# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0002066578-25-000642
**Filing Date:** 2025-9
**Character Count:** 346671
**Document Hash:** 37c28a5a738fecc783723bf60fe62e5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000642.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0002066578-25-000642

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22468
- **FILM NUMBER:** 251335586

**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 Equity ESG Fund (Series ID: S000067834)

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

## Nport-Ex

##External\*Document\*Content##5430

------

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

#### SCHEDULE OF INVESTMENTS
*As of July 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $727,984)** |  |  |  |  |
| Angola (Rep of), 8.750%, 04/14/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$181562 | &nbsp;&nbsp;0.24 |
| Angola (Rep of), 9.375%, 05/08/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222368 | &nbsp;&nbsp;0.29 |
| Angola (Rep of), 9.125%, 11/26/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322957 | &nbsp;&nbsp;0.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**726887** | &nbsp;&nbsp;**0.96** |
| **Argentina (Cost $1,147,213)** |  |  |  |  |
| Argentina (Rep of), 1.000%, 07/09/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146169 | &nbsp;&nbsp;0.19 |
| Argentina (Rep of), 29.500%, 05/30/2030 | &nbsp;&nbsp;ARS | &nbsp;&nbsp;414037000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306047 | &nbsp;&nbsp;0.40 |
| Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/2030<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628251 | &nbsp;&nbsp;0.83 |
| Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307271 | &nbsp;&nbsp;0.41 |
| Argentina (Rep of), 5.000%, 01/09/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189811 | &nbsp;&nbsp;0.25 |
| Argentina (Rep of), (Step to 4.875% on 07/09/29), 3.500%, 07/09/2041<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149606 | &nbsp;&nbsp;0.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1727155** | &nbsp;&nbsp;**2.28** |
| **Armenia (Cost $195,182)** |  |  |  |  |
| Armenia (Rep of), 6.750%, 03/12/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195750 | &nbsp;&nbsp;0.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**195750** | &nbsp;&nbsp;**0.26** |
| **Azerbaijan (Cost $406,770)** |  |  |  |  |
| Southern Gas Corridor CJSC, 6.875%, 03/24/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399311 | &nbsp;&nbsp;0.53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**399311** | &nbsp;&nbsp;**0.53** |
| **Bahrain (Cost $547,551)** |  |  |  |  |
| Bahrain (Rep of), 5.625%, 09/30/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250671 | &nbsp;&nbsp;0.33 |
| Bahrain (Rep of), 7.500%, 09/20/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;0.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**579671** | &nbsp;&nbsp;**0.76** |
| **Benin (Cost $195,906)** |  |  |  |  |
| Benin (Rep of), 8.375%, 01/23/2041<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196700 | &nbsp;&nbsp;0.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**196700** | &nbsp;&nbsp;**0.26** |
| **Brazil (Cost $3,443,085)** |  |  |  |  |
| Brazil (Rep of), 6.000%, 04/07/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251875 | &nbsp;&nbsp;0.33 |
| Brazil (Rep of), 4.625%, 01/13/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239520 | &nbsp;&nbsp;0.32 |
| Brazil (Rep of), 5.000%, 01/27/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208581 | &nbsp;&nbsp;0.27 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2030<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;17503000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777156 | &nbsp;&nbsp;2.34 |
| MC Brazil Downstream Trading S.a.r.l., 7.250%, 06/30/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221667 | &nbsp;&nbsp;0.29 |
| OI S.A., 8.500%, (93% PIK), 12/31/2028<sup>3,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3465123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232163 | &nbsp;&nbsp;0.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2930962** | &nbsp;&nbsp;**3.86** |
| **Bulgaria (Cost $23,113)** |  |  |  |  |
| Bulgaria (Rep of), 5.000%, 03/05/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23385 | &nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23385** | &nbsp;&nbsp;**0.03** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Chile (Cost $1,548,143)** |  |  |  |  |
| Chile (Rep of), 4.950%, 01/05/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;410637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$402013 | &nbsp;&nbsp;0.53 |
| Chile (Rep of), 3.100%, 05/07/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265860 | &nbsp;&nbsp;0.35 |
| Chile (Rep of), 3.100%, 01/22/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213087 | &nbsp;&nbsp;0.28 |
| Corp. Nacional del Cobre de Chile, 5.625%, 10/18/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221616 | &nbsp;&nbsp;0.29 |
| Empresa de Transporte de Pasajeros Metro S.A., 4.700%, 05/07/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229814 | &nbsp;&nbsp;0.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1332390** | &nbsp;&nbsp;**1.76** |
| **China (Cost $27,552,192)** |  |  |  |  |
| Central China Real Estate Ltd., 7.650%, 08/27/2023<sup>6,7</sup> |  | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64600 | &nbsp;&nbsp;0.09 |
| Central China Real Estate Ltd., 7.900%, 11/07/2023<sup>6,7</sup> |  | &nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64940 | &nbsp;&nbsp;0.09 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>6,7</sup> |  | &nbsp;&nbsp;3666000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119145 | &nbsp;&nbsp;0.16 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>6</sup> |  | &nbsp;&nbsp;1667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54177 | &nbsp;&nbsp;0.07 |
| China (Rep of), 2.270%, 05/25/2034 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;6060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878506 | &nbsp;&nbsp;1.16 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>6,7</sup> |  | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83250 | &nbsp;&nbsp;0.11 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>6,7</sup> |  | &nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54575 | &nbsp;&nbsp;0.07 |
| China SCE Group Holdings Ltd., 7.000%, 05/02/2025<sup>6,7</sup> |  | &nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61512 | &nbsp;&nbsp;0.08 |
| China SCE Group Holdings Ltd., 6.000%, 02/04/2026<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33624 | &nbsp;&nbsp;0.04 |
| Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/2021<sup>6,7</sup> |  | &nbsp;&nbsp;4515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118519 | &nbsp;&nbsp;0.16 |
| Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022<sup>6,7</sup> |  | &nbsp;&nbsp;5635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147919 | &nbsp;&nbsp;0.19 |
| Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022<sup>6,7</sup> |  | &nbsp;&nbsp;1189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31211 | &nbsp;&nbsp;0.04 |
| 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;&nbsp;&nbsp;&nbsp;57094 | &nbsp;&nbsp;0.08 |
| Kaisa Group Holdings Ltd., 8.500%, 06/30/2022<sup>6,7</sup> |  | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148750 | &nbsp;&nbsp;0.20 |
| Kaisa Group Holdings Ltd., 10.875%, 07/23/2023<sup>6,7</sup> |  | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106250 | &nbsp;&nbsp;0.14 |
| KWG Group Holdings Ltd., 6.000%, 01/14/2024<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750 | &nbsp;&nbsp;0.01 |
| Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264175 | &nbsp;&nbsp;0.35 |
| Sunac China Holdings Ltd., 6.000%, 09/30/2025<sup>3,5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;242011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32066 | &nbsp;&nbsp;0.04 |
| Sunac China Holdings Ltd., 6.250%, 09/30/2026<sup>3,5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;242599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32144 | &nbsp;&nbsp;0.04 |
| Sunac China Holdings Ltd., 6.500%, 09/30/2027<sup>3,5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;243156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32218 | &nbsp;&nbsp;0.04 |
| Sunac China Holdings Ltd., 6.750%, 09/30/2028<sup>3,5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;390696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51767 | &nbsp;&nbsp;0.07 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>3,5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;175771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23290 | &nbsp;&nbsp;0.03 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;378646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50171 | &nbsp;&nbsp;0.07 |
| Sunac China Holdings Ltd., 7.250%, 09/30/2030<sup>3,5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;340689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45141 | &nbsp;&nbsp;0.06 |
| Sunac China Holdings Ltd., 7.250%, 09/30/2030<sup>5,6</sup> |  | &nbsp;&nbsp;1105495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146478 | &nbsp;&nbsp;0.19 |
| Yuzhou Group Holdings Co. Ltd., 9.950%, 06/08/2023<sup>6,7</sup> |  | &nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111650 | &nbsp;&nbsp;0.15 |
| Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/2023<sup>6,7</sup> |  | &nbsp;&nbsp;3962000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277340 | &nbsp;&nbsp;0.37 |
| Yuzhou Group Holdings Co. Ltd., 7.850%, 08/12/2026<sup>6</sup> |  | &nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93100 | &nbsp;&nbsp;0.12 |
| Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/2027<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;0.03 |
| Zhenro Properties Group Ltd., 8.700%, 08/03/2022<sup>6,7</sup> |  | &nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 8.000%, 03/06/2023<sup>6,7</sup> |  | &nbsp;&nbsp;1532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 8.300%, 09/15/2023<sup>6,7</sup> |  | &nbsp;&nbsp;3158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7895 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 8.350%, 03/10/2024<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 7.875%, 04/14/2024<sup>6,7</sup> |  | &nbsp;&nbsp;3591000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8978 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 7.100%, 09/10/2024<sup>6,7</sup> |  | &nbsp;&nbsp;4406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12337 | &nbsp;&nbsp;0.02 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Zhenro Properties Group Ltd., 7.350%, 02/05/2025<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21018 | &nbsp;&nbsp;0.03 |
| Zhenro Properties Group Ltd., 17.254%, 08/31/2025<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 6.630%, 01/07/2026<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5782 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 6.700%, 08/04/2026<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5713000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15996 | &nbsp;&nbsp;0.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3300149** | &nbsp;&nbsp;**4.35** |
| **Colombia (Cost $2,208,558)** |  |  |  |  |
| Colombia (Rep of), 3.875%, 04/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285262 | &nbsp;&nbsp;0.38 |
| Colombia (Rep of), 5.625%, 02/26/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189850 | &nbsp;&nbsp;0.25 |
| 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;239314 | &nbsp;&nbsp;0.31 |
| Colombian TES, 7.750%, 09/18/2030 | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;449400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93959 | &nbsp;&nbsp;0.12 |
| Colombian TES, 7.000%, 03/26/2031 | &nbsp;&nbsp;COP | &nbsp;&nbsp;2867800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561169 | &nbsp;&nbsp;0.74 |
| Colombian TES, 13.250%, 02/09/2033 | &nbsp;&nbsp;COP | &nbsp;&nbsp;1251100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317843 | &nbsp;&nbsp;0.42 |
| Colombian TES, 6.250%, 07/09/2036 | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;373400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58892 | &nbsp;&nbsp;0.08 |
| Colombian TES, 11.500%, 07/25/2046 | &nbsp;&nbsp;COP | &nbsp;&nbsp;1652400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369232 | &nbsp;&nbsp;0.49 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2115521** | &nbsp;&nbsp;**2.79** |
| **Costa Rica (Cost $395,103)** |  |  |  |  |
| Costa Rica (Rep of), 6.125%, 02/19/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207030 | &nbsp;&nbsp;0.27 |
| Costa Rica (Rep of), 7.300%, 11/13/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207465 | &nbsp;&nbsp;0.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**414495** | &nbsp;&nbsp;**0.55** |
| **Czech Republic (Cost $2,989,859)** |  |  |  |  |
| Czech (Rep of), 5.000%, 09/30/2030 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334570 | &nbsp;&nbsp;0.44 |
| Czech (Rep of), 1.750%, 06/23/2032 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171870 | &nbsp;&nbsp;0.23 |
| Czech (Rep of), 4.900%, 04/14/2034 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82675 | &nbsp;&nbsp;0.11 |
| Czech (Rep of), 1.950%, 07/30/2037 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222735 | &nbsp;&nbsp;0.29 |
| New World Resources N.V., 8.000%, 04/07/2020<sup>6,7,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| New World Resources N.V., 4.000%, 10/07/2020<sup>6,7,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**811850** | &nbsp;&nbsp;**1.07** |
| **Dominican Republic (Cost $1,517,765)** |  |  |  |  |
| Dominican (Rep of), 6.000%, 07/19/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201564 | &nbsp;&nbsp;0.27 |
| Dominican (Rep of), 4.875%, 09/23/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452803 | &nbsp;&nbsp;0.60 |
| Dominican (Rep of), 5.300%, 01/21/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255192 | &nbsp;&nbsp;0.34 |
| Dominican (Rep of), 6.500%, 02/15/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213397 | &nbsp;&nbsp;0.28 |
| Dominican (Rep of), 6.400%, 06/05/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148337 | &nbsp;&nbsp;0.19 |
| Dominican (Rep of), 5.875%, 01/30/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252900 | &nbsp;&nbsp;0.33 |
| Dominican Republic Central Bank Notes, 13.000%, 01/30/2026 | &nbsp;&nbsp;DOP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55516 | &nbsp;&nbsp;0.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1579709** | &nbsp;&nbsp;**2.08** |
| **Ecuador (Cost $219,484)** |  |  |  |  |
| Ecuador (Rep of), 6.900%, 07/31/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204600 | &nbsp;&nbsp;0.27 |
| Ecuador (Rep of), (Step to 5.500% on 07/31/26), 5.000%, 07/31/2040<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123120 | &nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**327720** | &nbsp;&nbsp;**0.43** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Egypt (Cost $1,292,201)** |  |  |  |  |
| Egypt (Rep of), 23.440%, 07/01/2028 | &nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$189955 | &nbsp;&nbsp;0.25 |
| Egypt (Rep of), 7.625%, 05/29/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224586 | &nbsp;&nbsp;0.30 |
| Egypt (Rep of), 8.500%, 01/31/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325654 | &nbsp;&nbsp;0.43 |
