# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0001145549-23-018610
**Filing Date:** 2023-3
**Character Count:** 519917
**Document Hash:** 212fd8bd54e5093599239a805a7ff405
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-018610.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001145549-23-018610

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ashmore Funds
- **CENTRAL INDEX KEY:** 0001498498
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22468
- **FILM NUMBER:** 23767484

**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 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           |
| C000183164 | Class T                    | ELBTX           |

## Nport-Ex

Uncomposed text in Xyvision Standard Format Page 1

##External\*Document\*Content##0

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $6,703,234)** |  |  |  |  |
| Angola (Rep of), 8.250%, 05/09/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$780038 | &nbsp;&nbsp;0.15 |
| Angola (Rep of), 8.000%, 11/26/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;1271000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178166 | &nbsp;&nbsp;0.22 |
| Angola (Rep of), 8.750%, 04/14/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;1014000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936601 | &nbsp;&nbsp;0.17 |
| Angola (Rep of), 9.375%, 05/08/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;3038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704002 | &nbsp;&nbsp;0.50 |
| Angola (Rep of), 9.125%, 11/26/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;1280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119168 | &nbsp;&nbsp;0.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6717975** | &nbsp;&nbsp;**1.25** |
| **Argentina (Cost $18,090,044)** |  |  |  |  |
| Argentina (Rep of), 1.000%, 07/09/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;1587840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540939 | &nbsp;&nbsp;0.10 |
| Argentina (Rep of), (Step to 0.750% on 07/09/2023), 0.500%, 07/09/2030<sup>2</sup> |  | &nbsp;&nbsp;20023451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7138974 | &nbsp;&nbsp;1.32 |
| Argentina (Rep of), (Step to 3.625% on 07/09/2023), 1.500%, 07/09/2035<sup>2</sup> |  | &nbsp;&nbsp;12597271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3871348 | &nbsp;&nbsp;0.72 |
| Argentina (Rep of), (Step to 4.250% on 07/09/2023), 3.875%, 01/09/2038<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2492373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915547 | &nbsp;&nbsp;0.17 |
| Argentina (Rep of), (Step to 4.875% on 07/09/2029), 3.500%, 07/09/2041<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;4543926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545975 | &nbsp;&nbsp;0.29 |
| YPF S.A., 9.000%, 02/12/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539281 | &nbsp;&nbsp;0.10 |
| YPF S.A., 9.000%, 06/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155600 | &nbsp;&nbsp;0.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16707664** | &nbsp;&nbsp;**3.10** |
| **Azerbaijan (Cost $3,189,347)** |  |  |  |  |
| Southern Gas Corridor CJSC, 6.875%, 03/24/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;1691000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742542 | &nbsp;&nbsp;0.32 |
| State Oil Co. of the Azerbaijan Republic, 6.950%, 03/18/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;1191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246174 | &nbsp;&nbsp;0.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2988716** | &nbsp;&nbsp;**0.55** |
| **Bahrain (Cost $3,024,031)** |  |  |  |  |
| Bahrain (Rep of), 7.500%, 09/20/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;1548000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437163 | &nbsp;&nbsp;0.27 |
| Oil and Gas Holding (The) Co. BSCC, 7.625%, 11/07/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753214 | &nbsp;&nbsp;0.14 |
| Oil and Gas Holding (The) Co. BSCC, 8.375%, 11/07/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800355 | &nbsp;&nbsp;0.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2990732** | &nbsp;&nbsp;**0.56** |
| **Brazil (Cost $69,780,538)** |  |  |  |  |
| Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/2024<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809964 | &nbsp;&nbsp;0.71 |
| Brazil (Rep of), 4.250%, 01/07/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;2321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290185 | &nbsp;&nbsp;0.42 |
| Brazil (Rep of), 2.875%, 06/06/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;1705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621035 | &nbsp;&nbsp;0.30 |
| Brazil (Rep of), 6.000%, 04/07/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862360 | &nbsp;&nbsp;0.16 |
| Brazil (Rep of), 4.625%, 01/13/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796492 | &nbsp;&nbsp;0.15 |
| Brazil (Rep of), 8.250%, 01/20/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620992 | &nbsp;&nbsp;0.12 |
| Brazil (Rep of), 5.000%, 01/27/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;1451000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134721 | &nbsp;&nbsp;0.21 |
| Brazil (Rep of), 5.625%, 02/21/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613107 | &nbsp;&nbsp;0.11 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2025<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;62101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9705350 | &nbsp;&nbsp;1.80 |
| Brazil Letras do Tesouro Nacional, 0.000%, 07/01/2025<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;88286000 | &nbsp;&nbsp;&nbsp;&nbsp;13009607 | &nbsp;&nbsp;2.41 |
| Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;73330000 | &nbsp;&nbsp;&nbsp;&nbsp;13272169 | &nbsp;&nbsp;2.46 |
| MC Brazil Downstream Trading S.A.R.L., 7.250%, 06/30/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;1289946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125202 | &nbsp;&nbsp;0.21 |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Brazil (continued)** |  |  |  |  |
| Oi S.A., 10.000%, 07/27/2025<sup>5</sup> |  | &nbsp;&nbsp;23583000 | &nbsp;&nbsp;&nbsp;&nbsp;$2370092 | &nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51231276** | &nbsp;&nbsp;**9.50** |
| **Chile (Cost $12,178,671)** |  |  |  |  |
| Chile (Rep of), 2.750%, 01/31/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255561 | &nbsp;&nbsp;0.05 |
| Chile (Rep of), 3.240%, 02/06/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467216 | &nbsp;&nbsp;0.09 |
| Chile (Rep of), 2.550%, 07/27/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445477 | &nbsp;&nbsp;0.08 |
| Chile (Rep of), 3.100%, 05/07/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;1928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456356 | &nbsp;&nbsp;0.27 |
| Chile (Rep of), 3.500%, 01/25/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524178 | &nbsp;&nbsp;0.10 |
| Chile (Rep of), 3.100%, 01/22/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;1327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873392 | &nbsp;&nbsp;0.16 |
| Corp. Nacional del Cobre de Chile, 5.625%, 10/18/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;1209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219149 | &nbsp;&nbsp;0.23 |
| Corp. Nacional del Cobre de Chile, 4.875%, 11/04/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366635 | &nbsp;&nbsp;0.07 |
| Corp. Nacional del Cobre de Chile, 4.500%, 08/01/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322551 | &nbsp;&nbsp;0.06 |
| Corp. Nacional del Cobre de Chile, 4.375%, 02/05/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677682 | &nbsp;&nbsp;0.12 |
| Corp. Nacional del Cobre de Chile, 3.150%, 01/15/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326089 | &nbsp;&nbsp;0.06 |
| Empresa de Transporte de Pasajeros Metro S.A., 4.700%, 05/07/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;1281000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155782 | &nbsp;&nbsp;0.21 |
| Empresa Nacional del Petroleo, 3.750%, 08/05/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499700 | &nbsp;&nbsp;0.09 |
| Empresa Nacional del Petroleo, 4.500%, 09/14/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;1217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955966 | &nbsp;&nbsp;0.18 |
| Latam Airlines Group S.A., 13.375%, 10/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809655 | &nbsp;&nbsp;0.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10355389** | &nbsp;&nbsp;**1.92** |
| **China (Cost $83,047,258)** |  |  |  |  |
| Agile Group Holdings Ltd., 5.500%, 04/21/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122111 | &nbsp;&nbsp;0.02 |
| Central China Real Estate Ltd., 7.250%, 04/24/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464346 | &nbsp;&nbsp;0.09 |
| Central China Real Estate Ltd., 7.650%, 08/27/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913492 | &nbsp;&nbsp;0.17 |
| Central China Real Estate Ltd., 7.750%, 05/24/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006949 | &nbsp;&nbsp;0.19 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235813 | &nbsp;&nbsp;0.04 |
| CFLD Cayman Investment Ltd., 9.000%, 07/31/2021<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;6142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770821 | &nbsp;&nbsp;0.14 |
| CFLD Cayman Investment Ltd., 6.900%, 01/13/2023<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592688 | &nbsp;&nbsp;0.11 |
| China (Rep of), 2.750%, 02/17/2032 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;16430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396554 | &nbsp;&nbsp;0.45 |
| China (Rep of), 3.720%, 04/12/2051 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;7150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135030 | &nbsp;&nbsp;0.21 |
| China Evergrande Group, 8.250%, 03/23/2022<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211842 | &nbsp;&nbsp;0.04 |
| China Evergrande Group, 11.500%, 01/22/2023<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287808 | &nbsp;&nbsp;0.05 |
| China Evergrande Group, 7.500%, 06/28/2023<sup>6</sup> |  | &nbsp;&nbsp;10500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076185 | &nbsp;&nbsp;0.20 |
| China Evergrande Group, 10.500%, 04/11/2024<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236900 | &nbsp;&nbsp;0.05 |
| China Evergrande Group, 8.750%, 06/28/2025<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282735 | &nbsp;&nbsp;0.05 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144664 | &nbsp;&nbsp;0.21 |
| CIFI Holdings Group Co. Ltd., 6.450%, 11/07/2024<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119844 | &nbsp;&nbsp;0.02 |
| CIFI Holdings Group Co. Ltd., 6.000%, 07/16/2025<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61921 | &nbsp;&nbsp;0.01 |
| CIFI Holdings Group Co. Ltd., 5.950%, 10/20/2025<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1171000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362465 | &nbsp;&nbsp;0.07 |
| CIFI Holdings Group Co. Ltd., 5.250%, 05/13/2026<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816271 | &nbsp;&nbsp;0.15 |
| Country Garden Holdings Co. Ltd., 5.625%, 01/14/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;1965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251715 | &nbsp;&nbsp;0.23 |
| 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;773194 | &nbsp;&nbsp;0.14 |
| 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;957097 | &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;202130 | &nbsp;&nbsp;0.04 |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023<sup>6,7</sup> |  | &nbsp;&nbsp;2175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$369752 | &nbsp;&nbsp;0.07 |
| Kaisa Group Holdings Ltd., 11.250%, 04/09/2022<sup>6,7</sup> |  | &nbsp;&nbsp;1260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228720 | &nbsp;&nbsp;0.04 |
| Kaisa Group Holdings Ltd., 8.500%, 06/30/2022<sup>6,7</sup> |  | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636587 | &nbsp;&nbsp;0.12 |
| Kaisa Group Holdings Ltd., 11.950%, 10/22/2022<sup>6,7</sup> |  | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237250 | &nbsp;&nbsp;0.05 |
| Kaisa Group Holdings Ltd., 11.500%, 01/30/2023<sup>6,7</sup> |  | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309278 | &nbsp;&nbsp;0.06 |
| Kaisa Group Holdings Ltd., 10.875%, 07/23/2023<sup>6</sup> |  | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451000 | &nbsp;&nbsp;0.08 |
| Kaisa Group Holdings Ltd., 9.375%, 06/30/2024<sup>6</sup> |  | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494000 | &nbsp;&nbsp;0.09 |
| Kaisa Group Holdings Ltd., 11.700%, 11/11/2025<sup>6</sup> |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;0.07 |
| Kaisa Group Holdings Ltd., 11.650%, 06/01/2026<sup>6</sup> |  | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234557 | &nbsp;&nbsp;0.04 |
| Scenery Journey Ltd., 11.500%, 10/24/2022<sup>6,7</sup> |  | &nbsp;&nbsp;3140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206895 | &nbsp;&nbsp;0.04 |
| Scenery Journey Ltd., 12.000%, 10/24/2023<sup>6</sup> |  | &nbsp;&nbsp;1880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121093 | &nbsp;&nbsp;0.02 |
| Scenery Journey Ltd., 13.750%, 11/06/2023<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35004 | &nbsp;&nbsp;0.01 |
| Shimao Group Holdings Ltd., 4.750%, 07/03/2022<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46246 | &nbsp;&nbsp;0.01 |
| Sinopec Group Overseas Development 2012 Ltd., 4.875%, 05/17/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694111 | &nbsp;&nbsp;0.13 |
| Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878552 | &nbsp;&nbsp;0.16 |
| Sinopec Group Overseas Development 2018 Ltd., 3.350%, 05/13/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324948 | &nbsp;&nbsp;0.06 |
| Sunac China Holdings Ltd., 7.250%, 06/14/2022<sup>6,7</sup> |  | &nbsp;&nbsp;3157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910362 | &nbsp;&nbsp;0.17 |
| Sunac China Holdings Ltd., 7.950%, 08/08/2022<sup>6,7</sup> |  | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924165 | &nbsp;&nbsp;0.17 |
| Sunac China Holdings Ltd., 8.350%, 04/19/2023<sup>6</sup> |  | &nbsp;&nbsp;3840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094400 | &nbsp;&nbsp;0.20 |
| Sunac China Holdings Ltd., 7.950%, 10/11/2023<sup>6</sup> |  | &nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114616 | &nbsp;&nbsp;0.21 |
| Sunac China Holdings Ltd., 7.500%, 02/01/2024<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56750 | &nbsp;&nbsp;0.01 |
| Sunac China Holdings Ltd., 5.950%, 04/26/2024<sup>6</sup> |  | &nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402187 | &nbsp;&nbsp;0.08 |
| Sunac China Holdings Ltd., 6.500%, 01/10/2025<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127664 | &nbsp;&nbsp;0.02 |
| Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023<sup>6,7</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156930 | &nbsp;&nbsp;0.03 |
| Yuzhou Group Holdings Co. Ltd., 8.500%, 02/04/2023<sup>6</sup> |  | &nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289377 | &nbsp;&nbsp;0.05 |
| Yuzhou Group Holdings Co. Ltd., 9.950%, 06/08/2023<sup>6</sup> |  | &nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244942 | &nbsp;&nbsp;0.05 |
| Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/2023<sup>6</sup> |  | &nbsp;&nbsp;3962000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611678 | &nbsp;&nbsp;0.11 |
| Yuzhou Group Holdings Co. Ltd., 8.500%, 02/26/2024<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65449 | &nbsp;&nbsp;0.01 |
| Yuzhou Group Holdings Co. Ltd., 7.700%, 02/20/2025<sup>6</sup> |  | &nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166090 | &nbsp;&nbsp;0.03 |
| Yuzhou Group Holdings Co. Ltd., 7.375%, 01/13/2026<sup>6</sup> |  | &nbsp;&nbsp;4185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623565 | &nbsp;&nbsp;0.12 |
| Yuzhou Group Holdings Co. Ltd., 7.850%, 08/12/2026<sup>6</sup> |  | &nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205735 | &nbsp;&nbsp;0.04 |
| Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/2027<sup>6</sup> |  | &nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389725 | &nbsp;&nbsp;0.07 |
| Zhenro Properties Group Ltd., 8.700%, 08/03/2022<sup>6,7</sup> |  | &nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94868 | &nbsp;&nbsp;0.02 |
| Zhenro Properties Group Ltd., 8.000%, 03/06/2023<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;638000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56162 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 14.724%, 03/06/2023<sup>6</sup> |  | &nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95200 | &nbsp;&nbsp;0.02 |
| Zhenro Properties Group Ltd., 8.300%, 09/15/2023<sup>6</sup> |  | &nbsp;&nbsp;1236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107216 | &nbsp;&nbsp;0.02 |
| Zhenro Properties Group Ltd., 7.875%, 04/14/2024<sup>6</sup> |  | &nbsp;&nbsp;3016000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263235 | &nbsp;&nbsp;0.05 |
| Zhenro Properties Group Ltd., 7.100%, 09/10/2024<sup>6</sup> |  | &nbsp;&nbsp;2355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205987 | &nbsp;&nbsp;0.04 |
| Zhenro Properties Group Ltd., 7.350%, 02/05/2025<sup>6</sup> |  | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279645 | &nbsp;&nbsp;0.05 |
| Zhenro Properties Group Ltd., 6.630%, 01/07/2026<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72185 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 6.700%, 08/04/2026<sup>6</sup> |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174746 | &nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29803447** | &nbsp;&nbsp;**5.53** |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Colombia (Cost $15,637,303)** |  |  |  |  |
| Colombia (Rep of), 3.875%, 04/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383000 | &nbsp;&nbsp;&nbsp;&nbsp;$1251038 | &nbsp;&nbsp;0.23 |
| Colombia (Rep of), 7.375%, 09/18/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946309 | &nbsp;&nbsp;0.18 |
| Colombia (Rep of), 5.625%, 02/26/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316026 | &nbsp;&nbsp;0.24 |
| 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;241064 | &nbsp;&nbsp;0.05 |
| Colombia (Rep of), 4.125%, 05/15/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501976 | &nbsp;&nbsp;0.09 |
| Colombian TES, 10.000%, 07/24/2024 | &nbsp;&nbsp;COP | &nbsp;&nbsp;4248800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889856 | &nbsp;&nbsp;0.17 |
| Colombian TES, 6.250%, 11/26/2025 | &nbsp;&nbsp;COP | &nbsp;&nbsp;2582700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480840 | &nbsp;&nbsp;0.09 |
| Colombian TES, 7.500%, 08/26/2026 | &nbsp;&nbsp;COP | &nbsp;&nbsp;7585300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420740 | &nbsp;&nbsp;0.26 |
| Colombian TES, 5.750%, 11/03/2027 | &nbsp;&nbsp;COP | &nbsp;&nbsp;9276700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552733 | &nbsp;&nbsp;0.29 |
| Colombian TES, 6.000%, 04/28/2028 | &nbsp;&nbsp;COP | &nbsp;&nbsp;5447800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903043 | &nbsp;&nbsp;0.17 |
| Colombian TES, 7.000%, 03/26/2031 | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;982900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155630 | &nbsp;&nbsp;0.03 |
| Empresas Publicas de Medellin ESP, 8.375%, 11/08/2027 | &nbsp;&nbsp;COP | &nbsp;&nbsp;8747000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418471 | &nbsp;&nbsp;0.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11077726** | &nbsp;&nbsp;**2.06** |
| **Costa Rica (Cost $1,854,900)** |  |  |  |  |
| Costa Rica (Rep of), 6.125%, 02/19/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825862 | &nbsp;&nbsp;0.16 |
| Costa Rica (Rep of), 5.625%, 04/30/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764400 | &nbsp;&nbsp;0.14 |
| Costa Rica (Rep of), 7.000%, 04/04/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223100 | &nbsp;&nbsp;0.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1813362** | &nbsp;&nbsp;**0.34** |
| **Croatia (Cost $2,166,309)** |  |  |  |  |
| Croatia (Rep of), 6.000%, 01/26/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100554 | &nbsp;&nbsp;0.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2100554** | &nbsp;&nbsp;**0.39** |
| **Czech Republic (Cost $8,677,902)** |  |  |  |  |
| Czech (Rep of), 2.500%, 08/25/2028 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997820 | &nbsp;&nbsp;0.19 |
| Czech (Rep of), 2.750%, 07/23/2029 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956872 | &nbsp;&nbsp;0.55 |
| Czech (Rep of), 0.050%, 11/29/2029 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612525 | &nbsp;&nbsp;0.11 |
| Czech (Rep of), 0.950%, 05/15/2030 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55605 | &nbsp;&nbsp;0.01 |
| Czech (Rep of), 1.750%, 06/23/2032 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531925 | &nbsp;&nbsp;0.10 |
| Czech (Rep of), 2.000%, 10/13/2033 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294205 | &nbsp;&nbsp;0.05 |
| Czech (Rep of), 4.200%, 12/04/2036 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277814 | &nbsp;&nbsp;0.05 |
| 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;**5726766** | &nbsp;&nbsp;**1.06** |
| **Dominican Republic (Cost $13,091,983)** |  |  |  |  |
| Dominican (Rep of), 5.500%, 01/27/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711373 | &nbsp;&nbsp;0.13 |
| Dominican (Rep of), 6.875%, 01/29/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472461 | &nbsp;&nbsp;0.27 |
| Dominican (Rep of), 9.750%, 06/05/2026 | &nbsp;&nbsp;DOP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500046 | &nbsp;&nbsp;0.09 |
| Dominican (Rep of), 6.000%, 07/19/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696000 | &nbsp;&nbsp;0.13 |
| Dominican (Rep of), 5.500%, 02/22/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454343 | &nbsp;&nbsp;0.09 |
| Dominican (Rep of), 4.875%, 09/23/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480652 | &nbsp;&nbsp;0.46 |
| Dominican (Rep of), 13.625%, 02/03/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;2.78 |
| Dominican (Rep of), 5.300%, 01/21/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938799 | &nbsp;&nbsp;0.18 |
| Dominican (Rep of), 6.850%, 01/27/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330628 | &nbsp;&nbsp;0.06 |
| Dominican (Rep of), 6.500%, 02/15/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316505 | &nbsp;&nbsp;0.06 |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Dominican Republic (continued)** |  |  |  |  |
| Dominican (Rep of), 6.400%, 06/05/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$342677 | &nbsp;&nbsp;0.06 |
| Dominican (Rep of), 5.875%, 01/30/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;3870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972633 | &nbsp;&nbsp;0.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26216117** | &nbsp;&nbsp;**4.86** |
| **Ecuador (Cost $7,029,437)** |  |  |  |  |
| Ecuador (Rep of), (Step to 3.500% on 07/31/2023), 2.500%, 07/31/2035<sup>2,9</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;8348921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062802 | &nbsp;&nbsp;0.76 |
| Ecuador (Rep of), (Step to 2.500% on 07/31/2023), 1.500%, 07/31/2040<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3514828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475205 | &nbsp;&nbsp;0.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5538007** | &nbsp;&nbsp;**1.03** |
| **Egypt (Cost $11,398,566)** |  |  |  |  |
| Egypt (Rep of), 6.588%, 02/21/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322591 | &nbsp;&nbsp;0.06 |
| Egypt (Rep of), 7.600%, 03/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820947 | &nbsp;&nbsp;0.15 |
| Egypt (Rep of), 5.875%, 02/16/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790076 | &nbsp;&nbsp;0.15 |
| Egypt (Rep of), 7.625%, 05/29/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642102 | &nbsp;&nbsp;0.12 |
| Egypt (Rep of), 8.500%, 01/31/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;2228000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568276 | &nbsp;&nbsp;0.29 |
| Egypt (Rep of), 7.903%, 02/21/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;1744000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157597 | &nbsp;&nbsp;0.21 |
| Egypt (Rep of), 8.700%, 03/01/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;1780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256491 | &nbsp;&nbsp;0.23 |
| Egypt (Rep of), 8.875%, 05/29/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;1443000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028853 | &nbsp;&nbsp;0.19 |
| Egypt (Rep of), 8.750%, 09/30/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;1257000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889704 | &nbsp;&nbsp;0.16 |
| Egypt (Rep of), 8.150%, 11/20/2059 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135500 | &nbsp;&nbsp;0.03 |
| Egypt Treasury Bills, 17.069%, 04/11/2023<sup>10</sup> | &nbsp;&nbsp;EGP | &nbsp;&nbsp;18550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592350 | &nbsp;&nbsp;0.11 |
| Egypt Treasury Bills, 18.311%, 04/18/2023<sup>10</sup> | &nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;6025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191647 | &nbsp;&nbsp;0.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9396134** | &nbsp;&nbsp;**1.74** |
| **Gabon (Cost $1,141,087)** |  |  |  |  |
| Gabon (Rep of), 6.625%, 02/06/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;1534000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287333 | &nbsp;&nbsp;0.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1287333** | &nbsp;&nbsp;**0.24** |
| **Ghana (Cost $8,329,103)** |  |  |  |  |
| Ghana (Rep of), 7.625%, 05/16/2029<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147512 | &nbsp;&nbsp;0.03 |
| Ghana (Rep of), 8.125%, 03/26/2032<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159128 | &nbsp;&nbsp;0.03 |
| Ghana (Rep of), 8.625%, 04/07/2034<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1441000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529568 | &nbsp;&nbsp;0.10 |
| Ghana (Rep of), 7.875%, 02/11/2035<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160702 | &nbsp;&nbsp;0.03 |
| Ghana (Rep of), 8.875%, 05/07/2042<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626400 | &nbsp;&nbsp;0.12 |
| Ghana (Rep of), 8.950%, 03/26/2051<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801834 | &nbsp;&nbsp;0.15 |
| Ghana (Rep of), 8.750%, 03/11/2061<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81437 | &nbsp;&nbsp;0.01 |
| Tullow Oil PLC, 7.000%, 03/01/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;2170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542366 | &nbsp;&nbsp;0.28 |
| Tullow Oil PLC, 10.250%, 05/15/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;1697000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463662 | &nbsp;&nbsp;0.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5512609** | &nbsp;&nbsp;**1.02** |
| **Guatemala (Cost $1,641,644)** |  |  |  |  |
| Guatemala (Rep of), 5.375%, 04/24/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236411 | &nbsp;&nbsp;0.04 |
| Guatemala (Rep of), 4.650%, 10/07/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339216 | &nbsp;&nbsp;0.06 |
| Guatemala (Rep of), 6.125%, 06/01/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839292 | &nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1414919** | &nbsp;&nbsp;**0.26** |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Hungary (Cost $5,408,702)** |  |  |  |  |
| Hungary (Rep of), 5.375%, 03/25/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294000 | &nbsp;&nbsp;&nbsp;&nbsp;$1297590 | &nbsp;&nbsp;0.24 |
| Hungary (Rep of), 6.750%, 10/22/2028 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550606 | &nbsp;&nbsp;0.10 |
| Hungary (Rep of), 3.000%, 08/21/2030 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885579 | &nbsp;&nbsp;0.17 |
| Hungary (Rep of), 2.125%, 09/22/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590419 | &nbsp;&nbsp;0.11 |
| Hungary (Rep of), 3.000%, 10/27/2038 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399146 | &nbsp;&nbsp;0.07 |
| Hungary (Rep of), 3.125%, 09/21/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395348 | &nbsp;&nbsp;0.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4118688** | &nbsp;&nbsp;**0.76** |
| **India (Cost $7,466,006)** |  |  |  |  |
| Export-Import Bank of India, 3.375%, 08/05/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412298 | &nbsp;&nbsp;0.08 |
| Export-Import Bank of India, 2.250%, 01/13/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637906 | &nbsp;&nbsp;0.12 |
| Export-Import Bank of India, 5.500%, 01/18/2033<sup>9</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868154 | &nbsp;&nbsp;0.16 |
| Vedanta Resources Finance II PLC, 13.875%, 01/21/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457888 | &nbsp;&nbsp;0.27 |
| Vedanta Resources Finance II PLC, 8.950%, 03/11/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327250 | &nbsp;&nbsp;0.43 |
| Vedanta Resources Ltd., 6.125%, 08/09/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680625 | &nbsp;&nbsp;0.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6384121** | &nbsp;&nbsp;**1.18** |
| **Indonesia (Cost $32,639,364)** |  |  |  |  |
| Indonesia (Rep of), 8.375%, 03/15/2024 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;45715000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137592 | &nbsp;&nbsp;0.58 |
| Indonesia (Rep of), 8.125%, 05/15/2024 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;19857000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360781 | &nbsp;&nbsp;0.25 |
| Indonesia (Rep of), 4.150%, 09/20/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415606 | &nbsp;&nbsp;0.08 |
| Indonesia (Rep of), 4.550%, 01/11/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116532 | &nbsp;&nbsp;0.21 |
| Indonesia (Rep of), 6.375%, 08/15/2028 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;6882000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460410 | &nbsp;&nbsp;0.09 |
| Indonesia (Rep of), 9.000%, 03/15/2029 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;11300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848435 | &nbsp;&nbsp;0.16 |
| Indonesia (Rep of), 8.250%, 05/15/2029 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;23273000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684978 | &nbsp;&nbsp;0.31 |
| Indonesia (Rep of), 7.000%, 09/15/2030 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;7151000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488299 | &nbsp;&nbsp;0.09 |
| Indonesia (Rep of), 7.750%, 04/15/2031 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;12825000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909314 | &nbsp;&nbsp;0.17 |
| Indonesia (Rep of), 8.750%, 05/15/2031 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;16566000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251162 | &nbsp;&nbsp;0.23 |
| Indonesia (Rep of), 8.375%, 03/15/2034 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;12504000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933978 | &nbsp;&nbsp;0.17 |
| Indonesia (Rep of), 7.500%, 06/15/2035 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;10880000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764426 | &nbsp;&nbsp;0.14 |
| Indonesia (Rep of), 8.500%, 10/12/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814800 | &nbsp;&nbsp;0.15 |
| Indonesia (Rep of), 8.250%, 05/15/2036 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;10391000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774107 | &nbsp;&nbsp;0.14 |
| Indonesia (Rep of), 6.625%, 02/17/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868998 | &nbsp;&nbsp;0.16 |
| Indonesia (Rep of), 7.750%, 01/17/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209600 | &nbsp;&nbsp;0.23 |
| Indonesia (Rep of), 7.500%, 05/15/2038 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;8539000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599130 | &nbsp;&nbsp;0.11 |
| Indonesia (Rep of), 8.375%, 04/15/2039 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;12332000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935255 | &nbsp;&nbsp;0.17 |
| Indonesia (Rep of), 5.250%, 01/17/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847988 | &nbsp;&nbsp;0.16 |
| Indonesia (Rep of), 5.950%, 01/08/2046 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167540 | &nbsp;&nbsp;0.22 |
| Indonesia (Rep of), 5.250%, 01/08/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551106 | &nbsp;&nbsp;0.10 |
| Indonesia (Rep of), 4.750%, 07/18/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718503 | &nbsp;&nbsp;0.13 |
| Indonesia (Rep of), 4.200%, 10/15/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844406 | &nbsp;&nbsp;0.16 |
| Indonesia Asahan Aluminium Persero PT, 4.750%, 05/15/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571129 | &nbsp;&nbsp;0.11 |
| Indonesia Asahan Aluminium Persero PT, 5.450%, 05/15/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093845 | &nbsp;&nbsp;0.20 |
| Indonesia Asahan Aluminium Persero PT, 5.800%, 05/15/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181509 | &nbsp;&nbsp;0.03 |
| Pertamina Persero PT, 6.000%, 05/03/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327420 | &nbsp;&nbsp;0.06 |
| Pertamina Persero PT, 6.450%, 05/30/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656373 | &nbsp;&nbsp;0.12 |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (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;&nbsp;&nbsp;367000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$379926 | &nbsp;&nbsp;0.07 |
| Pertamina Persero PT, 4.175%, 01/21/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;622000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494612 | &nbsp;&nbsp;0.09 |
| Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216359 | &nbsp;&nbsp;0.04 |
| Perusahaan Penerbit SBSN Indonesia III, 4.550%, 03/29/2026 |  | &nbsp;&nbsp;1129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133011 | &nbsp;&nbsp;0.21 |
| Perusahaan Penerbit SBSN Indonesia III, 4.700%, 06/06/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;453000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453680 | &nbsp;&nbsp;0.08 |
| Perusahaan Penerbit SBSN Indonesia III, 3.800%, 06/23/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240586 | &nbsp;&nbsp;0.05 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 10/24/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551598 | &nbsp;&nbsp;0.10 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 05/15/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;588000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510330 | &nbsp;&nbsp;0.10 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048 |  | &nbsp;&nbsp;1472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429422 | &nbsp;&nbsp;0.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30942746** | &nbsp;&nbsp;**5.74** |
| **Ivory Coast (Cost $4,167,698)** |  |  |  |  |
| Ivory Coast (Rep of), 5.875%, 10/17/2031 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040142 | &nbsp;&nbsp;0.19 |
| Ivory Coast (Rep of), 4.875%, 01/30/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1047000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890905 | &nbsp;&nbsp;0.17 |
| Ivory Coast (Rep of), 6.875%, 10/17/2040 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;999000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829000 | &nbsp;&nbsp;0.15 |
| Ivory Coast (Rep of), 6.625%, 03/22/2048 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756286 | &nbsp;&nbsp;0.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3516333** | &nbsp;&nbsp;**0.65** |
| **Jamaica (Cost $1,369,658)** |  |  |  |  |
| Digicel Group Holdings Ltd., 7.000%, 02/16/2023<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;182108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14569 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Jamaica (Rep of), 7.875%, 07/28/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110670 | &nbsp;&nbsp;0.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1125239** | &nbsp;&nbsp;**0.21** |
