;3612848 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612848 |
| &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;2475142 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;7158657 | &nbsp;&nbsp;&nbsp;&nbsp;16274021 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23432678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;3213968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450657 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6664625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;3612103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612103 |
| &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;2295935 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;9779618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9779618 |
| &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;1541901 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541901 |
| &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;1421695 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421695 |
| &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;1372399 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372399 |
| &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;12755183 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12755183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30463783 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30463783 |
| &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;4229130 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4229130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;48785298 | &nbsp;&nbsp;&nbsp;&nbsp;113745125 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;162530423 |
| Total Investments | &nbsp;&nbsp;$48785298 | &nbsp;&nbsp;$113745125 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$162530423 |

---

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

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 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;$(2546) |

---

\* 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $1,157,261)** |  |  |  |  |
| Lojas Renner S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;59480 | $153124 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466170 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;56100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196122 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Rede D'Or Sao Luiz S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;44957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253654 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;33200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220080 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1289150** | &nbsp;&nbsp;**10.30** |
| **China (Cost $2,992,701)** |  |  |  |  |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429546 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225849 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| KE Holdings, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;8640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175392 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Meituan, Class B\*<sup>,2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;26350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440734 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 |
| Proya Cosmetics Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344500 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175391 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182635 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;18950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113615 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141790 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 |
| Trip.com Group Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;3836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226286 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3455738** | &nbsp;&nbsp;**27.61** |
| **Hong Kong (Cost $299,060)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;35200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265939 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**265939** | &nbsp;&nbsp;&nbsp;&nbsp;**2.13** |
| **India (Cost $1,525,460)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;3387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279833 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;11757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165006 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Axis Bank Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106224 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Cipla Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;11475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210991 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;8337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606016 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 |
| Indian Energy Exchange Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;43406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97936 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Marico Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;14930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125649 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;10708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206120 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1797775** | &nbsp;&nbsp;**14.36** |
| **Indonesia (Cost $523,565)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;860800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254444 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;61300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299144 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**553588** | &nbsp;&nbsp;&nbsp;&nbsp;**4.42** |
| **Kazakhstan (Cost $112,241)** |  |  |  |  |
| Kaspi.KZ JSC ADR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118476 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**118476** | &nbsp;&nbsp;&nbsp;&nbsp;**0.95** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Malaysia (Cost $214,275)** |  |  |  |  |
| My EG Services Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;1208106 | $251187 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**251187** | &nbsp;&nbsp;&nbsp;&nbsp;**2.01** |
| **Mexico (Cost $520,504)** |  |  |  |  |
| Fomento Economico Mexicano S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132269 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295612 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198076 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**625957** | &nbsp;&nbsp;&nbsp;&nbsp;**5.00** |
| **South Africa (Cost $148,654)** |  |  |  |  |
| Boxer Retail Ltd.\* | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157869 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**157869** | &nbsp;&nbsp;&nbsp;&nbsp;**1.26** |
| **South Korea (Cost $778,038)** |  |  |  |  |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198061 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151775 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| SK Hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333744 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100101 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**783681** | &nbsp;&nbsp;&nbsp;&nbsp;**6.26** |
| **Taiwan (Cost $2,330,278)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133561 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155983 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83279 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418321 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195897 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Lotes Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113450 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339008 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453815 | &nbsp;&nbsp;&nbsp;&nbsp;11.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2893314** | &nbsp;&nbsp;&nbsp;&nbsp;**23.12** |
| **United Arab Emirates (Cost $142,909)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204036 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**204036** | &nbsp;&nbsp;&nbsp;&nbsp;**1.63** |
| **Total Common Stocks (Cost $10,744,946)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12396710** | &nbsp;&nbsp;&nbsp;&nbsp;**99.05** |
| **Total Investments (Total Cost $10,744,946)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12396710** | &nbsp;&nbsp;&nbsp;&nbsp;**99.05** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119267 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| **Net Assets** |  |  | **$12515977** | &nbsp;&nbsp;**100.00** |

---

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

\* Non-income producing security.

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

<sup>2</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $792,324 or 6.33% of net assets.

Percentages shown are based on net assets.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

At April 30, 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;9.1% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;13.7 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;20.1 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;28.8 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;99.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &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 April 30, 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;$1289150 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1289150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401678 | &nbsp;&nbsp;&nbsp;&nbsp;3054060 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3455738 |
| &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;265939 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606016 | &nbsp;&nbsp;&nbsp;&nbsp;1191759 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1797775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254444 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118476 |
| &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;251187 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625957 |
| &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;157869 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157869 |
| &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;783681 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2893314 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2893314 |
| &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;204036 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;3340421 | &nbsp;&nbsp;&nbsp;&nbsp;9056289 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12396710 |
| Total Investments | &nbsp;&nbsp;$3340421 | &nbsp;&nbsp;$9056289 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12396710 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

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

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 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;$(248) |