| Egypt (Rep of), 7.903%, 02/21/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271250 | &nbsp;&nbsp;0.36 |
| Egypt (Rep of), 8.700%, 03/01/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229913 | &nbsp;&nbsp;0.30 |
| Egypt (Rep of), 8.875%, 05/29/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167190 | &nbsp;&nbsp;0.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1408548** | &nbsp;&nbsp;**1.86** |
| **El Salvador (Cost $125,138)** |  |  |  |  |
| El Salvador (Rep of), 7.650%, 06/15/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25853 | &nbsp;&nbsp;0.04 |
| El Salvador (Rep of), 7.125%, 01/20/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122632 | &nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**148485** | &nbsp;&nbsp;**0.20** |
| **Ghana (Cost $758,198)** |  |  |  |  |
| Ghana (Rep of), 0.000%, 07/03/2026<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31380 | &nbsp;&nbsp;0.04 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2029<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264685 | &nbsp;&nbsp;0.35 |
| Ghana (Rep of), 0.000%, 01/03/2030<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75311 | &nbsp;&nbsp;0.10 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4812 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406942 | &nbsp;&nbsp;0.54 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**783130** | &nbsp;&nbsp;**1.03** |
| **Guatemala (Cost $299,121)** |  |  |  |  |
| Guatemala (Rep of), 6.125%, 06/01/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229509 | &nbsp;&nbsp;0.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**229509** | &nbsp;&nbsp;**0.30** |
| **Hungary (Cost $1,442,153)** |  |  |  |  |
| Hungary (Rep of), 6.750%, 10/22/2028 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268336 | &nbsp;&nbsp;0.36 |
| Hungary (Rep of), 5.375%, 09/26/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252700 | &nbsp;&nbsp;0.33 |
| Hungary (Rep of), 2.125%, 09/22/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268849 | &nbsp;&nbsp;0.36 |
| Hungary (Rep of), 3.000%, 10/27/2038 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130794 | &nbsp;&nbsp;0.17 |
| Hungary (Rep of), 3.125%, 09/21/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236648 | &nbsp;&nbsp;0.31 |
| MFB Magyar Fejlesztesi Bank Zrt, 6.500%, 06/29/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207126 | &nbsp;&nbsp;0.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1364453** | &nbsp;&nbsp;**1.80** |
| **India (Cost $2,381,827)** |  |  |  |  |
| Export-Import Bank of India, 5.500%, 01/18/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280976 | &nbsp;&nbsp;0.37 |
| India (Rep of), 7.180%, 08/14/2033 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392271 | &nbsp;&nbsp;0.52 |
| India (Rep of), 7.540%, 05/23/2036 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474265 | &nbsp;&nbsp;0.62 |
| India (Rep of), 7.180%, 07/24/2037 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773085 | &nbsp;&nbsp;1.02 |
| India (Rep of), 7.360%, 09/12/2052 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52955 | &nbsp;&nbsp;0.07 |
| India (Rep of), 7.300%, 06/19/2053 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392444 | &nbsp;&nbsp;0.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2365996** | &nbsp;&nbsp;**3.12** |
| **Indonesia (Cost $4,181,229)** |  |  |  |  |
| Indonesia (Rep of), 6.875%, 04/15/2029 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1603000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99966 | &nbsp;&nbsp;0.13 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Indonesia (continued)** |  |  |  |  |
| Indonesia (Rep of), 8.250%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;4633000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$301844 | &nbsp;&nbsp;0.40 |
| Indonesia (Rep of), 7.000%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;3011000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189320 | &nbsp;&nbsp;0.25 |
| Indonesia (Rep of), 6.500%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1132000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69445 | &nbsp;&nbsp;0.09 |
| Indonesia (Rep of), 7.750%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2344000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151542 | &nbsp;&nbsp;0.20 |
| Indonesia (Rep of), 8.375%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2536000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172116 | &nbsp;&nbsp;0.23 |
| Indonesia (Rep of), 7.500%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;4016000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259525 | &nbsp;&nbsp;0.34 |
| Indonesia (Rep of), 8.250%, 05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1350000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91764 | &nbsp;&nbsp;0.12 |
| Indonesia (Rep of), 6.625%, 02/17/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111200 | &nbsp;&nbsp;0.15 |
| Indonesia (Rep of), 7.750%, 01/17/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207570 | &nbsp;&nbsp;0.27 |
| Indonesia (Rep of), 7.500%, 05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;576000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37070 | &nbsp;&nbsp;0.05 |
| Indonesia (Rep of), 7.125%, 06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;3649000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227899 | &nbsp;&nbsp;0.30 |
| Indonesia (Rep of), 8.375%, 04/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1774000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122363 | &nbsp;&nbsp;0.16 |
| Indonesia (Rep of), 7.125%, 08/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142827 | &nbsp;&nbsp;0.19 |
| Indonesia (Rep of), 5.950%, 01/08/2046 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222798 | &nbsp;&nbsp;0.29 |
| Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 5.450%, 05/15/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261349 | &nbsp;&nbsp;0.35 |
| Pertamina Persero PT, 6.000%, 05/03/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327766 | &nbsp;&nbsp;0.43 |
| Perusahaan Penerbit SBSN Indonesia III, 4.550%, 03/29/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262827 | &nbsp;&nbsp;0.35 |
| Perusahaan Penerbit SBSN Indonesia III, 4.700%, 06/06/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200110 | &nbsp;&nbsp;0.26 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197650 | &nbsp;&nbsp;0.26 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.875%, 07/17/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284660 | &nbsp;&nbsp;0.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3941611** | &nbsp;&nbsp;**5.20** |
| **Ivory Coast (Cost $1,128,635)** |  |  |  |  |
| Ivory Coast (Rep of), 6.375%, 03/03/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362250 | &nbsp;&nbsp;0.48 |
| Ivory Coast (Rep of), 6.125%, 06/15/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472164 | &nbsp;&nbsp;0.62 |
| Ivory Coast (Rep of), 8.250%, 01/30/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305586 | &nbsp;&nbsp;0.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1140000** | &nbsp;&nbsp;**1.50** |
| **Kazakhstan (Cost $702,666)** |  |  |  |  |
| Kazakhstan (Rep of), 4.714%, 04/09/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280781 | &nbsp;&nbsp;0.37 |
| Kazakhstan (Rep of), 6.500%, 07/21/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312504 | &nbsp;&nbsp;0.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**593285** | &nbsp;&nbsp;**0.78** |
| **Kenya (Cost $154,892)** |  |  |  |  |
| Kenya (Rep of), 8.250%, 02/28/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166626 | &nbsp;&nbsp;0.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**166626** | &nbsp;&nbsp;**0.22** |
| **Kyrgyzstan (Cost $198,026)** |  |  |  |  |
| Kyrgyzstan (Rep of), 7.750%, 06/03/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;0.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**200000** | &nbsp;&nbsp;**0.26** |
| **Malaysia (Cost $3,814,236)** |  |  |  |  |
| Malaysia (Rep of), 3.519%, 04/20/2028 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920894 | &nbsp;&nbsp;1.21 |
| Malaysia (Rep of), 4.504%, 04/30/2029 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739384 | &nbsp;&nbsp;0.97 |
| Malaysia (Rep of), 3.582%, 07/15/2032 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286404 | &nbsp;&nbsp;0.38 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Malaysia (continued)** |  |  |  |  |
| Malaysia (Rep of), 3.828%, 07/05/2034 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$81387 | &nbsp;&nbsp;0.11 |
| Malaysia (Rep of), 4.254%, 05/31/2035 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167291 | &nbsp;&nbsp;0.22 |
| Malaysia (Rep of), 4.762%, 04/07/2037 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53702 | &nbsp;&nbsp;0.07 |
| Malaysia (Rep of), 4.054%, 04/18/2039 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;2072000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508366 | &nbsp;&nbsp;0.67 |
| Malaysia (Rep of), 4.696%, 10/15/2042 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42292 | &nbsp;&nbsp;0.06 |
| Malaysia (Rep of), 4.065%, 06/15/2050 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110533 | &nbsp;&nbsp;0.15 |
| Petronas Capital Ltd., 2.480%, 01/28/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178686 | &nbsp;&nbsp;0.23 |
| Petronas Capital Ltd., 4.550%, 04/21/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655659 | &nbsp;&nbsp;0.86 |
| Petronas Capital Ltd., 3.404%, 04/28/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248313 | &nbsp;&nbsp;0.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3992911** | &nbsp;&nbsp;**5.26** |
| **Mexico (Cost $4,655,849)** |  |  |  |  |
| Comision Federal de Electricidad, 6.450%, 01/24/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196000 | &nbsp;&nbsp;0.26 |
| Mexican Bonos, 8.500%, 05/31/2029 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;18760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990054 | &nbsp;&nbsp;1.31 |
| Mexican Bonos, 7.750%, 05/29/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;6200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312135 | &nbsp;&nbsp;0.41 |
| Mexican Bonos, 7.750%, 11/13/2042 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;3860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168322 | &nbsp;&nbsp;0.22 |
| Mexico (Rep of), 5.400%, 02/09/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215021 | &nbsp;&nbsp;0.28 |
| Mexico (Rep of), 6.338%, 05/04/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250473 | &nbsp;&nbsp;0.33 |
| Mexico (Rep of), 3.771%, 05/24/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173678 | &nbsp;&nbsp;0.23 |
| Mexico (Rep of), 3.750%, 04/19/2071 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280747 | &nbsp;&nbsp;0.37 |
| Mexico (Rep of), 5.750%, 10/12/2110 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123396 | &nbsp;&nbsp;0.16 |
| Petroleos Mexicanos, 8.750%, 06/02/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159680 | &nbsp;&nbsp;0.21 |
| Petroleos Mexicanos, 6.700%, 02/16/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194750 | &nbsp;&nbsp;0.26 |
| Petroleos Mexicanos, 6.750%, 09/21/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614114 | &nbsp;&nbsp;0.81 |
| Petroleos Mexicanos, 6.350%, 02/12/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129160 | &nbsp;&nbsp;0.17 |
| Petroleos Mexicanos, 7.690%, 01/23/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607536 | &nbsp;&nbsp;0.80 |
| Petroleos Mexicanos, 6.950%, 01/28/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293208 | &nbsp;&nbsp;0.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4708274** | &nbsp;&nbsp;**6.21** |
| **Mongolia (Cost $212,647)** |  |  |  |  |
| Mongolia (Rep of), 4.450%, 07/07/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227252 | &nbsp;&nbsp;0.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**227252** | &nbsp;&nbsp;**0.30** |
| **Morocco (Cost $382,108)** |  |  |  |  |
| Morocco (Rep of), 6.500%, 09/08/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264457 | &nbsp;&nbsp;0.35 |
| Morocco (Rep of), 4.000%, 12/15/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;0.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**401457** | &nbsp;&nbsp;**0.53** |
| **Nigeria (Cost $1,360,963)** |  |  |  |  |
| Nigeria (Rep of), 6.500%, 11/28/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285565 | &nbsp;&nbsp;0.38 |
| Nigeria (Rep of), 7.375%, 09/28/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294357 | &nbsp;&nbsp;0.39 |
| Nigeria (Rep of), 7.625%, 11/28/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442035 | &nbsp;&nbsp;0.58 |
| Nigeria OMO Bill, 0.000%, 11/04/2025<sup>4</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;364474000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222526 | &nbsp;&nbsp;0.29 |
| Nigeria OMO Bill, 0.000%, 12/09/2025<sup>4</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;244804000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146646 | &nbsp;&nbsp;0.19 |
| Nigeria OMO Bill, 0.000%, 02/10/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;228850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131854 | &nbsp;&nbsp;0.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1522983** | &nbsp;&nbsp;**2.01** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Oman (Cost $1,076,030)** |  |  |  |  |
| Oman (Rep of), 6.750%, 10/28/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$278726 | &nbsp;&nbsp;0.37 |
| Oman (Rep of), 6.000%, 08/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398833 | &nbsp;&nbsp;0.52 |
| Oman (Rep of), 6.500%, 03/08/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210800 | &nbsp;&nbsp;0.28 |
| Oman (Rep of), 6.750%, 01/17/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230910 | &nbsp;&nbsp;0.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1119269** | &nbsp;&nbsp;**1.47** |
| **Pakistan (Cost $246,551)** |  |  |  |  |
| Pakistan (Rep of), 8.875%, 04/08/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;0.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**346000** | &nbsp;&nbsp;**0.46** |
| **Panama (Cost $855,153)** |  |  |  |  |
| Panama (Rep of), 9.375%, 04/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217862 | &nbsp;&nbsp;0.29 |
| Panama (Rep of), 3.160%, 01/23/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247148 | &nbsp;&nbsp;0.32 |
| Panama (Rep of), 6.700%, 01/26/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54145 | &nbsp;&nbsp;0.07 |
| Panama (Rep of), 4.300%, 04/29/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234148 | &nbsp;&nbsp;0.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**753303** | &nbsp;&nbsp;**0.99** |
| **Paraguay (Cost $319,213)** |  |  |  |  |
| Paraguay (Rep of), 5.850%, 08/21/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336567 | &nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**336567** | &nbsp;&nbsp;**0.44** |
| **Peru (Cost $2,270,639)** |  |  |  |  |
| Peru (Rep of), 8.750%, 11/21/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260456 | &nbsp;&nbsp;0.34 |
| Peru (Rep of), 5.375%, 02/08/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581251 | &nbsp;&nbsp;0.77 |
| Peru (Rep of), 6.850%, 08/12/2035<sup>3</sup> | &nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541725 | &nbsp;&nbsp;0.71 |