| **Kazakhstan (Cost $4,724,833)** |  |  |  |  |
| Kazakhstan (Rep of), 6.500%, 07/21/2045 |  | &nbsp;&nbsp;1217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289694 | &nbsp;&nbsp;0.24 |
| KazMunayGas National Co. JSC, 5.375%, 04/24/2030 |  | &nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277391 | &nbsp;&nbsp;0.24 |
| KazMunayGas National Co. JSC, 3.500%, 04/14/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220446 | &nbsp;&nbsp;0.04 |
| KazMunayGas National Co. JSC, 6.375%, 10/24/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;838000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716490 | &nbsp;&nbsp;0.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3504021** | &nbsp;&nbsp;**0.65** |
| **Lebanon (Cost $12,091,493)** |  |  |  |  |
| Lebanon (Rep of), 6.375%, 03/09/2020<sup>6,7</sup> |  | &nbsp;&nbsp;1855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119184 | &nbsp;&nbsp;0.02 |
| Lebanon (Rep of), 5.800%, 04/14/2020<sup>6,7</sup> |  | &nbsp;&nbsp;1719000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110446 | &nbsp;&nbsp;0.02 |
| Lebanon (Rep of), 6.150%, 06/19/2020<sup>6,7</sup> |  | &nbsp;&nbsp;3148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199898 | &nbsp;&nbsp;0.04 |
| Lebanon (Rep of), 8.250%, 04/12/2021<sup>6,7</sup> |  | &nbsp;&nbsp;1610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103442 | &nbsp;&nbsp;0.02 |
| Lebanon (Rep of), 6.100%, 10/04/2022<sup>6,7</sup> |  | &nbsp;&nbsp;4808000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308914 | &nbsp;&nbsp;0.06 |
| Lebanon (Rep of), 6.000%, 01/27/2023<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Lebanon (Rep of), 6.600%, 11/27/2026<sup>6</sup> |  | &nbsp;&nbsp;1089000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68063 | &nbsp;&nbsp;0.01 |
| Lebanon (Rep of), 6.850%, 03/23/2027<sup>6</sup> |  | &nbsp;&nbsp;2314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144625 | &nbsp;&nbsp;0.03 |
| Lebanon (Rep of), 7.000%, 03/23/2032<sup>6</sup> |  | &nbsp;&nbsp;1395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87187 | &nbsp;&nbsp;0.02 |
| Lebanon (Rep of), 7.050%, 11/02/2035<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15372 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Lebanon (Rep of), 7.250%, 03/23/2037<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;867000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55467 | &nbsp;&nbsp;0.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1212663** | &nbsp;&nbsp;**0.23** |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Malaysia (Cost $25,824,279)** |  |  |  |  |
| Malaysia (Rep of), 3.478%, 06/14/2024 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;54561000 | &nbsp;&nbsp;&nbsp;$12847981 | &nbsp;&nbsp;2.38 |
| Malaysia (Rep of), 4.504%, 04/30/2029 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;4435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085828 | &nbsp;&nbsp;0.20 |
| Malaysia (Rep of), 4.498%, 04/15/2030 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138680 | &nbsp;&nbsp;0.03 |
| Malaysia (Rep of), 4.232%, 06/30/2031 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;2488000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599312 | &nbsp;&nbsp;0.11 |
| Malaysia (Rep of), 3.582%, 07/15/2032 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;4569000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051424 | &nbsp;&nbsp;0.20 |
| Malaysia (Rep of), 3.828%, 07/05/2034 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;2342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545887 | &nbsp;&nbsp;0.10 |
| Malaysia (Rep of), 4.254%, 05/31/2035 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;2888000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688791 | &nbsp;&nbsp;0.13 |
| Malaysia (Rep of), 4.893%, 06/08/2038 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;1707000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438900 | &nbsp;&nbsp;0.08 |
| Malaysia (Rep of), 3.757%, 05/22/2040 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;2004000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445708 | &nbsp;&nbsp;0.08 |
| Malaysia (Rep of), 4.935%, 09/30/2043 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192519 | &nbsp;&nbsp;0.04 |
| Malaysia (Rep of), 4.921%, 07/06/2048 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;1743000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447689 | &nbsp;&nbsp;0.08 |
| Malaysia (Rep of), 4.065%, 06/15/2050 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;2911000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652495 | &nbsp;&nbsp;0.12 |
| Malaysia Government Investment Issue, 4.193%, 10/07/2032 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78804 | &nbsp;&nbsp;0.02 |
| Petronas Capital Ltd., 2.480%, 01/28/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972841 | &nbsp;&nbsp;0.18 |
| Petronas Capital Ltd., 4.550%, 04/21/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;1844000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724430 | &nbsp;&nbsp;0.32 |
| Petronas Capital Ltd., 4.800%, 04/21/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881696 | &nbsp;&nbsp;0.16 |
| Petronas Capital Ltd., 3.404%, 04/28/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;1543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125818 | &nbsp;&nbsp;0.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23918803** | &nbsp;&nbsp;**4.44** |
| **Mexico (Cost $48,384,528)** |  |  |  |  |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205532 | &nbsp;&nbsp;0.04 |
| Comision Federal de Electricidad, 8.180%, 12/23/2027 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;24850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184583 | &nbsp;&nbsp;0.22 |
| Comision Federal de Electricidad, 3.875%, 07/26/2033<sup>9</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423513 | &nbsp;&nbsp;0.08 |
| Mexican Bonos, 10.000%, 12/05/2024 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;54050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876888 | &nbsp;&nbsp;0.53 |
| Mexican Bonos, 5.750%, 03/05/2026 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;93590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501097 | &nbsp;&nbsp;0.83 |
| Mexican Bonos, 5.500%, 03/04/2027 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;125790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5880777 | &nbsp;&nbsp;1.09 |
| Mexican Bonos, 7.750%, 05/29/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;42490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133153 | &nbsp;&nbsp;0.40 |
| Mexican Bonos, 7.750%, 11/23/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;32200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593712 | &nbsp;&nbsp;0.30 |
| Mexican Bonos, 10.000%, 11/20/2036 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;37020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176986 | &nbsp;&nbsp;0.40 |
| Mexican Bonos, 8.500%, 11/18/2038 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;30270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572166 | &nbsp;&nbsp;0.29 |
| Mexico (Rep of), 5.400%, 02/09/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423011 | &nbsp;&nbsp;0.08 |
| Mexico (Rep of), 2.659%, 05/24/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747688 | &nbsp;&nbsp;0.14 |
| Mexico (Rep of), 4.875%, 05/19/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874584 | &nbsp;&nbsp;0.16 |
| Mexico (Rep of), 6.050%, 01/11/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592036 | &nbsp;&nbsp;0.11 |
| Mexico (Rep of), 4.280%, 08/14/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539473 | &nbsp;&nbsp;0.10 |
| Mexico (Rep of), 4.750%, 03/08/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385115 | &nbsp;&nbsp;0.07 |
| Mexico (Rep of), 5.550%, 01/21/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733086 | &nbsp;&nbsp;0.14 |
| Mexico (Rep of), 3.771%, 05/24/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;2086000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418960 | &nbsp;&nbsp;0.26 |
| Mexico (Rep of), 3.750%, 04/19/2071 |  | &nbsp;&nbsp;&nbsp;&nbsp;3044000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039867 | &nbsp;&nbsp;0.38 |
| Mexico (Rep of), 5.750%, 10/12/2110 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891739 | &nbsp;&nbsp;0.17 |
| Petroleos Mexicanos, 7.190%, 09/12/2024 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;44460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168696 | &nbsp;&nbsp;0.40 |
| Petroleos Mexicanos, 6.750%, 09/21/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;4015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785648 | &nbsp;&nbsp;0.52 |
| Petroleos Mexicanos, 6.350%, 02/12/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920360 | &nbsp;&nbsp;0.17 |
| Petroleos Mexicanos, 7.690%, 01/23/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;5221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3898005 | &nbsp;&nbsp;0.72 |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Petroleos Mexicanos, 6.950%, 01/28/2060 |  | &nbsp;&nbsp;5575000 | &nbsp;&nbsp;&nbsp;&nbsp;$3846108 | &nbsp;&nbsp;0.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44812783** | &nbsp;&nbsp;**8.31** |
| **Mongolia (Cost $747,031)** |  |  |  |  |
| Development Bank of Mongolia LLC, 7.250%, 10/23/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453376 | &nbsp;&nbsp;0.09 |
| Mongolia (Rep of), 8.650%, 01/19/2028<sup>9</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;276000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287730 | &nbsp;&nbsp;0.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**741106** | &nbsp;&nbsp;**0.14** |
| **Morocco (Cost $2,217,918)** |  |  |  |  |
| Morocco (Rep of), 2.375%, 12/15/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;723000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637744 | &nbsp;&nbsp;0.12 |
| Morocco (Rep of), 3.000%, 12/15/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;774000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618233 | &nbsp;&nbsp;0.11 |
| Morocco (Rep of), 5.500%, 12/11/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460043 | &nbsp;&nbsp;0.09 |
| Morocco (Rep of), 4.000%, 12/15/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281449 | &nbsp;&nbsp;0.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1997469** | &nbsp;&nbsp;**0.37** |
| **Nigeria (Cost $5,076,524)** |  |  |  |  |
| Nigeria (Rep of), 6.500%, 11/28/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;536000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439520 | &nbsp;&nbsp;0.08 |
| Nigeria (Rep of), 8.375%, 03/24/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;886000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736610 | &nbsp;&nbsp;0.14 |
| Nigeria (Rep of), 7.375%, 09/28/2033<sup>9</sup> |  | &nbsp;&nbsp;1179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840037 | &nbsp;&nbsp;0.15 |
| Nigeria (Rep of), 7.696%, 02/23/2038 |  | &nbsp;&nbsp;1163000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805377 | &nbsp;&nbsp;0.15 |
| Nigeria (Rep of), 7.625%, 11/28/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505206 | &nbsp;&nbsp;0.09 |
| Nigeria (Rep of), 9.248%, 01/21/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362400 | &nbsp;&nbsp;0.07 |
| Nigeria (Rep of), 8.250%, 09/28/2051<sup>9</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145807 | &nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3834957** | &nbsp;&nbsp;**0.71** |
| **Oman (Cost $9,941,166)** |  |  |  |  |
| Oman (Rep of), 4.750%, 06/15/2026 |  | &nbsp;&nbsp;1644000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612156 | &nbsp;&nbsp;0.30 |
| Oman (Rep of), 6.750%, 10/28/2027 |  | &nbsp;&nbsp;1845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955611 | &nbsp;&nbsp;0.36 |
| Oman (Rep of), 6.000%, 08/01/2029 |  | &nbsp;&nbsp;1711000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751516 | &nbsp;&nbsp;0.32 |
| Oman (Rep of), 6.250%, 01/25/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445016 | &nbsp;&nbsp;0.08 |
| Oman (Rep of), 6.500%, 03/08/2047 |  | &nbsp;&nbsp;1786000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705630 | &nbsp;&nbsp;0.32 |
| Oman (Rep of), 6.750%, 01/17/2048 |  | &nbsp;&nbsp;1674000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649342 | &nbsp;&nbsp;0.31 |
| Oman (Rep of), 7.000%, 01/25/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839877 | &nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9959148** | &nbsp;&nbsp;**1.85** |
| **Pakistan (Cost $8,265,537)** |  |  |  |  |
| Pakistan (Rep of), 8.250%, 04/15/2024 |  | &nbsp;&nbsp;1691000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960387 | &nbsp;&nbsp;0.18 |
| Pakistan (Rep of), 8.250%, 09/30/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;794000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412089 | &nbsp;&nbsp;0.08 |
| Pakistan (Rep of), 6.875%, 12/05/2027 |  | &nbsp;&nbsp;1467000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616140 | &nbsp;&nbsp;0.11 |
| Pakistan (Rep of), 7.375%, 04/08/2031 |  | &nbsp;&nbsp;2662000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106860 | &nbsp;&nbsp;0.21 |
| Pakistan (Rep of), 8.875%, 04/08/2051 |  | &nbsp;&nbsp;2619000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065671 | &nbsp;&nbsp;0.20 |
| Pakistan Water & Power Development Authority, 7.500%, 06/04/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;761000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243474 | &nbsp;&nbsp;0.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4404621** | &nbsp;&nbsp;**0.82** |
| **Panama (Cost $6,113,250)** |  |  |  |  |
| Panama (Rep of), 7.125%, 01/29/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;309000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327269 | &nbsp;&nbsp;0.06 |
| Panama (Rep of), 8.875%, 09/30/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;617000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716522 | &nbsp;&nbsp;0.13 |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Panama (continued)** |  |  |  |  |
| Panama (Rep of), 3.875%, 03/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$253679 | &nbsp;&nbsp;0.05 |
| Panama (Rep of), 9.375%, 04/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048595 | &nbsp;&nbsp;0.20 |
| Panama (Rep of), 6.700%, 01/26/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;1319000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423868 | &nbsp;&nbsp;0.26 |
| Panama (Rep of), 4.500%, 05/15/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367241 | &nbsp;&nbsp;0.07 |
| Panama (Rep of), 4.300%, 04/29/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;1281000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966467 | &nbsp;&nbsp;0.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5103641** | &nbsp;&nbsp;**0.95** |
| **Paraguay (Cost $1,187,985)** |  |  |  |  |
| Paraguay (Rep of), 4.700%, 03/27/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439703 | &nbsp;&nbsp;0.08 |
| Paraguay (Rep of), 5.400%, 03/30/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614884 | &nbsp;&nbsp;0.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1054587** | &nbsp;&nbsp;**0.20** |
| **Peru (Cost $15,757,030)** |  |  |  |  |
| Peru (Rep of), 7.350%, 07/21/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441737 | &nbsp;&nbsp;0.27 |
| Peru (Rep of), 5.940%, 02/12/2029 | &nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;5105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206520 | &nbsp;&nbsp;0.23 |
| Peru (Rep of), 6.950%, 08/12/2031 | &nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;4476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090908 | &nbsp;&nbsp;0.20 |
| Peru (Rep of), 8.750%, 11/21/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;2256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800829 | &nbsp;&nbsp;0.52 |
| Peru (Rep of), 5.400%, 08/12/2034 | &nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;6591000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367120 | &nbsp;&nbsp;0.25 |
| Peru (Rep of), 3.300%, 03/11/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258671 | &nbsp;&nbsp;0.05 |
| Peru (Rep of), 5.625%, 11/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;1318000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335924 | &nbsp;&nbsp;0.25 |
| Peru (Rep of), 2.780%, 12/01/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;1506000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908854 | &nbsp;&nbsp;0.17 |
| Peru (Rep of), 3.230%, 07/28/2121 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381693 | &nbsp;&nbsp;0.07 |
| Petroleos del Peru S.A., 5.625%, 06/19/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;2939000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960725 | &nbsp;&nbsp;0.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12752981** | &nbsp;&nbsp;**2.37** |
| **Philippines (Cost $9,307,803)** |  |  |  |  |
| Philippines (Rep of), 10.625%, 03/16/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833923 | &nbsp;&nbsp;0.15 |
| Philippines (Rep of), 9.500%, 02/02/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821364 | &nbsp;&nbsp;0.34 |
| Philippines (Rep of), 7.750%, 01/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;1103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324894 | &nbsp;&nbsp;0.25 |
| Philippines (Rep of), 5.000%, 07/17/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278409 | &nbsp;&nbsp;0.05 |
| Philippines (Rep of), 6.375%, 10/23/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;1091000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238285 | &nbsp;&nbsp;0.23 |
| Philippines (Rep of), 6.250%, 01/14/2036 | &nbsp;&nbsp;PHP | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200286 | &nbsp;&nbsp;0.04 |
| Philippines (Rep of), 3.950%, 01/20/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;2087000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826511 | &nbsp;&nbsp;0.34 |
| Philippines (Rep of), 2.950%, 05/05/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574352 | &nbsp;&nbsp;0.11 |
| Philippines (Rep of), 4.200%, 03/29/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189574 | &nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8287598** | &nbsp;&nbsp;**1.54** |
| **Poland (Cost $9,988,525)** |  |  |  |  |
| Poland (Rep of), 2.500%, 04/25/2024 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;28186000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6244217 | &nbsp;&nbsp;1.16 |
| Poland (Rep of), 2.500%, 07/25/2026 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;1468000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301740 | &nbsp;&nbsp;0.05 |
| Poland (Rep of), 0.250%, 10/25/2026 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;1469000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275473 | &nbsp;&nbsp;0.05 |
| Poland (Rep of), 3.750%, 05/25/2027 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;10121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141632 | &nbsp;&nbsp;0.40 |
| Poland (Rep of), 2.500%, 07/25/2027 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;1529000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306104 | &nbsp;&nbsp;0.06 |
| Poland (Rep of), 5.500%, 11/16/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939725 | &nbsp;&nbsp;0.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10208891** | &nbsp;&nbsp;**1.89** |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Qatar (Cost $9,102,612)** |  |  |  |  |
| Qatar (Rep of), 3.250%, 06/02/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;2037000 | &nbsp;&nbsp;&nbsp;&nbsp;$1980713 | &nbsp;&nbsp;0.37 |
| Qatar (Rep of), 4.817%, 03/14/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;2802000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794995 | &nbsp;&nbsp;0.52 |
| Qatar (Rep of), 4.400%, 04/16/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500389 | &nbsp;&nbsp;0.09 |
| Qatar Energy, 3.125%, 07/12/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;3069000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428776 | &nbsp;&nbsp;0.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7704873** | &nbsp;&nbsp;**1.43** |
| **Romania (Cost $8,590,506)** |  |  |  |  |
| Romania (Rep of), 3.000%, 02/27/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447085 | &nbsp;&nbsp;0.08 |
| Romania (Rep of), 5.800%, 07/26/2027 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;9470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969019 | &nbsp;&nbsp;0.37 |
| Romania (Rep of), 4.150%, 10/24/2030 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;6155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101342 | &nbsp;&nbsp;0.21 |
| Romania (Rep of), 3.000%, 02/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291013 | &nbsp;&nbsp;0.05 |
| Romania (Rep of), 3.625%, 03/27/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685823 | &nbsp;&nbsp;0.13 |
| Romania (Rep of), 6.125%, 01/22/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287966 | &nbsp;&nbsp;0.05 |
| Romania (Rep of), 4.000%, 02/14/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;2778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943605 | &nbsp;&nbsp;0.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6725853** | &nbsp;&nbsp;**1.25** |
| **Russian Federation (Cost $208,329)** |  |  |  |  |
| Russian Federal Bond - OFZ, 7.250%, 05/10/2034<sup>6,11</sup> | &nbsp;&nbsp;RUB | &nbsp;&nbsp;13248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9434 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9434** | &nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Saudi Arabia (Cost $13,910,913)** |  |  |  |  |
| Gaci First Investment Co., 5.000%, 10/13/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721538 | &nbsp;&nbsp;0.13 |
| Gaci First Investment Co., 5.250%, 10/13/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;1417000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463052 | &nbsp;&nbsp;0.27 |
| Saudi (Rep of), 4.750%, 01/18/2028<sup>9</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1432000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450330 | &nbsp;&nbsp;0.27 |
| Saudi (Rep of), 5.500%, 10/25/2032<sup>9</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958814 | &nbsp;&nbsp;0.18 |
| Saudi (Rep of), 4.625%, 10/04/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732678 | &nbsp;&nbsp;0.13 |
| Saudi (Rep of), 5.000%, 04/17/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;1903000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817365 | &nbsp;&nbsp;0.34 |
| Saudi (Rep of), 5.250%, 01/16/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;1901000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880887 | &nbsp;&nbsp;0.35 |
| Saudi (Rep of), 3.750%, 01/21/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;1657000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311383 | &nbsp;&nbsp;0.24 |
| Saudi (Rep of), 4.500%, 04/22/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;1128000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009966 | &nbsp;&nbsp;0.19 |
| Saudi (Rep of), 3.450%, 02/02/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;1264000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913847 | &nbsp;&nbsp;0.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12259860** | &nbsp;&nbsp;**2.27** |
| **South Africa (Cost $25,723,547)** |  |  |  |  |
| South Africa (Rep of), 4.300%, 10/12/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;3230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937685 | &nbsp;&nbsp;0.55 |
| South Africa (Rep of), 8.000%, 01/31/2030 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;65701170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459506 | &nbsp;&nbsp;0.64 |
| South Africa (Rep of), 5.875%, 06/22/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532040 | &nbsp;&nbsp;0.10 |
| South Africa (Rep of), 8.250%, 03/31/2032 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;73679059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720369 | &nbsp;&nbsp;0.69 |
| South Africa (Rep of), 5.875%, 04/20/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;1709000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585098 | &nbsp;&nbsp;0.29 |
| South Africa (Rep of), 8.875%, 02/28/2035 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;54822225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721577 | &nbsp;&nbsp;0.50 |
| South Africa (Rep of), 8.500%, 01/31/2037 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;62472240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913576 | &nbsp;&nbsp;0.54 |
| South Africa (Rep of), 9.000%, 01/31/2040 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;24527240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162225 | &nbsp;&nbsp;0.22 |
| South Africa (Rep of), 8.750%, 01/31/2044 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| South Africa (Rep of), 5.000%, 10/12/2046 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339219 | &nbsp;&nbsp;0.06 |
| South Africa (Rep of), 5.650%, 09/27/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;1388000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058530 | &nbsp;&nbsp;0.20 |
| South Africa (Rep of), 8.750%, 02/28/2048 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **South Africa (continued)** |  |  |  |  |
| South Africa (Rep of), 5.750%, 09/30/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;1678000 | &nbsp;&nbsp;&nbsp;&nbsp;$1277596 | &nbsp;&nbsp;0.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21707873** | &nbsp;&nbsp;**4.03** |
| **Sri Lanka (Cost $2,242,659)** |  |  |  |  |
| Sri Lanka (Rep of), 6.750%, 04/18/2028<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159165 | &nbsp;&nbsp;0.03 |
| Sri Lanka (Rep of), 7.850%, 03/14/2029<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1728000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585278 | &nbsp;&nbsp;0.11 |
| Sri Lanka (Rep of), 7.550%, 03/28/2030<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1278000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432849 | &nbsp;&nbsp;0.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1177292** | &nbsp;&nbsp;**0.22** |
| **Thailand (Cost $8,329,507)** |  |  |  |  |
| Thailand (Rep of), 2.350%, 06/17/2026 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;88425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720828 | &nbsp;&nbsp;0.50 |
| Thailand (Rep of), 2.650%, 06/17/2028 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;23434000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728720 | &nbsp;&nbsp;0.14 |
| Thailand (Rep of), 2.000%, 12/17/2031 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;24345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711478 | &nbsp;&nbsp;0.13 |
| Thailand (Rep of), 1.585%, 12/17/2035 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;19716000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521140 | &nbsp;&nbsp;0.10 |
| Thailand (Rep of), 3.400%, 06/17/2036 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;17483000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566329 | &nbsp;&nbsp;0.10 |
| Thailand (Rep of), 3.300%, 06/17/2038 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;27502000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866562 | &nbsp;&nbsp;0.16 |
| Thailand (Rep of), 2.000%, 06/17/2042 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;44923000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156436 | &nbsp;&nbsp;0.21 |
| Thailand (Rep of), 2.875%, 06/17/2046 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;4854000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139174 | &nbsp;&nbsp;0.03 |
| Thailand (Rep of), 3.600%, 06/17/2067 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;18378000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515937 | &nbsp;&nbsp;0.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7926604** | &nbsp;&nbsp;**1.47** |
| **Turkey (Cost $5,687,822)** |  |  |  |  |
| Turkey (Rep of), 3.250%, 03/23/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688772 | &nbsp;&nbsp;0.13 |
| Turkey (Rep of), 6.000%, 01/14/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333582 | &nbsp;&nbsp;0.06 |
| Turkey (Rep of), 4.875%, 04/16/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;1975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241272 | &nbsp;&nbsp;0.23 |
| Turkey (Rep of), 5.750%, 05/11/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;4320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882537 | &nbsp;&nbsp;0.53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5146163** | &nbsp;&nbsp;**0.95** |
| **Ukraine (Cost $2,922,443)** |  |  |  |  |
| Ukraine (Rep of), 6.876%, 05/21/2029<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1468000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291583 | &nbsp;&nbsp;0.06 |
| Ukraine (Rep of), 9.750%, 11/01/2030<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227648 | &nbsp;&nbsp;0.04 |
| Ukraine (Rep of), 7.375%, 09/25/2034<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122794 | &nbsp;&nbsp;0.02 |
| Ukraine (Rep of), 7.253%, 03/15/2035<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235417 | &nbsp;&nbsp;0.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**877442** | &nbsp;&nbsp;**0.16** |
| **United Arab Emirates (Cost $5,148,305)** |  |  |  |  |
| Abu Dhabi (Gov't of), 3.125%, 09/30/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;1636000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233642 | &nbsp;&nbsp;0.23 |
| Abu Dhabi (Gov't of), 3.875%, 04/16/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;1881000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613251 | &nbsp;&nbsp;0.30 |
| DP World Crescent Ltd., 3.875%, 07/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615397 | &nbsp;&nbsp;0.11 |
| DP World Crescent Ltd., 3.750%, 01/30/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570498 | &nbsp;&nbsp;0.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4032788** | &nbsp;&nbsp;**0.75** |
| **Uruguay (Cost $12,804,515)** |  |  |  |  |
| Uruguay (Rep of), 8.500%, 03/15/2028 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;15190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363841 | &nbsp;&nbsp;0.07 |
| Uruguay (Rep of), 4.375%, 12/15/2028 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;8870757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577760 | &nbsp;&nbsp;0.11 |
| Uruguay (Rep of), 8.250%, 05/21/2031 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;63603828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476579 | &nbsp;&nbsp;0.27 |
| Uruguay (Rep of), 7.875%, 01/15/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;1437380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802891 | &nbsp;&nbsp;0.33 |
| Uruguay (Rep of), 5.750%, 10/28/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;1005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111718 | &nbsp;&nbsp;0.21 |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Uruguay (continued)** |  |  |  |  |
| Uruguay (Rep of), 7.625%, 03/21/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;1013660 | &nbsp;&nbsp;&nbsp;&nbsp;$1293403 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Uruguay (Rep of), 3.875%, 07/02/2040 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;38736000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264896 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Uruguay (Rep of), 4.125%, 11/20/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788843 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Uruguay (Rep of), 5.100%, 06/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982955 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Uruguay (Rep of), 4.975%, 04/20/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;1833300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814600 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Uruguay Monetary Regulation Bill, 0.000%, 10/26/2023<sup>4</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;20634000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489610 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11967096** | &nbsp;&nbsp;&nbsp;&nbsp;**2.22** |
| **Venezuela (Cost $49,980,026)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>6,7</sup> |  | &nbsp;&nbsp;28100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041500 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Petroleos de Venezuela S.A., 9.000%, 11/17/2021<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3789076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170508 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Petroleos de Venezuela S.A., 12.750%, 02/17/2022<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80513 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Petroleos de Venezuela S.A., 5.375%, 04/12/2027<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71550 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Petroleos de Venezuela S.A., 9.750%, 05/17/2035<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;5253147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236392 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Venezuela (Rep of), 7.750%, 10/13/2019<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1638000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98280 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Venezuela (Rep of), 12.750%, 08/23/2022<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284025 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Venezuela (Rep of), 9.000%, 05/07/2023<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123112 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Venezuela (Rep of), 8.250%, 10/13/2024<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3213200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281155 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Venezuela (Rep of), 11.750%, 10/21/2026<sup>6</sup> |  | &nbsp;&nbsp;12976000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188453 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Venezuela (Rep of), 9.250%, 09/15/2027<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3647000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349789 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Venezuela (Rep of), 9.250%, 05/07/2028<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2317000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214239 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Venezuela (Rep of), 11.950%, 08/05/2031<sup>6</sup> |  | &nbsp;&nbsp;21478800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060063 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11199579** | &nbsp;&nbsp;&nbsp;&nbsp;**2.08** |
| **Vietnam (Cost $1,257,322)** |  |  |  |  |
| Vietnam (Rep of), 4.800%, 11/19/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;1241000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222385 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1222385** | &nbsp;&nbsp;&nbsp;&nbsp;**0.23** |
| **Zambia (Cost $1,220,967)** |  |  |  |  |
| Zambia (Rep of), 8.970%, 07/30/2027<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873949 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**873949** | &nbsp;&nbsp;&nbsp;&nbsp;**0.16** |
| **Total Debt Securities (Cost $624,790,160)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**461590313** | &nbsp;&nbsp;&nbsp;&nbsp;**85.64** |
| **Total Investments (Total Cost $624,790,160)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**461590313** | &nbsp;&nbsp;&nbsp;&nbsp;**85.64** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77410787 | &nbsp;&nbsp;&nbsp;&nbsp;14.36 |
| **Net Assets** |  |  | &nbsp;&nbsp;**$539001100** | &nbsp;&nbsp;**100.00** |

---

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

<sup>2</sup> Step coupon bond. Rate as of January 31, 2023 is disclosed.