---

\* 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $385,302)** |  |  |  |  |
| Angola (Rep of), 8.000%, 11/26/2029 |  | &nbsp;&nbsp;200000 | $159438 | &nbsp;&nbsp;0.82 |
| Angola (Rep of), 9.125%, 11/26/2049 |  | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169875 | &nbsp;&nbsp;0.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**329313** | &nbsp;&nbsp;**1.70** |
| **Argentina (Cost $375,731)** |  |  |  |  |
| Argentina (Rep of), 1.000%, 07/09/2029 |  | &nbsp;&nbsp;111600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90061 | &nbsp;&nbsp;0.46 |
| Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/2030<sup>2</sup> |  | &nbsp;&nbsp;302522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231959 | &nbsp;&nbsp;1.20 |
| Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/2035<sup>2</sup> |  | &nbsp;&nbsp;262666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174180 | &nbsp;&nbsp;0.90 |
| Argentina (Rep of), 5.000%, 01/09/2038<sup>2</sup> |  | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101953 | &nbsp;&nbsp;0.52 |
| Argentina (Rep of), (Step to 4.875% on 07/09/29), 3.500%, 07/09/2041<sup>2</sup> |  | &nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82695 | &nbsp;&nbsp;0.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**680848** | &nbsp;&nbsp;**3.51** |
| **Azerbaijan (Cost $201,208)** |  |  |  |  |
| Southern Gas Corridor CJSC, 6.875%, 03/24/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201204 | &nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**201204** | &nbsp;&nbsp;**1.04** |
| **Bahrain (Cost $209,362)** |  |  |  |  |
| Bapco Energies BSC Closed, 8.380%, 11/07/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;1.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**212000** | &nbsp;&nbsp;**1.09** |
| **Brazil (Cost $378,497)** |  |  |  |  |
| Brazil (Rep of), 8.250%, 01/20/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;0.09 |
| Brazil (Rep of), 6.125%, 03/15/2034 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196200 | &nbsp;&nbsp;1.01 |
| Brazil (Rep of), 5.000%, 01/27/2045 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;0.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**365000** | &nbsp;&nbsp;**1.88** |
| **Bulgaria (Cost $11,550)** |  |  |  |  |
| Bulgaria (Rep of), 5.000%, 03/05/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11591 | &nbsp;&nbsp;0.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11591** | &nbsp;&nbsp;**0.06** |
| **Chile (Cost $874,697)** |  |  |  |  |
| Chile (Rep of), 3.100%, 05/07/2041 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147500 | &nbsp;&nbsp;0.76 |
| Chile (Rep of), 3.100%, 01/22/2061 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237550 | &nbsp;&nbsp;1.22 |
| Corp. Nacional del Cobre de Chile, 4.380%, 02/05/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149200 | &nbsp;&nbsp;0.77 |
| Empresa Nacional del Petroleo, 5.250%, 11/06/2029 |  | &nbsp;&nbsp;268000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268670 | &nbsp;&nbsp;1.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**802920** | &nbsp;&nbsp;**4.14** |
| **Colombia (Cost $257,437)** |  |  |  |  |
| Colombia (Rep of), 7.380%, 09/18/2037 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92600 | &nbsp;&nbsp;0.48 |
| Colombia (Rep of), 5.630%, 02/26/2044 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142750 | &nbsp;&nbsp;0.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**235350** | &nbsp;&nbsp;**1.21** |
| **Costa Rica (Cost $177,571)** |  |  |  |  |
| Costa Rica (Rep of), 5.630%, 04/30/2043 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176400 | &nbsp;&nbsp;0.91 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**176400** | &nbsp;&nbsp;**0.91** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Dominican Republic (Cost $545,967)** |  |  |  |  |
| Dominican (Rep of), 4.875%, 09/23/2032 |  | &nbsp;&nbsp;225000 | $202289 | &nbsp;&nbsp;1.04 |
| Dominican (Rep of), 5.300%, 01/21/2041 |  | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124856 | &nbsp;&nbsp;0.65 |
| Dominican (Rep of), 5.875%, 01/30/2060 |  | &nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232897 | &nbsp;&nbsp;1.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**560042** | &nbsp;&nbsp;**2.89** |
| **Ecuador (Cost $110,477)** |  |  |  |  |
| Ecuador (Rep of), (Step to 6.900% on 07/31/25), 5.500%, 07/31/2035<sup>2</sup> |  | &nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74121 | &nbsp;&nbsp;0.38 |
| Ecuador (Rep of), (Step to 5.500% on 07/31/26), 5.000%, 07/31/2040<sup>2</sup> |  | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80736 | &nbsp;&nbsp;0.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**154857** | &nbsp;&nbsp;**0.80** |
| **Egypt (Cost $513,882)** |  |  |  |  |
| Egypt (Rep of), 7.600%, 03/01/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186632 | &nbsp;&nbsp;0.96 |
| Egypt (Rep of), 8.500%, 01/31/2047 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144900 | &nbsp;&nbsp;0.75 |
| Egypt (Rep of), 8.700%, 03/01/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146900 | &nbsp;&nbsp;0.76 |
| Egypt (Rep of), 8.875%, 05/29/2050 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148850 | &nbsp;&nbsp;0.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**627282** | &nbsp;&nbsp;**3.24** |
| **El Salvador (Cost $36,688)** |  |  |  |  |
| 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;44051 | &nbsp;&nbsp;0.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44051** | &nbsp;&nbsp;**0.23** |
| **Ghana (Cost $442,477)** |  |  |  |  |
| Ghana (Rep of), 0.000%, 07/03/2026<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18048 | &nbsp;&nbsp;0.09 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2029<sup>2,3</sup> |  | &nbsp;&nbsp;193600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163834 | &nbsp;&nbsp;0.85 |
| Ghana (Rep of), 0.000%, 01/03/2030<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;39511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29732 | &nbsp;&nbsp;0.15 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;0.01 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>2,3</sup> |  | &nbsp;&nbsp;278400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185136 | &nbsp;&nbsp;0.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**398745** | &nbsp;&nbsp;**2.06** |
| **Guatemala (Cost $204,894)** |  |  |  |  |
| Guatemala (Rep of), 6.600%, 06/13/2036 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199800 | &nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**199800** | &nbsp;&nbsp;**1.03** |
| **Hungary (Cost $497,449)** |  |  |  |  |
| Hungary (Rep of), 2.125%, 09/22/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162250 | &nbsp;&nbsp;0.84 |
| Hungary (Rep of), 3.125%, 09/21/2051 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116453 | &nbsp;&nbsp;0.60 |
| Magyar Export-Import Bank Zrt, 6.130%, 12/04/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203501 | &nbsp;&nbsp;1.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**482204** | &nbsp;&nbsp;**2.49** |
| **Indonesia (Cost $859,720)** |  |  |  |  |
| Indonesia (Rep of), 6.625%, 02/17/2037 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109800 | &nbsp;&nbsp;0.57 |
| Indonesia (Rep of), 7.750%, 01/17/2038 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119750 | &nbsp;&nbsp;0.62 |
| Indonesia (Rep of), 4.200%, 10/15/2050 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158500 | &nbsp;&nbsp;0.82 |
| Pertamina Persero PT, 6.000%, 05/03/2042 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192200 | &nbsp;&nbsp;0.99 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Indonesia (continued)** |  |  |  |  |
| Pertamina Persero PT, 6.500%, 11/07/2048 |  | &nbsp;&nbsp;200000 | $201878 | &nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**782128** | &nbsp;&nbsp;**4.04** |
| **Ivory Coast (Cost $585,386)** |  |  |  |  |
| Ivory Coast (Rep of), 6.375%, 03/03/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196438 | &nbsp;&nbsp;1.01 |
| Ivory Coast (Rep of), 7.630%, 01/30/2033 |  | &nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193286 | &nbsp;&nbsp;1.00 |
| Ivory Coast (Rep of), 6.125%, 06/15/2033 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;0.89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**561724** | &nbsp;&nbsp;**2.90** |
| **Kazakhstan (Cost $431,591)** |  |  |  |  |
| Kazakhstan (Rep of), 4.710%, 04/09/2035<sup>3</sup> |  | &nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208212 | &nbsp;&nbsp;1.07 |
| Kazakhstan (Rep of), 6.500%, 07/21/2045 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209187 | &nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**417399** | &nbsp;&nbsp;**2.15** |
| **Malaysia (Cost $430,502)** |  |  |  |  |
| Petronas Capital Ltd., 2.480%, 01/28/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171200 | &nbsp;&nbsp;0.88 |
| Petronas Capital Ltd., 4.550%, 04/21/2050 |  | &nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236598 | &nbsp;&nbsp;1.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**407798** | &nbsp;&nbsp;**2.10** |
| **Mexico (Cost $1,508,632)** |  |  |  |  |
| Mexico (Rep of), 5.400%, 02/09/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203800 | &nbsp;&nbsp;1.05 |
| Mexico (Rep of), 6.050%, 01/11/2040 |  | &nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128547 | &nbsp;&nbsp;0.66 |
| Mexico (Rep of), 4.750%, 03/08/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46841 | &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;55264 | &nbsp;&nbsp;0.29 |
| Mexico (Rep of), 3.771%, 05/24/2061 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113200 | &nbsp;&nbsp;0.58 |
| Mexico (Rep of), 3.750%, 04/19/2071 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108500 | &nbsp;&nbsp;0.56 |
| Mexico (Rep of), 5.750%, 10/12/2110 |  | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57532 | &nbsp;&nbsp;0.30 |
| Petroleos Mexicanos, 8.750%, 06/02/2029 |  | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99121 | &nbsp;&nbsp;0.51 |
| Petroleos Mexicanos, 6.350%, 02/12/2048 |  | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64044 | &nbsp;&nbsp;0.33 |
| Petroleos Mexicanos, 7.690%, 01/23/2050 |  | &nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235060 | &nbsp;&nbsp;1.21 |
| Petroleos Mexicanos, 6.950%, 01/28/2060 |  | &nbsp;&nbsp;418000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277970 | &nbsp;&nbsp;1.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1389879** | &nbsp;&nbsp;**7.17** |
| **Mongolia (Cost $167,675)** |  |  |  |  |
| Mongolia (Rep of), 4.450%, 07/07/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168650 | &nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**168650** | &nbsp;&nbsp;**0.87** |
| **Morocco (Cost $206,414)** |  |  |  |  |
| Morocco (Rep of), 6.500%, 09/08/2033 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206500 | &nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**206500** | &nbsp;&nbsp;**1.07** |
| **Nigeria (Cost $640,842)** |  |  |  |  |
| Nigeria (Rep of), 6.500%, 11/28/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187600 | &nbsp;&nbsp;0.97 |
| Nigeria (Rep of), 7.700%, 02/23/2038 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152250 | &nbsp;&nbsp;0.78 |
| Nigeria (Rep of), 7.630%, 11/28/2047 |  | &nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286538 | &nbsp;&nbsp;1.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**626388** | &nbsp;&nbsp;**3.23** |
| **Oman (Cost $596,697)** |  |  |  |  |
| Oman (Rep of), 4.750%, 06/15/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198750 | &nbsp;&nbsp;1.02 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Oman (continued)** |  |  |  |  |
| Oman (Rep of), 6.750%, 10/28/2027 |  | &nbsp;&nbsp;200000 | $207144 | &nbsp;&nbsp;1.07 |