| Peru (Rep of), 7.600%, 08/12/2039<sup>3</sup> | &nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195132 | &nbsp;&nbsp;0.26 |
| Peru (Rep of), 3.300%, 03/11/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74525 | &nbsp;&nbsp;0.10 |
| Peru (Rep of), 5.625%, 11/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98280 | &nbsp;&nbsp;0.13 |
| Peru (Rep of), 2.780%, 12/01/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107387 | &nbsp;&nbsp;0.14 |
| Peru (Rep of), 3.230%, 07/28/2121 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50640 | &nbsp;&nbsp;0.07 |
| Petroleos del Peru S.A., 5.625%, 06/19/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267400 | &nbsp;&nbsp;0.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2176796** | &nbsp;&nbsp;**2.87** |
| **Philippines (Cost $1,221,651)** |  |  |  |  |
| Philippines (Rep of), 9.500%, 02/02/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174725 | &nbsp;&nbsp;0.23 |
| Philippines (Rep of), 6.375%, 07/27/2030 | &nbsp;&nbsp;PHP | &nbsp;&nbsp;11020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190684 | &nbsp;&nbsp;0.25 |
| Philippines (Rep of), 7.750%, 01/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125895 | &nbsp;&nbsp;0.17 |
| Philippines (Rep of), 6.375%, 10/23/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112404 | &nbsp;&nbsp;0.15 |
| Philippines (Rep of), 6.250%, 01/14/2036 | &nbsp;&nbsp;PHP | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199546 | &nbsp;&nbsp;0.26 |
| Philippines (Rep of), 3.950%, 01/20/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305521 | &nbsp;&nbsp;0.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1108775** | &nbsp;&nbsp;**1.46** |
| **Poland (Cost $2,368,680)** |  |  |  |  |
| Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202516 | &nbsp;&nbsp;0.27 |
| Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206886 | &nbsp;&nbsp;0.27 |
| Bank Gospodarstwa Krajowego, 6.250%, 07/09/2054<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198782 | &nbsp;&nbsp;0.26 |
| Poland (Rep of), 3.750%, 05/25/2027 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;2305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608660 | &nbsp;&nbsp;0.80 |
| Poland (Rep of), 5.500%, 11/16/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65912 | &nbsp;&nbsp;0.09 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Poland (continued)** |  |  |  |  |
| Poland (Rep of), 2.750%, 04/25/2028 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$336114 | &nbsp;&nbsp;0.44 |
| Poland (Rep of), 7.500%, 07/25/2028 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294249 | &nbsp;&nbsp;0.39 |
| Poland (Rep of), 1.250%, 10/25/2030 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210994 | &nbsp;&nbsp;0.28 |
| Poland (Rep of), 4.875%, 10/04/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87516 | &nbsp;&nbsp;0.11 |
| Poland (Rep of), 6.000%, 10/25/2033 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68756 | &nbsp;&nbsp;0.09 |
| Poland (Rep of), 5.000%, 10/25/2034 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190004 | &nbsp;&nbsp;0.25 |
| Poland (Rep of), 5.500%, 03/18/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127924 | &nbsp;&nbsp;0.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2598313** | &nbsp;&nbsp;**3.42** |
| **Qatar (Cost $605,252)** |  |  |  |  |
| Qatar (Rep of), 3.250%, 06/02/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269381 | &nbsp;&nbsp;0.36 |
| QatarEnergy, 3.125%, 07/12/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335250 | &nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**604631** | &nbsp;&nbsp;**0.80** |
| **Romania (Cost $1,757,076)** |  |  |  |  |
| Romania (Rep of), 4.150%, 01/26/2028 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314504 | &nbsp;&nbsp;0.41 |
| Romania (Rep of), 6.625%, 02/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178235 | &nbsp;&nbsp;0.23 |
| Romania (Rep of), 5.875%, 01/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182730 | &nbsp;&nbsp;0.24 |
| Romania (Rep of), 3.000%, 02/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52313 | &nbsp;&nbsp;0.07 |
| Romania (Rep of), 7.350%, 04/28/2031 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257379 | &nbsp;&nbsp;0.34 |
| Romania (Rep of), 3.625%, 03/27/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38431 | &nbsp;&nbsp;0.05 |
| Romania (Rep of), 7.125%, 01/17/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93306 | &nbsp;&nbsp;0.12 |
| Romania (Rep of), 6.000%, 05/25/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23349 | &nbsp;&nbsp;0.03 |
| Romania (Rep of), 4.750%, 10/11/2034 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141346 | &nbsp;&nbsp;0.19 |
| Romania (Rep of), 5.750%, 03/24/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79464 | &nbsp;&nbsp;0.10 |
| Romania (Rep of), 5.750%, 03/24/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58652 | &nbsp;&nbsp;0.08 |
| Romania (Rep of), 7.500%, 02/10/2037<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157065 | &nbsp;&nbsp;0.21 |
| Romania (Rep of), 6.125%, 01/22/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51402 | &nbsp;&nbsp;0.07 |
| Romania (Rep of), 4.000%, 02/14/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111310 | &nbsp;&nbsp;0.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1739486** | &nbsp;&nbsp;**2.29** |
| **Saudi Arabia (Cost $1,293,510)** |  |  |  |  |
| Gaci First Investment Co., 5.250%, 10/13/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365608 | &nbsp;&nbsp;0.48 |
| Saudi (Rep of), 4.750%, 01/18/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350219 | &nbsp;&nbsp;0.46 |
| Saudi (Rep of), 4.625%, 10/04/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208760 | &nbsp;&nbsp;0.28 |
| Saudi (Rep of), 4.500%, 04/22/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233703 | &nbsp;&nbsp;0.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1158290** | &nbsp;&nbsp;**1.53** |
| **South Africa (Cost $2,706,948)** |  |  |  |  |
| South Africa (Rep of), 4.300%, 10/12/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367302 | &nbsp;&nbsp;0.48 |
| South Africa (Rep of), 8.000%, 01/31/2030 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;18498195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007827 | &nbsp;&nbsp;1.33 |
| South Africa (Rep of), 8.250%, 03/31/2032 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;8115222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431425 | &nbsp;&nbsp;0.57 |
| South Africa (Rep of), 5.875%, 04/20/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209840 | &nbsp;&nbsp;0.28 |
| South Africa (Rep of), 8.875%, 02/28/2035 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;7355749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385162 | &nbsp;&nbsp;0.51 |
| South Africa (Rep of), 8.500%, 01/31/2037 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;2484098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121269 | &nbsp;&nbsp;0.16 |
| South Africa (Rep of), 9.000%, 01/31/2040 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1488840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72462 | &nbsp;&nbsp;0.09 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of July 31, 2025 (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), 5.650%, 09/27/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$260316 | &nbsp;&nbsp;0.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2855603** | &nbsp;&nbsp;**3.76** |
| **Supranational (Cost $339,511)** |  |  |  |  |
| Inter-American Development Bank, 7.350%, 10/06/2030 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164469 | &nbsp;&nbsp;0.22 |
| International Bank for Reconstruction & Development, 6.500%, 04/17/2030 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;14700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166516 | &nbsp;&nbsp;0.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**330985** | &nbsp;&nbsp;**0.44** |
| **Thailand (Cost $405,188)** |  |  |  |  |
| Thailand (Rep of), 2.650%, 06/17/2028 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;4139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131164 | &nbsp;&nbsp;0.17 |
| Thailand (Rep of), 3.390%, 06/17/2037 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34313 | &nbsp;&nbsp;0.05 |
| Thailand (Rep of), 3.300%, 06/17/2038 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;6314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227825 | &nbsp;&nbsp;0.30 |
| Thailand (Rep of), 3.600%, 06/17/2067 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;1802000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74990 | &nbsp;&nbsp;0.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**468292** | &nbsp;&nbsp;**0.62** |
| **Turkey (Cost $1,987,443)** |  |  |  |  |
| Turkey (Rep of), 31.080%, 11/08/2028 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;&nbsp;&nbsp;6971650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161154 | &nbsp;&nbsp;0.21 |
| Turkey (Rep of), 5.250%, 03/13/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340158 | &nbsp;&nbsp;0.45 |
| Turkey (Rep of), 7.250%, 05/29/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212658 | &nbsp;&nbsp;0.28 |
| Turkey (Rep of), 7.125%, 07/17/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243815 | &nbsp;&nbsp;0.32 |
| Turkey (Rep of), 26.200%, 10/05/2033 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;&nbsp;&nbsp;2213259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49832 | &nbsp;&nbsp;0.07 |
| Turkey (Rep of), 6.500%, 01/03/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253605 | &nbsp;&nbsp;0.33 |
| Turkey (Rep of), 4.875%, 04/16/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241184 | &nbsp;&nbsp;0.32 |
| Turkiye Ihracat Kredi Bankasi A.S., 9.000%, 01/28/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404096 | &nbsp;&nbsp;0.53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1906502** | &nbsp;&nbsp;**2.51** |
| **Ukraine (Cost $452,582)** |  |  |  |  |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2030<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8084 | &nbsp;&nbsp;0.01 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2034<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24138 | &nbsp;&nbsp;0.03 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2034<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219190 | &nbsp;&nbsp;0.29 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2035<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25532 | &nbsp;&nbsp;0.03 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2035<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142640 | &nbsp;&nbsp;0.19 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2036<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21277 | &nbsp;&nbsp;0.03 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2036<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45612 | &nbsp;&nbsp;0.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**486473** | &nbsp;&nbsp;**0.64** |
| **United Arab Emirates (Cost $1,004,662)** |  |  |  |  |
| Abu Dhabi (Gov't of), 3.125%, 09/30/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253769 | &nbsp;&nbsp;0.33 |
| DP World Crescent Ltd., 3.875%, 07/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210642 | &nbsp;&nbsp;0.28 |
| DP World Crescent Ltd., 5.500%, 09/13/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312113 | &nbsp;&nbsp;0.41 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (continued)** |  |  |  |  |
| DP World Ltd., 5.625%, 09/25/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$216775 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**993299** | &nbsp;&nbsp;&nbsp;&nbsp;**1.31** |
| **United States (Cost $4,736,872)** |  |  |  |  |
| U.S. Treasury Bill, 4.164%, 10/02/2025<sup>9</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736617 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4736617** | &nbsp;&nbsp;&nbsp;&nbsp;**6.24** |
| **Uruguay (Cost $1,299,046)** |  |  |  |  |
| Uruguay (Rep of), 7.875%, (100% Cash), 01/15/2033<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208845 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Uruguay (Rep of), 5.750%, 10/28/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194227 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Uruguay (Rep of), 7.625%, 03/21/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150393 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Uruguay (Rep of), 4.125%, 11/20/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97094 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Uruguay (Rep of), 5.100%, 06/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100691 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Uruguay (Rep of), 4.975%, 04/20/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217136 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Uruguay (Rep of), 5.250%, 09/10/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163748 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Uruguay Monetary Regulation Bill, 0.000%, 10/31/2025<sup>4</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71129 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1203263** | &nbsp;&nbsp;&nbsp;&nbsp;**1.59** |
| **Uzbekistan (Cost $790,011)** |  |  |  |  |
| Navoi Mining & Metallurgical Combinat, 6.750%, 05/14/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205062 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Uzbekistan (Rep of), 15.500%, 02/25/2028 | &nbsp;&nbsp;&nbsp;UZS | &nbsp;&nbsp;2500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203568 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Uzbekistan (Rep of), 5.375%, 02/20/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197069 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Uzbekistan (Rep of), 6.947%, 05/25/2032<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207115 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**812814** | &nbsp;&nbsp;&nbsp;&nbsp;**1.07** |
| **Venezuela (Cost $7,925,643)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6763730 | &nbsp;&nbsp;&nbsp;&nbsp;8.92 |
| Petroleos de Venezuela S.A., 12.750%, 02/17/2022<sup>6,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34832 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Petroleos de Venezuela S.A., 9.750%, 05/17/2035<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42443 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Venezuela (Rep of), 11.750%, 10/21/2026<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359593 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Venezuela (Rep of), 9.250%, 09/15/2027<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757770 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Venezuela (Rep of), 11.950%, 08/05/2031<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459569 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8417937** | &nbsp;&nbsp;**11.10** |
| **Zambia (Cost $217,179)** |  |  |  |  |
| Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/2033<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132040 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Zambia (Rep of), 0.500%, 12/31/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116821 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**248861** | &nbsp;&nbsp;&nbsp;&nbsp;**0.33** |
| **Total Debt Securities (Cost $100,086,637)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74258251** | &nbsp;&nbsp;**97.89** |