<sup>3</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

<sup>4</sup> 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.

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

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

<sup>9</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.

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

<sup>11</sup> Security is a Level 3 investment.

Percentages shown are based on net assets.

At January 31, 2023, 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)** |
| 02/02/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32853221 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;6309434 | &nbsp;&nbsp;&nbsp;&nbsp;$162450 |
| 02/02/2023 | &nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4180000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;780025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43409 |
| 02/02/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580002 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;17371065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420 |
| 02/10/2023 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16216411 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2400815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 |
| 02/10/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;80155613234 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;5311837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33020 |
| 02/10/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;16827859626 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;13305391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354911 |
| 02/10/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;237189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10234 |
| 02/10/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641146 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;3304192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229121 |
| 02/10/2023 | &nbsp;&nbsp;Standard Chartered | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365852 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3524 |
| 02/10/2023 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378196 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17921 |
| 02/10/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250897 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;674661000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15306 |
| 02/10/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13711836 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;16875156109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13141 |
| 02/16/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55879000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1626484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68954 |
| 02/16/2023 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123218750 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;3490547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248060 |
| 02/16/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50875000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1469505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74105 |
| 02/28/2023 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65443000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1902275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85671 |
| 02/28/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15596860 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;443089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30693 |
| 02/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22129000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;628308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43899 |
| 02/28/2023 | &nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15067048 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;780800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10336 |
| 02/28/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7277069 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;381640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 |
| 03/02/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8199141 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1600860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6247 |
| 03/09/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65798612 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;3321485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115265 |
| 03/10/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;3164217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136375 |
| 03/10/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254720128 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;8447028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73801 |
| 03/10/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12834065 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4322 |
| 03/15/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210154000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;6086016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307752 |
| 03/15/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69171257 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2024268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80212 |
| 03/15/2023 | &nbsp;&nbsp;Standard Chartered | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6916658 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;210071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 |
| 03/15/2023 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97778000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2835746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139071 |
| 04/12/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199020800 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 |
| 04/12/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;3488364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63177 |
| 04/28/2023 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527980883 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;638005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16523 |
| 04/28/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;1023738787 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1249224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19886 |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (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)** |
| 04/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;1774867275 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2138394 | &nbsp;&nbsp;&nbsp;&nbsp;$61875 |
| 04/28/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456357614 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;544209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21529 |
| 04/28/2023 | &nbsp;&nbsp;Standard Chartered | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224906280 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;270887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7924 |
| 04/28/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123745099 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;18359507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58868 |
| 04/28/2023 | &nbsp;&nbsp;Standard Chartered | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953929 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;736990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 |
| 04/28/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151557859 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;6892126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3594 |
| 04/28/2023 | &nbsp;&nbsp;Standard Chartered | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12396680 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;563200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 |
| 04/28/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;2092100584 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;5585767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76151 |
| 04/28/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207286 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;516759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331 |
| 04/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32469959 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1687409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9979 |
| 04/28/2023 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456825 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;374320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 |
| 04/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7993863 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1831590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853 |
| 04/28/2023 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72095 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;304638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
| 04/28/2023 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707277 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;13482219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 |
| 04/28/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319908 | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;1392264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| 04/28/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466231 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;8141173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702 |
| 04/28/2023 | &nbsp;&nbsp;Standard Chartered | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;11426250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8027 |
| 05/09/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946425 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;3010240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 |
| 05/09/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249043 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;189920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2675985 |
| 02/02/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17371065 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;609511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33929) |
| 02/02/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;4348039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31537) |
| 02/02/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102650 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;32685182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336131) |
| 02/10/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674661000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;8288422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52831) |
| 02/10/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;1049513433 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;854590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2630) |
| 02/10/2023 | &nbsp;&nbsp;Standard Chartered | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275170 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;16216411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126865) |
| 02/10/2023 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492443 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;23388067690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67097) |
| 02/10/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;1002216950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8567) |
| 02/10/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004053 | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;3946425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) |
| 02/10/2023 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290550 | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;1763770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52211) |
| 02/15/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17108800 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;594056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34081) |
| 02/16/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215801 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;129141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1228) |
| 02/16/2023 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29574353 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;902860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5538) |
| 02/28/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;&nbsp;&nbsp;5610753400 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;374150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317) |
| 02/28/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;6637315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3510) |
| 02/28/2023 | &nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381403 | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;46348061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52227) |
| 03/01/2023 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506428 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;3229783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10990) |
| 03/02/2023 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525000 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;13017638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26577) |
| 03/02/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6280486 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;32853221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159050) |
| 03/02/2023 | &nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258188 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;6441925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4488) |
| 03/10/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480875000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;5898136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31873) |
| 03/10/2023 | &nbsp;&nbsp;Standard Chartered | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19197360 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;643958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1773) |

---

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (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)** |
| 03/10/2023 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578300 | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;17455967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5632) |
| 04/06/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17371065 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;561172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6497) |
| 04/12/2023 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130897009 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1595845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3965) |
| 04/28/2023 | &nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;&nbsp;&nbsp;5850000000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1265891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34209) |
| 04/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238014769 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;646870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2723) |
| 04/28/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Israeli Shekel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776886 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1712459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32174) |
| 04/28/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14886125 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;779180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(998) |
| 04/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20365158 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1067900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3299) |
| 04/28/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133278329 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2437513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6693) |
| 04/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23310053 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;5347748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1440) |
| 04/28/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979107 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;684370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1093) |
| 04/28/2023 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418627 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;313070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1081) |
| 04/28/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16632417 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;3692072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34214) |
| 04/28/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12289326 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;703740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2520) |
| 04/28/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12703811 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;733790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8920) |
| 04/28/2023 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412139 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;16216411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1532) |
| 04/28/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255911 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;10780547216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13869) |
| 05/10/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674661000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;8193082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3424) |
| 05/10/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;17556867690 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;14313489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21742) |
| 01/16/2024 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4276628 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;127356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3228) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(1233069) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$1442916 |

---

At January 31, 2023, 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 Value/<br> Unrealized<br> Appreciation<br> (Depreciation)\*\*** | &nbsp;&nbsp;**Variation<br> Margin<br> Receivable<br> (Payable)** | &nbsp;&nbsp;**Counterparty** |
| CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | &nbsp;&nbsp;2.580% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;39814000 | &nbsp;&nbsp;3/18/2025 | &nbsp;&nbsp;$11020 | &nbsp;&nbsp;$4832 | &nbsp;&nbsp;JP Morgan |
| CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | &nbsp;&nbsp;2.325% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;28220000 | &nbsp;&nbsp;9/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(28908) | &nbsp;&nbsp;4043 | &nbsp;&nbsp;Deutsche Bank |
| CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | &nbsp;&nbsp;2.535% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;19040000 | &nbsp;&nbsp;9/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3865) | &nbsp;&nbsp;2747 | &nbsp;&nbsp;Merrill Lynch |
|  |  |  |  |  | &nbsp;&nbsp;$(21753) | &nbsp;&nbsp;$11622 |  |

---

\*\*Includes cumulative appreciation/depreciation on centrally cleared swap agreements.

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund's assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Total Return Fund's investments and other financial instruments, which are carried at fair value, as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$66193972 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$66193972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33990309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33990309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;354766468 | &nbsp;&nbsp;&nbsp;&nbsp;9434 | &nbsp;&nbsp;&nbsp;&nbsp;354775902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Linked Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;461580879 | &nbsp;&nbsp;&nbsp;&nbsp;9434 | &nbsp;&nbsp;&nbsp;&nbsp;461590313 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$461580879 | &nbsp;&nbsp;$9434 | &nbsp;&nbsp;$461590313 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2675985 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2675985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11020 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11020 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1233069) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1233069) |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32773) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32773) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1421163 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1421163 |

---

<sup>†</sup> Includes cumulative appreciation/depreciation on centrally cleared swap agreements.

------

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended January 31, 2023:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and<br> Subcategory** | **Beginning<br> Balance<br> at 10/31/2022** | **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 01/31/2023** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> from Investments<br> still held<br> 01/31/2023** |
| Investments, at value |  |  |  |  |  |  |  |  |  |  |
| Government Bonds |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | $268749 | $30604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $(1843441) | $(2839627) | $4393149 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $9434 | $(1241) |
| Short Term Bills And Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;86071 | &nbsp;&nbsp;&nbsp;13449 | &nbsp;&nbsp;&nbsp;371002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19088 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(489610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | $354820 | $44053 | $371002 | $(1843441) | $(2839627) | $4412237 | $— | $(489610) | $9434 | $(1241) |

---

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 January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| 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> 01/31/2023 | &nbsp;&nbsp;Valuation<br> Technique | &nbsp;&nbsp;Unobservable<br> Input |
| Government Bonds | &nbsp;&nbsp;$9434 | &nbsp;&nbsp;Last observable vendor price | &nbsp;&nbsp;Last observable vendor price |

---

------

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Brazil (Cost $1,727,194)** |  |  |  |  |
| Brazil Letras do Tesouro Nacional, 0.000%, 07/01/2025<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;4790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$705843 | &nbsp;&nbsp;&nbsp;&nbsp;7.08 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;1140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157561 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2025 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;1676000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315346 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 |
| Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;2978000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538995 | &nbsp;&nbsp;&nbsp;&nbsp;5.41 |
| Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45618 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1763363** | &nbsp;&nbsp;**17.69** |
| **Chile (Cost $83,263)** |  |  |  |  |
| 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;24582 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Bonos de la Tesoreria de la Republica en pesos, 7.000%, 05/01/2034<sup>3</sup> | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;55000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77525 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**102107** | &nbsp;&nbsp;&nbsp;&nbsp;**1.03** |
| **China (Cost $417,058)** |  |  |  |  |
| China (Rep of), 1.990%, 04/09/2025 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48356 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| China (Rep of), 2.850%, 06/04/2027 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145807 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| 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;64072 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| China (Rep of), 2.680%, 05/21/2030 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58325 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| 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;24797 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| China (Rep of), 3.720%, 04/12/2051 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85723 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**427080** | &nbsp;&nbsp;&nbsp;&nbsp;**4.29** |
| **Colombia (Cost $452,755)** |  |  |  |  |
| Colombian TES, 7.500%, 08/26/2026 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;254200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47612 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Colombian TES, 3.300%, 03/17/2027 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54562 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Colombian TES, 5.750%, 11/03/2027 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;881100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147478 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Colombian TES, 6.000%, 04/28/2028 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;247900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41093 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Colombian TES, 7.750%, 09/18/2030 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;219000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36875 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Colombian TES, 7.000%, 03/26/2031 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;216700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34312 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Colombian TES, 7.000%, 06/30/2032 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;235100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35954 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**397886** | &nbsp;&nbsp;&nbsp;&nbsp;**3.99** |
| **Czech Republic (Cost $303,163)** |  |  |  |  |
| Czech (Rep of), 2.500%, 08/25/2028 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;1720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69851 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Czech (Rep of), 2.750%, 07/23/2029 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;2120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85989 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| 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;20961 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Czech (Rep of), 0.950%, 05/15/2030 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Czech (Rep of), 1.750%, 06/23/2032 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51326 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Czech (Rep of), 2.000%, 10/13/2033 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;1790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63756 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**293995** | &nbsp;&nbsp;&nbsp;&nbsp;**2.95** |
| **Egypt (Cost $45,520)** |  |  |  |  |
| Egypt Treasury Bills, 16.772%, 04/11/2023<sup>4</sup> | &nbsp;&nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22353 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |

---

------

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Egypt (continued)** |  |  |  |  |
| Egypt Treasury Bills, 18.309%, 04/18/2023<sup>4</sup> | &nbsp;&nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22266 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44619** | &nbsp;&nbsp;&nbsp;&nbsp;**0.45** |
| **Hungary (Cost $251,241)** |  |  |  |  |
| Hungary (Rep of), 5.500%, 06/24/2025 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104126 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Hungary (Rep of), 3.000%, 10/27/2027 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28632 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Hungary (Rep of), 4.500%, 03/23/2028 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25561 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| 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;6121 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Hungary (Rep of), 3.000%, 08/21/2030 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29735 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Hungary (Rep of), 4.750%, 11/24/2032 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16710 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| 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;&nbsp;9056 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**219941** | &nbsp;&nbsp;&nbsp;&nbsp;**2.21** |
| **Indonesia (Cost $1,208,230)** |  |  |  |  |
| Indonesia (Rep of), 5.625%, 05/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1317000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87953 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Indonesia (Rep of), 8.125%, 05/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;4454000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305228 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 |
| Indonesia (Rep of), 7.000%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1318000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90253 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Indonesia (Rep of), 6.375%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2468000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165111 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| 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;17466 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Indonesia (Rep of), 7.000%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;897000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61251 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Indonesia (Rep of), 6.500%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;480000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31763 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| 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;87534 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Indonesia (Rep of), 6.375%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;702000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46065 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| 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;41015 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Indonesia (Rep of), 7.000%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;817000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55721 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Indonesia (Rep of), 8.375%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;974000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72752 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| 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;47306 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Indonesia (Rep of), 6.375%, 07/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;780000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50212 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Indonesia (Rep of), 8.375%, 04/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;788000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59762 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1219392** | &nbsp;&nbsp;**12.23** |
| **Malaysia (Cost $474,432)** |  |  |  |  |
| Malaysia (Rep of), 3.906%, 07/15/2026 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73641 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Malaysia (Rep of), 3.733%, 06/15/2028 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28262 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Malaysia (Rep of), 3.885%, 08/15/2029 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45581 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Malaysia (Rep of), 4.642%, 11/07/2033 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61139 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Malaysia (Rep of), 3.828%, 07/05/2034 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Malaysia (Rep of), 4.893%, 06/08/2038 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68907 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| 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;22241 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Malaysia (Rep of), 4.065%, 06/15/2050 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68365 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Malaysia Government Investment Issue, 3.465%, 10/15/2030 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12535 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**475071** | &nbsp;&nbsp;&nbsp;&nbsp;**4.77** |
| **Mexico (Cost $906,517)** |  |  |  |  |
| Comision Federal de Electricidad, 8.180%, 12/23/2027 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20021 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Mexican Bonos, 10.000%, 12/05/2024 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23419 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Mexican Bonos, 5.750%, 03/05/2026 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116868 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |

---

------

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Mexican Bonos, 5.500%, 03/04/2027 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;5320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$248714 | &nbsp;&nbsp;2.50 |
| Mexican Bonos, 7.500%, 06/03/2027 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42406 | &nbsp;&nbsp;0.43 |
| Mexican Bonos, 7.750%, 05/29/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;1870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93881 | &nbsp;&nbsp;0.94 |
| Mexican Bonos, 10.000%, 11/20/2036 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;2510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147602 | &nbsp;&nbsp;1.48 |
| Mexican Bonos, 8.500%, 11/18/2038 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106473 | &nbsp;&nbsp;1.07 |
| Mexican Bonos, 7.750%, 11/13/2042 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30685 | &nbsp;&nbsp;0.31 |
| Petroleos Mexicanos, 7.190%, 09/12/2024 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;2290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111703 | &nbsp;&nbsp;1.12 |
| Petroleos Mexicanos, 7.470%, 11/12/2026 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7348 | &nbsp;&nbsp;0.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**949120** | &nbsp;&nbsp;**9.52** |
| **Peru (Cost $323,782)** |  |  |  |  |
| Fondo MIVIVIENDA S.A., 7.000%, 02/14/2024 | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33769 | &nbsp;&nbsp;0.34 |
| Peru (Rep of), 6.350%, 08/12/2028 | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45577 | &nbsp;&nbsp;0.46 |
| Peru (Rep of), 5.940%, 02/12/2029 | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35924 | &nbsp;&nbsp;0.36 |
| Peru (Rep of), 6.950%, 08/12/2031 | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84572 | &nbsp;&nbsp;0.85 |
| Peru (Rep of), 6.150%, 08/12/2032 | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37734 | &nbsp;&nbsp;0.38 |
| Peru (Rep of), 5.400%, 08/12/2034 | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45425 | &nbsp;&nbsp;0.45 |
| Peru (Rep of), 5.350%, 08/12/2040 | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12021 | &nbsp;&nbsp;0.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**295022** | &nbsp;&nbsp;**2.96** |
| **Poland (Cost $453,523)** |  |  |  |  |
| Poland (Rep of), 2.250%, 10/25/2024 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39034 | &nbsp;&nbsp;0.39 |
| Poland (Rep of), 0.750%, 04/25/2025 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47171 | &nbsp;&nbsp;0.47 |
| Poland (Rep of), 3.250%, 07/25/2025 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19661 | &nbsp;&nbsp;0.20 |
| Poland (Rep of), 2.500%, 07/25/2026 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97840 | &nbsp;&nbsp;0.98 |
| Poland (Rep of), 3.750%, 05/25/2027 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;771000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163146 | &nbsp;&nbsp;1.64 |
| Poland (Rep of), 2.750%, 10/25/2029 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;271000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51492 | &nbsp;&nbsp;0.52 |
| Poland (Rep of), 1.750%, 04/25/2032 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49228 | &nbsp;&nbsp;0.49 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**467572** | &nbsp;&nbsp;**4.69** |
| **Romania (Cost $278,783)** |  |  |  |  |
| Romania (Rep of), 5.800%, 07/26/2027 | &nbsp;&nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91486 | &nbsp;&nbsp;0.92 |
| Romania (Rep of), 4.150%, 01/26/2028 | &nbsp;&nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60344 | &nbsp;&nbsp;0.60 |
| Romania (Rep of), 4.850%, 07/25/2029 | &nbsp;&nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45896 | &nbsp;&nbsp;0.46 |
| Romania (Rep of), 4.150%, 10/24/2030 | &nbsp;&nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20577 | &nbsp;&nbsp;0.21 |
| Romania (Rep of), 6.700%, 02/25/2032 | &nbsp;&nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13673 | &nbsp;&nbsp;0.14 |
| Romania (Rep of), 4.750%, 10/11/2034 | &nbsp;&nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32082 | &nbsp;&nbsp;0.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**264058** | &nbsp;&nbsp;**2.65** |
| **Russian Federation (Cost $94,978)** |  |  |  |  |
| Russian Federal Bond - OFZ, 7.250%, 05/10/2034<sup>5,6</sup> | &nbsp;&nbsp;&nbsp;RUB | &nbsp;&nbsp;6038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;0.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4300** | &nbsp;&nbsp;**0.04** |
| **South Africa (Cost $954,201)** |  |  |  |  |
| South Africa (Rep of), 8.000%, 01/31/2030 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;2288380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120495 | &nbsp;&nbsp;1.21 |
| South Africa (Rep of), 7.000%, 02/28/2031 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;2800562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133815 | &nbsp;&nbsp;1.34 |
| South Africa (Rep of), 8.250%, 03/31/2032 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;2646476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133632 | &nbsp;&nbsp;1.34 |

---

------

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **South Africa (continued)** |  |  |  |  |
| South Africa (Rep of), 8.875%, 02/28/2035 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;1292155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64147 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| South Africa (Rep of), 8.500%, 01/31/2037 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;3425800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159772 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| South Africa (Rep of), 9.000%, 01/31/2040 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;1269211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60142 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| South Africa (Rep of), 6.500%, 02/28/2041 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;937450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34233 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| South Africa (Rep of), 8.750%, 01/31/2044 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;1777570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80645 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| South Africa (Rep of), 8.750%, 02/28/2048 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;2575020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116261 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**903142** | &nbsp;&nbsp;&nbsp;&nbsp;**9.06** |
| **Thailand (Cost $501,894)** |  |  |  |  |
| Thailand (Rep of), 2.650%, 06/17/2028 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;789000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24535 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Thailand (Rep of), 3.775%, 06/25/2032 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1527000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51111 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Thailand (Rep of), 1.585%, 12/17/2035 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1611000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42583 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Thailand (Rep of), 3.400%, 06/17/2036 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;2736000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88628 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Thailand (Rep of), 3.390%, 06/17/2037 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78706 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Thailand (Rep of), 3.300%, 06/17/2038 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1967000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61978 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Thailand (Rep of), 2.000%, 06/17/2042 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;2203000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56711 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Thailand (Rep of), 2.875%, 06/17/2046 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1983000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56857 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Thailand (Rep of), 3.600%, 06/17/2067 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;901000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25294 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**486403** | &nbsp;&nbsp;&nbsp;&nbsp;**4.88** |
| **Uruguay (Cost $147,352)** |  |  |  |  |
| Uruguay (Rep of), 8.500%, 03/15/2028 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Uruguay (Rep of), 4.375%, 12/15/2028 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;238464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15531 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Uruguay (Rep of), 8.250%, 05/21/2031 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;743171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17253 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Uruguay (Rep of), 3.875%, 07/02/2040 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;2812340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91835 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Uruguay Monetary Regulation Bill, 0.000%, 10/26/2023<sup>2</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;1184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28094 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**156426** | &nbsp;&nbsp;&nbsp;&nbsp;**1.57** |
| **Total Debt Securities (Cost $8,623,886)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8469497** | &nbsp;&nbsp;&nbsp;&nbsp;**84.98** |
| **Total Investments in Securities (Cost $8,623,886)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8469497** | &nbsp;&nbsp;&nbsp;&nbsp;**84.98** |
| **Total Investments (Total Cost $8,623,886)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8469497** | &nbsp;&nbsp;&nbsp;&nbsp;**84.98** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497443 | &nbsp;&nbsp;&nbsp;&nbsp;15.02 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$9966940** | &nbsp;&nbsp;**100.00** |

---

<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.

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

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

<sup>6</sup> Security is a Level 3 investment.

Percentages shown are based on net assets.

------

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

At January 31, 2023, 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)** |
| 02/02/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;3740000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;683171 | &nbsp;&nbsp;&nbsp;$53586 |
| 02/02/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;1804443 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;346542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8922 |
| 02/02/2023 | &nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;1225688 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;231193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10261 |
| 02/02/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123165 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263 |
| 02/02/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4553 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;136351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| 02/10/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106007 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;8668000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 |
| 02/10/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74902 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;1120752352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| 02/16/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;8449000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;254699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654 |
| 02/16/2023 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;4875505 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;138032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9897 |
| 02/16/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;25332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277 |
| 02/28/2023 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;1129000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;32817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478 |
| 02/28/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;1126735 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;32009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217 |
| 02/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;1598000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;45372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 |
| 02/28/2023 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157141 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |
| 03/15/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;3596000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;104139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5266 |
| 03/15/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;1790876 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;52409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077 |
| 03/15/2023 | &nbsp;&nbsp;Standard Chartered | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;5379917 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;163398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 |
| 03/15/2023 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;1673000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;48520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 |
| 04/12/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;8059520 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| 04/28/2023 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;9998193 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;12095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 |
| 04/28/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;15014122 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;18321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| 04/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;72124725 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;86897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514 |
| 04/28/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;2283708 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;338824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 |
| 04/28/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;5691592 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;258827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
| 04/28/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;6192693 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;16534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| 04/28/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;2246224 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;525875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390 |
| 04/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;16058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| 04/28/2023 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517046 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;26687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 |
| 04/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327420 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;75020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| 04/28/2023 | &nbsp;&nbsp;Standard Chartered | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83011 | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;321293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| 04/28/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7634 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;132167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| 01/12/2024 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;26854452 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;68427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;113351 |
| 02/02/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136351 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;4784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266) |
| 02/02/2023 | &nbsp;&nbsp;Banco Santander | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836568 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;4579290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65524) |
| 02/02/2023 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178900 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;958342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9888) |
| 02/02/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253116 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;1355664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13942) |
| 02/10/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;8668000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;106489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(679) |
| 02/10/2023 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42603 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;667626533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1915) |
| 02/10/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122688 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;1851363484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(763) |

---

------

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (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)** |
| 02/15/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134292 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;4663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(268) |
| 02/16/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557570 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;17080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) |
| 02/28/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27219 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;942062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1397) |
| 02/28/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52685 | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1660) |
| 02/28/2023 | &nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56151 | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;1092839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1231) |
| 03/02/2023 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;618660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1263) |
| 03/02/2023 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344952 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;1804443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8736) |
| 03/10/2023 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;6178000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;75776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409) |
| 03/30/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194508 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;6295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |
| 04/06/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136351 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;4405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |
| 04/12/2023 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770440 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;9414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |
| 04/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701815 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;161009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
| 04/28/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448248 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;99502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(923) |
| 04/28/2023 | &nbsp;&nbsp;Standard Chartered | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346250 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) |
| 04/28/2023 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41242 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;197089886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254) |
| 04/28/2023 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15584 | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;71951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239) |
| 04/28/2023 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19564 | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;89672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) |
| 05/10/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;8668000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;105264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |
| 01/16/2024 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359485 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;10705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(110439) |
| Total |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2912 |

---

------

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

At January 31, 2023, 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** |
| MYR-KLIBOR-BNM 3 Month (Pay Quarterly) | &nbsp;&nbsp;3.622% (Receive Quarterly) | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;3/15/2028 | &nbsp;&nbsp;$460 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$460 | &nbsp;&nbsp;HSBC Bank |
| MYR-KLIBOR-BNM 3 Month (Pay Quarterly) | &nbsp;&nbsp;3.680% (Receive Quarterly) | &nbsp;&nbsp;MYR | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1511 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1511 | &nbsp;&nbsp;HSBC Bank |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$1971 |  |

---

At January 31, 2023, 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 Value/<br> Unrealized<br> Appreciation<br> (Depreciation)\*\*** | &nbsp;&nbsp;**Variation<br> Margin<br> Receivable<br> (Payable)** | &nbsp;&nbsp;**Counterparty** |
| Brazil CETIP Interbank Deposit Rate (Pay At Maturity) | &nbsp;&nbsp;12.690% (Receive At Maturity) | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;715128 | &nbsp;&nbsp;1/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$(215) | &nbsp;&nbsp;$186 | &nbsp;&nbsp;Deutsche Bank |
| CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | &nbsp;&nbsp;2.010% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;9/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2031) | &nbsp;&nbsp;128 | &nbsp;&nbsp;JP Morgan |
| CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | &nbsp;&nbsp;2.437% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;3/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2143) | &nbsp;&nbsp;276 | &nbsp;&nbsp;Deutsche Bank |
| CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | &nbsp;&nbsp;2.775% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1625) | &nbsp;&nbsp;579 | &nbsp;&nbsp;HSBC Bank |
| MXN-TIIE-BANXICO 28 Day Rate (Pay Lunar) | &nbsp;&nbsp;6.563% (Receive Lunar) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;7300000 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;(22584) | &nbsp;&nbsp;1774 | &nbsp;&nbsp;BNP Paribas |
| MXN-TIIE-BANXICO 28 Day Rate (Pay Lunar) | &nbsp;&nbsp;8.510% (Receive Lunar) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;3/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;718 | &nbsp;&nbsp;BNP Paribas |
|  |  |  |  |  | &nbsp;&nbsp;$(27852) | &nbsp;&nbsp;$3661 |  |

---

\*\* Includes cumulative appreciation/depreciation on centrally cleared swap agreements.