| Oman (Rep of), 6.500%, 03/08/2047 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197494 | &nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**603388** | &nbsp;&nbsp;**3.11** |
| **Pakistan (Cost $163,237)** |  |  |  |  |
| Pakistan (Rep of), 8.880%, 04/08/2051 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142500 | &nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**142500** | &nbsp;&nbsp;**0.74** |
| **Panama (Cost $320,147)** |  |  |  |  |
| Panama (Rep of), 7.130%, 01/29/2026 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101500 | &nbsp;&nbsp;0.53 |
| Panama (Rep of), 8.880%, 09/30/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52969 | &nbsp;&nbsp;0.27 |
| Panama (Rep of), 9.380%, 04/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69993 | &nbsp;&nbsp;0.36 |
| Panama (Rep of), 6.700%, 01/26/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84964 | &nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**309426** | &nbsp;&nbsp;**1.60** |
| **Paraguay (Cost $193,907)** |  |  |  |  |
| Paraguay (Rep of), 5.850%, 08/21/2033 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202050 | &nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**202050** | &nbsp;&nbsp;**1.04** |
| **Peru (Cost $659,971)** |  |  |  |  |
| Peru (Rep of), 8.750%, 11/21/2033 |  | &nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180886 | &nbsp;&nbsp;0.93 |
| Peru (Rep of), 5.375%, 02/08/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51324 | &nbsp;&nbsp;0.26 |
| Peru (Rep of), 3.300%, 03/11/2041 |  | &nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104901 | &nbsp;&nbsp;0.54 |
| Peru (Rep of), 2.780%, 12/01/2060 |  | &nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110745 | &nbsp;&nbsp;0.57 |
| Peru (Rep of), 3.230%, 07/28/2121 |  | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28249 | &nbsp;&nbsp;0.15 |
| Petroleos del Peru S.A., 5.625%, 06/19/2047 |  | &nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142506 | &nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**618611** | &nbsp;&nbsp;**3.19** |
| **Philippines (Cost $528,154)** |  |  |  |  |
| Philippines (Rep of), 9.500%, 02/02/2030 |  | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126788 | &nbsp;&nbsp;0.65 |
| Philippines (Rep of), 7.750%, 01/14/2031 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115500 | &nbsp;&nbsp;0.60 |
| Philippines (Rep of), 6.375%, 10/23/2034 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;0.56 |
| Philippines (Rep of), 3.950%, 01/20/2040 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170400 | &nbsp;&nbsp;0.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**521688** | &nbsp;&nbsp;**2.69** |
| **Poland (Cost $504,788)** |  |  |  |  |
| Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203544 | &nbsp;&nbsp;1.05 |
| Poland (Rep of), 5.500%, 11/16/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15464 | &nbsp;&nbsp;0.08 |
| Poland (Rep of), 4.880%, 10/04/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71208 | &nbsp;&nbsp;0.37 |
| Poland (Rep of), 5.130%, 09/18/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75539 | &nbsp;&nbsp;0.39 |
| Poland (Rep of), 5.500%, 04/04/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40316 | &nbsp;&nbsp;0.21 |
| Poland (Rep of), 5.500%, 03/18/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89568 | &nbsp;&nbsp;0.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**495639** | &nbsp;&nbsp;**2.56** |
| **Qatar (Cost $155,450)** |  |  |  |  |
| QatarEnergy, 3.125%, 07/12/2041 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;0.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**146000** | &nbsp;&nbsp;**0.75** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Romania (Cost $499,416)** |  |  |  |  |
| Romania (Rep of), 3.000%, 02/27/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;40000 | $38216 | &nbsp;&nbsp;0.20 |
| Romania (Rep of), 6.625%, 02/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53105 | &nbsp;&nbsp;0.27 |
| Romania (Rep of), 5.875%, 01/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97082 | &nbsp;&nbsp;0.50 |
| Romania (Rep of), 3.000%, 02/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24844 | &nbsp;&nbsp;0.13 |
| Romania (Rep of), 3.625%, 03/27/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36477 | &nbsp;&nbsp;0.19 |
| Romania (Rep of), 7.125%, 01/17/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36274 | &nbsp;&nbsp;0.19 |
| Romania (Rep of), 5.750%, 03/24/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33618 | &nbsp;&nbsp;0.17 |
| Romania (Rep of), 7.500%, 02/10/2037<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81590 | &nbsp;&nbsp;0.42 |
| Romania (Rep of), 6.125%, 01/22/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35643 | &nbsp;&nbsp;0.18 |
| Romania (Rep of), 4.000%, 02/14/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37840 | &nbsp;&nbsp;0.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**474689** | &nbsp;&nbsp;**2.45** |
| **Saudi Arabia (Cost $700,766)** |  |  |  |  |
| Saudi (Rep of), 5.000%, 01/16/2034 |  | &nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322783 | &nbsp;&nbsp;1.67 |
| Saudi (Rep of), 5.000%, 04/17/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171050 | &nbsp;&nbsp;0.88 |
| Suci Second Investment Co., 4.380%, 09/10/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198151 | &nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**691984** | &nbsp;&nbsp;**3.57** |
| **South Africa (Cost $524,718)** |  |  |  |  |
| South Africa (Rep of), 4.300%, 10/12/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189386 | &nbsp;&nbsp;0.98 |
| South Africa (Rep of), 5.875%, 04/20/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188959 | &nbsp;&nbsp;0.97 |
| South Africa (Rep of), 5.750%, 09/30/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141918 | &nbsp;&nbsp;0.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**520263** | &nbsp;&nbsp;**2.68** |
| **Turkey (Cost $805,130)** |  |  |  |  |
| Turkey (Rep of), 5.250%, 03/13/2030 |  | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207675 | &nbsp;&nbsp;1.07 |
| Turkey (Rep of), 6.500%, 01/03/2035 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;0.94 |
| Turkey (Rep of), 4.880%, 04/16/2043 |  | &nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159995 | &nbsp;&nbsp;0.83 |
| Turkey (Rep of), 5.750%, 05/11/2047 |  | &nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217138 | &nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**767808** | &nbsp;&nbsp;**3.96** |
| **Ukraine (Cost $240,640)** |  |  |  |  |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2030<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;10246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985 | &nbsp;&nbsp;0.03 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2034<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;38290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14359 | &nbsp;&nbsp;0.07 |
| Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/2034<sup>2,3</sup> |  | &nbsp;&nbsp;214378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105796 | &nbsp;&nbsp;0.55 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2035<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;32358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16098 | &nbsp;&nbsp;0.08 |
| Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/2035<sup>2,3</sup> |  | &nbsp;&nbsp;133654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65089 | &nbsp;&nbsp;0.34 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2036<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;26964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13347 | &nbsp;&nbsp;0.07 |
| Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/2036<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;77551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37302 | &nbsp;&nbsp;0.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**256976** | &nbsp;&nbsp;**1.33** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (Cost $857,302)** |  |  |  |  |
| Abu Dhabi (Gov't of), 3.125%, 09/30/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | $270100 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Abu Dhabi Developmental Holding Co. PJSC, 5.250%, 10/02/2054<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182964 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| DP World Crescent Ltd., 3.750%, 01/30/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342232 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**795296** | &nbsp;&nbsp;&nbsp;&nbsp;**4.10** |
| **United States (Cost $963,146)** |  |  |  |  |
| U.S. Treasury Bill, 4.133%, 07/10/2025<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;971100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963179 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**963179** | &nbsp;&nbsp;&nbsp;&nbsp;**4.97** |
| **Uruguay (Cost $668,573)** |  |  |  |  |
| Uruguay (Rep of), (100% Cash), 7.875%, (100% Cash), 01/15/2033<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120819 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Uruguay (Rep of), 5.750%, 10/28/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73150 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Uruguay (Rep of), 7.625%, 03/21/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88687 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Uruguay (Rep of), 4.125%, 11/20/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52313 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Uruguay (Rep of), 5.100%, 06/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61540 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Uruguay (Rep of), 4.975%, 04/20/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120765 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Uruguay (Rep of), 5.250%, 09/10/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;125454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113030 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**630304** | &nbsp;&nbsp;&nbsp;&nbsp;**3.25** |
| **Venezuela (Cost $923,434)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>7,8</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389670 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| Venezuela (Rep of), 11.750%, 10/21/2026<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156565 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Venezuela (Rep of), 9.250%, 09/15/2027<sup>7</sup> |  | &nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202125 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Venezuela (Rep of), 11.950%, 08/05/2031<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;974000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160710 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**909070** | &nbsp;&nbsp;&nbsp;&nbsp;**4.69** |
| **Zambia (Cost $35,502)** |  |  |  |  |
| Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/2033<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34537 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34537** | &nbsp;&nbsp;&nbsp;&nbsp;**0.18** |
| **Total Debt Securities (Cost $19,394,929)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19125481** | &nbsp;&nbsp;&nbsp;&nbsp;**98.67** |
| **Total Investments in Securities (Cost $19,394,929)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19125481** | &nbsp;&nbsp;&nbsp;&nbsp;**98.67** |
| **Total Investments (Total Cost $19,394,929)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19125481** | &nbsp;&nbsp;&nbsp;&nbsp;**98.67** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257378 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| **Net Assets** |  |  | **$19382859** | &nbsp;&nbsp;**100.00** |