---

------

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |
| **China (Cost $56,269)** |  |  |  |
| Sunac Services Holdings Ltd.<sup>3</sup> &nbsp;&nbsp;HKD | &nbsp;&nbsp;206826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46977 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46977** | &nbsp;&nbsp;&nbsp;&nbsp;**0.06** |
| **Total Equity Securities (Cost $56,269)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46977** | &nbsp;&nbsp;&nbsp;&nbsp;**0.06** |
| **Total Investments (Total Cost $100,142,906)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74305228** | &nbsp;&nbsp;&nbsp;&nbsp;**97.95** |
| Other Assets Less Liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555120 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| **Net Assets** |  | &nbsp;&nbsp;&nbsp;**$75860348** | &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 July 31, 2025 is disclosed.

<sup>3</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of July 31, 2025, these securities had a total value of $4,873,719 or 6.43% of net assets.

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

<sup>5</sup> Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

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

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

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

<sup>9</sup> Zero coupon bond – interest rate reflects effective yield on the date of purchase.

Percentages shown are based on net assets.

At July 31, 2025, the Ashmore Emerging Markets Total Return Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 08/04/2025 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;2432020 | &nbsp;&nbsp;&nbsp;&nbsp;$1147 |
| 08/04/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660030 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;3669584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5405 |
| 08/04/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;1041534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 |
| 08/04/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373165 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;517318100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 |
| 08/11/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65037 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;5577330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384 |
| 08/11/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65515 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;5615331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429 |
| 08/11/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102496 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;8812256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 |
| 08/11/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;66909625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11376 |
| 08/11/2025 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49600 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;4261408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 |
| 08/18/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20334480 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27571 |
| 08/29/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78800 | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;2290487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 |
| 09/04/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488000000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8364 |
| 09/10/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771000 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;1048761231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17572 |
| 09/10/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61186 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;83211080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 |
| 09/10/2025 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29600 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;40653942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 |

---

------

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 09/17/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114300 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;483626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$683 |
| 10/16/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312000000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694 |
| 10/30/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342510000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162 |
| 10/30/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20205802 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4632 |
| 10/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586777 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;2409305840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17036 |
| 10/31/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148466 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;2432302250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492 |
| 10/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546537 | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;1952558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4496 |
| 10/31/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;597315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 |
| 10/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254579 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;4565515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575 |
| 11/10/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269308 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;22669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 |
| 11/10/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605676 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;116564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12448 |
| 11/12/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685688 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;100436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10505 |
| 11/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146795 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;20226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 |
| 11/12/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102455233 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1162731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 |
| 11/28/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Uruguayan Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4683580 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5116 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;158004 |
| 08/04/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823977 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3009) |
| 08/04/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8135083 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1461856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10621) |
| 08/04/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517318100 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;383000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10196) |
| 08/04/2025 | &nbsp;&nbsp;Santander | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292500 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;1640048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) |
| 08/04/2025 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31300 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;175875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) |
| 08/11/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6551660 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;76180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1407) |
| 08/11/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63496391 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;743501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18832) |
| 08/11/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18672943 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4890) |
| 08/11/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66502750 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16020) |
| 08/11/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38407439 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;445097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6762) |
| 08/11/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168247 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;102455233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1051) |
| 08/18/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389848 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;20334480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23723) |
| 08/29/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10036471 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;175958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3729) |
| 08/29/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6910483 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;121160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2574) |
| 08/29/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44499169 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1514891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24490) |
| 09/03/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036849 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;364724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4284) |
| 09/10/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517318100 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;373934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2293) |
| 09/10/2025 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521275120 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1517) |
| 09/10/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;3863439530 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2823120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47633) |
| 09/10/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481521420 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8076) |
| 09/17/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490335 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;826506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6528) |
| 09/30/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41260725 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1283322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14307) |
| 09/30/2025 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44008166 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1028000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2209) |
| 10/30/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239709193 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;251897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5432) |
| 10/31/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767125 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(853) |
| 10/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20226650 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2841620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16496) |

---

------

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 10/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8079385 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;383000 | &nbsp;&nbsp;&nbsp;$(6928) |
| 10/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43706458 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2080631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46224) |
| 10/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422470394 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1233627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34100) |
| 10/31/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;15148618629 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;926040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10669) |
| 10/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Israeli Shekel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817056 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;245718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4908) |
| 10/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44106600 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2350522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35890) |
| 10/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4497800 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1234927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36409) |
| 10/31/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067299 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;244737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6027) |
| 10/31/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891288 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1487019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19985) |
| 10/31/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103602 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1648) |
| 10/31/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39066959 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;885568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1155) |
| 11/10/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39585 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;2247216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4304) |
| 11/10/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79169 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;4480973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8346) |
| 11/10/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20244 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;1146795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2154) |
| 11/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119448 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;6832483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13870) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(469696) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(311692) |