------

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund's assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Local Currency Bond Fund's investments and other financial instruments, which are carried at fair value, as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$139072 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$139072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8057715 | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;8062015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Linked Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8465197 | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;8469497 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$8465197 | &nbsp;&nbsp;$4300 | &nbsp;&nbsp;$8469497 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$113351 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$113351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the Counter Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(110439) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(110439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(28598) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(28598) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(22969) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(22969) |

---

† Includes cumulative appreciation/depreciation on centrally cleared swap agreements.

------

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended January 31, 2023:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and<br> Subcategory** | **Beginning<br> Balance<br> at 10/31/2022** | **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 01/31/2023** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> from Investments<br> still held<br> 01/31/2023** |
| Investments, at value |  |  |  |  |  |  |  |  |  |  |
| Government Bonds |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | $4866 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | $(566) | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $4300 | $(566) |
| Short Term Bills And Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Uruguay | &nbsp;&nbsp;&nbsp;3007 | &nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;27270 | &nbsp;&nbsp;&nbsp;(3770) | &nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(28094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;861 |
| Total | $7873 | $545 | $27270 | $(3770) | $181 | $295 | $— | $(28094) | $4300 | $295 |

---

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 January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| 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> 01/31/2023 | &nbsp;&nbsp;Valuation<br> Technique | &nbsp;&nbsp;Unobservable<br> Input |
| Government Bonds | &nbsp;&nbsp;$4300 | &nbsp;&nbsp;Last observable vendor price | &nbsp;&nbsp;Last observable vendor price |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Argentina (Cost $1,798,193)** |  |  |  |  |
| YPF S.A., 8.750%, 04/04/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$502725 | &nbsp;&nbsp;0.52 |
| YPF S.A., 9.000%, 02/12/2026 |  | &nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333494 | &nbsp;&nbsp;1.38 |
| YPF S.A., 9.000%, 06/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142269 | &nbsp;&nbsp;0.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1978488** | &nbsp;&nbsp;**2.05** |
| **Brazil (Cost $13,530,971)** |  |  |  |  |
| Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/2024<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;708000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642251 | &nbsp;&nbsp;0.67 |
| Braskem Netherlands Finance B.V., 4.500%, 01/10/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269467 | &nbsp;&nbsp;0.28 |
| Braskem Netherlands Finance B.V., 4.500%, 01/31/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176094 | &nbsp;&nbsp;0.18 |
| Braskem Netherlands Finance B.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 8.220%), 8.500%, 01/23/2081<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362502 | &nbsp;&nbsp;0.38 |
| BRF S.A., 5.750%, 09/21/2050 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700255 | &nbsp;&nbsp;0.73 |
| CSN Inova Ventures, 6.750%, 01/28/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689074 | &nbsp;&nbsp;0.71 |
| Globo Comunicacao e Participacoes S.A., 5.500%, 01/14/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345450 | &nbsp;&nbsp;0.36 |
| Gol Finance S.A., 8.000%, 06/30/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688050 | &nbsp;&nbsp;0.71 |
| InterCement Financial Operations B.V., 5.750%, 07/17/2024 |  | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123500 | &nbsp;&nbsp;1.17 |
| JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc., 3.625%, 01/15/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83540 | &nbsp;&nbsp;0.09 |
| Klabin Austria GmbH, 7.000%, 04/03/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359260 | &nbsp;&nbsp;0.37 |
| MC Brazil Downstream Trading S.A.R.L., 7.250%, 06/30/2031 |  | &nbsp;&nbsp;1280283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116774 | &nbsp;&nbsp;1.16 |
| Movida Europe S.A., 5.250%, 02/08/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274200 | &nbsp;&nbsp;0.28 |
| Oi S.A., 10.000%, 07/27/2025<sup>3</sup> |  | &nbsp;&nbsp;4374000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439587 | &nbsp;&nbsp;0.46 |
| Petrobras Global Finance B.V., 6.850%, 06/05/2115 |  | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190670 | &nbsp;&nbsp;0.20 |
| Simpar Europe S.A., 5.200%, 01/26/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124015 | &nbsp;&nbsp;0.13 |
| Suzano Austria GmbH, 6.000%, 01/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270334 | &nbsp;&nbsp;0.28 |
| Suzano Austria GmbH, 7.000%, 03/16/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224372 | &nbsp;&nbsp;0.23 |
| Unigel Luxembourg S.A., 8.750%, 10/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479874 | &nbsp;&nbsp;0.50 |
| Vale Overseas Ltd., 8.250%, 01/17/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542668 | &nbsp;&nbsp;0.56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9101937** | &nbsp;&nbsp;**9.45** |
| **Chile (Cost $5,816,839)** |  |  |  |  |
| AES Andes S.A., (Variable, USD Swap 5Y + 4.644%), 7.125%, 03/26/2079<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924679 | &nbsp;&nbsp;0.96 |
| BPCE S.A., 3.150%, 03/06/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213657 | &nbsp;&nbsp;0.22 |
| Celulosa Arauco y Constitucion S.A., 4.200%, 01/29/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332050 | &nbsp;&nbsp;0.34 |
| Cencosud S.A., 6.625%, 02/12/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197802 | &nbsp;&nbsp;0.21 |
| Empresa de los Ferrocarriles del Estado, 3.830%, 09/14/2061<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213251 | &nbsp;&nbsp;0.22 |
| GNL Quintero S.A., 4.634%, 07/31/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;399446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392955 | &nbsp;&nbsp;0.41 |
| Guacolda Energia S.A., 4.560%, 04/30/2025 |  | &nbsp;&nbsp;1832000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659520 | &nbsp;&nbsp;0.68 |
| Inversiones CMPC S.A., 3.850%, 01/13/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372600 | &nbsp;&nbsp;0.39 |
| VTR Comunicaciones S.p.A., 5.125%, 01/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350383 | &nbsp;&nbsp;0.36 |
| VTR Finance N.V., 6.375%, 07/15/2028 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412200 | &nbsp;&nbsp;0.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4069097** | &nbsp;&nbsp;**4.22** |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (Cost $39,696,349)** |  |  |  |  |
| Agile Group Holdings Ltd., 5.500%, 04/21/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$158744 | &nbsp;&nbsp;0.17 |
| Central China Real Estate Ltd., 7.250%, 04/24/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208619 | &nbsp;&nbsp;0.22 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024 |  | &nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470033 | &nbsp;&nbsp;0.49 |
| CFLD Cayman Investment Ltd., 8.625%, 02/28/2021<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72051 | &nbsp;&nbsp;0.08 |
| CFLD Cayman Investment Ltd., 8.600%, 04/08/2024<sup>5</sup> |  | &nbsp;&nbsp;4880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561200 | &nbsp;&nbsp;0.58 |
| China Evergrande Group, 8.250%, 03/23/2022<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60305 | &nbsp;&nbsp;0.06 |
| China Evergrande Group, 10.000%, 04/11/2023<sup>5</sup> |  | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106380 | &nbsp;&nbsp;0.11 |
| China Evergrande Group, 7.500%, 06/28/2023<sup>5</sup> |  | &nbsp;&nbsp;4600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471472 | &nbsp;&nbsp;0.49 |
| China Evergrande Group, 8.750%, 06/28/2025<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78795 | &nbsp;&nbsp;0.08 |
| China SCE Group Holdings Ltd., 7.250%, 04/19/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354690 | &nbsp;&nbsp;0.37 |
| CIFI Holdings Group Co. Ltd., 5.950%, 10/20/2025<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173339 | &nbsp;&nbsp;0.18 |
| Country Garden Holdings Co. Ltd., 8.000%, 01/27/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174940 | &nbsp;&nbsp;0.18 |
| 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;142138 | &nbsp;&nbsp;0.15 |
| Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022<sup>5,6</sup> |  | &nbsp;&nbsp;3360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570692 | &nbsp;&nbsp;0.59 |
| 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;312800 | &nbsp;&nbsp;0.32 |
| 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;157251 | &nbsp;&nbsp;0.16 |
| Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130876 | &nbsp;&nbsp;0.14 |
| Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.325%), 6.079%, 07/03/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292475 | &nbsp;&nbsp;0.30 |
| Huarong Finance II Co. Ltd., 5.500%, 01/16/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576873 | &nbsp;&nbsp;0.60 |
| Kaisa Group Holdings Ltd., 8.500%, 06/30/2022<sup>5,6</sup> |  | &nbsp;&nbsp;1577000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286828 | &nbsp;&nbsp;0.30 |
| Kaisa Group Holdings Ltd., 11.500%, 01/30/2023<sup>5,6</sup> |  | &nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336567 | &nbsp;&nbsp;0.35 |
| Kaisa Group Holdings Ltd., 10.875%, 07/23/2023<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124476 | &nbsp;&nbsp;0.13 |
| Kaisa Group Holdings Ltd., 9.375%, 06/30/2024<sup>5</sup> |  | &nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256500 | &nbsp;&nbsp;0.27 |
| Kaisa Group Holdings Ltd., 11.250%, 04/16/2025<sup>5</sup> |  | &nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212908 | &nbsp;&nbsp;0.22 |
| 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;118750 | &nbsp;&nbsp;0.12 |
| KWG Group Holdings Ltd., 6.000%, 01/14/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264388 | &nbsp;&nbsp;0.27 |
| New Metro Global Ltd., 4.625%, 10/15/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;0.17 |
| Prime Bloom Holdings Ltd., 6.950%, 07/05/2022<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57600 | &nbsp;&nbsp;0.06 |
| Redco Properties Group Ltd., 9.900%, 02/17/2024<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111475 | &nbsp;&nbsp;0.12 |
| Scenery Journey Ltd., 11.500%, 10/24/2022<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52712 | &nbsp;&nbsp;0.05 |
| Scenery Journey Ltd., 12.000%, 10/24/2023<sup>5</sup> |  | &nbsp;&nbsp;2380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153299 | &nbsp;&nbsp;0.16 |
| Shimao Group Holdings Ltd., 4.750%, 07/03/2022<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198860 | &nbsp;&nbsp;0.21 |
| Sunac China Holdings Ltd., 7.250%, 06/14/2022<sup>5,6</sup> |  | &nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483008 | &nbsp;&nbsp;0.50 |
| Sunac China Holdings Ltd., 7.500%, 02/01/2024<sup>5</sup> |  | &nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288007 | &nbsp;&nbsp;0.30 |
| Sunac China Holdings Ltd., 6.650%, 08/03/2024<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56748 | &nbsp;&nbsp;0.06 |
| Sunac China Holdings Ltd., 6.500%, 01/10/2025<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205681 | &nbsp;&nbsp;0.21 |
| Tunghsu Venus Holdings Ltd., 7.000%, 06/12/2020<sup>5,6</sup> |  | &nbsp;&nbsp;2785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770052 | &nbsp;&nbsp;0.80 |
| Xiaomi Best Time International Ltd., 0.000%, 12/17/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;0.35 |
| 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;502262 | &nbsp;&nbsp;0.52 |
| Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/2027<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120488 | &nbsp;&nbsp;0.13 |
| Zhenro Properties Group Ltd., 8.700%, 08/03/2022<sup>4,5,6,8</sup> |  | &nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116234 | &nbsp;&nbsp;0.12 |
| Zhenro Properties Group Ltd., 6.500%, 09/01/2022<sup>5,6</sup> |  | &nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179052 | &nbsp;&nbsp;0.19 |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60611 | &nbsp;&nbsp;0.06 |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (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., 7.875%, 04/14/2024<sup>5</sup> |  | &nbsp;&nbsp;2315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$202052 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10741231** | &nbsp;&nbsp;**11.15** |
| **Colombia (Cost $3,183,631)** |  |  |  |  |
| Canacol Energy Ltd., 5.750%, 11/24/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402669 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Ecopetrol S.A., 6.875%, 04/29/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215563 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Ecopetrol S.A., 5.875%, 05/28/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375568 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Empresas Publicas de Medellin ESP, 4.375%, 02/15/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289035 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Frontera Energy Corp., 7.875%, 06/21/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825605 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Grupo Aval Ltd., 4.375%, 02/04/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331560 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Oleoducto Central S.A., 4.000%, 07/14/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213283 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Promigas S.A. ESP/Gases del Pacifico SAC, 3.750%, 10/16/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166830 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2820113** | &nbsp;&nbsp;&nbsp;&nbsp;**2.93** |
| **Czech Republic (Cost $1,965,282)** |  |  |  |  |
| New World Resources N.V., 8.000%, 04/07/2020<sup>5,6,9</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;&nbsp;&nbsp;— |
| New World Resources N.V., 0.000%, 10/07/2020<sup>4,5,6,8,9</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;101612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| New World Resources N.V., 4.000%, 10/07/2020<sup>5,6,9</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;700590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Ecuador (Cost $1,153,484)** |  |  |  |  |
| International Airport Finance S.A., 12.000%, 03/15/2033 |  | &nbsp;&nbsp;1242023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245684 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1245684** | &nbsp;&nbsp;&nbsp;&nbsp;**1.29** |
| **Ghana (Cost $1,372,442)** |  |  |  |  |
| Kosmos Energy Ltd., 7.750%, 05/01/2027 |  | &nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925496 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Tullow Oil PLC, 10.250%, 05/15/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311362 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1236858** | &nbsp;&nbsp;&nbsp;&nbsp;**1.28** |
| **Guatemala (Cost $1,131,803)** |  |  |  |  |
| Millicom International Cellular S.A., 6.250%, 03/25/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339791 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Millicom International Cellular S.A., 4.500%, 04/27/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647573 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**987364** | &nbsp;&nbsp;&nbsp;&nbsp;**1.03** |
| **Hong Kong (Cost $883,797)** |  |  |  |  |
| AIA Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.758%), 2.700%, 04/07/2026<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181032 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Airport Authority, (Variable, 4.697% - U.S. Treasury Yield Curve Rate CMT 5Y), 2.100%, 03/08/2026<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196899 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Phoenix Lead Ltd., 4.850%, 08/23/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422988 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**800919** | &nbsp;&nbsp;&nbsp;&nbsp;**0.83** |
| **India (Cost $6,128,113)** |  |  |  |  |
| ABJA Investment Co. Pte. Ltd., 5.450%, 01/24/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193928 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Bharti Airtel Ltd., 3.250%, 06/03/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314289 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Greenko Power II Ltd., 4.300%, 12/13/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;334250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287689 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;523000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490731 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| India Green Energy Holdings, 5.375%, 04/29/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242572 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **India (continued)** |  |  |  |  |
| Indian Railway Finance Corp. Ltd., 3.570%, 01/21/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$173920 | &nbsp;&nbsp;0.18 |
| Network i2i Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.390%), 3.975%, 03/03/2026<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633260 | &nbsp;&nbsp;0.66 |
| NTPC Ltd., 4.500%, 03/19/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203449 | &nbsp;&nbsp;0.21 |
| Power Finance Corp. Ltd., 4.500%, 06/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594989 | &nbsp;&nbsp;0.62 |
| Reliance Industries Ltd., 2.875%, 01/12/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208008 | &nbsp;&nbsp;0.21 |
| Vedanta Resources Finance II PLC, 8.000%, 04/23/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;0.75 |
| Vedanta Resources Finance II PLC, 8.950%, 03/11/2025 |  | &nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886762 | &nbsp;&nbsp;0.92 |
| Vedanta Resources Ltd., 6.125%, 08/09/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;0.63 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5559597** | &nbsp;&nbsp;**5.77** |
| **Indonesia (Cost $2,657,164)** |  |  |  |  |
| Freeport Indonesia PT, 4.763%, 04/14/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287015 | &nbsp;&nbsp;0.30 |
| Freeport Indonesia PT, 6.200%, 04/14/2052 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;0.38 |
| Indonesia Asahan Aluminium Persero PT, 6.530%, 11/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292986 | &nbsp;&nbsp;0.31 |
| Medco Bell Pte. Ltd., 6.375%, 01/30/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321569 | &nbsp;&nbsp;0.33 |
| Minejesa Capital B.V., 4.625%, 08/10/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369600 | &nbsp;&nbsp;0.38 |
| Minejesa Capital B.V., 5.625%, 08/10/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311400 | &nbsp;&nbsp;0.32 |
| Pertamina Persero PT, 6.000%, 05/03/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199040 | &nbsp;&nbsp;0.21 |
| Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438854 | &nbsp;&nbsp;0.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2590464** | &nbsp;&nbsp;**2.69** |
| **Iraq (Cost $1,100,864)** |  |  |  |  |
| DNO A.S.A., 7.875%, 09/09/2026<sup>4</sup> |  | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043900 | &nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1043900** | &nbsp;&nbsp;**1.08** |
| **Israel (Cost $7,366,641)** |  |  |  |  |
| Altice Financing S.A., 5.750%, 08/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394756 | &nbsp;&nbsp;0.41 |
| Bank Hapoalim B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.155%), 3.255%, 01/21/2032<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387454 | &nbsp;&nbsp;0.40 |
| Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/2031<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400109 | &nbsp;&nbsp;0.41 |
| Leviathan Bond Ltd., 6.125%, 06/30/2025<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397000 | &nbsp;&nbsp;0.41 |
| Leviathan Bond Ltd., 6.500%, 06/30/2027<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406289 | &nbsp;&nbsp;0.42 |
| Leviathan Bond Ltd., 6.750%, 06/30/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776915 | &nbsp;&nbsp;0.81 |
| Mizrahi Tefahot Bank Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.250%), 3.077%, 04/07/2031<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449750 | &nbsp;&nbsp;0.47 |
| Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/2036 |  | &nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008309 | &nbsp;&nbsp;1.05 |
| Teva Pharmaceutical Finance Netherlands II B.V., 4.375%, 05/09/2030 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747803 | &nbsp;&nbsp;0.78 |
| Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028 |  | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709724 | &nbsp;&nbsp;1.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6678109** | &nbsp;&nbsp;**6.93** |
| **Jamaica (Cost $475,710)** |  |  |  |  |
| Digicel Group Holdings Ltd., 7.000%, 02/16/2023<sup>3</sup> |  | &nbsp;&nbsp;1337980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107038 | &nbsp;&nbsp;0.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**107038** | &nbsp;&nbsp;**0.11** |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Jordan (Cost $196,821)** |  |  |  |  |
| Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$187872 | &nbsp;&nbsp;0.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**187872** | &nbsp;&nbsp;**0.20** |
| **Kazakhstan (Cost $708,204)** |  |  |  |  |
| KazMunayGas National Co. JSC, 5.375%, 04/24/2030 |  | &nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304360 | &nbsp;&nbsp;0.32 |
| KazMunayGas National Co. JSC, 6.375%, 10/24/2048 |  | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196650 | &nbsp;&nbsp;0.20 |
| Tengizchevroil Finance Co. International Ltd., 4.000%, 08/15/2026 |  | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187354 | &nbsp;&nbsp;0.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**688364** | &nbsp;&nbsp;**0.72** |
| **Kuwait (Cost $1,494,704)** |  |  |  |  |
| MEGlobal Canada ULC, 5.875%, 05/18/2030 |  | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392540 | &nbsp;&nbsp;0.41 |
| NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/2025<sup>2</sup> |  | &nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437900 | &nbsp;&nbsp;0.46 |
| NBK Tier 1 Ltd., (Variable, USD CMT 6Y + 2.875%), 3.625%, 08/24/2026<sup>2</sup> |  | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532626 | &nbsp;&nbsp;0.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1363066** | &nbsp;&nbsp;**1.42** |
| **Malaysia (Cost $300,117)** |  |  |  |  |
| Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027 |  | &nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291309 | &nbsp;&nbsp;0.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**291309** | &nbsp;&nbsp;**0.30** |
| **Mexico (Cost $12,499,212)** |  |  |  |  |
| Alfa S.A.B. de C.V., 6.875%, 03/25/2044 |  | &nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446195 | &nbsp;&nbsp;0.46 |
| Axtel S.A.B. de C.V., 6.375%, 11/14/2024 |  | &nbsp;&nbsp;586000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499565 | &nbsp;&nbsp;0.52 |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.353%), 7.625%, 01/10/2028<sup>2</sup> |  | &nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479558 | &nbsp;&nbsp;0.50 |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/2030<sup>2</sup> |  | &nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426479 | &nbsp;&nbsp;0.44 |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.034%), 6.625%, 01/24/2032<sup>2</sup> |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441404 | &nbsp;&nbsp;0.46 |
| BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/2033<sup>2</sup> |  | &nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698617 | &nbsp;&nbsp;0.72 |
| Braskem Idesa S.A.P.I., 7.450%, 11/15/2029 |  | &nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511489 | &nbsp;&nbsp;0.53 |
| Braskem Idesa S.A.P.I., 6.990%, 02/20/2032 |  | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259210 | &nbsp;&nbsp;0.27 |
| Cemex S.A.B. de C.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.534%), 5.125%, 06/08/2026<sup>2</sup> |  | &nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644140 | &nbsp;&nbsp;0.67 |
| CIBANCO S.A. Institucion de Banca Multiple Trust CIB/3332, 4.375%, 07/22/2031 |  | &nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241025 | &nbsp;&nbsp;0.25 |
| Cometa Energia S.A. de C.V., 6.375%, 04/24/2035 |  | &nbsp;&nbsp;492775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481198 | &nbsp;&nbsp;0.50 |
| Comision Federal de Electricidad, 3.348%, 02/09/2031 |  | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229567 | &nbsp;&nbsp;0.24 |
| Comision Federal de Electricidad, 6.264%, 02/15/2052 |  | &nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476850 | &nbsp;&nbsp;0.49 |
| Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170628 | &nbsp;&nbsp;0.18 |
| Electricidad Firme de Mexico Holdings S.A. de C.V., 4.900%, 11/20/2026 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359583 | &nbsp;&nbsp;0.37 |
| Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026 |  | &nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349015 | &nbsp;&nbsp;0.36 |
| Metalsa S.A.P.I de C.V., 3.750%, 05/04/2031 |  | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282201 | &nbsp;&nbsp;0.29 |
| Mexico Generadora de Energia S. de r.l., 5.500%, 12/06/2032 |  | &nbsp;&nbsp;454528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441381 | &nbsp;&nbsp;0.46 |
| Nemak S.A.B. de C.V., 3.625%, 06/28/2031 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322860 | &nbsp;&nbsp;0.33 |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Orbia Advance Corp. S.A.B. de C.V., 4.000%, 10/04/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$186810 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Petroleos Mexicanos, 6.700%, 02/16/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365229 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Petroleos Mexicanos, 6.750%, 09/21/2047 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693810 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Petroleos Mexicanos, 7.690%, 01/23/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507689 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Petroleos Mexicanos, 6.950%, 01/28/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517414 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Sitios Latinoamerica S.A.B. de C.V., 5.375%, 04/04/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256437 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Trust Fibra Uno, 4.869%, 01/15/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573750 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Trust Fibra Uno, 6.390%, 01/15/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;423000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371817 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11233921** | &nbsp;&nbsp;**11.66** |
| **Morocco (Cost $389,991)** |  |  |  |  |
| OCP S.A., 5.125%, 06/23/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314248 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**314248** | &nbsp;&nbsp;&nbsp;&nbsp;**0.33** |
| **Nigeria (Cost $538,904)** |  |  |  |  |
| IHS Netherlands Holdco B.V., 8.000%, 09/18/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495715 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**495715** | &nbsp;&nbsp;&nbsp;&nbsp;**0.52** |
| **Oman (Cost $627,862)** |  |  |  |  |
| Oryx Funding Ltd., 5.800%, 02/03/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294911 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Oztel Holdings SPC Ltd., 5.625%, 10/24/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333922 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**628833** | &nbsp;&nbsp;&nbsp;&nbsp;**0.65** |
| **Panama (Cost $1,333,810)** |  |  |  |  |
| AES Panama Generation Holdings SRL, 4.375%, 05/31/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332644 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| C&W Senior Financing DAC, 6.875%, 09/15/2027 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951280 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1283924** | &nbsp;&nbsp;&nbsp;&nbsp;**1.33** |
| **Papua New Guinea (Cost $1,497,567)** |  |  |  |  |
| Puma International Financing S.A., 5.000%, 01/24/2026 |  | &nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467559 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1467559** | &nbsp;&nbsp;&nbsp;&nbsp;**1.52** |
| **Peru (Cost $3,129,641)** |  |  |  |  |
| Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.000%), 3.125%, 07/01/2030<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234680 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.450%), 3.250%, 09/30/2031<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221625 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Banco Internacional del Peru S.A.A. Interbank, (Variable, ICE LIBOR USD 3M + 5.760%), 6.625%, 03/19/2029<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150195 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 06/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;349600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335643 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| InRetail Consumer, 3.250%, 03/22/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233156 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| InRetail Shopping Malls, 5.750%, 04/03/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233527 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Intercorp Peru Ltd., 3.875%, 08/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350059 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Kallpa Generacion S.A., 4.125%, 08/16/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187019 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Minsur S.A., 4.500%, 10/28/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548832 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Petroleos del Peru S.A., 5.625%, 06/19/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393613 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2888349** | &nbsp;&nbsp;&nbsp;&nbsp;**3.00** |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Poland (Cost $688,174)** |  |  |  |  |
| GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$541045 | &nbsp;&nbsp;0.56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**541045** | &nbsp;&nbsp;**0.56** |
| **Qatar (Cost $752,960)** |  |  |  |  |
| Nakilat, Inc., 6.067%, 12/31/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;124854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131502 | &nbsp;&nbsp;0.14 |
| QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 5.882%, 02/07/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600978 | &nbsp;&nbsp;0.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**732480** | &nbsp;&nbsp;**0.76** |
| **Romania (Cost $556,138)** |  |  |  |  |
| NE Property B.V., 1.875%, 10/09/2026 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262679 | &nbsp;&nbsp;0.27 |
| NE Property B.V., 2.000%, 01/20/2030 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237739 | &nbsp;&nbsp;0.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**500418** | &nbsp;&nbsp;**0.52** |
| **Russian Federation (Cost $1,481,647)** |  |  |  |  |
| Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/2027<sup>5,10</sup> |  | &nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2** | &nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Saudi Arabia (Cost $3,354,331)** |  |  |  |  |
| Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;758480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721451 | &nbsp;&nbsp;0.75 |
| Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759520 | &nbsp;&nbsp;0.79 |
| Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593190 | &nbsp;&nbsp;0.61 |
| EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364778 | &nbsp;&nbsp;0.38 |
| EIG Pearl Holdings S.a.r.l., 4.387%, 11/30/2046 |  | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252800 | &nbsp;&nbsp;0.26 |
| SA Global Sukuk Ltd., 2.694%, 06/17/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212225 | &nbsp;&nbsp;0.22 |
| Saudi Arabian Oil Co., 4.250%, 04/16/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308200 | &nbsp;&nbsp;0.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3212164** | &nbsp;&nbsp;**3.33** |
| **Singapore (Cost $642,008)** |  |  |  |  |
| DBS Group Holdings Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.915%), 3.300%, 02/27/2025<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349592 | &nbsp;&nbsp;0.36 |
| United Overseas Bank Ltd., (Variable, USD Swap 5Y + 1.794%), 3.875%, 10/19/2023<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249900 | &nbsp;&nbsp;0.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**599492** | &nbsp;&nbsp;**0.62** |
| **South Africa (Cost $4,790,571)** |  |  |  |  |
| Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/2026<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378984 | &nbsp;&nbsp;0.39 |
| AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242647 | &nbsp;&nbsp;0.25 |
| AngloGold Ashanti Holdings PLC, 3.750%, 10/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306074 | &nbsp;&nbsp;0.32 |
| Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215560 | &nbsp;&nbsp;0.22 |
| Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610224 | &nbsp;&nbsp;0.63 |
| MTN Mauritius Investments Ltd., 6.500%, 10/13/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329875 | &nbsp;&nbsp;0.34 |
| Prosus N.V., 3.257%, 01/19/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181571 | &nbsp;&nbsp;0.19 |
| Prosus N.V., 3.680%, 01/21/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259500 | &nbsp;&nbsp;0.27 |
| Prosus N.V., 3.061%, 07/13/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256135 | &nbsp;&nbsp;0.27 |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **South Africa (continued)** |  |  |  |  |
| Sasol Financing U.S.A. LLC, 4.375%, 09/18/2026 |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$276030 | &nbsp;&nbsp;0.29 |
| Sasol Financing U.S.A. LLC, 6.500%, 09/27/2028 |  | &nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786475 | &nbsp;&nbsp;0.82 |
| Sasol Financing U.S.A. LLC, 5.500%, 03/18/2031 |  | &nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388262 | &nbsp;&nbsp;0.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4231337** | &nbsp;&nbsp;**4.39** |
| **South Korea (Cost $990,509)** |  |  |  |  |
| Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/2052<sup>2</sup> |  | &nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412144 | &nbsp;&nbsp;0.43 |
| Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.051%), 5.875%, 08/13/2023<sup>2</sup> |  | &nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232674 | &nbsp;&nbsp;0.24 |
| Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.500%), 3.340%, 02/05/2030<sup>2</sup> |  | &nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297923 | &nbsp;&nbsp;0.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**942741** | &nbsp;&nbsp;**0.98** |
| **Tanzania (Cost $1,051,790)** |  |  |  |  |
| HTA Group Ltd., 7.000%, 12/18/2025 |  | &nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484100 | &nbsp;&nbsp;0.50 |
| HTA Group Ltd., 2.875%, 03/18/2027 |  | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482400 | &nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**966500** | &nbsp;&nbsp;**1.00** |
| **Thailand (Cost $1,067,222)** |  |  |  |  |
| Bangkok Bank PCL, 9.025%, 03/15/2029 |  | &nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488990 | &nbsp;&nbsp;0.51 |
| GC Treasury Center Co. Ltd., 2.980%, 03/18/2031 |  | &nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321557 | &nbsp;&nbsp;0.33 |
| GC Treasury Center Co. Ltd., 4.400%, 03/30/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183848 | &nbsp;&nbsp;0.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**994395** | &nbsp;&nbsp;**1.03** |
| **Turkey (Cost $2,237,127)** |  |  |  |  |
| Akbank T.A.S., (Variable, USD Swap 5Y + 4.029%), 6.797%, 04/27/2028<sup>2</sup> |  | &nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307567 | &nbsp;&nbsp;0.32 |
| Turk Telekomunikasyon A.S., 6.875%, 02/28/2025 |  | &nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299252 | &nbsp;&nbsp;0.31 |
| Turkcell Iletisim Hizmetleri A.S., 5.800%, 04/11/2028 |  | &nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295800 | &nbsp;&nbsp;0.31 |
| Turkiye Garanti Bankasi A.S., (Variable, USD ICE Swap Rate 5Y + 4.220%), 7.177%, 05/24/2027<sup>2</sup> |  | &nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224547 | &nbsp;&nbsp;0.23 |
| Turkiye Is Bankasi A.S., (Variable, USD Swap 5Y + 5.117%), 7.000%, 06/29/2028<sup>2</sup> |  | &nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327102 | &nbsp;&nbsp;0.34 |
| Yapi ve Kredi Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 7.415%), 7.875%, 01/22/2031<sup>2</sup> |  | &nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258500 | &nbsp;&nbsp;0.27 |
| Zorlu Yenilenebilir Enerji A.S., 9.000%, 06/01/2026 |  | &nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407322 | &nbsp;&nbsp;0.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2120090** | &nbsp;&nbsp;**2.20** |
| **United Arab Emirates (Cost $3,126,929)** |  |  |  |  |
| DP World Ltd., 6.850%, 07/02/2037 |  | &nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610342 | &nbsp;&nbsp;0.63 |
| DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/2025<sup>2</sup> |  | &nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;0.86 |
| First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/2026<sup>2</sup> |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288750 | &nbsp;&nbsp;0.30 |
| Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040 |  | &nbsp;&nbsp;753893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615831 | &nbsp;&nbsp;0.64 |
| MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.539%), 6.375%, 03/20/2026<sup>2</sup> |  | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374300 | &nbsp;&nbsp;0.39 |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (continued)** |  |  |  |  |
| MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.893%), 7.875%, 06/30/2027<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$207364 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2926587** | &nbsp;&nbsp;&nbsp;&nbsp;**3.04** |
| **Venezuela (Cost $8,318,882)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>5,6</sup> |  | &nbsp;&nbsp;7112500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529188 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Petroleos de Venezuela S.A., 9.750%, 05/17/2035<sup>5</sup> |  | &nbsp;&nbsp;6744093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303484 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1832672** | &nbsp;&nbsp;&nbsp;&nbsp;**1.90** |
| **Vietnam (Cost $545,412)** |  |  |  |  |
| Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565150 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**565150** | &nbsp;&nbsp;&nbsp;&nbsp;**0.59** |
| **Zambia (Cost $991,495)** |  |  |  |  |
| First Quantum Minerals Ltd., 6.875%, 03/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486225 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| First Quantum Minerals Ltd., 6.875%, 10/15/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484688 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**970913** | &nbsp;&nbsp;&nbsp;&nbsp;**1.01** |
| **Total Debt Securities (Cost $141,573,311)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90939945** | &nbsp;&nbsp;**94.39** |
| **Bank Loans** |  |  |  |  |
| **Czech Republic (Cost $362,933)** |  |  |  |  |
| New World Resources N.V., 8.500%, 10/07/2016<sup>5,6,9</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;865926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |  |
| **Czech Republic (Cost $1,093,254)** |  |  |  |  |
| New World Resources PLC, Class A\*<sup>,9</sup> | &nbsp;&nbsp;GBP | &nbsp;&nbsp;36580138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Niger (Cost $877,496)** |  |  |  |  |
| Savannah Energy PLC\*<sup>,10</sup> | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;2258852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731017 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**731017** | &nbsp;&nbsp;&nbsp;&nbsp;**0.76** |
| **Total Equity Securities (Cost $1,970,750)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**731017** | &nbsp;&nbsp;&nbsp;&nbsp;**0.76** |
| **Total Investments (Total Cost $143,906,994)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91670962** | &nbsp;&nbsp;&nbsp;&nbsp;**95.15** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676755 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$96347717** | &nbsp;&nbsp;**100.00** |