---

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

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

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

<sup>2</sup> Step coupon bond. Rate as of April 30, 2025 is disclosed.

<sup>3</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $1,160,110 or 5.99% of net assets.

<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 April 30, 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)** |
| 07/31/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;4280640 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;195000 | &nbsp;&nbsp;$(207) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(207) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(207) |

---

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Debt Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 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;$1081298 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1081298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540383 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2496032 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2496032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14044589 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14044589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963179 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19125481 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19125481 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$19125481 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$19125481 |
| Other Financial Instruments |  |  |  |  |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(207) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(207) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(207) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(207) |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

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

#### Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** |
| **Liabilities:** |  |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(207) |

---

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 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;$(2237) |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |
| Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$5280 |

---

\* 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $733,067)** |  |  |  |  |
| Lojas Renner S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;38720 | $99680 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233085 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;25100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87748 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Rede D'Or Sao Luiz S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161929 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;21200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140533 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| XP, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120750 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**843725** | &nbsp;&nbsp;**11.70** |
| **Hungary (Cost $129,069)** |  |  |  |  |
| Wizz Air Holdings PLC\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;6389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140317 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**140317** | &nbsp;&nbsp;&nbsp;&nbsp;**1.95** |
| **India (Cost $1,247,303)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191926 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| Axis Bank Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;3131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219820 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 |
| Cipla Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;6380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117309 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;5256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382059 | &nbsp;&nbsp;&nbsp;&nbsp;5.30 |
| Indian Energy Exchange Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;17924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40441 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| InterGlobe Aviation Ltd.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87957 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;21621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88943 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Marico Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;11158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93904 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;5137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98883 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1321242** | &nbsp;&nbsp;**18.32** |
| **Indonesia (Cost $416,381)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;763300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225624 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173240 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**398864** | &nbsp;&nbsp;&nbsp;&nbsp;**5.53** |
| **Kazakhstan (Cost $304,948)** |  |  |  |  |
| Kaspi.KZ JSC ADR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;2619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230184 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**230184** | &nbsp;&nbsp;&nbsp;&nbsp;**3.19** |
| **Malaysia (Cost $156,145)** |  |  |  |  |
| My EG Services Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;660200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137267 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**137267** | &nbsp;&nbsp;&nbsp;&nbsp;**1.90** |
| **Mexico (Cost $616,146)** |  |  |  |  |
| Fomento Economico Mexicano S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107522 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Genomma Lab Internacional S.A.B. de C.V., Class B | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;55400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65117 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71176 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B\* | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;8135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165168 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157258 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;27900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88421 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**654662** | &nbsp;&nbsp;&nbsp;&nbsp;**9.08** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Poland (Cost $105,647)** |  |  |  |  |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $106905 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**106905** | &nbsp;&nbsp;&nbsp;&nbsp;**1.48** |
| **Saudi Arabia (Cost $78,894)** |  |  |  |  |
| United International Transportation Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;3407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67153 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67153** | &nbsp;&nbsp;&nbsp;&nbsp;**0.93** |
| **South Africa (Cost $89,946)** |  |  |  |  |
| Boxer Retail Ltd.\* | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;26390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98428 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**98428** | &nbsp;&nbsp;&nbsp;&nbsp;**1.36** |
| **South Korea (Cost $958,642)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116780 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123539 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49567 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| KoMiCo Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69406 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| SK Hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177804 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176745 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**835841** | &nbsp;&nbsp;&nbsp;&nbsp;**11.59** |
| **Taiwan (Cost $1,827,068)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29651 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64228 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30676 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223104 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115234 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Kinik Co. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76448 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Lotes Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78539 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169504 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969210 | &nbsp;&nbsp;&nbsp;&nbsp;13.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1756594** | &nbsp;&nbsp;&nbsp;&nbsp;**24.36** |
| **United Arab Emirates (Cost $318,354)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;31202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155512 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 |
| Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;46507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104708 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Talabat Holding PLC\* | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;340042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130675 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**390895** | &nbsp;&nbsp;&nbsp;&nbsp;**5.42** |
| **Total Common Stocks (Cost $6,981,610)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6982077** | &nbsp;&nbsp;&nbsp;&nbsp;**96.81** |
| **Total Investments (Total Cost $6,981,610)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6982077** | &nbsp;&nbsp;&nbsp;&nbsp;**96.81** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230258 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 |
| **Net Assets** |  |  | **$7212335** | &nbsp;&nbsp;**100.00** |

---

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

<br> \* Non-income producing security.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

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

<sup>2</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $430,644 or 5.97% of net assets.