---

At July 31, 2025, the Ashmore Emerging Markets Total Return Fund had the following centrally cleared credit default swaps - buy protection outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | &nbsp;&nbsp;**Fixed<br> Deal<br> Pay Rate** |  | &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)\*\*** |
| Markit CDX Emerging Market Index Series 43 (Pay Quarterly) | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;USD | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;06/20/2030 | &nbsp;&nbsp;$142153 | &nbsp;&nbsp;$159662 | &nbsp;&nbsp;$(17509) |
|  |  |  |  |  | &nbsp;&nbsp;$142153 | &nbsp;&nbsp;$159662 | &nbsp;&nbsp;$(17509) |
| \*\*Includes cumulative appreciation/depreciation on centrally cleared credit default swap agreements. | \*\*Includes cumulative appreciation/depreciation on centrally cleared credit default swap agreements. | \*\*Includes cumulative appreciation/depreciation on centrally cleared credit default swap agreements. | \*\*Includes cumulative appreciation/depreciation on centrally cleared credit default swap agreements. | \*\*Includes cumulative appreciation/depreciation on centrally cleared credit default swap agreements. |  |  |  |

---

------

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

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

At July 31, 2025, the Ashmore Emerging Markets Total Return Fund had the following centrally cleared interest rate swap contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/<br> Pay Rate** | &nbsp;&nbsp;**Receive Rate/<br> Receive Rate<br> Index** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)\*\*** |
| 4.905% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682000000 | &nbsp;&nbsp;10/14/2034 | &nbsp;&nbsp;$11532 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11532 |
| 7-Day CNY CNRR (Pay Quarterly) | &nbsp;&nbsp;2.535% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860000 | &nbsp;&nbsp;09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303 |
| 9.355% (Pay Quarterly) | &nbsp;&nbsp;1-Day COOVIBR (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;3199000000 | &nbsp;&nbsp;01/21/2035 | &nbsp;&nbsp;&nbsp;&nbsp;(8299) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(8299) |
| 1-Day COOVIBR (Pay Quarterly) | &nbsp;&nbsp;8.420% (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;11014000000 | &nbsp;&nbsp;01/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6231 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6231 |
| 1-Day COOVIBR (Pay Quarterly) | &nbsp;&nbsp;8.170% (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;2609650000 | &nbsp;&nbsp;04/07/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(862) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(862) |
| 1-Day INR MIBOR (Pay Semi-Annually) | &nbsp;&nbsp;5.999% (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20630000 | &nbsp;&nbsp;12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 |
| 1-Day INR MIBOR (Pay Semi-Annually) | &nbsp;&nbsp;6.024% (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16154000 | &nbsp;&nbsp;12/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662 |
| 5.744% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day INR MIBOR (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106631000 | &nbsp;&nbsp;06/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;(2976) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2976) |
| 7.713% (Pay Monthly) | &nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100000 | &nbsp;&nbsp;06/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976 |
| 1-Day MXN-TIIE-BANXICO (Pay Monthly) | &nbsp;&nbsp;7.570% (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38240000 | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 |
| 8.298% (Pay Monthly) | &nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10280000 | &nbsp;&nbsp;09/05/2035 | &nbsp;&nbsp;&nbsp;&nbsp;(1312) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1312) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$15827 |

---

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

------

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

#### SCHEDULE OF INVESTMENTS
*As of July 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Argentina (Cost $89,528)** |  |  |  |  |
| Argentina (Rep of), 29.500%, 05/30/2030 | &nbsp;&nbsp;&nbsp;ARS | &nbsp;&nbsp;101381000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74939 | &nbsp;&nbsp;0.79 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74939** | &nbsp;&nbsp;**0.79** |
| **Brazil (Cost $651,241)** |  |  |  |  |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2030<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;6261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635707 | &nbsp;&nbsp;6.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**635707** | &nbsp;&nbsp;**6.68** |
| **Chile (Cost $117,098)** |  |  |  |  |
| 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;20501 | &nbsp;&nbsp;0.22 |
| Bonos de la Tesoreria de la Republica en pesos, 6.000%, 04/01/2033<sup>3</sup> | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;85000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89556 | &nbsp;&nbsp;0.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**110057** | &nbsp;&nbsp;**1.16** |
| **China (Cost $432,935)** |  |  |  |  |
| China (Rep of), 2.850%, 06/04/2027 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85702 | &nbsp;&nbsp;0.90 |
| 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;63721 | &nbsp;&nbsp;0.67 |
| 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;25206 | &nbsp;&nbsp;0.26 |
| China (Rep of), 2.880%, 02/25/2033 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108523 | &nbsp;&nbsp;1.14 |
| China (Rep of), 2.350%, 02/25/2034 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24763 | &nbsp;&nbsp;0.26 |
| China (Rep of), 2.270%, 05/25/2034 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40591 | &nbsp;&nbsp;0.43 |
| China (Rep of), 1.980%, 04/25/2045 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18055 | &nbsp;&nbsp;0.19 |
| China (Rep of), 3.720%, 04/12/2051 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65224 | &nbsp;&nbsp;0.69 |
| China (Rep of), 3.190%, 04/15/2053 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24298 | &nbsp;&nbsp;0.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**456083** | &nbsp;&nbsp;**4.79** |
| **Colombia (Cost $434,276)** |  |  |  |  |
| Colombian TES, 7.000%, 03/26/2031 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;539600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105589 | &nbsp;&nbsp;1.11 |
| Colombian TES, 7.000%, 06/30/2032 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;306900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57408 | &nbsp;&nbsp;0.60 |
| Colombian TES, 13.250%, 02/09/2033 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;307300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78070 | &nbsp;&nbsp;0.82 |
| Colombian TES, 7.250%, 10/18/2034 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;307600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54873 | &nbsp;&nbsp;0.58 |
| Colombian TES, 6.250%, 07/09/2036 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;94700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14936 | &nbsp;&nbsp;0.16 |
| Colombian TES, 9.250%, 05/28/2042 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;110500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21026 | &nbsp;&nbsp;0.22 |
| Colombian TES, 11.500%, 07/25/2046 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;457800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102296 | &nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**434198** | &nbsp;&nbsp;**4.56** |
| **Czech Republic (Cost $373,576)** |  |  |  |  |
| Czech (Rep of), 5.000%, 09/30/2030 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120426 | &nbsp;&nbsp;1.27 |
| Czech (Rep of), 1.750%, 06/23/2032 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66595 | &nbsp;&nbsp;0.70 |
| Czech (Rep of), 4.900%, 04/14/2034 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;3470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167767 | &nbsp;&nbsp;1.76 |
| Czech (Rep of), 1.950%, 07/30/2037 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26516 | &nbsp;&nbsp;0.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**381304** | &nbsp;&nbsp;**4.01** |
| **Egypt (Cost $47,320)** |  |  |  |  |
| Egypt (Rep of), 23.440%, 07/01/2028 | &nbsp;&nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;2349000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48026 | &nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48026** | &nbsp;&nbsp;**0.50** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Hungary (Cost $233,955)** |  |  |  |  |
| Hungary (Rep of), 9.500%, 10/21/2026 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67606 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Hungary (Rep of), 3.000%, 10/27/2027 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33808 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Hungary (Rep of), 4.500%, 03/23/2028 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28963 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| 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;6923 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Hungary (Rep of), 3.000%, 08/21/2030 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34538 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Hungary (Rep of), 4.750%, 11/24/2032 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25206 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Hungary (Rep of), 7.000%, 10/24/2035 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25618 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| 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;10308 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**232970** | &nbsp;&nbsp;&nbsp;&nbsp;**2.45** |
| **India (Cost $657,058)** |  |  |  |  |
| India (Rep of), 7.180%, 08/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137163 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| India (Rep of), 7.540%, 05/23/2036 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93164 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| India (Rep of), 7.180%, 07/24/2037 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171757 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| India (Rep of), 7.360%, 09/12/2052 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100945 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| India (Rep of), 7.300%, 06/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142365 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**645394** | &nbsp;&nbsp;&nbsp;&nbsp;**6.78** |
| **Indonesia (Cost $1,171,681)** |  |  |  |  |
| Indonesia (Rep of), 5.500%, 04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1071000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64972 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Indonesia (Rep of), 5.125%, 04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;625000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37568 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Indonesia (Rep of), 7.000%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2169000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134451 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| Indonesia (Rep of), 6.375%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1834000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112924 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Indonesia (Rep of), 6.875%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;611000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38103 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Indonesia (Rep of), 6.500%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;123000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7575 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Indonesia (Rep of), 10.500%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;213000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15278 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Indonesia (Rep of), 7.000%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;787000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49484 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Indonesia (Rep of), 6.500%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;694000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42575 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| 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;78418 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Indonesia (Rep of), 6.375%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1017000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61707 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| 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;37394 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Indonesia (Rep of), 7.000%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;586000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36629 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Indonesia (Rep of), 6.625%, 02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;435000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26460 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Indonesia (Rep of), 8.375%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;830000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56331 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Indonesia (Rep of), 6.750%, 07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;388000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23838 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Indonesia (Rep of), 8.250%, 05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;635000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43163 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Indonesia (Rep of), 7.125%, 06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2309000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144209 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| Indonesia (Rep of), 7.125%, 08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;638000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39619 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Indonesia (Rep of), 7.125%, 08/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;753000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46760 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1097458** | &nbsp;&nbsp;**11.54** |
| **Malaysia (Cost $433,400)** |  |  |  |  |
| Malaysia (Rep of), 3.828%, 07/05/2034 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37916 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Malaysia (Rep of), 4.893%, 06/08/2038 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59899 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Malaysia (Rep of), 4.054%, 04/18/2039 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36557 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Malaysia (Rep of), 3.757%, 05/22/2040 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23651 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Malaysia (continued)** |  |  |  |  |
| Malaysia (Rep of), 4.696%, 10/15/2042 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78017 | &nbsp;&nbsp;0.82 |
| Malaysia (Rep of), 4.180%, 05/16/2044 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13098 | &nbsp;&nbsp;0.14 |
| Malaysia (Rep of), 4.921%, 07/06/2048 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972 | &nbsp;&nbsp;0.03 |
| Malaysia (Rep of), 4.065%, 06/15/2050 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68002 | &nbsp;&nbsp;0.71 |
| Malaysia (Rep of), 4.457%, 03/31/2053 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59900 | &nbsp;&nbsp;0.63 |
| Malaysia Government Investment Issue, 4.417%, 09/30/2041 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786 | &nbsp;&nbsp;0.03 |
| Malaysia Government Investment Issue, 4.291%, 08/14/2043 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14787 | &nbsp;&nbsp;0.16 |
| Malaysia Government Investment Issue, 5.357%, 05/15/2052 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71793 | &nbsp;&nbsp;0.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**469378** | &nbsp;&nbsp;**4.93** |
| **Mexico (Cost $680,222)** |  |  |  |  |
| Mexican Bonos, 8.500%, 05/31/2029 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74940 | &nbsp;&nbsp;0.79 |
| Mexican Bonos, 7.750%, 05/29/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;4960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249708 | &nbsp;&nbsp;2.63 |
| Mexican Bonos, 7.500%, 05/26/2033 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71767 | &nbsp;&nbsp;0.75 |
| Mexican Bonos, 7.750%, 11/23/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;2440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117265 | &nbsp;&nbsp;1.23 |
| Mexican Bonos, 7.750%, 11/13/2042 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59741 | &nbsp;&nbsp;0.63 |
| Mexican Bonos, 8.000%, 11/07/2047 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47705 | &nbsp;&nbsp;0.50 |
| Mexican Udibonos, 2.750%, 11/27/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63874 | &nbsp;&nbsp;0.67 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**685000** | &nbsp;&nbsp;**7.20** |
| **Nigeria (Cost $117,268)** |  |  |  |  |
| Nigeria OMO Bill, 0.000%, 09/30/2025<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;10560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6601 | &nbsp;&nbsp;0.07 |
| Nigeria OMO Bill, 0.000%, 11/04/2025<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;63180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38574 | &nbsp;&nbsp;0.40 |
| Nigeria OMO Bill, 0.000%, 12/09/2025<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;34338000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20569 | &nbsp;&nbsp;0.22 |
| Nigeria OMO Bill, 0.000%, 02/10/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;34424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19834 | &nbsp;&nbsp;0.21 |
| Nigeria OMO Bill, 0.000%, 03/03/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;59626000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34109 | &nbsp;&nbsp;0.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119687** | &nbsp;&nbsp;**1.26** |
| **Peru (Cost $238,190)** |  |  |  |  |
| Peru (Rep of), 7.300%, 08/12/2033<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;0.11 |
| Peru (Rep of), 6.850%, 08/12/2035<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120605 | &nbsp;&nbsp;1.27 |
| Peru (Rep of), 7.600%, 08/12/2039<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114489 | &nbsp;&nbsp;1.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**245394** | &nbsp;&nbsp;**2.58** |
| **Philippines (Cost $113,332)** |  |  |  |  |
| Philippines (Rep of), 6.375%, 07/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;6190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107109 | &nbsp;&nbsp;1.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**107109** | &nbsp;&nbsp;**1.13** |
| **Poland (Cost $395,921)** |  |  |  |  |
| Poland (Rep of), 3.750%, 05/25/2027 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55453 | &nbsp;&nbsp;0.58 |
| Poland (Rep of), 2.750%, 10/25/2029 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64490 | &nbsp;&nbsp;0.68 |
| Poland (Rep of), 1.250%, 10/25/2030 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42823 | &nbsp;&nbsp;0.45 |
| Poland (Rep of), 1.750%, 04/25/2032 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91157 | &nbsp;&nbsp;0.96 |
| Poland (Rep of), 6.000%, 10/25/2033 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136954 | &nbsp;&nbsp;1.44 |
| Poland (Rep of), 5.000%, 10/25/2034 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49058 | &nbsp;&nbsp;0.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**439935** | &nbsp;&nbsp;**4.62** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Romania (Cost $280,433)** |  |  |  |  |
| Romania (Rep of), 4.150%, 01/26/2028 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54514 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Romania (Rep of), 6.300%, 04/25/2029 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16273 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Romania (Rep of), 4.850%, 07/25/2029 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41165 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Romania (Rep of), 8.000%, 04/29/2030 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16124 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Romania (Rep of), 4.150%, 10/24/2030 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22347 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Romania (Rep of), 7.350%, 04/28/2031 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87666 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Romania (Rep of), 4.750%, 10/11/2034 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41461 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**279550** | &nbsp;&nbsp;&nbsp;&nbsp;**2.94** |
| **South Africa (Cost $615,765)** |  |  |  |  |
| South Africa (Rep of), 7.000%, 02/28/2031 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;1666386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85406 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| South Africa (Rep of), 8.250%, 03/31/2032 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;1646706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87543 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| South Africa (Rep of), 8.875%, 02/28/2035 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;3301287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172862 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| South Africa (Rep of), 8.500%, 01/31/2037 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;1190999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58142 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| South Africa (Rep of), 9.000%, 01/31/2040 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;1725529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83982 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| South Africa (Rep of), 8.750%, 01/31/2044 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;1293460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59556 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| South Africa (Rep of), 8.750%, 02/28/2048 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;2824672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128590 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**676081** | &nbsp;&nbsp;&nbsp;&nbsp;**7.11** |
| **Supranational (Cost $164,297)** |  |  |  |  |
| Inter-American Development Bank, 7.350%, 10/06/2030 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93982 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| International Bank for Reconstruction & Development, 6.500%, 04/17/2030 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65700 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**159682** | &nbsp;&nbsp;&nbsp;&nbsp;**1.68** |
| **Thailand (Cost $384,848)** |  |  |  |  |
| Thailand (Rep of), 2.650%, 06/17/2028 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5799 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Thailand (Rep of), 3.775%, 06/25/2032 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41014 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Thailand (Rep of), 3.350%, 06/17/2033 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1814000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63360 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Thailand (Rep of), 1.585%, 12/17/2035 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;2103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64675 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Thailand (Rep of), 3.400%, 06/17/2036 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16127 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Thailand (Rep of), 3.390%, 06/17/2037 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;3810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138194 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Thailand (Rep of), 3.300%, 06/17/2038 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43443 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Thailand (Rep of), 2.000%, 06/17/2042 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1047000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32417 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Thailand (Rep of), 2.875%, 06/17/2046 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;1449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50345 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**455374** | &nbsp;&nbsp;&nbsp;&nbsp;**4.79** |
| **Turkey (Cost $118,065)** |  |  |  |  |
| Turkey (Rep of), 31.080%, 11/08/2028 | &nbsp;&nbsp;&nbsp;TRY | &nbsp;&nbsp;1006740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23271 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Turkey (Rep of), 26.200%, 10/05/2033 | &nbsp;&nbsp;&nbsp;TRY | &nbsp;&nbsp;2709134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60997 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**84268** | &nbsp;&nbsp;&nbsp;&nbsp;**0.89** |
| **United States (Cost $1,328,894)** |  |  |  |  |
| U.S. Treasury Bill, 4.153%, 10/02/2025<sup>4</sup> |  | &nbsp;&nbsp;1338600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328814 | &nbsp;&nbsp;13.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1328814** | &nbsp;&nbsp;**13.97** |
| **Uruguay (Cost $29,747)** |  |  |  |  |
| Uruguay (Rep of), 8.250%, 05/21/2031 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;416243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10320 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Uruguay (continued)** |  |  |  |  |
| Uruguay Monetary Regulation Bill, 0.000%, 10/31/2025<sup>2</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;881000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21453 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31773** | &nbsp;&nbsp;&nbsp;&nbsp;**0.33** |
| **Total Debt Securities (Cost $9,109,050)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9198181** | &nbsp;&nbsp;&nbsp;&nbsp;**96.69** |
| **Total Investments in Securities (Cost $9,109,050)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9198181** | &nbsp;&nbsp;&nbsp;&nbsp;**96.69** |
| **Total Investments (Total Cost $9,109,050)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9198181** | &nbsp;&nbsp;&nbsp;&nbsp;**96.69** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314814 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$9512995** | &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. As of July 31, 2025, these securities had a total value of $355,451 or 3.74% of net assets.