---

\* Non-income producing security.

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

<sup>2</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.

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

<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> 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.

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

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

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

<sup>8</sup> Restricted security that has been deemed illiquid. At January 31, 2023 the value of these restricted illiquid securities amount to $116,234 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows:

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp;**ACQUISITION DATE** | &nbsp;&nbsp;**ACQUISITION COST** |
| New World Resources N.V., 0.0000%, 10/07/2020 | &nbsp;&nbsp;10/7/14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Zhenro Properties Group Ltd., 8.700%, 08/03/2022 | &nbsp;&nbsp;10/27/21-11/17/21 | &nbsp;&nbsp;1303871 |

---

<sup>9</sup> Security has been deemed worthless and is a Level 3 investment. <br> <sup>10</sup> Security is a Level 3 investment.

Percentages shown are based on net assets.

At January 31, 2023, 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)** |
| 02/28/2023 | &nbsp;&nbsp;Standard Chartered | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;706924 | &nbsp;&nbsp;British Pound | &nbsp;&nbsp;570129 | &nbsp;&nbsp;$3639 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3639 |
| 03/01/2023 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1752350 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;1614096 | &nbsp;&nbsp;&nbsp;&nbsp;(5492) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(5492) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(1853) |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund's assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Income Fund's investments and other financial instruments, which are carried at fair value, as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$75401490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 | &nbsp;&nbsp;$75401492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4485756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4485756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2995913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2995913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8056784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8056784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;90939943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;90939945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Niger | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;731017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;731017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731017 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$90939943 | &nbsp;&nbsp;$731019 | &nbsp;&nbsp;$91670962 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3639 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3639 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5492) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5492) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1853) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1853) |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended January 31, 2023:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and<br> Subcategory** | **Beginning<br> Balance<br> at 10/31/2022** | **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 01/31/2023** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> from Investments<br> still held<br> 01/31/2023** |
| Investments, at value |  |  |  |  |  |  |  |  |  |  |
| Common Stock |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Niger | $— | $— | $— | $— | $— | $— | $731017 | $— | $731017 | $(146479) |
| Corporate Bonds |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | &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;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$2 | $— | $— | $— | $— | $— | $731017 | $— | $731019 | $(146479) |

---

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 January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| 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> 01/31/2023 | &nbsp;&nbsp;Valuation<br> Technique | &nbsp;&nbsp;Unobservable<br> Input |
| Common Stock | &nbsp;&nbsp;$731017 | &nbsp;&nbsp;Last available list price | &nbsp;&nbsp;Last available list price |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;Zero Priced Asset | &nbsp;&nbsp;Inputs to Model |
| Total | &nbsp;&nbsp;$731019 |  |  |

---

------

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Argentina (Cost $2,226,796)** |  |  |  |  |
| YPF S.A., 9.000%, 02/12/2026 |  | &nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp;$2500301 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2500301** | &nbsp;&nbsp;&nbsp;&nbsp;**3.61** |
| **Bahrain (Cost $860,797)** |  |  |  |  |
| BBK BSC, 5.500%, 07/09/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871464 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**871464** | &nbsp;&nbsp;&nbsp;&nbsp;**1.26** |
| **Brazil (Cost $15,519,723)** |  |  |  |  |
| Azul Investments LLP, 5.875%, 10/26/2024 |  | &nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990383 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| CSN Resources S.A., 7.625%, 04/17/2026 |  | &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168687 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Gol Finance S.A., 7.000%, 01/31/2025 |  | &nbsp;&nbsp;3480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817256 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| InterCement Financial Operations B.V., 5.750%, 07/17/2024 |  | &nbsp;&nbsp;4350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490875 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 |
| Oi S.A., 10.000%, 07/27/2025<sup>2</sup> |  | &nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542700 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Unigel Luxembourg S.A., 8.750%, 10/01/2026 |  | &nbsp;&nbsp;1273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286063 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9295964** | &nbsp;&nbsp;**13.41** |
| **Chile (Cost $869,541)** |  |  |  |  |
| Inversiones CMPC S.A., 4.750%, 09/15/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874658 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**874658** | &nbsp;&nbsp;&nbsp;&nbsp;**1.26** |
| **China (Cost $51,710,291)** |  |  |  |  |
| Agile Group Holdings Ltd., 5.750%, 01/02/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237565 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Central China Real Estate Ltd., 7.250%, 04/24/2023 |  | &nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572020 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| CFLD Cayman Investment Ltd., 8.625%, 02/28/2021<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72052 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| CFLD Cayman Investment Ltd., 9.000%, 07/31/2021<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97890 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| CFLD Cayman Investment Ltd., 8.600%, 04/08/2024<sup>3</sup> |  | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119025 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| CFLD Cayman Investment Ltd., 8.050%, 01/13/2025<sup>3</sup> |  | &nbsp;&nbsp;2975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352819 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| China Evergrande Group, 8.250%, 03/23/2022<sup>3,4</sup> |  | &nbsp;&nbsp;4707000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485227 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| China Evergrande Group, 10.000%, 04/11/2023<sup>3</sup> |  | &nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529331 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255061 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Country Garden Holdings Co. Ltd., 8.000%, 01/27/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787231 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022<sup>3,4</sup> |  | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023<sup>3,4</sup> |  | &nbsp;&nbsp;4160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707204 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023<sup>3</sup> |  | &nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256652 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Kaisa Group Holdings Ltd., 11.500%, 01/30/2023<sup>3,4</sup> |  | &nbsp;&nbsp;4875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886899 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Kaisa Group Holdings Ltd., 10.875%, 07/23/2023<sup>3</sup> |  | &nbsp;&nbsp;3930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708972 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Kaisa Group Holdings Ltd., 11.250%, 04/16/2025<sup>3</sup> |  | &nbsp;&nbsp;4280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772243 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| KWG Group Holdings Ltd., 6.000%, 01/14/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221223 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| New Metro Global Ltd., 4.625%, 10/15/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Prime Bloom Holdings Ltd., 6.950%, 07/05/2022<sup>3,4</sup> |  | &nbsp;&nbsp;6470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388200 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Scenery Journey Ltd., 11.500%, 10/24/2022<sup>3,4</sup> |  | &nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98176 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Shimao Group Holdings Ltd., 4.750%, 07/03/2022<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46247 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Sunac China Holdings Ltd., 7.250%, 06/14/2022<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198971 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Sunac China Holdings Ltd., 7.950%, 08/08/2022<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210825 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Sunac China Holdings Ltd., 8.350%, 04/19/2023<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |

---

------

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Sunac China Holdings Ltd., 6.650%, 08/03/2024<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70935 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Tunghsu Venus Holdings Ltd., 7.000%, 06/12/2020<sup>3,4</sup> |  | &nbsp;&nbsp;2640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729960 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105143 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/2023<sup>3</sup> |  | &nbsp;&nbsp;4940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762668 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Zhenro Properties Group Ltd., 8.000%, 03/06/2023<sup>3</sup> |  | &nbsp;&nbsp;4920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433098 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70395 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Zhenro Properties Group Ltd., 8.300%, 09/15/2023<sup>3</sup> |  | &nbsp;&nbsp;1017000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88219 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Zhenro Properties Group Ltd., 7.875%, 04/14/2024<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50186 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11299437** | &nbsp;&nbsp;**16.30** |
| **Colombia (Cost $1,285,891)** |  |  |  |  |
| Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.929%), 7.139%, 10/18/2027<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676600 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Ecopetrol S.A., 4.125%, 01/16/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590923 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1267523** | &nbsp;&nbsp;&nbsp;&nbsp;**1.83** |
| **Ghana (Cost $2,027,031)** |  |  |  |  |
| Kosmos Energy Ltd., 7.125%, 04/04/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587756 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Tullow Oil PLC, 10.250%, 05/15/2026 |  | &nbsp;&nbsp;1405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211813 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1799569** | &nbsp;&nbsp;&nbsp;&nbsp;**2.60** |
| **India (Cost $4,022,552)** |  |  |  |  |
| Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;755405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672189 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026 |  | &nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276088 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| India Airport Infra, 6.250%, 10/25/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;711000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675450 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Vedanta Resources Finance II PLC, 8.000%, 04/23/2023 |  | &nbsp;&nbsp;1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345066 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3968793** | &nbsp;&nbsp;&nbsp;&nbsp;**5.73** |
| **Indonesia (Cost $611,258)** |  |  |  |  |
| Medco Bell Pte. Ltd., 6.375%, 01/30/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643138 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**643138** | &nbsp;&nbsp;&nbsp;&nbsp;**0.93** |
| **Jamaica (Cost $38,329)** |  |  |  |  |
| Digicel Group Holdings Ltd., 7.000%, 02/16/2023<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;123394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9872 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9872** | &nbsp;&nbsp;&nbsp;&nbsp;**0.01** |
| **Jordan (Cost $1,005,293)** |  |  |  |  |
| Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939360 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**939360** | &nbsp;&nbsp;&nbsp;&nbsp;**1.36** |
| **Kazakhstan (Cost $837,803)** |  |  |  |  |
| KazMunayGas National Co. JSC, 4.750%, 04/19/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;978000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907877 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**907877** | &nbsp;&nbsp;&nbsp;&nbsp;**1.31** |
| **Kuwait (Cost $540,775)** |  |  |  |  |
| MEGlobal Canada ULC, 5.000%, 05/18/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545006 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**545006** | &nbsp;&nbsp;&nbsp;&nbsp;**0.79** |

---

------

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Lebanon (Cost $13,433,289)** |  |  |  |  |
| Lebanon (Rep of), 6.375%, 03/09/2020<sup>3,4</sup> |  | &nbsp;&nbsp;1527000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98110 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Lebanon (Rep of), 5.800%, 04/14/2020<sup>3,4</sup> |  | &nbsp;&nbsp;7070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454247 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Lebanon (Rep of), 6.150%, 06/19/2020<sup>3,4</sup> |  | &nbsp;&nbsp;6506000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413131 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**965488** | &nbsp;&nbsp;&nbsp;&nbsp;**1.39** |
| **Mexico (Cost $11,840,756)** |  |  |  |  |
| Alfa S.A.B. de C.V., 5.250%, 03/25/2024 |  | &nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072420 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Axtel S.A.B. de C.V., 6.375%, 11/14/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596750 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 04/17/2025 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002200 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Electricidad Firme de Mexico Holdings S.A. de C.V., 4.900%, 11/20/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;753000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676914 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026 |  | &nbsp;&nbsp;1802000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592215 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 |
| Petroleos Mexicanos, 6.875%, 10/16/2025 |  | &nbsp;&nbsp;5652000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660761 | &nbsp;&nbsp;&nbsp;&nbsp;8.17 |
| Trust Fibra Uno, 5.250%, 01/30/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614376 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11215636** | &nbsp;&nbsp;**16.18** |
| **Morocco (Cost $1,139,800)** |  |  |  |  |
| OCP S.A., 4.500%, 10/22/2025 |  | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069732 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1069732** | &nbsp;&nbsp;&nbsp;&nbsp;**1.54** |
| **Oman (Cost $2,314,632)** |  |  |  |  |
| National Bank of Oman SAOG, 5.625%, 09/25/2023 |  | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195704 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Oztel Holdings SPC Ltd., 5.625%, 10/24/2023 |  | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096462 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2292166** | &nbsp;&nbsp;&nbsp;&nbsp;**3.31** |
| **Papua New Guinea (Cost $694,396)** |  |  |  |  |
| Puma International Financing S.A., 5.000%, 01/24/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690075 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**690075** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** |
| **Saudi Arabia (Cost $4,145,096)** |  |  |  |  |
| Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024 |  | &nbsp;&nbsp;2060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012043 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025 |  | &nbsp;&nbsp;2177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152291 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4164334** | &nbsp;&nbsp;&nbsp;&nbsp;**6.01** |
| **South Africa (Cost $1,775,413)** |  |  |  |  |
| Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533946 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024 |  | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088670 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1622616** | &nbsp;&nbsp;&nbsp;&nbsp;**2.34** |
| **Tanzania (Cost $1,181,120)** |  |  |  |  |
| HTA Group Ltd., 7.000%, 12/18/2025 |  | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222000 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1222000** | &nbsp;&nbsp;&nbsp;&nbsp;**1.76** |
| **Turkey (Cost $1,463,756)** |  |  |  |  |
| Turk Telekomunikasyon A.S., 6.875%, 02/28/2025 |  | &nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453509 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1453509** | &nbsp;&nbsp;&nbsp;&nbsp;**2.10** |

---

------

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Venezuela (Cost $16,453,222)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>3,4</sup> |  | &nbsp;&nbsp;18697500 | &nbsp;&nbsp;&nbsp;&nbsp;$4019963 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4019963** | &nbsp;&nbsp;&nbsp;&nbsp;**5.80** |
| **Zambia (Cost $2,377,860)** |  |  |  |  |
| First Quantum Minerals Ltd., 6.500%, 03/01/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499325 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| First Quantum Minerals Ltd., 6.875%, 03/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;1969000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914754 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2414079** | &nbsp;&nbsp;&nbsp;&nbsp;**3.48** |
| **Total Debt Securities (Cost $138,375,420)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66052560** | &nbsp;&nbsp;&nbsp;&nbsp;**95.31** |
| **Total Investments (Total Cost $138,375,420)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66052560** | &nbsp;&nbsp;&nbsp;&nbsp;**95.31** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247237 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$69299797** | &nbsp;&nbsp;**100.00** |

---

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

<sup>2</sup> Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

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

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

<sup>5</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

Percentages shown are based on net assets.

------

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund's assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Short Duration Fund's investments and other financial instruments, which are carried at fair value, as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$52170754 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$52170754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4164334 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4164334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8751984 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8751984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965488 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;66052560 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;66052560 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$66052560 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$66052560 |

---

------

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $647,040)** |  |  |  |  |
| Globant S.A.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$632502 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**632502** | &nbsp;&nbsp;&nbsp;&nbsp;**1.28** |
| **Brazil (Cost $2,656,724)** |  |  |  |  |
| Banco do Brasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;83500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669474 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524380 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| Vale S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;41400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770781 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2964635** | &nbsp;&nbsp;&nbsp;&nbsp;**6.02** |
| **China (Cost $14,075,180)** |  |  |  |  |
| Alibaba Group Holding Ltd.\* | &nbsp;&nbsp;HKD | &nbsp;&nbsp;108600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500665 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;22600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342059 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Baidu, Inc. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;19125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575755 | &nbsp;&nbsp;&nbsp;&nbsp;5.23 |
| China International Capital Corp. Ltd., Class H<sup>2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;251200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562967 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| China Mengniu Dairy Co. Ltd.\* | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356249 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| China Vanke Co. Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;282300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570252 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| JD.com, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785900 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 |
| JD.com, Inc., Class A | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;31373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933333 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| Meituan, Class B\*<sup>,2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;28540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635834 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp;CNH | &nbsp;&nbsp;235120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920522 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| NetEase, Inc. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;58700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038503 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89764 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;59097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624066 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;35100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710790 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 |
| Wuxi Biologics Cayman, Inc.\*<sup>,2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49947 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Yum China Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;34066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098806 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171984 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15967396** | &nbsp;&nbsp;**32.40** |
| **Colombia (Cost $385,342)** |  |  |  |  |
| Ecopetrol S.A. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;41211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469393 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**469393** | &nbsp;&nbsp;&nbsp;&nbsp;**0.95** |
| **Hong Kong (Cost $259,428)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383945 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**383945** | &nbsp;&nbsp;&nbsp;&nbsp;**0.78** |
| **India (Cost $6,943,808)** |  |  |  |  |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;39007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627511 | &nbsp;&nbsp;&nbsp;&nbsp;5.33 |
| Infosys Ltd. ADR |  | &nbsp;&nbsp;109212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053186 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;11697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303919 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;5422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590510 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;33778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972881 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;10184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419756 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6967763** | &nbsp;&nbsp;**14.14** |

---

------

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Indonesia (Cost $404,525)** |  |  |  |  |
| Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;734000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$415984 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**415984** | &nbsp;&nbsp;&nbsp;&nbsp;**0.85** |
| **Mexico (Cost $1,675,341)** |  |  |  |  |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;449550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760910 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1760910** | &nbsp;&nbsp;&nbsp;&nbsp;**3.57** |
| **Russian Federation (Cost $2,514,310)** |  |  |  |  |
| Gazprom PJSC<sup>3</sup> | &nbsp;&nbsp;&nbsp;RUB | &nbsp;&nbsp;&nbsp;&nbsp;84440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| LUKOIL PJSC<sup>3</sup> | &nbsp;&nbsp;&nbsp;RUB | &nbsp;&nbsp;&nbsp;&nbsp;12180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Moscow Exchange MICEX-RTS PJSC\*<sup>,4</sup> | &nbsp;&nbsp;&nbsp;RUB | &nbsp;&nbsp;528670 | &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;**1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Saudi Arabia (Cost $1,764,834)** |  |  |  |  |
| Al Rajhi Bank\* | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;12383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271860 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Saudi Arabian Oil Co.<sup>2</sup> | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;123382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084954 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;27152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343448 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1700262** | &nbsp;&nbsp;&nbsp;&nbsp;**3.45** |
| **South Africa (Cost $662,774)** |  |  |  |  |
| Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;20637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314034 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| FirstRand Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;82090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304685 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**618719** | &nbsp;&nbsp;&nbsp;&nbsp;**1.26** |
| **South Korea (Cost $3,776,217)** |  |  |  |  |
| Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;9081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590926 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| LG Chem Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513257 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| LG H&H Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487218 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| NAVER Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412570 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Samsung Biologics Co. Ltd.\*<sup>,2</sup> | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377213 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;33117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655317 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4036501** | &nbsp;&nbsp;&nbsp;&nbsp;**8.19** |
| **Taiwan (Cost $5,881,535)** |  |  |  |  |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358752 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654277 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398756 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;164021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893690 | &nbsp;&nbsp;&nbsp;&nbsp;5.87 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;23643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192415 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6497890** | &nbsp;&nbsp;**13.19** |
| **United Arab Emirates (Cost $1,543,103)** |  |  |  |  |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;355078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538427 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;348250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527957 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |

---

------

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (continued)** |  |  |  |
| First Abu Dhabi Bank PJSC &nbsp;&nbsp;AED | &nbsp;&nbsp;83697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$310289 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1376673** | &nbsp;&nbsp;&nbsp;&nbsp;**2.79** |
| **Total Common Stocks (Cost $43,190,161)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43792574** | &nbsp;&nbsp;&nbsp;&nbsp;**88.87** |
| **Total Investments (Total Cost $43,190,161)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43792574** | &nbsp;&nbsp;&nbsp;&nbsp;**88.87** |
| Other Assets Less Liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485724 | &nbsp;&nbsp;&nbsp;&nbsp;11.13 |
| **Net Assets** |  | &nbsp;&nbsp;&nbsp;**$49278298** | &nbsp;&nbsp;**100.00** |

---

\* 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.

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

<sup>4</sup> Security is a Level 3 investment.

Percentages shown are based on net assets.