Percentages shown are based on net assets.

At April 30, 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;7.9% |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;24.3 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;9.1 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;16.4 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;29.4 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;96.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2025 (Unaudited)*

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity ex China Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 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;$843725 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$843725 |
| &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;140317 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939183 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1321242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225624 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230184 |
| &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;137267 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654662 |
| &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;106905 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106905 |
| &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;67153 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67153 |
| &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;98428 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98428 |
| &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;835841 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1756594 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1756594 |
| &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;390895 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;2283870 | &nbsp;&nbsp;&nbsp;&nbsp;4698207 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6982077 |
| Total Investments | &nbsp;&nbsp;$2283870 | &nbsp;&nbsp;$4698207 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6982077 |

---

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

---

| | |
|:---|:---|
|  | &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;$(163) |

---

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

*See accompanying notes to the financial statements.*

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[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS NOTES TO FINANCIAL STATEMENTS
*As of April 30, 2025 (Unaudited)*

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1.&nbsp;&nbsp;&nbsp;&nbsp;Organization

Ashmore Funds (the "Trust") is a Massachusetts business trust organized under the laws of the Commonwealth of Massachusetts on August 6, 2010 (inception date) and is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act" or "1940 Act"), as an open-end management investment company. The Trust follows accounting and reporting guidance under Financial Accounting Standards Codification Topic 946, "Financial Services – Investment Companies." The Trust includes eleven funds as of April 30, 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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#### ASHMORE FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of April 30, 2025(Unaudited)*

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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 April 30, 2025(Unaudited)*

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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 April 30, 2025(Unaudited)*

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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 April 30, 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.

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.

#### 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.

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#### ASHMORE FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of April 30, 2025(Unaudited)*

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

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

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

4.&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 April 30, 2025(Unaudited)*

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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 period ended April 30, 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;13267 | &nbsp;&nbsp;$64289 | &nbsp;&nbsp;&nbsp;&nbsp;5415 | &nbsp;&nbsp;$26361 | &nbsp;&nbsp;&nbsp;&nbsp;(45826) | &nbsp;&nbsp;$(223179) | &nbsp;&nbsp;&nbsp;&nbsp;(27144) | &nbsp;&nbsp;$(132529) |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480 | &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;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;8635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47848 | &nbsp;&nbsp;13154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72453 | &nbsp;&nbsp;&nbsp;&nbsp;(84161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464716) | &nbsp;&nbsp;&nbsp;&nbsp;(62372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344415) |

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*As of April 30, 2025(Unaudited)*

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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 Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;3246 | &nbsp;&nbsp;$16020 | &nbsp;&nbsp;&nbsp;&nbsp;6033 | &nbsp;&nbsp;$29406 | &nbsp;&nbsp;&nbsp;&nbsp;(57952) | &nbsp;&nbsp;$(282678) | &nbsp;&nbsp;&nbsp;&nbsp;(48673) | &nbsp;&nbsp;$(237252) |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1960) | &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;(100) |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291 | &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;(5419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65775) |
| Ashmore Emerging Markets Frontier Equity Fund | 140113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7751 | &nbsp;&nbsp;(125993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1372525) | &nbsp;&nbsp;&nbsp;&nbsp;14833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162553 |
| Ashmore Emerging Markets Equity Fund | 352873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000837 | &nbsp;&nbsp;&nbsp;&nbsp;9126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102300 | &nbsp;&nbsp;(599549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6684853) | &nbsp;&nbsp;(237550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2581716) |
| 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;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 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;1 | &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;

\* *Amount rounds to less than 0.5 shares.* 

Transactions in Class C shares for the period ended April 30, 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;2264 | &nbsp;&nbsp;$10979 | &nbsp;&nbsp;(41441) | &nbsp;&nbsp;$(199845) | &nbsp;&nbsp;(39118) | &nbsp;&nbsp;$(188579) |
| 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;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&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;107 |

---

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;$648 | &nbsp;&nbsp;4592 | &nbsp;&nbsp;$25209 | &nbsp;&nbsp;(55620) | &nbsp;&nbsp;$(305370) | &nbsp;&nbsp;(50910) | &nbsp;&nbsp;$(279513) |
| 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;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 |
| 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;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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;15 |
| 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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;87 |
| Ashmore Emerging Markets Frontier Equity Fund | 8924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;(3949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40499) | &nbsp;&nbsp;&nbsp;&nbsp;4986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51049 |
| 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;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 |
| 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;— |
| 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;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Ashmore Emerging Markets 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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |

---

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

\* *Amount rounds to less than 0.5 shares.* 

Transactions in Institutional Class shares for the period ended April 30, 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;693103 | &nbsp;&nbsp;$3433471 | &nbsp;&nbsp;404585 | &nbsp;&nbsp;$1999538 | &nbsp;&nbsp;(4343602) | &nbsp;&nbsp;$(21485060) | &nbsp;&nbsp;(3245914) | &nbsp;&nbsp;$(16052051) |

---

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;23175 | &nbsp;&nbsp;$147856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47830) | &nbsp;&nbsp;$(311961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24655) | &nbsp;&nbsp;$(164105) |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;25717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147078 | &nbsp;&nbsp;104066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597583 | &nbsp;&nbsp;(1026243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5893157) | &nbsp;&nbsp;&nbsp;&nbsp;(896460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5148496) |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;298679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442333 | &nbsp;&nbsp;&nbsp;&nbsp;17059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81661 | &nbsp;&nbsp;&nbsp;&nbsp;(176963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(851092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672902 |
| 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;5057 | &nbsp;&nbsp;&nbsp;&nbsp;31321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245563 | &nbsp;&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;&nbsp;&nbsp;&nbsp;(764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249856 |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;11019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193628 | &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;(286997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5090593) | &nbsp;&nbsp;&nbsp;&nbsp;(275341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4885585) |
| Ashmore Emerging Markets Frontier Equity Fund | 1191058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14980166 | &nbsp;&nbsp;&nbsp;&nbsp;22645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289169 | &nbsp;&nbsp;(1221929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15173136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96199 |
| Ashmore Emerging Markets Equity Fund | 2963195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32412071 | &nbsp;&nbsp;&nbsp;&nbsp;36723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396247 | &nbsp;&nbsp;(2299087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24942491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865827 |
| 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;4115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43573 |
| 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;45738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380931 |
| 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;2628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24910 |

---

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

*Capital shares*

Class A shares are issued at the Fund's relevant NAV per share plus any applicable sales charge. Institutional Class and Class C shares are issued at the Fund's relevant NAV per share without a sales charge. Shares confer upon the holders the right to receive notice of and attend, speak and vote at shareholder meetings of the Funds. The shares confer upon the holders the right to any or all dividends or distributions which the Trustees in their sole discretion may from time to time resolve to make or declare.