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

Percentages shown are based on net assets.

------

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

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

At July 31, 2025, the Ashmore Emerging Markets Local Currency Bond Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 08/04/2025 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;531131 | &nbsp;&nbsp;&nbsp;&nbsp;$250 |
| 08/04/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72500 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;404695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 |
| 08/04/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;301497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 |
| 08/04/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93535 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;129667200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| 08/11/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23004 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;1972722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 |
| 08/11/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23088 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;1978834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
| 08/11/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128695 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;11064829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 |
| 08/11/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191000 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;16489985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804 |
| 08/18/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899240 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6643 |
| 08/29/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17908 | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;1021457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 |
| 09/03/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30288 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;169148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 |
| 09/04/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;129600000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 |
| 09/10/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;258449590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330 |
| 09/10/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741 | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;5087960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| 09/17/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9016 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;38279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| 10/16/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;76800000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 |
| 10/30/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;91009800 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 |
| 10/30/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999905 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 |
| 10/30/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44922 | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;42748571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 |
| 10/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114512 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;470186853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325 |
| 10/31/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113985 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;1864628346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 |
| 10/31/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48607 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;796314801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 |
| 10/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162322 | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;579913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 |
| 11/10/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375544 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;6707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 |
| 11/10/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369841 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;24172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581 |
| 11/12/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179059 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;20828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2179 |
| 11/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285710 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;5039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
| 11/12/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;10448133 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;118572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
| 11/28/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Uruguayan Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490230 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;39394 |
| 08/04/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169148 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;30521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346) |
| 08/04/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474682 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;264997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1925) |
| 08/04/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;129667200 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2556) |
| 08/04/2025 | &nbsp;&nbsp;Santander | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72500 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;406508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
| 08/11/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;18984527 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;222048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5382) |
| 08/11/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;16218090 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3907) |
| 08/11/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6751886 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;78246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1189) |
| 08/11/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119135 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;10448133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) |
| 08/18/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93927 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;4899240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5716) |
| 09/10/2025 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;129667200 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;93727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(575) |

---

------

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 09/10/2025 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;137250630 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;$(399) |
| 09/10/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;265125400 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;193734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3269) |
| 09/10/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;134662770 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2258) |
| 09/17/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923830 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;692358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5468) |
| 09/17/2025 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41742 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) |
| 09/30/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701067 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;177319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1977) |
| 09/30/2025 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;10659566 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535) |
| 10/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503917 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;492261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2857) |
| 10/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046215 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1755) |
| 10/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069197 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;384131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8534) |
| 10/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;55365439 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;162242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5042) |
| 10/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4966225 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;264659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4041) |
| 10/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364796 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;374722 | &nbsp;&nbsp;&nbsp;&nbsp;(11048) |
| 10/31/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93102 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;21349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(526) |
| 10/31/2025 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424470 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;78151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460) |
| 10/31/2025 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147005 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;8197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) |
| 10/31/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022411 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;23176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |
| 11/10/2025 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8588 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;487532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934) |
| 11/10/2025 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17176 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;972143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1811) |
| 11/10/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;285710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537) |
| 11/12/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25608 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;1464770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2973) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(76548) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(37154) |