At January 31, 2023, 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;11.6% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;19.1 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;13.2 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;22.9 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;88.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;11.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund's assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Active Equity Fund's investments and other financial instruments, which are carried at fair value, as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;$632502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$632502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;2964635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2964635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;6460461 | &nbsp;&nbsp;&nbsp;&nbsp;9506935 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15967396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469393 |
| &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;&nbsp;383945 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;4680697 | &nbsp;&nbsp;&nbsp;&nbsp;2287066 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6967763 |
| &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;&nbsp;415984 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;1760910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1760910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1 |
| &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;1700262 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1700262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618719 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618719 |
| &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;4036501 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4036501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;2192415 | &nbsp;&nbsp;&nbsp;&nbsp;4305475 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6497890 |
| &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;1376673 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1376673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;19161013 | &nbsp;&nbsp;&nbsp;&nbsp;24631560 | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;43792574 |
| Total Investments | &nbsp;&nbsp;$19161013 | &nbsp;&nbsp;$24631560 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$43792574 |

---

------

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended January 31, 2023:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and<br> Subcategory** | **Beginning<br> Balance<br> at 10/31/2022** | **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 01/31/2023** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> from Investments<br> still held<br> 01/31/2023** |
| Investments, at value |  |  |  |  |  |  |  |  |  |  |
| Common Stock |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | $1 | $— | $— | $— | $— | $— | $— | $— | $1 | $— |
| Total | $1 | $— | $— | $— | $— | $— | $— | $— | $1 | $— |

---

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 January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| 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> 01/31/2023 | &nbsp;&nbsp;Valuation<br> Technique | &nbsp;&nbsp;Unobservable<br> Input |
| Common Stock | &nbsp;&nbsp;$1 | &nbsp;&nbsp;Zero Priced Asset | &nbsp;&nbsp;Inputs to Model |

---

------

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $95,713)** |  |  |  |  |
| Globant S.A.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97308 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97308** | &nbsp;&nbsp;&nbsp;&nbsp;**1.03** |
| **Brazil (Cost $768,257)** |  |  |  |  |
| Arezzo Industria e Comercio S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127700 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Sinqia S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200733 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225097 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| Vasta Platform Ltd.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91300 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Zenvia, Inc., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20086 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**664916** | &nbsp;&nbsp;&nbsp;&nbsp;**7.05** |
| **China (Cost $1,936,054)** |  |  |  |  |
| A-Living Smart City Services Co. Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86023 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Baozun, Inc. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82188 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| CIMC Enric Holdings Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202157 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 |
| Fu Shou Yuan International Group Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;281000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236872 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 |
| Hongfa Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246360 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| JNBY Design Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282211 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Noah Holdings Ltd. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223374 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| Xiabuxiabu Catering Management China Holdings Co. Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307775 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1666960** | &nbsp;&nbsp;**17.67** |
| **India (Cost $1,642,065)** |  |  |  |  |
| Aarti Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94006 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Granules India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219691 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| Indian Energy Exchange Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;102375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173717 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| JB Chemicals & Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100168 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226172 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Prince Pipes & Fittings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176060 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Quess Corp. Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258655 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 |
| Radico Khaitan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153379 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1401848** | &nbsp;&nbsp;**14.86** |
| **Indonesia (Cost $228,571)** |  |  |  |  |
| Ciputra Development Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2325100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151395 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;133900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90258 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**241653** | &nbsp;&nbsp;&nbsp;&nbsp;**2.56** |
| **Kazakhstan (Cost $131,468)** |  |  |  |  |
| NAC Kazatomprom JSC GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130890 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**130890** | &nbsp;&nbsp;&nbsp;&nbsp;**1.39** |
| **Kuwait (Cost $135,830)** |  |  |  |  |
| Humansoft Holding Co. K.S.C. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135488 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**135488** | &nbsp;&nbsp;&nbsp;&nbsp;**1.44** |

---

------

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Malaysia (Cost $483,814)** |  |  |  |  |
| My EG Services Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;2595824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$555651 | &nbsp;&nbsp;&nbsp;&nbsp;5.89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**555651** | &nbsp;&nbsp;&nbsp;&nbsp;**5.89** |
| **Mexico (Cost $324,856)** |  |  |  |  |
| Genomma Lab Internacional S.A.B. de C.V., Class B | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;194600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182710 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189930 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**372640** | &nbsp;&nbsp;&nbsp;&nbsp;**3.95** |
| **Peru (Cost $141,299)** |  |  |  |  |
| Alicorp S.A.A. | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140786 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**140786** | &nbsp;&nbsp;&nbsp;&nbsp;**1.49** |
| **Poland (Cost $165,943)** |  |  |  |  |
| Dino Polska S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221400 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**221400** | &nbsp;&nbsp;&nbsp;&nbsp;**2.35** |
| **Russian Federation (Cost $586,207)** |  |  |  |  |
| Detsky Mir PJSC\*<sup>,2,3,4</sup> | &nbsp;&nbsp;&nbsp;RUB | &nbsp;&nbsp;&nbsp;&nbsp;131200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Fix Price Group PLC GDR\*<sup>,2,4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24412 | &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;— |
| Fix Price Group PLC GDR (Registered)\*<sup>,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16317 | &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;**4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **South Africa (Cost $201,499)** |  |  |  |  |
| Karooooo Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182615 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**182615** | &nbsp;&nbsp;&nbsp;&nbsp;**1.94** |
| **South Korea (Cost $1,652,293)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168710 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Dentium Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558896 | &nbsp;&nbsp;&nbsp;&nbsp;5.92 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123148 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Hana Materials, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150875 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308601 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 |
| Hugel, Inc.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127010 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| KoMiCo Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290587 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 |
| Park Systems Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171144 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1898971** | &nbsp;&nbsp;**20.13** |
| **Taiwan (Cost $1,493,518)** |  |  |  |  |
| Andes Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230938 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296462 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 |
| eCloudvalley Digital Technology Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185377 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| Parade Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155457 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Poya International Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221873 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
| Sensortek Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129683 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Silergy Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101900 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173167 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1494857** | &nbsp;&nbsp;**15.85** |

---

------

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (Cost $117,991)** |  |  |  |
| Americana Restaurants International PLC\* &nbsp;&nbsp;AED | &nbsp;&nbsp;149442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$139145 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**139145** | &nbsp;&nbsp;&nbsp;&nbsp;**1.47** |
| **Total Common Stocks (Cost $10,105,378)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9345132** | &nbsp;&nbsp;&nbsp;&nbsp;**99.07** |
| **Total Investments (Total Cost $10,105,378)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9345132** | &nbsp;&nbsp;&nbsp;&nbsp;**99.07** |
| Other Assets Less Liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87825 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| **Net Assets** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$9432957** | &nbsp;&nbsp;**100.00** |

---

\* 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.

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

<sup>4</sup> Restricted security that has been deemed illiquid. At January 31, 2023 the value of these restricted illiquid securities amount to $2 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows:

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp;**ACQUISITION DATE** | &nbsp;&nbsp;**ACQUISITION COST** |
| Detsky Mir PJSC | &nbsp;&nbsp;5/7/21-2/2/22 | &nbsp;&nbsp;$258305 |
| Fix Price Group PLC GDR | &nbsp;&nbsp;3/5/21-12/17/21 | &nbsp;&nbsp;&nbsp;&nbsp;235528 |

---

<sup>5</sup> Security is a Level 3 investment.

Percentages shown are based on net assets.

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

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;17.2% |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;14.4 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;17.3 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;29.0 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;99.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund's assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Small-Cap Equity Fund's investments and other financial instruments, which are carried at fair value, as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;$97308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$97308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305562 | &nbsp;&nbsp;&nbsp;&nbsp;1361398 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1666960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1401848 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1401848 |
| &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;241653 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130890 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130890 |
| &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;135488 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135488 |
| &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;555651 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140786 |
| &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;221400 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182615 |
| &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;1898971 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1898971 |
| &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;1494857 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1494857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;1902972 | &nbsp;&nbsp;&nbsp;&nbsp;7442156 | &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;9345132 |
| Total Investments | &nbsp;&nbsp;$1902972 | &nbsp;&nbsp;$7442156 | &nbsp;&nbsp;$4 | &nbsp;&nbsp;$9345132 |

---

------

#### ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended January 31, 2023:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and<br> Subcategory** | **Beginning<br> Balance<br> at 10/31/2022** | **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 01/31/2023** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> from Investments<br> still held<br> 01/31/2023** |
| Investments, at value |  |  |  |  |  |  |  |  |  |  |
| Common Stock |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | $4 | $— | $— | $— | $— | $— | $— | $— | $4 | $— |
| Total | $4 | $— | $— | $— | $— | $— | $— | $— | $4 | $— |

---

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 January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| 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> 01/31/2023 | &nbsp;&nbsp;Valuation<br> Technique | &nbsp;&nbsp;Unobservable<br> Input |
| Common Stock | &nbsp;&nbsp;$4 | &nbsp;&nbsp;Zero Priced Asset | &nbsp;&nbsp;Inputs to Model |

---

------

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $1,306,519)** |  |  |  |  |
| Globant S.A.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7050 | &nbsp;&nbsp;&nbsp;&nbsp;$1143369 | &nbsp;&nbsp;1.61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1143369** | &nbsp;&nbsp;**1.61** |
| **Cambodia (Cost $607,944)** |  |  |  |  |
| NagaCorp. Ltd.\* | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;833493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758584 | &nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**758584** | &nbsp;&nbsp;**1.07** |
| **Egypt (Cost $1,380,090)** |  |  |  |  |
| Commercial International Bank Egypt S.A.E. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;429688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695140 | &nbsp;&nbsp;0.98 |
| Fertiglobe PLC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;751385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818722 | &nbsp;&nbsp;1.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1513862** | &nbsp;&nbsp;**2.13** |
| **Georgia (Cost $736,449)** |  |  |  |  |
| Bank of Georgia Group PLC | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740543 | &nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**740543** | &nbsp;&nbsp;**1.04** |
| **Ghana (Cost $415,050)** |  |  |  |  |
| Kosmos Energy Ltd.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560819 | &nbsp;&nbsp;0.79 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**560819** | &nbsp;&nbsp;**0.79** |
| **Iceland (Cost $2,816,570)** |  |  |  |  |
| Arion Banki HF<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ISK | &nbsp;&nbsp;&nbsp;&nbsp;942039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005628 | &nbsp;&nbsp;1.41 |
| Islandsbanki HF | &nbsp;&nbsp;&nbsp;&nbsp;ISK | &nbsp;&nbsp;&nbsp;&nbsp;955077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797023 | &nbsp;&nbsp;1.12 |
| Marel HF | &nbsp;&nbsp;&nbsp;&nbsp;ISK | &nbsp;&nbsp;&nbsp;&nbsp;179391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681778 | &nbsp;&nbsp;0.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2484429** | &nbsp;&nbsp;**3.49** |
| **Kazakhstan (Cost $3,415,647)** |  |  |  |  |
| Halyk Savings Bank of Kazakhstan JSC GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759798 | &nbsp;&nbsp;1.07 |
| Kaspi.KZ JSC GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056859 | &nbsp;&nbsp;4.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3816657** | &nbsp;&nbsp;**5.36** |
| **Kenya (Cost $1,830,639)** |  |  |  |  |
| Equity Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;KES | &nbsp;&nbsp;1733900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613981 | &nbsp;&nbsp;0.86 |
| Safaricom PLC | &nbsp;&nbsp;&nbsp;&nbsp;KES | &nbsp;&nbsp;4024600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756371 | &nbsp;&nbsp;1.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1370352** | &nbsp;&nbsp;**1.92** |
| **Kuwait (Cost $5,090,745)** |  |  |  |  |
| Boubyan Bank K.S.C.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;&nbsp;&nbsp;572807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474219 | &nbsp;&nbsp;2.07 |
| Humansoft Holding Co. K.S.C. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870968 | &nbsp;&nbsp;1.22 |
| National Bank of Kuwait S.A.K.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;&nbsp;&nbsp;851482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067542 | &nbsp;&nbsp;4.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5412729** | &nbsp;&nbsp;**7.60** |
| **Mauritius (Cost $1,383,548)** |  |  |  |  |
| MCB Group Ltd. | &nbsp;&nbsp;MUR | &nbsp;&nbsp;&nbsp;&nbsp;207685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421937 | &nbsp;&nbsp;2.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1421937** | &nbsp;&nbsp;**2.00** |
| **Morocco (Cost $4,063,002)** |  |  |  |  |
| Attijariwafa Bank | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608096 | &nbsp;&nbsp;2.26 |
| Itissalat Al-Maghrib | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459264 | &nbsp;&nbsp;0.64 |

---

------

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Morocco (continued)** |  |  |  |  |
| Label Vie | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693 | &nbsp;&nbsp;&nbsp;&nbsp;$1097470 | &nbsp;&nbsp;1.54 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3164830** | &nbsp;&nbsp;**4.44** |
| **Pakistan (Cost $431,970)** |  |  |  |  |
| Systems Ltd. | &nbsp;&nbsp;&nbsp;PKR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432788 | &nbsp;&nbsp;0.61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**432788** | &nbsp;&nbsp;**0.61** |
| **Peru (Cost $1,363,448)** |  |  |  |  |
| Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480657 | &nbsp;&nbsp;2.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1480657** | &nbsp;&nbsp;**2.08** |
| **Philippines (Cost $5,110,113)** |  |  |  |  |
| ACEN Corp. | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36581 | &nbsp;&nbsp;0.05 |
| Ayala Corp. | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943873 | &nbsp;&nbsp;1.33 |
| BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214715 | &nbsp;&nbsp;3.11 |
| SM Prime Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;2083800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410483 | &nbsp;&nbsp;1.98 |
| Wilcon Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;1234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721324 | &nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5326976** | &nbsp;&nbsp;**7.48** |
| **Qatar (Cost $5,758,900)** |  |  |  |  |
| Industries Qatar QSC | &nbsp;&nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679441 | &nbsp;&nbsp;0.95 |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889565 | &nbsp;&nbsp;1.25 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751707 | &nbsp;&nbsp;1.05 |
| Qatar Islamic Bank S.A.Q. | &nbsp;&nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343189 | &nbsp;&nbsp;1.89 |
| Qatar National Bank QPSC | &nbsp;&nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636727 | &nbsp;&nbsp;2.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5300629** | &nbsp;&nbsp;**7.44** |
| **Romania (Cost $2,177,141)** |  |  |  |  |
| Banca Transilvania S.A. | &nbsp;&nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880313 | &nbsp;&nbsp;1.24 |
| OMV Petrom S.A. | &nbsp;&nbsp;&nbsp;RON | &nbsp;&nbsp;12435119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268529 | &nbsp;&nbsp;1.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2148842** | &nbsp;&nbsp;**3.02** |
| **Saudi Arabia (Cost $1,222,376)** |  |  |  |  |
| Al Hammadi Holding | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491782 | &nbsp;&nbsp;2.09 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360069 | &nbsp;&nbsp;0.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1851851** | &nbsp;&nbsp;**2.60** |
| **Slovenia (Cost $933,524)** |  |  |  |  |
| Nova Ljubljanska Banka dd GDR (Registered) | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103976 | &nbsp;&nbsp;1.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1103976** | &nbsp;&nbsp;**1.55** |
| **United Arab Emirates (Cost $12,795,461)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093569 | &nbsp;&nbsp;2.94 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913456 | &nbsp;&nbsp;1.28 |
| Americana Restaurants International PLC\* | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768722 | &nbsp;&nbsp;1.08 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;2488255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604528 | &nbsp;&nbsp;2.25 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472717 | &nbsp;&nbsp;2.07 |
| Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315686 | &nbsp;&nbsp;1.85 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629542 | &nbsp;&nbsp;2.29 |

---

------

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (continued)** |  |  |  |  |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;500322 | &nbsp;&nbsp;&nbsp;&nbsp;$1854837 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 |
| Network International Holdings PLC\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;195440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633677 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12286734** | &nbsp;&nbsp;&nbsp;&nbsp;**17.25** |
| **Vietnam (Cost $13,951,803)** |  |  |  |  |
| Bank for Foreign Trade of Vietnam JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;471900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851055 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 |
| Digiworld Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;633864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191770 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| FPT Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;902657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212997 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 |
| Military Commercial Joint Stock Bank\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;1286254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078247 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;1358798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704660 | &nbsp;&nbsp;&nbsp;&nbsp;3.80 |
| Phu Nhuan Jewelry JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;225866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870686 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Vingroup JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;536149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305807 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Vinhomes JSC<sup>2</sup> | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;520711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130319 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13345541** | &nbsp;&nbsp;&nbsp;&nbsp;**18.74** |
| **Total Common Stocks (Cost $66,790,939)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65666105** | &nbsp;&nbsp;&nbsp;&nbsp;**92.22** |
| **Investment Companies** |  |  |  |  |
| Vietnam Enterprise Investments Ltd., Class C \* | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;306653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391340 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 |
| **Total Investment Companies (Cost $2,427,485)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2391340** | &nbsp;&nbsp;&nbsp;&nbsp;**3.36** |
| **Total Investments (Total Cost $69,218,424)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68057445** | &nbsp;&nbsp;&nbsp;&nbsp;**95.58** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150688 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$71208133** | &nbsp;&nbsp;**100.00** |

---

\* 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.

Percentages shown are based on net assets.

------

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

At January 31, 2023, 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;4.0% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;48.6 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;9.3 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;95.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund's assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Frontier Equity Fund's investments and other financial instruments, which are carried at fair value, as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Argentina | &nbsp;&nbsp;$1143369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1143369 |
| &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;758584 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513862 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740543 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ghana | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560819 |
| &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;2484429 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3816657 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3816657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenya | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370352 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370352 |
| &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;5412729 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5412729 |
| &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;1421937 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421937 |
| &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;3164830 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164830 |
| &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;432788 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;1480657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480657 |
| &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;5326976 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326976 |
| &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;5300629 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300629 |
| &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;2148842 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148842 |
| &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;1851851 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851851 |
| &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;1103976 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768722 | &nbsp;&nbsp;&nbsp;&nbsp;11518012 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12286734 |
| &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;13345541 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13345541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;3953567 | &nbsp;&nbsp;&nbsp;&nbsp;61712538 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;65666105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies |  |  |  |  |
| &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;2391340 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391340 |
| Total Investments | &nbsp;&nbsp;$3953567 | &nbsp;&nbsp;$64103878 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$68057445 |

---

------

#### ASHMORE EMERGING MARKETS EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $1,279,593)** |  |  |  |  |
| Globant S.A.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;$1265004 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1265004** | &nbsp;&nbsp;&nbsp;&nbsp;**0.98** |
| **Brazil (Cost $5,872,126)** |  |  |  |  |
| Arezzo Industria e Comercio S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332214 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744465 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Sendas Distribuidora S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;308500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194182 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;485900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878280 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6149141** | &nbsp;&nbsp;&nbsp;&nbsp;**4.77** |
| **China (Cost $48,364,403)** |  |  |  |  |
| A-Living Smart City Services Co. Ltd.<sup>2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;697750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882680 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;199400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017993 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;229170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263512 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| China Mengniu Dairy Co. Ltd.\* | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232429 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;186500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210646 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| China Vanke Co. Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;525900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062329 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| CIMC Enric Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;1004000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127585 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;120500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813326 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| Hongfa Technology Co. Ltd., Class A | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;481811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679440 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 |
| JD.com, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047385 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 |
| JD.com, Inc., Class A | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113733 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Lufax Holding Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;350231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068205 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Meituan, Class B\*<sup>,2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;184330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106633 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;147850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212627 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;318100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245398 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| NetEase, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490348 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 |
| Noah Holdings Ltd. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489791 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Prosus N.V.\* | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264947 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;194700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9489768 | &nbsp;&nbsp;&nbsp;&nbsp;7.36 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287362 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| WuXi AppTec Co. Ltd., Class H<sup>2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245216 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Wuxi Biologics Cayman, Inc.\*<sup>,2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947916 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| Xiabuxiabu Catering Management China Holdings Co. Ltd.<sup>2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;1737000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856266 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49155535** | &nbsp;&nbsp;**38.11** |
| **Hong Kong (Cost $2,491,974)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;233200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633414 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2633414** | &nbsp;&nbsp;&nbsp;&nbsp;**2.04** |
| **India (Cost $12,261,846)** |  |  |  |  |
| Alkem Laboratories Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018943 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Granules India Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;329724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191738 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569945 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 |

---

------

#### ASHMORE EMERGING MARKETS EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **India (continued)** |  |  |  |  |
| Hindalco Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;208613 | &nbsp;&nbsp;&nbsp;&nbsp;$1198156 | &nbsp;&nbsp;0.93 |
| ICICI Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398235 | &nbsp;&nbsp;1.08 |
| Indian Energy Exchange Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;318656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540719 | &nbsp;&nbsp;0.42 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078253 | &nbsp;&nbsp;0.84 |
| Larsen & Toubro Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195434 | &nbsp;&nbsp;0.15 |
| Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214885 | &nbsp;&nbsp;0.94 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089000 | &nbsp;&nbsp;0.85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12495308** | &nbsp;&nbsp;**9.69** |
| **Indonesia (Cost $771,075)** |  |  |  |  |
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1297800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874813 | &nbsp;&nbsp;0.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**874813** | &nbsp;&nbsp;**0.68** |
| **Kazakhstan (Cost $2,871,199)** |  |  |  |  |
| Kaspi.KZ JSC GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456788 | &nbsp;&nbsp;1.13 |
| NAC Kazatomprom JSC GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089142 | &nbsp;&nbsp;0.84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2545930** | &nbsp;&nbsp;**1.97** |
| **Malaysia (Cost $1,603,469)** |  |  |  |  |
| My EG Services Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;7335254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570152 | &nbsp;&nbsp;1.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1570152** | &nbsp;&nbsp;**1.22** |
| **Mexico (Cost $6,349,067)** |  |  |  |  |
| Fomento Economico Mexicano S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4952008 | &nbsp;&nbsp;3.84 |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396659 | &nbsp;&nbsp;1.08 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;168300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395968 | &nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7744635** | &nbsp;&nbsp;**6.00** |
| **Peru (Cost $1,422,277)** |  |  |  |  |
| Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467093 | &nbsp;&nbsp;1.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1467093** | &nbsp;&nbsp;**1.14** |
| **Poland (Cost $2,330,035)** |  |  |  |  |
| Dino Polska S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051087 | &nbsp;&nbsp;2.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3051087** | &nbsp;&nbsp;**2.37** |
| **Russian Federation (Cost $6,693,747)** |  |  |  |  |
| Fix Price Group PLC GDR\*<sup>,2,3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;297371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Fix Price Group PLC GDR (Registered)\*<sup>,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;124253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| HeadHunter Group PLC ADR<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| LUKOIL PJSC<sup>3</sup> | &nbsp;&nbsp;&nbsp;RUB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Yandex N.V., Class A\*<sup>,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800 | &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;**45** | &nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Saudi Arabia (Cost $980,406)** |  |  |  |  |
| Saudi British Bank (The) | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904567 | &nbsp;&nbsp;0.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**904567** | &nbsp;&nbsp;**0.70** |

---

------

#### ASHMORE EMERGING MARKETS EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **South Korea (Cost $13,117,889)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92544 | &nbsp;&nbsp;&nbsp;&nbsp;$1415638 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Dentium Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253387 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Hana Materials, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334035 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673502 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| Hugel, Inc.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285562 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| KoMiCo Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021498 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| LG Chem Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906114 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| SK Hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568211 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13457947** | &nbsp;&nbsp;&nbsp;&nbsp;**10.43** |
| **Taiwan (Cost $17,724,117)** |  |  |  |  |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;278000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616009 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Parade Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181475 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Poya International Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200251 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Silergy Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160196 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241031 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315905 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5142898 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17857765** | &nbsp;&nbsp;&nbsp;&nbsp;**13.85** |
| **United Arab Emirates (Cost $2,519,968)** |  |  |  |  |
| Americana Restaurants International PLC\* | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;1540970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434787 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;799846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212590 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2647377** | &nbsp;&nbsp;&nbsp;&nbsp;**2.05** |
| **Total Common Stocks (Cost $126,653,191)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**123819813** | &nbsp;&nbsp;&nbsp;&nbsp;**96.00** |
| **Preferred Stocks** |  |  |  |  |
| **Brazil (Cost $2,309,261)** |  |  |  |  |
| Petroleo Brasileiro S.A. ADR, 17.056%<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;202383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088593 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2088593** | &nbsp;&nbsp;&nbsp;&nbsp;**1.62** |
| **South Korea (Cost $1,703,196)** |  |  |  |  |
| LG Chem Ltd., 3.295%<sup>5</sup> | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591209 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1591209** | &nbsp;&nbsp;&nbsp;&nbsp;**1.23** |
| **Total Preferred Stocks (Cost $4,012,457)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3679802** | &nbsp;&nbsp;&nbsp;&nbsp;**2.85** |
| **Total Investments (Total Cost $130,665,648)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**127499615** | &nbsp;&nbsp;&nbsp;&nbsp;**98.85** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487449 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| **Net Assets** |  |  | &nbsp;&nbsp;**$128987064** | &nbsp;&nbsp;**100.00** |

---

\* 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.

------

#### ASHMORE EMERGING MARKETS EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

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

<sup>4</sup> Restricted security that has been deemed illiquid. At January 31, 2023 the value of these restricted illiquid securities amount to $30 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows:

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp;**ACQUISITION DATE** | &nbsp;&nbsp;**ACQUISITION COST** |
| Fix Price Group PLC GDR | &nbsp;&nbsp;3/10/21 - 4/20/21 | &nbsp;&nbsp;$2917220 |

---

<sup>5</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 January 31, 2023, 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;10.1% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;15.8 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;10.5 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;14.2 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;8.9 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;19.9 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;98.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### ASHMORE EMERGING MARKETS EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund's assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity Fund's investments and other financial instruments, which are carried at fair value, as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Argentina | &nbsp;&nbsp;$1265004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1265004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;6149141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6149141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;10095729 | &nbsp;&nbsp;&nbsp;&nbsp;39059806 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;49155535 |
| &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;2633414 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;4968180 | &nbsp;&nbsp;&nbsp;&nbsp;7527128 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12495308 |
| &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;&nbsp;874813 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2545930 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545930 |
| &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;1570152 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;7744635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7744635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;1467093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467093 |
| &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;3051087 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| &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;&nbsp;904567 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904567 |
| &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;13457947 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13457947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;5142898 | &nbsp;&nbsp;&nbsp;&nbsp;12714867 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17857765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;1434787 | &nbsp;&nbsp;&nbsp;&nbsp;1212590 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;38267467 | &nbsp;&nbsp;&nbsp;&nbsp;85552301 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;123819813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;2088593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088593 |
| &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;1591209 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;2088593 | &nbsp;&nbsp;&nbsp;&nbsp;1591209 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679802 |
| Total Investments | &nbsp;&nbsp;$40356060 | &nbsp;&nbsp;$87143510 | &nbsp;&nbsp;$45 | &nbsp;&nbsp;$127499615 |

---

------

#### ASHMORE EMERGING MARKETS EQUITY FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended January 31, 2023:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and<br> Subcategory** | **Beginning<br> Balance<br> at 10/31/2022** | **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 01/31/2023** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> from Investments<br> still held<br> 01/31/2023** |
| Investments, at value |  |  |  |  |  |  |  |  |  |  |
| Common Stock |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | $45 | $— | $— | $— | $— | $— | $— | $— | $45 | $— |
| Total | $45 | $— | $— | $— | $— | $— | $— | $— | $45 | $— |

---

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 January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| 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> 01/31/2023 | &nbsp;&nbsp;Valuation<br> Technique | &nbsp;&nbsp;Unobservable<br> Input |
| Common Stock | &nbsp;&nbsp;$45 | &nbsp;&nbsp;Zero Priced Asset | &nbsp;&nbsp;Inputs to Model |

---

------

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $164,417)** |  |  |  |  |
| Globant S.A.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$162180 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**162180** | &nbsp;&nbsp;&nbsp;&nbsp;**1.41** |
| **Brazil (Cost $556,059)** |  |  |  |  |
| Arezzo Industria e Comercio S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162213 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118169 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298550 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**578932** | &nbsp;&nbsp;&nbsp;&nbsp;**5.04** |
| **China (Cost $3,448,973)** |  |  |  |  |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224003 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145003 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100617 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Hongfa Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337008 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 |
| JD.com, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408019 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 |
| JD.com, Inc., Class A | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13714 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Meituan, Class B\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194939 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111581 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| NetEase, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267779 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| Prosus N.V.\* | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61064 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852958 | &nbsp;&nbsp;&nbsp;&nbsp;7.43 |
| WuXi AppTec Co. Ltd., Class H<sup>2</sup> | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342758 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Xiabuxiabu Catering Management China Holdings Co. Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229762 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3289205** | &nbsp;&nbsp;**28.65** |
| **Hong Kong (Cost $415,994)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469769 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**469769** | &nbsp;&nbsp;&nbsp;&nbsp;**4.09** |
| **India (Cost $1,004,738)** |  |  |  |  |
| Alkem Laboratories Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138340 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Granules India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185394 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430498 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 |
| ICICI Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168369 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Quess Corp. Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100423 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1023024** | &nbsp;&nbsp;&nbsp;&nbsp;**8.91** |
| **Malaysia (Cost $241,809)** |  |  |  |  |
| My EG Services Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;1518480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325039 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**325039** | &nbsp;&nbsp;&nbsp;&nbsp;**2.83** |
| **Mexico (Cost $470,491)** |  |  |  |  |
| Fomento Economico Mexicano S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448131 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183309 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**631440** | &nbsp;&nbsp;&nbsp;&nbsp;**5.50** |

---

------

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Peru (Cost $181,505)** |  |  |  |  |
| Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$188557 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**188557** | &nbsp;&nbsp;&nbsp;&nbsp;**1.64** |
| **Poland (Cost $317,925)** |  |  |  |  |
| Dino Polska S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;4518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408948 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**408948** | &nbsp;&nbsp;&nbsp;&nbsp;**3.56** |
| **Russian Federation (Cost $686,783)** |  |  |  |  |
| Fix Price Group PLC GDR\*<sup>,2,3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;56671 | &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;— |
| HeadHunter Group PLC ADR<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Yandex N.V., Class A\*<sup>,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;**—** |
| **Saudi Arabia (Cost $168,319)** |  |  |  |  |
| Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;8814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111489 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**111489** | &nbsp;&nbsp;&nbsp;&nbsp;**0.97** |
| **South Korea (Cost $1,079,852)** |  |  |  |  |
| Dentium Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;4895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471039 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377525 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| Hugel, Inc.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182383 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| LG Chem Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52004 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| SK Hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208517 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1291468** | &nbsp;&nbsp;**11.25** |
| **Taiwan (Cost $1,954,634)** |  |  |  |  |
| Andes Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230938 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331340 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| Parade Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155457 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Poya International Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191344 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Silergy Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163041 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221269 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529266 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;5607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519937 | &nbsp;&nbsp;&nbsp;&nbsp;4.53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2342592** | &nbsp;&nbsp;**20.41** |
| **United Arab Emirates (Cost $240,346)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;40505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103967 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Americana Restaurants International PLC\* | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;172475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160591 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**264558** | &nbsp;&nbsp;&nbsp;&nbsp;**2.31** |
| **Total Common Stocks (Cost $10,931,845)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11087207** | &nbsp;&nbsp;**96.57** |

---

------

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Preferred Stocks** |  |  |  |  |
| **South Korea (Cost $285,791)** |  |  |  |  |
| LG Chem Ltd., 3.300%<sup>6</sup> | &nbsp;&nbsp;KRW | &nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$228527 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**228527** | &nbsp;&nbsp;&nbsp;&nbsp;**1.99** |
| **Total Preferred Stocks (Cost $285,791)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**228527** | &nbsp;&nbsp;&nbsp;&nbsp;**1.99** |
| **Total Investments (Total Cost $11,217,636)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11315734** | &nbsp;&nbsp;&nbsp;&nbsp;**98.56** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165605 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$11481339** | &nbsp;&nbsp;**100.00** |

---

\* 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.