6.&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions

For the period ended April 30, 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;$10491976 | &nbsp;&nbsp;$28052137 |
| 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;1453663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622582 |
| 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;8070667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13831213 |
| 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;8270491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8643376 |
| 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;18162250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17271171 |
| 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;2275451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7167430 |
| 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;39062817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39348097 |
| 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;57844174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51384085 |
| 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;2994784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865291 |
| 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;1216477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372990 |
| 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;2315663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337499 |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the recharacterization of income recognition on investments in PFICs. At April 30, 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;$2905715 | &nbsp;&nbsp;$(32768413) | &nbsp;&nbsp;$(29862698) | &nbsp;&nbsp;$105978175 |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200905 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20965378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20755106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41109951 |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24241853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23645879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56523713 |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(951879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20861853 |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029760 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10718611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2926114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7792497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80065402 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14044696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6524766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7519930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155010493 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(427460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10835602 |

---

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$599097 | &nbsp;&nbsp;$(868643) | &nbsp;&nbsp;$(269546) | &nbsp;&nbsp;$19394820 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(434997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7005037 |

---

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. As a result, the following reclassifications were made to the October 31, 2024 Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Paid in Capital** | &nbsp;&nbsp;**Distributable earnings/<br> (Accumulated loss)** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;$(3095765) | &nbsp;&nbsp;$3095765 |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;(43026) | &nbsp;&nbsp;43026 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;(92731) | &nbsp;&nbsp;92731 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;29 | &nbsp;&nbsp;(29) |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;(7603) | &nbsp;&nbsp;7603 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;(1036) | &nbsp;&nbsp;1036 |

---

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, 2024** | &nbsp;&nbsp;**Long-Term Capital Loss<br> Carryforward at<br> October 31, 2024** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;$(48848575) | &nbsp;&nbsp;$(394130604) |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1136174) |
| 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;(28829757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113963248) |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105040655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279631683) |
| 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;(11780602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9651215) |
| 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;(2648448) |
| 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;(706995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2575322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6917237) |
| 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;(334732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443994) |
| 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;(519747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2937466) |
| 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;(45570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

During the fiscal year ended October 31, 2024, the Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Debt Fund, and Ashmore Emerging Markets Frontier Equity Fund utilized $4,035,103, $705,351, $207,170, and $6,727,944, respectively, in capital loss carryforwards.

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

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

recognition threshold, the Funds must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the Funds' financial statements. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. The Funds analyze all open tax years for all major taxing jurisdictions. Open tax years are those that are open to examination by taxing authorities, as defined by the Statute of Limitations in each jurisdiction. The Funds have no examinations by tax authorities in progress. The Trust has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Further, the Trust is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

As of October 31, 2024, 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;**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;$(444268519) | &nbsp;&nbsp;$(29648796) | &nbsp;&nbsp;$(473917315) |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1139096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1280881) |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143587556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21020862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164540511) |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386220875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23719385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409795997) |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21431817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19553270) |
| 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;(2648448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2805728) |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(709054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10902754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10193700 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9492567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8989533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21961 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(785454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901357 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3470656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3249630) |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59696) |

---

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

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 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.

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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 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

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*As of April 30, 2025(Unaudited)*

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transactions. The Funds bear market risk from changes in foreign currency exchange rates and credit risk if the counterparty fails to perform. Further information on the impact of these positions on the Funds' financial statements can be found in the notes to the Schedules of Investments.

During the period ended April 30, 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 $46,159,432, $7,800,918, $340,946, $221,788 and $97,500, 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 period ended April 30, 2025, the Ashmore Emerging Markets Corporate Income Fund had average quarterly contract notional exposure of $2,230,563 related to futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Swap Agreements

During the reporting period, certain Funds entered into swap agreements, which are arrangements between two parties to exchange cash flows based on a notional principal amount. Swap agreements are either privately negotiated in the over-the-counter market ("OTC swaps") or may be executed in a multilateral or other trade facility platform such as a registered exchange ("centrally cleared swaps"). Swap agreements are recorded at their fair value. The fair value is based on quoted market prices or prices obtained from a third party provider at the date of the Statements of Assets and Liabilities without any deduction for estimated future selling costs. Swap agreements are marked to market daily and the change in fair value, if any, is recorded as unrealized gain or loss. Payments made or received are recorded as part of realized gains and losses. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin") on the Statements of Assets and Liabilities.

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

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[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

During the period ended April 30, 2025, the Ashmore Emerging Markets Total Return Fund and Ashmore Emerging Markets Local Currency Bond Fund had average quarterly notional exposures of $12,868,137 and $3,263,139, respectively, related to interest rate swap agreements.

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

Offsetting of Financial Assets and Derivative Assets as of April 30, 2025:

*Over-the-Counter Financial Derivative Instruments:*

*Forward Currency Contracts and Interest Rate Swap Contracts*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of<br> Derivatives Assets<br> Presented in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Derivatives<br> available<br> for offset** | &nbsp;&nbsp;**Collateral<br> Received** | &nbsp;&nbsp;**Net Amount Due<br> From Counterparty** |
| Barclays | &nbsp;&nbsp;$86883 | &nbsp;&nbsp;$(12060) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$74823 |
| 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;2083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;88264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;49286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41529 |
| 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;34854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;3676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676 |
| 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;121510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47814 |
| 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;47988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;1106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 |
| Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7795 |
| 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;1373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$444820 | &nbsp;&nbsp;$(218459) | &nbsp;&nbsp;$(50227) | &nbsp;&nbsp;$176134 |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **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;$12060 | &nbsp;&nbsp;$(12060) | &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;34202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32119 |
| 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;38037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;7757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;35294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;73696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;49616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 |

---

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Northern Trust | &nbsp;&nbsp;$737 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$737 |
| 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;609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;8438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7065 |
| 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;2416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414 |
| Total | &nbsp;&nbsp;$262862 | &nbsp;&nbsp;$(218459) | &nbsp;&nbsp;$(440) | &nbsp;&nbsp;$43963 |

---

&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;$17024 | &nbsp;&nbsp;$(2319) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14705 |
| 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;14814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10336 |
| 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;9740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954 |
| 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;5086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481 |
| HSBC Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
| 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;9023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;8625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |
| Total | &nbsp;&nbsp;$69606 | &nbsp;&nbsp;$(37743) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$31863 |

---

&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;$2319 | &nbsp;&nbsp;$(2319) | &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;4478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;7786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| 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;11199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063 |
| 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;16536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7513 |
| 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;10511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 |
| 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;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 |
| Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 |
| Total | &nbsp;&nbsp;$53878 | &nbsp;&nbsp;$(37743) | &nbsp;&nbsp;$(2229) | &nbsp;&nbsp;$13906 |

---

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

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of<br> Derivatives Liabilities<br> Presented in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Derivatives<br> available<br> for offset** | &nbsp;&nbsp;**Collateral<br> Pledged** | &nbsp;&nbsp;**Net Amount Due<br> To Counterparty** |
| Barclays | &nbsp;&nbsp;$11750 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11750 |
| Total | &nbsp;&nbsp;$11750 | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$11750 |

---

&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** |
| Citibank | &nbsp;&nbsp;$207 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$207 |
| Total | &nbsp;&nbsp;$207 | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$207 |

---

10. Related parties

*Investment management fees*

The Trust has an Investment Management Agreement (the "Agreement") with the Investment Manager, with whom certain Trustees and Officers of the Trust are affiliated, to furnish investment management services to the Funds. Under the terms of the Agreement, the Trust, on behalf of the Funds, compensates the Investment Manager for its investment management services at the following rates, based on each Fund's average daily net assets:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Rate** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;1.00% |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;0.75% |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;0.85% |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;0.65% |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;1.00% |
| Ashmore Emerging Markets 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