---

------

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

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

At July 31, 2025, the Ashmore Emerging Markets Local Currency Bond Fund had the following centrally cleared interest rate swap contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/<br> Pay Rate** | &nbsp;&nbsp;**Receive Rate/<br> Receive Rate<br> Index** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)\*\*** |
| 4.905% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;114000000 | &nbsp;&nbsp;10/14/2034 | &nbsp;&nbsp;$1928 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1928 |
| 7-Day CNY CNRR (Pay Quarterly) | &nbsp;&nbsp;2.775% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8037 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8037 |
| 7-Day CNY CNRR (Pay Quarterly) | &nbsp;&nbsp;1.770% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;10/11/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 |
| 9.355% (Pay Quarterly) | &nbsp;&nbsp;1-Day COOVIBR (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;634000000 | &nbsp;&nbsp;01/21/2035 | &nbsp;&nbsp;&nbsp;&nbsp;(1645) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1645) |
| 1-Day COOVIBR (Pay Quarterly) | &nbsp;&nbsp;8.420% (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;2183000000 | &nbsp;&nbsp;01/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 |
| 1-Day COOVIBR (Pay Quarterly) | &nbsp;&nbsp;8.170% (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;605810000 | &nbsp;&nbsp;04/07/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) |
| 1-Day INR MIBOR (Pay Semi-Annually) | &nbsp;&nbsp;5.999% (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7012000 | &nbsp;&nbsp;12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 |
| 1-Day INR MIBOR (Pay Semi-Annually) | &nbsp;&nbsp;6.024% (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490000 | &nbsp;&nbsp;12/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 |
| 1-Day INR MIBOR (Pay Semi-Annually) | &nbsp;&nbsp;6.236% (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020000 | &nbsp;&nbsp;01/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1517 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 |
| 1-Day INR MIBOR (Pay Semi-Annually) | &nbsp;&nbsp;5.794% (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430000 | &nbsp;&nbsp;06/18/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) |
| 5.744% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day INR MIBOR (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18042000 | &nbsp;&nbsp;06/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504) |
| 7.713% (Pay Monthly) | &nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;06/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 |
| 8.298% (Pay Monthly) | &nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550000 | &nbsp;&nbsp;09/05/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325) |
| 1-Day MXN-TIIE-BANXICO (Pay Monthly) | &nbsp;&nbsp;7.570% (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9510000 | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 |
| 3M MYR KLIBO (Pay Quarterly) | &nbsp;&nbsp;3.270% (Receive Quarterly) | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;06/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1824 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 |
| 6M PLN WIBOR (Pay Semi-Annually) | &nbsp;&nbsp;4.681% (Receive Annually) | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;06/19/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$15772 |