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

<sup>4</sup> Restricted security that has been deemed illiquid. At January 31, 2023 the value of these restricted illiquid securities amount to $6 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows:

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp;**ACQUISITION DATE** | &nbsp;&nbsp;**ACQUISITION COST** |
| Fix Price Group PLC GDR | &nbsp;&nbsp;3/5/21-3/10/21 | &nbsp;&nbsp;$556805 |

---

<sup>5</sup> Security has been deemed worthless and is a Level 3 investment.

<sup>6</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 January 31, 2023, 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;9.7% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;15.4 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;15.3 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;11.5 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;24.6 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;98.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund's assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity ESG Fund's investments and other financial instruments, which are carried at fair value, as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Argentina | &nbsp;&nbsp;$162180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$162180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675798 | &nbsp;&nbsp;&nbsp;&nbsp;2613407 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3289205 |
| &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;469769 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424157 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1023024 |
| &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;325039 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188557 |
| &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;408948 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;6 |
| &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;111489 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111489 |
| &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;1291468 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1291468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519937 | &nbsp;&nbsp;&nbsp;&nbsp;1822655 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2342592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103967 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;3516302 | &nbsp;&nbsp;&nbsp;&nbsp;7570899 | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;11087207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &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;228527 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228527 |
| Total Investments | &nbsp;&nbsp;$3516302 | &nbsp;&nbsp;$7799426 | &nbsp;&nbsp;$6 | &nbsp;&nbsp;$11315734 |

---

------

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended January 31, 2023:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and<br> Subcategory** | **Beginning<br> Balance<br> at 10/31/2022** | **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 01/31/2023** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> from Investments<br> still held<br> 01/31/2023** |
| Investments, at value |  |  |  |  |  |  |  |  |  |  |
| Common Stock |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | $6 | $— | $— | $— | $— | $— | $— | $— | $6 | $— |
| Total | $6 | $— | $— | $— | $— | $— | $— | $— | $6 | $— |

---

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 January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| 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> 01/31/2023 | &nbsp;&nbsp;Valuation<br> Technique | &nbsp;&nbsp;Unobservable<br> Input |
| Common Stock | &nbsp;&nbsp;$6 | &nbsp;&nbsp;Zero Priced Asset | &nbsp;&nbsp;Inputs to Model |

---

------

#### ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Brazil (Cost $1,205,711)** |  |  |  |  |
| Banco do Brasil S.A., 4.625%, 01/15/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$195500 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| BRF GmbH, 4.350%, 09/29/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182471 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| Gol Finance S.A., 8.000%, 06/30/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| MercadoLibre, Inc., 2.375%, 01/14/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181002 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| St Marys Cement, Inc., 5.750%, 01/28/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202014 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| Unigel Luxembourg S.A., 8.750%, 10/01/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202052 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1102039** | &nbsp;&nbsp;**11.60** |
| **Chile (Cost $200,210)** |  |  |  |  |
| Inversiones CMPC S.A., 4.750%, 09/15/2024 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198786 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**198786** | &nbsp;&nbsp;&nbsp;&nbsp;**2.09** |
| **China (Cost $578,991)** |  |  |  |  |
| ENN Energy Holdings Ltd., 4.625%, 05/17/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197526 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 |
| Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.325%), 6.079%, 07/03/2023 |  | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208203 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| Xiaomi Best Time International Ltd., 0.000%, 12/17/2027<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170500 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**576229** | &nbsp;&nbsp;&nbsp;&nbsp;**6.07** |
| **Colombia (Cost $247,642)** |  |  |  |  |
| Ecopetrol S.A., 4.125%, 01/16/2025 |  | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135622 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Ecopetrol S.A., 5.375%, 06/26/2026 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96630 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**232252** | &nbsp;&nbsp;&nbsp;&nbsp;**2.45** |
| **Czech Republic (Cost $92,097)** |  |  |  |  |
| CETIN Group N.V., 3.125%, 04/14/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101666 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**101666** | &nbsp;&nbsp;&nbsp;&nbsp;**1.07** |
| **India (Cost $603,117)** |  |  |  |  |
| ABJA Investment Co. Pte. Ltd., 5.950%, 07/31/2024 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199540 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| Greenko Solar Mauritius Ltd., 5.550%, 01/29/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191100 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187660 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**578300** | &nbsp;&nbsp;&nbsp;&nbsp;**6.09** |
| **Indonesia (Cost $419,459)** |  |  |  |  |
| Indonesia Asahan Aluminium Persero PT, 4.750%, 05/15/2025 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396617 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**396617** | &nbsp;&nbsp;&nbsp;&nbsp;**4.18** |
| **Jordan (Cost $203,638)** |  |  |  |  |
| Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187872 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**187872** | &nbsp;&nbsp;&nbsp;&nbsp;**1.98** |
| **Kuwait (Cost $211,230)** |  |  |  |  |
| MEGlobal Canada ULC, 5.000%, 05/18/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198184 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**198184** | &nbsp;&nbsp;&nbsp;&nbsp;**2.09** |

---

------

#### ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Malaysia (Cost $188,514)** |  |  |  |  |
| Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$184958 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**184958** | &nbsp;&nbsp;&nbsp;&nbsp;**1.95** |
| **Mexico (Cost $1,143,497)** |  |  |  |  |
| Axtel S.A.B. de C.V., 6.375%, 11/14/2024 |  | &nbsp;&nbsp;173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147483 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Electricidad Firme de Mexico Holdings S.A. de C.V., 4.900%, 11/20/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179791 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176716 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Petroleos Mexicanos, 6.875%, 10/16/2025 |  | &nbsp;&nbsp;331000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331513 | &nbsp;&nbsp;&nbsp;&nbsp;3.49 |
| Trust Fibra Uno, 5.250%, 01/30/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195040 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1030543** | &nbsp;&nbsp;**10.85** |
| **Oman (Cost $611,534)** |  |  |  |  |
| Bank Muscat SAOG, 4.750%, 03/17/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193188 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| National Bank of Oman SAOG, 5.625%, 09/25/2023 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199284 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| Oztel Holdings SPC Ltd., 5.625%, 10/24/2023 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199357 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**591829** | &nbsp;&nbsp;&nbsp;&nbsp;**6.23** |
| **Panama (Cost $203,062)** |  |  |  |  |
| Banco Latinoamericano de Comercio Exterior S.A., 2.375%, 09/14/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184523 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**184523** | &nbsp;&nbsp;&nbsp;&nbsp;**1.94** |
| **Papua New Guinea (Cost $229,113)** |  |  |  |  |
| Puma International Financing S.A., 5.125%, 10/06/2024 |  | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231480 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**231480** | &nbsp;&nbsp;&nbsp;&nbsp;**2.44** |
| **Peru (Cost $200,403)** |  |  |  |  |
| Credicorp Ltd., 2.750%, 06/17/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188070 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**188070** | &nbsp;&nbsp;&nbsp;&nbsp;**1.98** |
| **Poland (Cost $151,465)** |  |  |  |  |
| GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105768 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**105768** | &nbsp;&nbsp;&nbsp;&nbsp;**1.11** |
| **Romania (Cost $139,148)** |  |  |  |  |
| NE Property B.V., 3.375%, 07/14/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143300 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**143300** | &nbsp;&nbsp;&nbsp;&nbsp;**1.51** |
| **Saudi Arabia (Cost $778,169)** |  |  |  |  |
| Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024 |  | &nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250040 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 |
| Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197730 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 |
| SNB Funding Ltd., 2.750%, 10/02/2024 |  | &nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319597 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**767367** | &nbsp;&nbsp;&nbsp;&nbsp;**8.08** |
| **South Africa (Cost $592,713)** |  |  |  |  |
| Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152556 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Prosus N.V., 3.257%, 01/19/2027 |  | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186111 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |

---

------

#### ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **South Africa (continued)** |  |  |  |  |
| Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$197940 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**536607** | &nbsp;&nbsp;&nbsp;&nbsp;**5.65** |
| **Tanzania (Cost $206,999)** |  |  |  |  |
| HTA Group Ltd., 7.000%, 12/18/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**188000** | &nbsp;&nbsp;&nbsp;&nbsp;**1.98** |
| **United Arab Emirates (Cost $1,275,708)** |  |  |  |  |
| Abu Dhabi Commercial Bank PJSC, 4.000%, 03/13/2023 |  | &nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212494 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| ADCB Finance Cayman Ltd., 4.000%, 03/29/2023 |  | &nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213307 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| DIB Sukuk Ltd., 3.625%, 02/06/2023 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199585 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| Fab Sukuk Co. Ltd., 3.625%, 03/05/2023 |  | &nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320226 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 |
| Mashreqbank PSC, 4.250%, 02/26/2024 |  | &nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316912 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1262524** | &nbsp;&nbsp;&nbsp;&nbsp;**13.29** |
| **Zambia (Cost $197,301)** |  |  |  |  |
| First Quantum Minerals Ltd., 6.500%, 03/01/2024 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199730 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**199730** | &nbsp;&nbsp;&nbsp;&nbsp;**2.10** |
| **Total Debt Securities (Cost $9,679,721)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9186644** | &nbsp;&nbsp;&nbsp;&nbsp;**96.73** |
| **Total Investments (Total Cost $9,679,721)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9186644** | &nbsp;&nbsp;&nbsp;&nbsp;**96.73** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310270 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$9496914** | &nbsp;&nbsp;**100.00** |

---

<br> <sup>1</sup> Local currency is United States Dollars unless otherwise noted below. <br> <sup>2</sup> Zero coupon bond.

Percentages shown are based on net assets.

At January 31, 2023, the Ashmore Emerging Markets Short Duration Select 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)** |
| 03/01/2023 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;345354 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;318312 | &nbsp;&nbsp;$(1307) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(1307) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(1307) |

---

------

#### ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund's assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Short Duration Select Fund's investments and other financial instruments, which are carried at fair value, as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$6815329 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6815329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170500 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967581 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1048710 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1048710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184524 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9186644 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9186644 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9186644 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9186644 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments |  |  |  |  |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1307) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1307) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1307) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1307) |

---

------

#### ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Brazil (Cost $1,136,571)** |  |  |  |  |
| Braskem Netherlands Finance B.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 8.220%), 8.500%, 01/23/2081<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$207144 | &nbsp;&nbsp;1.17 |
| JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc., 3.625%, 01/15/2032<sup>3</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167080 | &nbsp;&nbsp;0.94 |
| St Marys Cement, Inc., 5.750%, 01/28/2027 |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222215 | &nbsp;&nbsp;1.26 |
| Suzano Austria GmbH, 5.000%, 01/15/2030 |  | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214400 | &nbsp;&nbsp;1.21 |
| Vale Overseas Ltd., 8.250%, 01/17/2034 |  | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229126 | &nbsp;&nbsp;1.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1039965** | &nbsp;&nbsp;**5.87** |
| **Chile (Cost $1,120,343)** |  |  |  |  |
| Celulosa Arauco y Constitucion S.A., 4.200%, 01/29/2030 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187070 | &nbsp;&nbsp;1.06 |
| Cencosud S.A., 6.625%, 02/12/2045 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197802 | &nbsp;&nbsp;1.12 |
| Empresa Nacional del Petroleo, 5.250%, 11/06/2029 |  | &nbsp;&nbsp;268000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261300 | &nbsp;&nbsp;1.47 |
| GNL Quintero S.A., 4.634%, 07/31/2029 |  | &nbsp;&nbsp;189428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186350 | &nbsp;&nbsp;1.05 |
| Inversiones CMPC S.A., 3.850%, 01/13/2030 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186300 | &nbsp;&nbsp;1.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1018822** | &nbsp;&nbsp;**5.75** |
| **China (Cost $933,250)** |  |  |  |  |
| Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.325%), 6.079%, 07/03/2023 |  | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208202 | &nbsp;&nbsp;1.18 |
| Huarong Finance 2019 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.125%), 5.824%, 02/24/2023 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198940 | &nbsp;&nbsp;1.12 |
| Tencent Holdings Ltd., 3.975%, 04/11/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189444 | &nbsp;&nbsp;1.07 |
| Xiaomi Best Time International Ltd., 0.000%, 12/17/2027<sup>4</sup> |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;1.92 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**937586** | &nbsp;&nbsp;**5.29** |
| **Czech Republic (Cost $264,664)** |  |  |  |  |
| CETIN Group N.V., 3.125%, 04/14/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279581 | &nbsp;&nbsp;1.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**279581** | &nbsp;&nbsp;**1.58** |
| **Hong Kong (Cost $201,666)** |  |  |  |  |
| Phoenix Lead Ltd., 4.850%, 08/23/2023 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178100 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**178100** | &nbsp;&nbsp;**1.00** |
| **India (Cost $1,420,919)** |  |  |  |  |
| ABJA Investment Co. Pte. Ltd., 5.450%, 01/24/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193928 | &nbsp;&nbsp;1.10 |
| Bharti Airtel Ltd., 4.375%, 06/10/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195577 | &nbsp;&nbsp;1.10 |
| Bharti Airtel Ltd., 3.250%, 06/03/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172213 | &nbsp;&nbsp;0.97 |
| Indian Railway Finance Corp. Ltd., 3.570%, 01/21/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173920 | &nbsp;&nbsp;0.98 |
| NTPC Ltd., 4.500%, 03/19/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193761 | &nbsp;&nbsp;1.09 |
| Power Finance Corp. Ltd., 4.500%, 06/18/2029 |  | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223121 | &nbsp;&nbsp;1.26 |
| Reliance Industries Ltd., 2.875%, 01/12/2032 |  | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208008 | &nbsp;&nbsp;1.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1360528** | &nbsp;&nbsp;**7.67** |
| **Indonesia (Cost $1,306,687)** |  |  |  |  |
| Freeport Indonesia PT, 4.763%, 04/14/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194586 | &nbsp;&nbsp;1.10 |
| Indonesia Asahan Aluminium Persero PT, 4.750%, 05/15/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198309 | &nbsp;&nbsp;1.12 |

---

------

#### ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Indonesia (continued)** |  |  |  |  |
| Minejesa Capital B.V., 4.625%, 08/10/2030 |  | &nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$355740 | &nbsp;&nbsp;2.00 |
| Pertamina Persero PT, 6.500%, 11/07/2048 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207044 | &nbsp;&nbsp;1.17 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194215 | &nbsp;&nbsp;1.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1149894** | &nbsp;&nbsp;**6.48** |
| **Israel (Cost $1,347,407)** |  |  |  |  |
| Bank Hapoalim B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.155%), 3.255%, 01/21/2032<sup>2,3</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176116 | &nbsp;&nbsp;0.99 |
| Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/2031<sup>2,3</sup> |  | &nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222788 | &nbsp;&nbsp;1.26 |
| Leviathan Bond Ltd., 6.750%, 06/30/2030<sup>3</sup> |  | &nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131104 | &nbsp;&nbsp;0.74 |
| Mizrahi Tefahot Bank Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.250%), 3.077%, 04/07/2031<sup>2,3</sup> |  | &nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278845 | &nbsp;&nbsp;1.57 |
| Teva Pharmaceutical Finance Netherlands II B.V., 4.375%, 05/09/2030 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186951 | &nbsp;&nbsp;1.05 |
| Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201144 | &nbsp;&nbsp;1.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1196948** | &nbsp;&nbsp;**6.75** |
| **Kazakhstan (Cost $281,426)** |  |  |  |  |
| KazMunayGas National Co. JSC, 6.375%, 10/24/2048 |  | &nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180405 | &nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**180405** | &nbsp;&nbsp;**1.02** |
| **Kuwait (Cost $713,887)** |  |  |  |  |
| MEGlobal Canada ULC, 5.875%, 05/18/2030 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206600 | &nbsp;&nbsp;1.17 |
| NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/2025<sup>2</sup> |  | &nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461443 | &nbsp;&nbsp;2.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**668043** | &nbsp;&nbsp;**3.77** |
| **Malaysia (Cost $189,768)** |  |  |  |  |
| Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184958 | &nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**184958** | &nbsp;&nbsp;**1.04** |
| **Mexico (Cost $3,034,247)** |  |  |  |  |
| Alfa S.A.B. de C.V., 6.875%, 03/25/2044 |  | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207886 | &nbsp;&nbsp;1.17 |
| Axtel S.A.B. de C.V., 6.375%, 11/14/2024 |  | &nbsp;&nbsp;173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147482 | &nbsp;&nbsp;0.83 |
| Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 04/17/2025 |  | &nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420924 | &nbsp;&nbsp;2.37 |
| BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/2033<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190100 | &nbsp;&nbsp;1.07 |
| CIBANCO S.A. Institucion de Banca Multiple Trust CIB/3332, 4.375%, 07/22/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155500 | &nbsp;&nbsp;0.88 |
| Cometa Energia S.A. de C.V., 6.375%, 04/24/2035 |  | &nbsp;&nbsp;244245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238507 | &nbsp;&nbsp;1.35 |
| Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031 |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255942 | &nbsp;&nbsp;1.44 |
| Infraestructura Energetica Nova S.A.P.I. de C.V., 4.750%, 01/15/2051 |  | &nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215649 | &nbsp;&nbsp;1.22 |
| Mexico Generadora de Energia S. de r.l., 5.500%, 12/06/2032 |  | &nbsp;&nbsp;187963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182526 | &nbsp;&nbsp;1.03 |
| Petroleos Mexicanos, 7.690%, 01/23/2050 |  | &nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335971 | &nbsp;&nbsp;1.90 |

---

------

#### ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Trust Fibra Uno, 4.869%, 01/15/2030 |  | &nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$298350 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2648837** | &nbsp;&nbsp;**14.94** |
| **Panama (Cost $798,548)** |  |  |  |  |
| AES Panama Generation Holdings SRL, 4.375%, 05/31/2030 |  | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257245 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| C&W Senior Financing DAC, 6.875%, 09/15/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190256 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Telecomunicaciones Digitales S.A., 4.500%, 01/30/2030 |  | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249900 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**697401** | &nbsp;&nbsp;&nbsp;&nbsp;**3.93** |
| **Peru (Cost $922,776)** |  |  |  |  |
| Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.450%), 3.250%, 09/30/2031<sup>2</sup> |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265950 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| InRetail Consumer, 3.250%, 03/22/2028 |  | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215885 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Kallpa Generacion S.A., 4.125%, 08/16/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187019 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Minsur S.A., 4.500%, 10/28/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178482 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**847336** | &nbsp;&nbsp;&nbsp;&nbsp;**4.78** |
| **Poland (Cost $209,220)** |  |  |  |  |
| GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142380 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**142380** | &nbsp;&nbsp;&nbsp;&nbsp;**0.80** |
| **Qatar (Cost $403,538)** |  |  |  |  |
| Doha Finance Ltd., 2.375%, 03/31/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182540 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 5.882%, 02/07/2025 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200326 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**382866** | &nbsp;&nbsp;&nbsp;&nbsp;**2.16** |
| **Romania (Cost $399,445)** |  |  |  |  |
| NE Property B.V., 1.875%, 10/09/2026 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345631 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**345631** | &nbsp;&nbsp;&nbsp;&nbsp;**1.95** |
| **Saudi Arabia (Cost $1,130,019)** |  |  |  |  |
| Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039 |  | &nbsp;&nbsp;304390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289530 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195344 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347408 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| Saudi Arabian Oil Co., 4.250%, 04/16/2039 |  | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239200 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1071482** | &nbsp;&nbsp;&nbsp;&nbsp;**6.04** |
| **Singapore (Cost $251,069)** |  |  |  |  |
| DBS Group Holdings Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.915%), 3.300%, 02/27/2025<sup>2</sup> |  | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236211 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**236211** | &nbsp;&nbsp;&nbsp;&nbsp;**1.33** |
| **South Africa (Cost $1,147,154)** |  |  |  |  |
| AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179738 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029 |  | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297678 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Prosus N.V., 3.680%, 01/21/2030 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197940 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1021356** | &nbsp;&nbsp;&nbsp;&nbsp;**5.76** |

---

------

#### ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **South Korea (Cost $393,333)** |  |  |  |  |
| Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/2052<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$193950 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Shinhan Bank Co. Ltd., 4.375%, 04/13/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182980 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**376930** | &nbsp;&nbsp;&nbsp;&nbsp;**2.13** |
| **Thailand (Cost $689,265)** |  |  |  |  |
| Bangkok Bank PCL, 9.025%, 03/15/2029 |  | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216066 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| GC Treasury Center Co. Ltd., 2.980%, 03/18/2031 |  | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212979 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| GC Treasury Center Co. Ltd., 4.400%, 03/30/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183848 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**612893** | &nbsp;&nbsp;&nbsp;&nbsp;**3.46** |
| **United Arab Emirates (Cost $774,672)** |  |  |  |  |
| DP World Crescent Ltd., 3.750%, 01/30/2030 |  | &nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340976 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/2026<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192500 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040 |  | &nbsp;&nbsp;193306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157906 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**691382** | &nbsp;&nbsp;&nbsp;&nbsp;**3.90** |
| **Total Debt Securities (Cost $19,069,874)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17269535** | &nbsp;&nbsp;&nbsp;&nbsp;**97.40** |
| **Total Investments in Securities (Cost $19,069,874)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17269535** | &nbsp;&nbsp;&nbsp;&nbsp;**97.40** |
| **Total Investments (Total Cost $19,069,874)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17269535** | &nbsp;&nbsp;&nbsp;&nbsp;**97.40** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461886 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$17731421** | &nbsp;&nbsp;**100.00** |

---

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

<sup>2</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>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.

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

Percentages shown are based on net assets.

At January 31, 2023, the Ashmore Emerging Markets Investment Grade 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)** |
| 03/01/2023 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;46148 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;42297 | &nbsp;&nbsp;&nbsp;&nbsp;$84 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |

---

------

#### ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (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)** |
| 03/01/2023 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;918051 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;846167 | &nbsp;&nbsp;$(3474) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(3474) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(3390) |

---

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund's assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Investment Grade Income Fund's investments and other financial instruments, which are carried at fair value, as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$13650641 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13650641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1208849 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1208849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736646 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1673399 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1673399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17269535 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17269535 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$17269535 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$17269535 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$84 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$84 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3474) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3474) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(3390) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(3390) |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Brazil (Cost $1,423,163)** |  |  |  |  |
| Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/2024<sup>2</sup> |  | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$263069 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 |
| Klabin Austria GmbH, 7.000%, 04/03/2049 |  | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232760 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 |
| MARB BondCo PLC, 3.950%, 01/29/2031 |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236274 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 |
| Oi S.A., 10.000%, 07/27/2025<sup>3</sup> |  | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29145 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Suzano Austria GmbH, 7.000%, 03/16/2047 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208718 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**969966** | &nbsp;&nbsp;**13.16** |
| **Chile (Cost $194,843)** |  |  |  |  |
| VTR Finance N.V., 6.375%, 07/15/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82440 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**82440** | &nbsp;&nbsp;&nbsp;&nbsp;**1.12** |
| **China (Cost $1,404,342)** |  |  |  |  |
| Central China Real Estate Ltd., 7.250%, 08/13/2024 |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95600 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023<sup>4</sup> |  | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47591 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Kaisa Group Holdings Ltd., 11.250%, 04/16/2025<sup>4</sup> |  | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50521 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Sunac China Holdings Ltd., 7.500%, 02/01/2024<sup>4</sup> |  | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73775 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Zhenro Properties Group Ltd., 7.875%, 04/14/2024<sup>4</sup> |  | &nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25311 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**292798** | &nbsp;&nbsp;&nbsp;&nbsp;**3.97** |
| **Ecuador (Cost $278,511)** |  |  |  |  |
| International Airport Finance S.A., 12.000%, 03/15/2033 |  | &nbsp;&nbsp;283611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284448 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**284448** | &nbsp;&nbsp;&nbsp;&nbsp;**3.86** |
| **Guatemala (Cost $176,071)** |  |  |  |  |
| Millicom International Cellular S.A., 5.125%, 01/15/2028 |  | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160274 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**160274** | &nbsp;&nbsp;&nbsp;&nbsp;**2.17** |
| **India (Cost $864,167)** |  |  |  |  |
| Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027 |  | &nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339919 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 |
| Greenko Power II Ltd., 4.300%, 12/13/2028 |  | &nbsp;&nbsp;191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164394 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| India Green Energy Holdings, 5.375%, 04/29/2024 |  | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339600 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**843913** | &nbsp;&nbsp;**11.45** |
| **Indonesia (Cost $151,253)** |  |  |  |  |
| Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173804 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**173804** | &nbsp;&nbsp;&nbsp;&nbsp;**2.36** |
| **Israel (Cost $483,834)** |  |  |  |  |
| Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/2031<sup>2,5</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181868 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 |
| Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/2036 |  | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249764 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**431632** | &nbsp;&nbsp;&nbsp;&nbsp;**5.85** |
| **Kuwait (Cost $429,716)** |  |  |  |  |
| MEGlobal Canada ULC, 5.875%, 05/18/2030 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206600 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Kuwait (continued)** |  |  |  |  |
| NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/2025<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$188344 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**394944** | &nbsp;&nbsp;&nbsp;&nbsp;**5.36** |
| **Mexico (Cost $1,216,013)** |  |  |  |  |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/2030<sup>2</sup> |  | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267192 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 |
| BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/2033<sup>2</sup> |  | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228120 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| CIBANCO S.A. Institucion de Banca Multiple Trust CIB/3332, 4.375%, 07/22/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155500 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| Orbia Advance Corp. S.A.B. de C.V., 5.875%, 09/17/2044 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183414 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| Trust Fibra Uno, 6.390%, 01/15/2050 |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193380 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1027606** | &nbsp;&nbsp;**13.94** |
| **Panama (Cost $198,958)** |  |  |  |  |
| C&W Senior Financing DAC, 6.875%, 09/15/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190256 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**190256** | &nbsp;&nbsp;&nbsp;&nbsp;**2.58** |
| **Peru (Cost $185,691)** |  |  |  |  |
| Intercorp Peru Ltd., 3.875%, 08/15/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166695 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**166695** | &nbsp;&nbsp;&nbsp;&nbsp;**2.26** |
| **Poland (Cost $100,487)** |  |  |  |  |
| GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81360 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**81360** | &nbsp;&nbsp;&nbsp;&nbsp;**1.10** |
| **Qatar (Cost $282,446)** |  |  |  |  |
| QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 5.882%, 02/07/2025 |  | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280456 | &nbsp;&nbsp;&nbsp;&nbsp;3.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**280456** | &nbsp;&nbsp;&nbsp;&nbsp;**3.80** |
| **Romania (Cost $207,327)** |  |  |  |  |
| NE Property B.V., 1.875%, 10/09/2026 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156686 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**156686** | &nbsp;&nbsp;&nbsp;&nbsp;**2.13** |
| **Russian Federation (Cost $184,629)** |  |  |  |  |
| Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/2027<sup>4,6</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **South Africa (Cost $590,454)** |  |  |  |  |
| Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/2026<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189492 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 |
| MTN Mauritius Investments Ltd., 6.500%, 10/13/2026 |  | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213150 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| Prosus N.V., 3.680%, 01/21/2030 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173000 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**575642** | &nbsp;&nbsp;&nbsp;&nbsp;**7.81** |
| **Turkey (Cost $198,788)** |  |  |  |  |
| Zorlu Yenilenebilir Enerji A.S., 9.000%, 06/01/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166254 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**166254** | &nbsp;&nbsp;&nbsp;&nbsp;**2.26** |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (Cost $723,362)** |  |  |  |  |
| DIB Sukuk Ltd., 2.950%, 01/16/2026 |  | &nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$226560 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| DP World Ltd., 6.850%, 07/02/2037 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226053 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/2025<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**652613** | &nbsp;&nbsp;&nbsp;&nbsp;**8.85** |
| **Total Debt Securities (Cost $9,294,055)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6931787** | &nbsp;&nbsp;&nbsp;&nbsp;**94.03** |
| **Total Investments in Securities (Cost $9,294,055)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6931787** | &nbsp;&nbsp;&nbsp;&nbsp;**94.03** |
| **Total Investments (Total Cost $9,294,055)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6931787** | &nbsp;&nbsp;&nbsp;&nbsp;**94.03** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439866 | &nbsp;&nbsp;&nbsp;&nbsp;5.97 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$7371653** | &nbsp;&nbsp;**100.00** |

---

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

<sup>2</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>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> 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.

<sup>6</sup> Security has been deemed worthless and is a Level 3 investment.

Percentages shown are based on net assets.