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

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 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;**2025** | &nbsp;&nbsp;**2026** | &nbsp;&nbsp;**2027** | &nbsp;&nbsp;**2028** | &nbsp;&nbsp;**Total** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;$1119411 | &nbsp;&nbsp;$1023234 | &nbsp;&nbsp;$517877 | &nbsp;&nbsp;$204257 | &nbsp;&nbsp;$2864779 |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121907 | &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;&nbsp;88385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565016 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345989 | &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;101907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001627 |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216728 | &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;&nbsp;94456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728254 |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220507 | &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;&nbsp;90683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809184 |

---

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2026** | &nbsp;&nbsp;**2027** | &nbsp;&nbsp;**2028** | &nbsp;&nbsp;**Total** |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;$110918 | &nbsp;&nbsp;$150305 | &nbsp;&nbsp;$171299 | &nbsp;&nbsp;$68763 | &nbsp;&nbsp;$501285 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342706 | &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;211281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301688 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280776 | &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;266285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555180 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110142 | &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;&nbsp;60958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432679 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86233 | &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;&nbsp;61655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421164 |
| 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;&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;121694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220660 |

---

*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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

During the period ended April 30, 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 April 30, 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;22.70% | &nbsp;&nbsp;&nbsp;&nbsp;97.52% |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;97.45% |
| 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;28.96%, 25.39%, 15.49%, 8.99%, 8.58%, 7.26% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;3 | &nbsp;&nbsp;84.86%, 7.79%, 5.02% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;4 | &nbsp;&nbsp;47.05%, 15.13%, 14.86%, 10.21% |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;3 | &nbsp;&nbsp;57.30%, 33.54%, 7.99% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;1 | &nbsp;&nbsp;77.30% |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;5 | &nbsp;&nbsp;35.89%, 22.69%, 14.73%, 14.72%, 7.96% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;3 | &nbsp;&nbsp;77.74%, 8.41%, 8.05% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;6 | &nbsp;&nbsp;24.04%, 18.53%, 14.70%, 11.44%, 10.00%, 5.60% |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;3 | &nbsp;&nbsp;60.67%, 33.19%, 5.15% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;3 | &nbsp;&nbsp;62.08%, 26.68%, 11.23% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;3 | &nbsp;&nbsp;83.02%, 7.85%, 5.56% |

---

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

*As of April 30, 2025(Unaudited)*

------

---

| | | | |
|:---|:---|:---|:---|
| **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;78.34%, 21.64% |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;4 | &nbsp;&nbsp;42.12%, 37.53%, 6.02%, 5.64% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;2 | &nbsp;&nbsp;61.92%, 38.08% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;4 | &nbsp;&nbsp;54.80%, 18.32%, 10.58%, 10.35% |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;3 | &nbsp;&nbsp;63.47%, 24.34%, 5.97% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;3 | &nbsp;&nbsp;80.77%, 10.40%, 6.31% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;3 | &nbsp;&nbsp;39.98%, 26.85%, 21.22% |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;2 | &nbsp;&nbsp;70.08%, 29.52% |
|  | &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;56.02%, 25.79% |

---

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. 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.

13. Subsequent events

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

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_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$1.7 billion at June, 30 2024. AIAL's parent company ("Ashmore") is listed on a regulated market, counts eleven offices worldwide and has a number of subsidiaries both in the UK and abroad. Taking into account guidance from the UK Financial Conduct Authority ("FCA"), AIAL has complied with the full AIFM Remuneration Code.

AIAL does not have any direct employees, and as such the amount of remuneration paid to staff by AIAL is zero. All AIAL AIFM Remuneration Code Staff are employed and paid by Ashmore Group plc. Ashmore's remuneration principles have remained unchanged since it was listed, and are designed to align all employees with the long-term success of the business. These include significant levels of deferral, a clear link between performance and levels of remuneration and strong alignment of executive directors and employees with shareholders and clients through significant employee share ownership. The culture is therefore a collaborative one, with clients' interests and the creation of shareholder value, including for employee shareholders, the overarching factors for success.

Executive directors, members of the investment team, and indeed all other employees, participate in a single incentive pool and are paid under a similar structure, with an annual cash bonus and share award, meaning that all employees are long-term shareholders in the business.

The policy includes:

---

| |
|:---|
| A capped basic salary to contain the fixed cost base; |
| An aggregate cap on the total variable compensation for Executive Directors including any awards made under Ashmore's share plan, currently set at £20m; and |
| A deferral for five years of a substantial portion of variable compensation into Ashmore shares (or equivalent), with the Executive Directors LTIP awards also being subject to additional performance conditions measured over five years. |

---

AIAL's board of directors reviews the general principles of the remuneration policy and is responsible for its implementation with regard to AIAL's AIFM Remuneration Code Staff. Ashmore's Remuneration Committee periodically reviews the ongoing appropriateness and relevance of the remuneration policy, including in connection with the provision of services to AIAL. Ashmore employs the services of; McLagan to provide advice on remuneration benchmarking; 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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_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, 2024 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;17 | &nbsp;&nbsp;£44,948 | &nbsp;&nbsp;£6,928 | &nbsp;&nbsp;£51,876 |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57608 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18611 |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14023 |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20403 |
| Ashmore Emerging Markets Small-Cap Equity Fund | &nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9468 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70398 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126524 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11015 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8207 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6881 |
| Total AIAL | &nbsp;&nbsp;21 | &nbsp;&nbsp;£813,679 | &nbsp;&nbsp;£135,853 | &nbsp;&nbsp;£949,532 |

---

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_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS

#### CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

------

Not applicable.

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

------

Not applicable.

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

------

#### ADVISORY AGREEMENT APPROVAL
At a meeting of the Board of Trustees (the "Board") of Ashmore Funds (the "Trust") held on March 19, 2025, the Board, including a majority of the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"), voting separately, considered and unanimously approved the continuation of the Investment Management Agreement between Ashmore Investment Advisors Limited ("AIAL") and the Trust (the "Agreement"), on behalf of each of Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Debt Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Equity Fund, and Ashmore Emerging Markets Equity ESG Fund (each series, a "Fund," and collectively, the "Funds").

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

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

#### NATURE, QUALITY AND EXTENT OF INVESTMENT MANAGEMENT SERVICES
The Board examined the nature, quality and extent of the services provided by AIAL to the Funds.

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

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

#### Investment Performance
In considering each Fund's performance, the Board requested and received from AIAL data compiled by FUSE Research Network, LLC ("Fuse"). The Trustees also received information explaining the methodology for compilation of certain of this information and what it was intended to demonstrate. The Board considered the performance of each Fund in light of its investment objective on a

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[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (CONTINUED)

------

comparable basis relative to the Fund's peers. The Board received performance information for Institutional Shares for the one-, three-, five- and ten-year periods ended December 31, 2024 for Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Frontier Equity Fund and Ashmore Emerging Markets Short Duration Fund and for the one-, three- and five-year periods ended December 31, 2024 for Ashmore Emerging Markets Active Equity Fund. The Board also received performance information for Institutional Shares for the one- and three-years period ended December 31, 2024 for Ashmore Emerging Markets Debt Fund and Ashmore Emerging Markets Equity ESG Fund. In considering such comparative data, the Trustees noted the specialized nature and focus of many of the Funds, and for certain Funds the limited number of peer group funds, particularly for the longer performance periods. In their review, the Trustees also sought to identify Funds for which the performance, fees and total expenses appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

*Ashmore Emerging Markets Corporate Income Fund. The Board noted that the Ashmore Emerging Markets Corporate Income Fund's performance ranked first out of eight, eighth out of eight, eighth out of eight and fifth out of seven in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the first, fourth, fourth and second quartiles (first being the best) in its larger performance universe for the same four periods.*

*Ashmore Emerging Markets Debt Fund. The Board noted that the Ashmore Emerging Markets Debt Fund's performance ranked eleventh out of twelve and tenth out of twelve in its peer group for the one- and three-year periods ended December 31, 2024, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same two periods.*

*Ashmore Emerging Markets Short Duration Fund. The Board noted that the Ashmore Emerging Markets Short Duration Fund's performance ranked first out of nine, eight out of nine, ninth out of nine and seventh out of eight in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the first, fourth, fourth and fourth quartiles (first being the best) in its larger performance universe for the same four periods.*

*Ashmore Emerging Markets Equity Fund. The Board observed that Ashmore Emerging Markets Equity Fund's performance ranked sixth out of fourteen, fifth out of thirteen, second out of ten, and first out of eight in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the second, third, second and first quartiles (first being the best) in its larger performance universe for the same four periods.*

*Ashmore Emerging Markets Equity ESG Fund. The Board observed that Ashmore Emerging Markets Equity ESG Fund's performance ranked fourth out of fourteen and seventh out of twelve in its peer group for the one- and three-year periods ended December 31, 2024, while ranking in the first and third quartiles (first being the best) in its larger performance universe for the same two periods.*

*Ashmore Emerging Markets Frontier Equity Fund. The Board noted that the Ashmore Emerging Markets Frontier Equity Fund's performance ranked first out of four, first out of four, first out of four, and first out of three in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the first quartile (first being the best) in its performance universe for the same four periods.*

*Ashmore Emerging Markets Local Currency Bond Fund. The Board observed that the Ashmore Emerging Markets Local Currency Bond Fund's performance ranked tenth out of thirteen, ninth out of thirteen, ninth out of thirteen and seventh out of eleven in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the third quartile (first being the best) in its performance universe for the same four periods.*

*Ashmore Emerging Markets Small-Cap Equity Fund. The Board noted that the Ashmore Emerging Markets Small-Cap Equity Fund's performance ranked sixth out of twelve, tenth out of twelve, fourth out of twelve, and fourth out of ten in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the second, third, second, and second quartiles (first being the best) in its performance universe for the same four periods.*

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

------

*Ashmore Emerging Markets Active Equity Fund. The Board noted that the Ashmore Emerging Markets Active Equity Fund's performance ranked fourth out of fourteen, fifth out of thirteen and seventh out of ten in its peer group for the one-, three- and five-year periods ended December 31, 2024, respectively, while ranking in the first, second, and third quartiles (first being the best) in its larger performance universe for the same three periods.*

*Ashmore Emerging Markets Total Return Fund. The Board observed that the Ashmore Emerging Markets Total Return Fund's performance ranked thirteenth out of fourteen, thirteenth out of thirteen, thirteenth out of thirteen and ninth out of nine in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same four periods.*

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

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

#### INVESTMENT MANAGEMENT FEES AND COST OF SERVICES
The Board also considered the contractual and actual investment management fees paid by each Fund to AIAL. In doing so, the Board compared the contractual and actual investment management fees and overall net expense ratios (represented by the Funds' Institutional Shares) to those of the Funds' peers as determined by Fuse. The Board noted that several of the Funds were quite small in size relative to their peers. As with the performance comparisons, the Board also noted that, with respect to several of the Funds, there were only a limited number of peer funds with similar investment strategies. Where contractual or actual management fees or total expense ratios of a Fund were meaningfully above those of the Fuse peers, the Board also considered and took into account the extent to which AIAL had undertaken to waive a portion of its fees and/or reimburse expenses so as to otherwise limit these Funds' ordinary operating expenses until at least February 28, 2026. The Board also considered recent changes to the Funds' expense limitation arrangements that were effective as of November 1, 2024.

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

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

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

#### ECONOMIES OF SCALE
The Board noted that the contractual investment management fees for the Funds do not contain breakpoints that would reduce the fee rate on assets above specified levels. The Board observed that many of the Funds remained quite small in size, and that the collective assets of all of the Funds were approximately $480 million as of December 31, 2024. The Board also observed that AIAL was subsidizing all of the Funds through fee waivers and expense reimbursements. In evaluating the Funds' contractual investment management fees, the Board considered AIAL's representation that the contractual investment management fees were intended to reflect achievable economies of scale and also AIAL's continuing agreement to limit certain expenses of each Fund. The Board received and evaluated information concerning whether AIAL would realize economies of scale as the assets of individual Funds

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (CONTINUED)

------

grow beyond current levels. The Board noted they intend to monitor each Fund's asset growth in connection with future reviews of the Funds' Agreement to determine whether breakpoints may be appropriate at such time. In light of the Funds' current sizes and expense structures, the Board concluded that breakpoints in the Funds' contractual investment management fees were not warranted at this time.

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

------

[**Table of Contents**](#JOB_Multi_9e4358e5-2a7a-4279-9e18-71294cc1d27c_TOC)

#### ASHMORE FUNDS OTHER INFORMATION

------

#### Administrator, Custodian and Transfer Agent The Northern Trust Company 50 S. LaSalle Street Chicago, Illinois 60603 312-630-6000

#### Investment Manager Ashmore Investment Advisors Limited 61 Aldwych London WC2B 4AE United Kingdom 44-20-3077-6000

#### Independent Registered Public Accounting Firm KPMG LLP Aon Center Suite 5500 200 East Randolph Street Chicago, Illinois 60601-6436

#### Distributor Ashmore Investment Management (US) Corporation 437 Madison Avenue Suite 1904 New York, New York 10022 212-661-0061

#### Legal Counsel Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600 617-951-7000

#### Independent Trustees' Counsel Dechert LLP One International Place 40<sup>th</sup> Floor 100 Oliver Street Boston, Massachusetts 02110-2605 617-728-7100

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of the Financial Statements included under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 15. Submission of Matters to a Vote of Security Holders.**

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 16. Controls and Procedures.**

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

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

------

**Item 19. Exhibits.**

(a)(1) Not applicable for this reporting period.

(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  | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ George Grunebaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; George Grunebaum, President and Chief Executive Officer  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Principal Executive Officer)  |
| Date: June 27, 2025  | Date: June 27, 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  | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ George Grunebaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; George Grunebaum, President and Chief Executive Officer  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Principal Executive Officer)  |

---

Date: June 27, 2025

---

| | |
|:---|:---|
| <br> By  | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Taurai Sigauke</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taurai Sigauke, Treasurer  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Principal Financial and Accounting Officer)  |

---

Date: June 27, 2025

------

## Ex-99.Cert

EX-99.CERT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
I, George Grunebaum, certify that:

1. I have reviewed this report on Form N-CSR of Ashmore Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 27, 2025  | <u>/s/ George Grunebaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | George Grunebaum, President and Chief <br> Executive Officer  |
|  | (Principal Executive Officer)  |

---

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: June 27, 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)  |

---

------

## 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 April 30, 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.

---

| | |
|:---|:---|
| Date: June 27, 2025  | <u>/s/ George Grunebaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | George Grunebaum, President and Chief Executive Officer  |
|  | (Chief Executive Officer)  |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.

EX- 99.906CERT

I, Taurai Sigauke, 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 April 30, 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.

---

| | |
|:---|:---|
| Date: June 27, 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)  |

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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.

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