At January 31, 2023, the Ashmore Emerging Markets Corporate Income ESG 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)** |
| 03/01/2023 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;236034 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;217552 | &nbsp;&nbsp;$(893) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(893) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(893) |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund's assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Income ESG Fund's investments and other financial instruments, which are carried at fair value, as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$5193705 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5193705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866672 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707016 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164394 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6931787 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6931787 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6931787 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6931787 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments |  |  |  |  |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(893) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(893) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(893) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(893) |

---

------

#### ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND<br>

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2023 (Unaudited)*

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended January 31, 2023:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and<br> Subcategory** | **Beginning<br> Balance<br> at 10/31/2022** | **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 01/31/2023** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> from Investments<br> still held<br> 01/31/2023** |
| Investments, at value |  |  |  |  |  |  |  |  |  |  |
| Corporate Bonds |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| Total | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |

---

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 January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| 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> 01/31/2023 | &nbsp;&nbsp;Valuation<br> Technique | &nbsp;&nbsp;Unobservable<br> Input |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;Zero Priced Asset | &nbsp;&nbsp;Inputs to Model |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ashmore Funds

- **b. Investment Company Act file number:** 811-22468

- **c. CIK number of Registrant:** 0001498498

- **d. LEI of Registrant:** 549300JIZK4U03Q64E73

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 61 Aldwych

  - **City:** London

  - **Zip / Postal Code:** WC2B 4AE

  - **Telephone number:** 011-44-20-3206-4500

**Item A.2. Information about the Series.**

- **a. Name of Series:** Ashmore Emerging Markets Local Currency Bond Fund

- **b. EDGAR series identifier (if any):** S000030388

- **c. LEI of Series:** 549300IRP9FC537A2627

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $10224322.76

**Total Liabilities:** $257381.23

**Net Assets:** $9966941.53

**Cash Not Reported:** $1336420.05

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 20.262529971314 | **5-Year:** 93.770646496987 | **10-Year:** 41.168542648950 | **30-Year:** 1.822565490799

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.647076706403 | **1-Year:** 1.137286332468 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000093384 | 6.61%                | 1.91%                | 4.06%                |
| Class ID C000098146 | 6.58%                | 1.84%                | 4.10%                |
| Class ID C000098147 | 6.43%                | 1.90%                | 4.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-15335.70               | $268147.50                                 |
| Month 2  | $-166812.86              | $207678.55                                 |
| Month 3  | $-18609.50               | $364732.14                                 |

**Designated Index Information**

- **Index Name:** GBI-EM GD

- **Index Identifier:** GBI-EM GD

### Schedule of Portfolio Investments

| Name                                            | Title                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| South Africa (Republic of)                      | SAGB 8.875 02/28/35 2035                        | CUSIP: S69124WF8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1292155 | PA      | $64147.33     | 0.64%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| China (People's Republic Of)                    | CGB 2.62 09/25/29 INBK                          | CUSIP: BZ1069294<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |      440000 | PA      | $64072.17     | 0.64%             | 2029-09-25      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Thailand (Kingdom Of)                           | THAIGB 3.6 06/17/67                             | CUSIP: Y6065BHP5<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |      901000 | PA      | $25294.32     | 0.25%             | 2067-06-17      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Czech (Republic of)                             | CZGB 0.95 05/15/30 94                           | CUSIP: X73311KU9<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |       60000 | PA      | $2111.57      | 0.02%             | 2030-05-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                            | POLGB 2.5 07/25/26 0726                         | CUSIP: X8T024QG3<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      476000 | PA      | $97839.50     | 0.98%             | 2026-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic of)                           | URUGUA 3.875 07/02/40                           | CUSIP: 917288BL5<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     2812340 | PA      | $91834.95     | 0.92%             | 2040-07-02      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                        | EGYTB 0 04/18/23 364D                           | CUSIP: 999JAN167<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      700000 | PA      | $22266.05     | 0.22%             | 2023-04-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                      | SAGB 6.5 02/28/41 R214                          | CUSIP: S69124NG6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      937450 | PA      | $34233.09     | 0.34%             | 2041-02-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                            | POLGB 1.75 04/25/32 0432                        | CUSIP: X8T0245B7<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      302000 | PA      | $49228.29     | 0.49%             | 2032-04-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Ministerio de Hacienda y Credito Publico        | COLTES 3.3 03/17/27 UVR                         | CUSIP: P6S32JQ60<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      805000 | PA      | $54561.89     | 0.55%             | 2027-03-17      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                      | SAGB 8.75 01/31/44 2044                         | CUSIP: S69124VF9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1777570 | PA      | $80644.47     | 0.81%             | 2045-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                           | HGB 3 08/21/30 30/A                             | CUSIP: X51627CE9<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    14890000 | PA      | $29734.97     | 0.30%             | 2030-08-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                  | MBONO 10 12/05/24 M 20                          | CUSIP: P9767GB34<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      440000 | PA      | $23419.62     | 0.23%             | 2024-12-05      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 10.5 08/15/30 FR52                       | CUSIP: Y39814FJ5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   213000000 | PA      | $17465.90     | 0.18%             | 2030-08-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                  | MBONO 7.75 05/29/31 M                           | CUSIP: P9767HEK1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1870000 | PA      | $93880.84     | 0.94%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| China (People's Republic Of)                    | CGB 2.68 05/21/30 INBK                          | CUSIP: Y6S39BXJ4<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |      400000 | PA      | $58324.55     | 0.59%             | 2030-05-21      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 8.375 03/15/34 FR68                      | CUSIP: Y39814JF9<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   974000000 | PA      | $72752.28     | 0.73%             | 2034-03-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                            | POLGB 2.75 10/25/29 1029                        | CUSIP: X8T024E27<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      271000 | PA      | $51491.69     | 0.52%             | 2029-10-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                            | POLGB 2.25 10/25/24 1024                        | CUSIP: X8T024G90<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      180000 | PA      | $39034.33     | 0.39%             | 2024-10-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 8.25 05/15/36 FR72                       | CUSIP: Y6S86ZCS6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   635000000 | PA      | $47306.10     | 0.47%             | 2036-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Czech (Republic of)                             | CZGB 2.5 08/25/28 78                            | CUSIP: X73311JB3<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     1720000 | PA      | $69851.46     | 0.70%             | 2028-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic of)                           | URUGUA 4.375 12/15/28                           | CUSIP: 917288BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      238464 | PA      | $15531.36     | 0.16%             | 2028-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Secretaria Tesouro Nacional                     | BNTNF 10 01/01/25 NTNF                          | CUSIP: P8T60MDK6<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1676000 | PA      | $315345.89    | 3.16%             | 2025-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 7 02/15/33 FR96                          | CUSIP: Y6S86ZWJ4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   817000000 | PA      | $55721.47     | 0.56%             | 2033-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic of)                          | COLTES 6 04/28/28 B                             | CUSIP: P28714AP1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   247900000 | PA      | $41092.61     | 0.41%             | 2028-04-28      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 7 05/15/27 FR59                          | CUSIP: Y39814HA2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  1318000000 | PA      | $90253.02     | 0.91%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 5.625 05/15/23 FR63                      | CUSIP: Y39814HP9<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  1317000000 | PA      | $87952.84     | 0.88%             | 2023-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Ministerio de Hacienda y Credito Publico        | COLTES 7 06/30/32 B                             | CUSIP: P6S32JQ52<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   235100000 | PA      | $35953.99     | 0.36%             | 2032-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                  | MBONO 8.5 11/18/38 M 30                         | CUSIP: P6625CAM0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     2050000 | PA      | $106473.06    | 1.07%             | 2038-11-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic of)                          | COLTES 7.5 08/26/26 B                           | CUSIP: P3107FAR6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   254200000 | PA      | $47612.10     | 0.48%             | 2026-08-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Secretaria Tesouro Nacional                     | BNTNF 10 01/01/27 NTNF                          | CUSIP: P8T60MXG3<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     2978000 | PA      | $538995.23    | 5.41%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                  | MBONO 5.75 03/05/26 M                           | CUSIP: P4R07XKC9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     2430000 | PA      | $116867.90    | 1.17%             | 2026-03-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                           | ROMGB 4.85 07/25/29 8Y                          | CUSIP: X5S007HW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      240000 | PA      | $45895.61     | 0.46%             | 2029-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Banco Central del Uruguay                       | UTB 0 10/26/23 0001                             | CUSIP: P08097BP4<br>LEI: 549300DTMS39GZYBX161 | Long             | DBT              | NUSS              | UY        |     1184000 | PA      | $28094.31     | 0.28%             | 2023-10-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                      | SAGB 8.5 01/31/37 2037                          | CUSIP: S69124TY1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     3425800 | PA      | $159772.22    | 1.60%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Peru (Republic of)                              | PERUGB 6.15 08/12/32                            | CUSIP: P6S32DDY6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      166000 | PA      | $37733.58     | 0.38%             | 2032-08-12      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Thailand (Kingdom Of)                           | THAIGB 3.775 06/25/32                           | CUSIP: Y6065BAN7<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     1527000 | PA      | $51111.42     | 0.51%             | 2032-06-25      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Thailand (Kingdom Of)                           | THAIGB 1.585 12/17/35                           | CUSIP: Y6065BMC8<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     1611000 | PA      | $42582.50     | 0.43%             | 2035-12-17      | Fixed         | 1.58%                 | Yes           |                  2 | On Loan: No      |
| South Africa (Republic of)                      | SAGB 9 01/31/40 2040                            | CUSIP: S69124WH4<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1269211 | PA      | $60141.64     | 0.60%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Czech (Republic of)                             | CZGB 2 10/13/33 103                             | CUSIP: 999MAR286<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     1790000 | PA      | $63756.26     | 0.64%             | 2033-10-13      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                            | POLGB 3.75 05/25/27 0527                        | CUSIP: X8T0247Q2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      771000 | PA      | $163145.79    | 1.64%             | 2027-05-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Chile (Republic of)                             | BTPCL 7 05/01/34                                | CUSIP: P3718SBH0<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    55000000 | PA      | $77525.23     | 0.78%             | 2034-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Peru (Republic of)                              | PERU 6.95 08/12/31 REGS                         | CUSIP: 715638BE1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      347000 | PA      | $84572.18     | 0.85%             | 2031-08-12      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Malaysia (Government Of)                        | MGS 3.828 07/05/34 0419                         | CUSIP: Y2R35QCD1<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      405000 | PA      | $94399.67     | 0.95%             | 2034-07-05      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                  | MBONO 7.5 06/03/27 M 20                         | CUSIP: P4R086AF1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      840000 | PA      | $42406.16     | 0.43%             | 2027-06-03      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 7 09/15/30 FR82                          | CUSIP: Y6S86ZMP1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   897000000 | PA      | $61250.80     | 0.61%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic of)                          | COLTES 7 03/26/31 B                             | CUSIP: P6S32JV64<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   216700000 | PA      | $34311.81     | 0.34%             | 2031-03-26      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Russian Federation                              | RFLB 7.25 05/10/34 6225                         | CUSIP: X5424XBV9<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |     6038000 | PA      | $4299.88      | 0.04%             | 2034-05-10      | Fixed         | 7.25%                 | No            |                  3 | On Loan: No      |
| Thailand (Kingdom Of)                           | THAIGB 2 06/17/42                               | CUSIP: Y6065BMN4<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     2203000 | PA      | $56711.02     | 0.57%             | 2042-06-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Chile (Republic of)                             | BTPCL 5 10/01/28                                | CUSIP: P3718SAY4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    20000000 | PA      | $24581.66     | 0.25%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                           | HGB 5.5 06/24/25 25/B                           | CUSIP: X0R83EJZ8<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    42360000 | PA      | $104126.32    | 1.04%             | 2025-06-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                           | HGB 6.75 10/22/28 28/A                          | CUSIP: X9379QRH5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     2410000 | PA      | $6120.39      | 0.06%             | 2028-10-22      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                           | HGB 3 10/27/27 27/A                             | CUSIP: X93622EB4<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    13320000 | PA      | $28632.18     | 0.29%             | 2027-10-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Thailand (Kingdom Of)                           | THAIGB 2.65 06/17/28                            | CUSIP: Y6065BQT7<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |      789000 | PA      | $24535.29     | 0.25%             | 2028-06-17      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Thailand (Kingdom Of)                           | THAIGB 2.875 06/17/46                           | CUSIP: Y6065BDQ7<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     1983000 | PA      | $56856.75     | 0.57%             | 2046-06-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Czech (Republic of)                             | CZGB 2.75 07/23/29 105                          | CUSIP: 999MAR302<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     2120000 | PA      | $85988.58     | 0.86%             | 2029-07-23      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Thailand (Kingdom Of)                           | THAIGB 3.3 06/17/38                             | CUSIP: Y6065BKV8<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     1967000 | PA      | $61978.28     | 0.62%             | 2038-06-17      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                           | ROMGB 4.75 10/11/34 15Y                         | CUSIP: X5S007FC6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      185000 | PA      | $32082.07     | 0.32%             | 2034-10-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Comision Federal de Electricidad                | CFELEC 8.18 12/23/27 17                         | CUSIP: P30179AW8<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |      420000 | PA      | $20021.12     | 0.20%             | 2027-12-23      | Fixed         | 8.18%                 | No            |                  2 | On Loan: No      |
| Peru (Republic of)                              | PERU 6.35 08/12/28 REGS                         | CUSIP: P78024AC3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      187000 | PA      | $45576.79     | 0.46%             | 2028-08-12      | Fixed         | 6.35%                 | Yes           |                  2 | On Loan: No      |
| Poland (Republic of)                            | POLGB 0.75 04/25/25 0425                        | CUSIP: X8T024V93<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      230000 | PA      | $47171.32     | 0.47%             | 2025-04-25      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                           | ROMGB 4.15 01/26/28 8Y                          | CUSIP: X5S007FG7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      315000 | PA      | $60344.30     | 0.61%             | 2028-01-26      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                           | ROMGB 5.8 07/26/27 15YR                         | CUSIP: X73987HJ5<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      440000 | PA      | $91485.57     | 0.92%             | 2027-07-26      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                      | SAGB 8 01/31/30 2030                            | CUSIP: S69124VP7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     2288380 | PA      | $120495.04    | 1.21%             | 2030-01-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Malaysia (Government Of)                        | MGS 4.065 06/15/50 0120                         | CUSIP: Y2R35QCH2<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      305000 | PA      | $68365.19     | 0.69%             | 2050-06-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| China (People's Republic Of)                    | CGB 2.85 06/04/27 INBK                          | CUSIP: Y6S39BXP0<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |      980000 | PA      | $145807.36    | 1.46%             | 2027-06-04      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Ministerio de Hacienda y Credito Publico        | COLTES 5.75 11/03/27 B                          | CUSIP: P6S32JT83<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   881100000 | PA      | $147478.47    | 1.48%             | 2027-11-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Czech (Republic of)                             | CZGB 1.75 06/23/32 138                          | CUSIP: 999APR302<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     1430000 | PA      | $51326.07     | 0.51%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                           | ROMGB 6.7 02/25/32 10Y                          | CUSIP: X5S007JK4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       65000 | PA      | $13672.75     | 0.14%             | 2032-02-25      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Thailand (Kingdom Of)                           | THAIGB 3.4 06/17/36                             | CUSIP: Y6065BBR7<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     2736000 | PA      | $88627.58     | 0.89%             | 2036-06-17      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| China (People's Republic Of)                    | CGB 2.75 02/17/32 INBK                          | CUSIP: Y6S39BL40<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |      170000 | PA      | $24796.97     | 0.25%             | 2032-02-17      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Secretaria Tesouro Nacional                     | BLTN 0 01/01/26 LTN                             | CUSIP: 999JUL250<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1140000 | PA      | $157561.11    | 1.58%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 7.5 08/15/32 FR74                        | CUSIP: Y6S86ZFG9<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   583000000 | PA      | $41014.89     | 0.41%             | 2032-08-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fondo MIVIVIENDA S.A.                           | MIVIVI 7 02/14/24 REGS                          | CUSIP: P42009AD5<br>LEI: 549300X41PNOK11PZ670 | Long             | DBT              | CORP              | PE        |      133000 | PA      | $33768.86     | 0.34%             | 2024-02-14      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 6.375 07/15/37 FR93                      | CUSIP: Y6S86ZUG2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   780000000 | PA      | $50211.67     | 0.50%             | 2037-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                  | MBONO 7.75 11/13/42 M                           | CUSIP: P4R0C9EK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      640000 | PA      | $30684.86     | 0.31%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                  | MBONO 10 11/20/36 M 30                          | CUSIP: P9767GR78<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     2510000 | PA      | $147602.21    | 1.48%             | 2036-11-20      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                             | PEMEX 7.19 09/12/24 REGS                        | CUSIP: P78625DC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     2290000 | PA      | $111702.98    | 1.12%             | 2024-09-12      | Fixed         | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Czech (Republic of)                             | CZGB 0.05 11/29/29 130                          | CUSIP: ZO1409101<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |      630000 | PA      | $20960.95     | 0.21%             | 2029-11-29      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 6.375 04/15/32 FR91                      | CUSIP: Y6S86ZTG4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   702000000 | PA      | $46065.39     | 0.46%             | 2032-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Thailand (Kingdom Of)                           | THAIGB 3.39 06/17/37                            | CUSIP: BY9989892<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     2450000 | PA      | $78705.81     | 0.79%             | 2037-06-17      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                      | SAGB 8.25 03/31/32 2032                         | CUSIP: S69124UU7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     2646476 | PA      | $133631.83    | 1.34%             | 2032-03-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                             | PEMEX 7.47 11/12/26 14-2                        | CUSIP: P7S08VAM3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |      160000 | PA      | $7347.86      | 0.07%             | 2026-11-12      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                           | HGB 4.5 03/23/28 28/B                           | CUSIP: BT4398900<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    11150000 | PA      | $25560.76     | 0.26%             | 2028-03-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic of)                           | URUGUA 8.5 03/15/28 REGS                        | CUSIP: P80557BV5<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      155000 | PA      | $3712.67      | 0.04%             | 2028-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Malaysia (Government Of)                        | MGS 4.642 11/07/33 0318                         | CUSIP: Y2R35QBZ3<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      246000 | PA      | $61138.55     | 0.61%             | 2033-11-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 6.5 02/15/31 FR87                        | CUSIP: Y6S86ZPZ6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   480000000 | PA      | $31763.13     | 0.32%             | 2031-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| China (People's Republic Of)                    | CGB 1.99 04/09/25 INBK                          | CUSIP: Y6S39BWZ9<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |      330000 | PA      | $48356.47     | 0.49%             | 2025-04-09      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Malaysia (Government Of)                        | MGS 3.757 05/22/40 0519                         | CUSIP: Y2R35QCG4<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      100000 | PA      | $22240.93     | 0.22%             | 2040-05-22      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Peru (Republic of)                              | PERUGB 5.35 08/12/40                            | CUSIP: P6S32DFG3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |       63000 | PA      | $12021.23     | 0.12%             | 2040-08-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                      | SAGB 8.75 02/28/48 2048                         | CUSIP: S6989ZAQ7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     2575020 | PA      | $116260.67    | 1.17%             | 2049-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                            | POLGB 3.25 07/25/25 0725                        | CUSIP: X8T024MN2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |       91000 | PA      | $19661.31     | 0.20%             | 2025-07-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                        | EGYTB 0 04/11/23 364D                           | CUSIP: 999JAN118<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      700000 | PA      | $22352.82     | 0.22%             | 2023-04-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                           | ROMGB 4.15 10/24/30 10YR                        | CUSIP: X5S007FR3<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      115000 | PA      | $20577.46     | 0.21%             | 2030-10-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Secretaria Tesouro Nacional                     | BNTNF 10 01/01/29 NTNF                          | CUSIP: P8T60MZC0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      262000 | PA      | $45618.21     | 0.46%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Malaysia (Government Of)                        | MGII 3.465 10/15/30 0220                        | CUSIP: Y2R35QBH3<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |       55000 | PA      | $12534.94     | 0.13%             | 2030-10-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| Peru (Republic of)                              | PERUGB 5.94 02/12/29                            | CUSIP: P6S32DET6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      152000 | PA      | $35923.82     | 0.36%             | 2029-02-12      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Peru (Republic of)                              | PERUGB 5.4 08/12/34                             | CUSIP: P6S32DEZ2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      219000 | PA      | $45425.47     | 0.46%             | 2034-08-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                      | SAGB 7 02/28/31 R213                            | CUSIP: S69124NF8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     2800562 | PA      | $133815.36    | 1.34%             | 2031-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                           | HGB 4.75 11/24/32 32/A                          | CUSIP: X51627SP7<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     7690000 | PA      | $16710.34     | 0.17%             | 2032-11-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                  | MBONO 5.5 03/04/27 M                            | CUSIP: BR4592233<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     5320000 | PA      | $248713.99    | 2.50%             | 2027-03-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ministerio de Hacienda y Credito Publico        | COLTES 7.75 09/18/30 B                          | CUSIP: P6S32JH78<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   219000000 | PA      | $36875.11     | 0.37%             | 2030-09-18      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 8.75 05/15/31 FR73                       | CUSIP: Y6S86ZCW7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  1159000000 | PA      | $87534.50     | 0.88%             | 2031-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Malaysia (Government Of)                        | MGS 4.893 06/08/38 0418                         | CUSIP: Y2R35QCC3<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      268000 | PA      | $68907.55     | 0.69%             | 2038-06-08      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Secretaria Tesouro Nacional                     | BLTN 0 07/01/25 LTN                             | CUSIP: P8T60NKK6<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     4790000 | PA      | $705842.55    | 7.08%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                           | HGB 3 10/27/38 38/A                             | CUSIP: X51627BW0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     5640000 | PA      | $9055.81      | 0.09%             | 2038-10-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic of)                           | URUGUA 8.25 05/21/31                            | CUSIP: 917288BM3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      743171 | PA      | $17252.90     | 0.17%             | 2031-05-21      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 8.125 05/15/24 FR77                      | CUSIP: Y6S86ZJU4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  4454000000 | PA      | $305228.25    | 3.06%             | 2024-05-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 6.375 08/15/28 FR95                      | CUSIP: Y6S86ZWH8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  2468000000 | PA      | $165110.68    | 1.66%             | 2028-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                         | INDOGB 8.375 04/15/39 FR79                      | CUSIP: Y6S86ZKT5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   788000000 | PA      | $59761.68     | 0.60%             | 2039-04-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Malaysia (Government Of)                        | MGS 3.733 06/15/28 0513                         | CUSIP: Y55745NU6<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      119000 | PA      | $28262.30     | 0.28%             | 2028-06-15      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| Malaysia (Government Of)                        | MGS 3.885 08/15/29 0219                         | CUSIP: Y2R35QBX8<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      193000 | PA      | $45581.35     | 0.46%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Malaysia (Government Of)                        | MGS 3.906 07/15/26 0119                         | CUSIP: Y2R35QBU4<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      310000 | PA      | $73640.64     | 0.74%             | 2026-07-15      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| China (People's Republic Of)                    | CGB 3.72 04/12/51 INBK                          | CUSIP: Y6S39BB90<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |      540000 | PA      | $85722.52     | 0.86%             | 2051-04-12      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - BRL                         | CURRENCY CONTRACT - BRL                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -23000 | NC      | $1262.76      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - BRL                         | CURRENCY CONTRACT - BRL                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -184451 | NC      | $8738.73      | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - BRL                         | CURRENCY CONTRACT - BRL                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -46741 | NC      | $1522.05      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - BRL                         | CURRENCY CONTRACT - BRL                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -683171 | NC      | $53585.93     | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - BRL                         | CURRENCY CONTRACT - BRL                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -346542 | NC      | $8922.44      | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - CLP                         | CURRENCY CONTRACT - CLP                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -86897 | NC      | $2514.39      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - CLP                         | CURRENCY CONTRACT - CLP                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -12095 | NC      | $299.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - CLP                         | CURRENCY CONTRACT - CLP                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -18321 | NC      | $291.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - CNH                         | CURRENCY CONTRACT - CNH                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -338824 | NC      | $1086.40      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - CZK                         | CURRENCY CONTRACT - CZK                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -258826 | NC      | $134.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - EGP                         | CURRENCY CONTRACT - EGP                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |       -4784 | NC      | $-266.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - EGP                         | CURRENCY CONTRACT - EGP                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |       -4663 | NC      | $-267.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - EGP                         | CURRENCY CONTRACT - EGP                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -10705 | NC      | $-271.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - EGP                         | CURRENCY CONTRACT - EGP                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |       -4405 | NC      | $-51.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - EGP                         | CURRENCY CONTRACT - EGP                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |       -6295 | NC      | $-66.28       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - HUF                         | CURRENCY CONTRACT - HUF                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -68427 | NC      | $500.39       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - HUF                         | CURRENCY CONTRACT - HUF                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -16534 | NC      | $225.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - INR                         | CURRENCY CONTRACT - INR                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -98000 | NC      | $14.43        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - INR                         | CURRENCY CONTRACT - INR                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -106489 | NC      | $-678.76      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - INR                         | CURRENCY CONTRACT - INR                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -75776 | NC      | $-409.48      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - INR                         | CURRENCY CONTRACT - INR                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |       -9414 | NC      | $-44.75       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - INR                         | CURRENCY CONTRACT - INR                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -105264 | NC      | $-44.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - MXN                         | CURRENCY CONTRACT - MXN                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -26687 | NC      | $342.22       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - MXN                         | CURRENCY CONTRACT - MXN                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -16058 | NC      | $94.97        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - MYR                         | CURRENCY CONTRACT - MYR                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -525875 | NC      | $3389.70      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - PLN                         | CURRENCY CONTRACT - PLN                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -75020 | NC      | $75.89        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - PLN                         | CURRENCY CONTRACT - PLN                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -161009 | NC      | $-43.36       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - RON                         | CURRENCY CONTRACT - RON                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -99502 | NC      | $-922.08      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -60000 | NC      | $4379.58      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -32000 | NC      | $2131.30      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -46032 | NC      | $3385.60      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -45372 | NC      | $3170.09      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -32009 | NC      | $2217.30      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -22912 | NC      | $1178.71      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -25332 | NC      | $1277.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -32817 | NC      | $1477.97      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -20797 | NC      | $895.28       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -52352 | NC      | $2837.41      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -27723 | NC      | $1484.24      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -51787 | NC      | $2428.66      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -52409 | NC      | $2076.73      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -17080 | NC      | $-162.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -231787 | NC      | $474.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - THB                         | CURRENCY CONTRACT - THB                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -163398 | NC      | $282.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - TRY                         | CURRENCY CONTRACT - TRY                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |       -8100 | NC      | $151.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |  -667626533 | NC      | $-1915.32     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -1092838 | NC      | $-1231.47     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -1355664 | NC      | $-13941.50    | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -958342 | NC      | $-9887.55     | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -942062 | NC      | $-1397.42     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -1035000 | NC      | $-1660.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -4579290 | NC      | $-65523.99    | -0.66%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -71951 | NC      | $-239.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        | -1120752352 | NC      | $169.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -321293 | NC      | $7.26         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |  -197089886 | NC      | $-253.54      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -89672 | NC      | $-156.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        | -1851363484 | NC      | $-762.67      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -1804443 | NC      | $-8735.70     | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -136351 | NC      | $34.70        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -132167 | NC      | $92.80        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |    -8668000 | NC      | $196.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                         | CURRENCY CONTRACT - USD                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |     -618660 | NC      | $-1263.08     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CURRENCY CONTRACT - ZAR                         | CURRENCY CONTRACT - ZAR                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |      -20000 | NC      | $-243.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CNY RCV 2.01% PAY CNRR07D 16-SEP-2025   | IRS_CCP CNY RCV 2.01% PAY CNRR07D 16-SEP-2025   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CN        |      900000 | OU      | $-2030.79     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| OIS_CCP BRL RCV 12.69% PAY BZDIO1D 02-JAN-2025  | OIS_CCP BRL RCV 12.69% PAY BZDIO1D 02-JAN-2025  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | BR        |      715128 | OU      | $-215.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS MYR RCV 3.68% PAY KLIBO3M 15-MAR-2028       | IRS MYR RCV 3.68% PAY KLIBO3M 15-MAR-2028       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | MY        |     1000000 | OU      | $1511.20      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP MXN RCV 8.51% PAY TIIE28D 08-MAR-2028   | IRS_CCP MXN RCV 8.51% PAY TIIE28D 08-MAR-2028   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | MX        |     4000000 | OU      | $746.26       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CNY RCV 2.4374% PAY CNRR07D 16-MAR-2027 | IRS_CCP CNY RCV 2.4374% PAY CNRR07D 16-MAR-2027 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CN        |     1050000 | OU      | $-2142.75     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS MYR RCV 3.622% PAY KLIBO3M 15-MAR-2028      | IRS MYR RCV 3.622% PAY KLIBO3M 15-MAR-2028      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | MY        |      500000 | OU      | $459.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP CNY RCV 2.7747% PAY CNRR07D 15-MAR-2028 | IRS_CCP CNY RCV 2.7747% PAY CNRR07D 15-MAR-2028 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | CN        |     1700000 | OU      | $-1625.52     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| IRS_CCP MXN RCV 6.5625% PAY TIIE28D 31-DEC-2024 | IRS_CCP MXN RCV 6.5625% PAY TIIE28D 31-DEC-2024 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | MX        |     7300000 | OU      | $-22535.35    | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Ashmore Funds

**Signature:** Jonathan Kim

**Name of Signer:** Jonathan Kim

**Title:** Treasurer