---

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

------

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

#### SCHEDULE OF INVESTMENTS
*As of July 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $195,161)** |  |  |  |  |
| Azule Energy Finance PLC, 8.125%, 01/23/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200880 | &nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**200880** | &nbsp;&nbsp;**1.01** |
| **Argentina (Cost $816,917)** |  |  |  |  |
| Pampa Energia S.A., 7.875%, 12/16/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;0.65 |
| Pluspetrol S.A., 8.500%, 05/30/2032<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132194 | &nbsp;&nbsp;0.66 |
| Telecom Argentina S.A., 9.500%, 07/18/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125984 | &nbsp;&nbsp;0.63 |
| Vista Energy Argentina S.A.U., 7.625%, 12/10/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127069 | &nbsp;&nbsp;0.64 |
| YPF Energia Electrica S.A., 7.875%, 10/16/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130182 | &nbsp;&nbsp;0.65 |
| YPF S.A., 9.500%, 01/17/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186790 | &nbsp;&nbsp;0.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**832219** | &nbsp;&nbsp;**4.17** |
| **Brazil (Cost $1,863,537)** |  |  |  |  |
| Globo Comunicacao e Participacoes S.A., 5.500%, 01/14/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187266 | &nbsp;&nbsp;0.94 |
| JBS U.S.A. Holding Lux S.a.r.l./JBS U.S.A. Food Co./JBS Lux Co. S.a.r.l., 5.750%, 04/01/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61303 | &nbsp;&nbsp;0.31 |
| LD Celulose International GmbH, 7.950%, 01/26/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209100 | &nbsp;&nbsp;1.05 |
| MC Brazil Downstream Trading S.a.r.l., 7.250%, 06/30/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;323834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262306 | &nbsp;&nbsp;1.31 |
| Nexa Resources S.A., 6.750%, 04/09/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209550 | &nbsp;&nbsp;1.05 |
| OI S.A., 8.500%, (98% PIK), 12/31/2028<sup>2,3</sup> |  | &nbsp;&nbsp;2015389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135031 | &nbsp;&nbsp;0.68 |
| Petrobras Global Finance B.V., 6.850%, 06/05/2115 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40023 | &nbsp;&nbsp;0.20 |
| Samarco Mineracao S.A., 9.500%, 06/30/2031<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;102265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101115 | &nbsp;&nbsp;0.51 |
| Suzano Austria GmbH, 3.125%, 01/15/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65783 | &nbsp;&nbsp;0.33 |
| Trident Energy Finance PLC, 12.500%, 11/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205938 | &nbsp;&nbsp;1.03 |
| Vale Overseas Ltd., 6.400%, 06/28/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82960 | &nbsp;&nbsp;0.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1560375** | &nbsp;&nbsp;**7.83** |
| **Chile (Cost $837,458)** |  |  |  |  |
| Banco de Credito e Inversiones S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.944%), 8.750%, 05/08/2029<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213400 | &nbsp;&nbsp;1.07 |
| BPCE S.A., 3.150%, 03/06/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228004 | &nbsp;&nbsp;1.14 |
| Chile Electricity Lux Mpc II S.a.r.l., 5.580%, 10/20/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;195501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197456 | &nbsp;&nbsp;0.99 |
| Latam Airlines Group S.A., 7.625%, 01/07/2031<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205250 | &nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**844110** | &nbsp;&nbsp;**4.23** |
| **China (Cost $15,374,067)** |  |  |  |  |
| Central China Real Estate Ltd., 7.250%, 07/16/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15113 | &nbsp;&nbsp;0.07 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>5,6</sup> |  | &nbsp;&nbsp;2611000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84857 | &nbsp;&nbsp;0.42 |
| Central China Real Estate Ltd., 7.250%, 04/28/2025<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 | &nbsp;&nbsp;0.03 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;0.06 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250 | &nbsp;&nbsp;0.05 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35150 | &nbsp;&nbsp;0.18 |
| China SCE Group Holdings Ltd., 7.000%, 05/02/2025<sup>5,6</sup> |  | &nbsp;&nbsp;1236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57165 | &nbsp;&nbsp;0.29 |
| China SCE Group Holdings Ltd., 6.000%, 02/04/2026<sup>5</sup> |  | &nbsp;&nbsp;1099000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50829 | &nbsp;&nbsp;0.25 |
| Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/2021<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21788 | &nbsp;&nbsp;0.11 |
| Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022<sup>5,6</sup> |  | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31500 | &nbsp;&nbsp;0.16 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of July 31, 2025 (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., 12.250%, 10/18/2022<sup>5,6</sup> |  | &nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48300 | &nbsp;&nbsp;0.24 |
| Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24281 | &nbsp;&nbsp;0.12 |
| Kaisa Group Holdings Ltd., 11.500%, 01/30/2023<sup>5,6</sup> |  | &nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78625 | &nbsp;&nbsp;0.39 |
| Kaisa Group Holdings Ltd., 10.875%, 07/23/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;0.08 |
| Kaisa Group Holdings Ltd., 9.375%, 06/30/2024<sup>5,6</sup> |  | &nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57375 | &nbsp;&nbsp;0.29 |
| Kaisa Group Holdings Ltd., 11.250%, 04/16/2025<sup>5,6</sup> |  | &nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50150 | &nbsp;&nbsp;0.25 |
| Kaisa Group Holdings Ltd., 11.700%, 11/11/2025<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26562 | &nbsp;&nbsp;0.13 |
| Sunac China Holdings Ltd., 6.000%, 09/30/2025<sup>2,3,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13250 | &nbsp;&nbsp;0.07 |
| Sunac China Holdings Ltd., 6.250%, 09/30/2026<sup>2,3,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13250 | &nbsp;&nbsp;0.07 |
| Sunac China Holdings Ltd., 6.500%, 09/30/2027<sup>2,3,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13250 | &nbsp;&nbsp;0.07 |
| Sunac China Holdings Ltd., 6.750%, 09/30/2028<sup>2,3,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13250 | &nbsp;&nbsp;0.07 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>2,3,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13250 | &nbsp;&nbsp;0.07 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>3,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;117339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15547 | &nbsp;&nbsp;0.08 |
| Sunac China Holdings Ltd., 7.250%, 09/30/2030<sup>2,3,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13250 | &nbsp;&nbsp;0.07 |
| Sunac China Holdings Ltd., 7.250%, 09/30/2030<sup>3,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;342587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45393 | &nbsp;&nbsp;0.23 |
| Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023<sup>5,6</sup> |  | &nbsp;&nbsp;3200550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224038 | &nbsp;&nbsp;1.12 |
| Zhenro Properties Group Ltd., 8.700%, 08/03/2022<sup>5,6</sup> |  | &nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;0.02 |
| Zhenro Properties Group Ltd., 6.500%, 09/01/2022<sup>5,6</sup> |  | &nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238 | &nbsp;&nbsp;0.03 |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 7.875%, 04/14/2024<sup>5,6</sup> |  | &nbsp;&nbsp;2315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5788 | &nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1007774** | &nbsp;&nbsp;**5.06** |
| **Colombia (Cost $660,263)** |  |  |  |  |
| AI Candelaria S.A., 5.750%, 06/15/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215623 | &nbsp;&nbsp;1.08 |
| Ecopetrol S.A., 5.875%, 05/28/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69469 | &nbsp;&nbsp;0.35 |
| EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A., 5.375%, 12/30/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180700 | &nbsp;&nbsp;0.91 |
| Grupo Aval Ltd., 4.375%, 02/04/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183400 | &nbsp;&nbsp;0.92 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**649192** | &nbsp;&nbsp;**3.26** |
| **Costa Rica (Cost $214,470)** |  |  |  |  |
| Liberty Costa Rica Senior Secured Finance, 10.875%, 01/15/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213050 | &nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**213050** | &nbsp;&nbsp;**1.07** |
| **Czech Republic (Cost $2,178,200)** |  |  |  |  |
| Energo-Pro A.S., 11.000%, 11/02/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213125 | &nbsp;&nbsp;1.07 |
| New World Resources N.V., 8.000%, 04/07/2020<sup>5,6,7</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1685299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| New World Resources N.V., 0.000%, 10/07/2020<sup>2,5,6,7,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;101612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| New World Resources N.V., 4.000%, 10/07/2020<sup>5,6,7</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;700590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**213125** | &nbsp;&nbsp;**1.07** |
| **Georgia (Cost $195,584)** |  |  |  |  |
| Bank of Georgia JSC, (Variable, USD SOFR ICE Swap Rate 5Y + 5.618%), 9.500%, 07/16/2029<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199002 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**199002** | &nbsp;&nbsp;**1.00** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Ghana (Cost $193,379)** |  |  |  |  |
| Kosmos Energy Ltd., 8.750%, 10/01/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$154300 | &nbsp;&nbsp;0.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**154300** | &nbsp;&nbsp;**0.77** |
| **Guatemala (Cost $179,111)** |  |  |  |  |
| CT Trust, 5.125%, 02/03/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187250 | &nbsp;&nbsp;0.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**187250** | &nbsp;&nbsp;**0.94** |
| **Hong Kong (Cost $669,036)** |  |  |  |  |
| Bank of East Asia (The) Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.300%), 4.875%, 04/22/2032<sup>4</sup> |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295398 | &nbsp;&nbsp;1.48 |
| Prudential Funding Asia PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.517%), 2.950%, 11/03/2033<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188200 | &nbsp;&nbsp;0.95 |
| Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.450%), 5.905%, 05/14/2035<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208044 | &nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**691642** | &nbsp;&nbsp;**3.47** |
| **India (Cost $754,362)** |  |  |  |  |
| Greenko Power II Ltd., 4.300%, 12/13/2028 |  | &nbsp;&nbsp;159500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150648 | &nbsp;&nbsp;0.76 |
| Power Finance Corp. Ltd., 4.500%, 06/18/2029 |  | &nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232170 | &nbsp;&nbsp;1.16 |
| Sammaan Capital Ltd., 9.700%, 07/03/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203750 | &nbsp;&nbsp;1.02 |
| Vedanta Resources Finance II PLC, 9.475%, 07/24/2030 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197750 | &nbsp;&nbsp;0.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**784318** | &nbsp;&nbsp;**3.93** |
| **Indonesia (Cost $671,028)** |  |  |  |  |
| Freeport Indonesia PT, 6.200%, 04/14/2052 |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221879 | &nbsp;&nbsp;1.12 |
| Medco Maple Tree Pte. Ltd., 8.960%, 04/27/2029 |  | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261562 | &nbsp;&nbsp;1.31 |
| Minejesa Capital B.V., 5.625%, 08/10/2037 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195700 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**679141** | &nbsp;&nbsp;**3.41** |
| **Israel (Cost $358,623)** |  |  |  |  |
| Energean Israel Finance Ltd., 8.500%, 09/30/2033<sup>2</sup> |  | &nbsp;&nbsp;158790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164014 | &nbsp;&nbsp;0.82 |
| Leviathan Bond Ltd., 6.500%, 06/30/2027<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;67382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66961 | &nbsp;&nbsp;0.34 |
| Leviathan Bond Ltd., 6.750%, 06/30/2030<sup>2</sup> |  | &nbsp;&nbsp;137043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135416 | &nbsp;&nbsp;0.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**366391** | &nbsp;&nbsp;**1.84** |
| **Kazakhstan (Cost $491,638)** |  |  |  |  |
| KazMunayGas National Co. JSC, 5.750%, 04/19/2047 |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193059 | &nbsp;&nbsp;0.97 |
| KazMunayGas National Co. JSC, 6.375%, 10/24/2048 |  | &nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341862 | &nbsp;&nbsp;1.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**534921** | &nbsp;&nbsp;**2.68** |
| **Mexico (Cost $1,209,771)** |  |  |  |  |
| Alfa S.A.B. de C.V., 6.875%, 03/25/2044 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213140 | &nbsp;&nbsp;1.07 |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/2030<sup>4</sup> |  | &nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226922 | &nbsp;&nbsp;1.14 |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.072%), 8.375%, 05/20/2031<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204384 | &nbsp;&nbsp;1.02 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.214%), 8.125%, 01/08/2039<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208520 | &nbsp;&nbsp;1.04 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Infraestructura Energetica Nova S.A.P.I. de C.V., 4.750%, 01/15/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$147438 | &nbsp;&nbsp;0.74 |
| Petroleos Mexicanos, 6.500%, 06/02/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71154 | &nbsp;&nbsp;0.36 |
| Tierra Mojada Luxembourg II S.a.r.l., 5.750%, 12/01/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;169056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161237 | &nbsp;&nbsp;0.81 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1232795** | &nbsp;&nbsp;**6.18** |
| **Morocco (Cost $195,200)** |  |  |  |  |
| OCP S.A., 5.125%, 06/23/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153264 | &nbsp;&nbsp;0.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**153264** | &nbsp;&nbsp;**0.77** |
| **Nigeria (Cost $380,412)** |  |  |  |  |
| IHS Holding Ltd., 6.250%, 11/29/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196640 | &nbsp;&nbsp;0.99 |
| IHS Holding Ltd., 8.250%, 11/29/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203734 | &nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**400374** | &nbsp;&nbsp;**2.01** |
| **Pakistan (Cost $177,666)** |  |  |  |  |
| Veon Midco B.V., 3.375%, 11/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189625 | &nbsp;&nbsp;0.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**189625** | &nbsp;&nbsp;**0.95** |
| **Panama (Cost $195,992)** |  |  |  |  |
| Sable International Finance Ltd., 7.125%, 10/15/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199886 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**199886** | &nbsp;&nbsp;**1.00** |
| **Peru (Cost $409,368)** |  |  |  |  |
| Minsur S.A., 4.500%, 10/28/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201573 | &nbsp;&nbsp;1.01 |
| Niagara Energy S.A.C., 5.746%, 10/03/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198980 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**400553** | &nbsp;&nbsp;**2.01** |
| **Poland (Cost $109,955)** |  |  |  |  |
| GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114062 | &nbsp;&nbsp;0.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**114062** | &nbsp;&nbsp;**0.57** |
| **Russian Federation (Cost $1,481,647)** |  |  |  |  |
| Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/2027<sup>5,7</sup> |  | &nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2** | &nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Saudi Arabia (Cost $865,159)** |  |  |  |  |
| Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;184600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183965 | &nbsp;&nbsp;0.92 |
| EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;277940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249625 | &nbsp;&nbsp;1.25 |
| Greensaif Pipelines Bidco S.a.r.l., 6.510%, 02/23/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245575 | &nbsp;&nbsp;1.23 |
| Saudi Arabian Oil Co., 5.875%, 07/17/2064 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186050 | &nbsp;&nbsp;0.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**865215** | &nbsp;&nbsp;**4.34** |
| **Singapore (Cost $199,255)** |  |  |  |  |
| Great Eastern Life Assurance Co. (The) Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 0.696%), 5.398%, 01/22/2032<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198325 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**198325** | &nbsp;&nbsp;**1.00** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **South Africa (Cost $1,097,055)** |  |  |  |  |
| Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/2026<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$199000 | &nbsp;&nbsp;1.00 |
| AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028 |  | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258042 | &nbsp;&nbsp;1.29 |
| Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029 |  | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218269 | &nbsp;&nbsp;1.10 |
| Prosus N.V., 3.061%, 07/13/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178000 | &nbsp;&nbsp;0.89 |
| Prosus N.V., 4.027%, 08/03/2050 |  | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241200 | &nbsp;&nbsp;1.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1094511** | &nbsp;&nbsp;**5.49** |
| **South Korea (Cost $634,862)** |  |  |  |  |
| Hanwha Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.292%), 6.300%, 06/24/2055<sup>2,4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;1.03 |
| Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.064%), 2.875%, 05/12/2026<sup>4</sup> |  | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249711 | &nbsp;&nbsp;1.25 |
| Woori Bank, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.277%), 6.375%, 07/24/2029<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204063 | &nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**659774** | &nbsp;&nbsp;**3.31** |
| **Thailand (Cost $332,601)** |  |  |  |  |
| Bangkok Bank PCL, 9.025%, 03/15/2029 |  | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157161 | &nbsp;&nbsp;0.79 |
| Bangkok Bank PCL, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.150%), 3.466%, 09/23/2036<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178060 | &nbsp;&nbsp;0.89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**335221** | &nbsp;&nbsp;**1.68** |
| **Togo (Cost $208,870)** |  |  |  |  |
| Ecobank Transnational, Inc., 10.125%, 10/15/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211688 | &nbsp;&nbsp;1.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**211688** | &nbsp;&nbsp;**1.06** |
| **Turkey (Cost $828,835)** |  |  |  |  |
| Turkcell Iletisim Hizmetleri A.S., 7.650%, 01/24/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206188 | &nbsp;&nbsp;1.04 |
| Turkiye Garanti Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.836%), 8.125%, 01/03/2035<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203120 | &nbsp;&nbsp;1.02 |
| Turkiye Vakiflar Bankasi T.A.O., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.669%), 8.994%, 10/05/2034<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;1.04 |
| Yapi ve Kredi Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.499%), 9.743%, 04/04/2029<sup>4</sup> |  | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214930 | &nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**832238** | &nbsp;&nbsp;**4.18** |
| **United Arab Emirates (Cost $398,036)** |  |  |  |  |
| First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/2026<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198126 | &nbsp;&nbsp;0.99 |
| MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.539%), 6.375%, 03/20/2026<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199250 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**397376** | &nbsp;&nbsp;**1.99** |
| **United States (Cost $140,571)** |  |  |  |  |
| U.S. Treasury Bill, 4.151%, 10/02/2025<sup>9</sup> |  | &nbsp;&nbsp;141600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140565 | &nbsp;&nbsp;0.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**140565** | &nbsp;&nbsp;**0.71** |
| **Uzbekistan (Cost $405,350)** |  |  |  |  |
| Jscb Agrobank, 9.250%, 10/02/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212825 | &nbsp;&nbsp;1.07 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Uzbekistan (continued)** |  |  |  |  |
| Navoi Mining & Metallurgical Combinat, 6.950%, 10/17/2031<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$206626 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**419451** | &nbsp;&nbsp;&nbsp;&nbsp;**2.10** |
| **Venezuela (Cost $2,308,664)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>5,6</sup> |  | &nbsp;&nbsp;1724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547945 | &nbsp;&nbsp;&nbsp;&nbsp;7.76 |
| Petroleos de Venezuela S.A., 9.750%, 05/17/2035<sup>5</sup> |  | &nbsp;&nbsp;2987000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477920 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025865** | &nbsp;&nbsp;**10.16** |
| **Vietnam (Cost $164,871)** |  |  |  |  |
| Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;169400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165531 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**165531** | &nbsp;&nbsp;&nbsp;&nbsp;**0.83** |
| **Zambia (Cost $208,886)** |  |  |  |  |
| First Quantum Minerals Ltd., 8.625%, 06/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207500 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**207500** | &nbsp;&nbsp;&nbsp;&nbsp;**1.04** |
| **Total Debt Securities (Cost $37,605,860)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19361511** | &nbsp;&nbsp;**97.12** |
| **Bank Loans** |  |  |  |  |
| **Czech Republic (Cost $362,934)** |  |  |  |  |
| New World Resources N.V., 8.500%, 10/07/2016<sup>5,6,7</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;952166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Total Bank Loans (Cost $362,934)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |  |
| **China (Cost $19,761)** |  |  |  |  |
| Sunac Services Holdings Ltd.<sup>2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16497 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16497** | &nbsp;&nbsp;&nbsp;&nbsp;**0.08** |
| **Czech Republic (Cost $1,093,253)** |  |  |  |  |
| New World Resources PLC, Class A\*<sup>,7</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;36580138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Niger (Cost $877,496)** |  |  |  |  |
| Savannah Energy PLC\*<sup>,7</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;2258852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214787 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**214787** | &nbsp;&nbsp;&nbsp;&nbsp;**1.08** |
| **Total Equity Securities (Cost $1,990,510)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**231284** | &nbsp;&nbsp;&nbsp;&nbsp;**1.16** |
| **Total Investments (Total Cost $39,959,304)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19592795** | &nbsp;&nbsp;&nbsp;&nbsp;**98.28** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342544 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$19935339** | &nbsp;&nbsp;**100.00** |

---

<br> \* Non-income producing security. <br> <sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

------

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

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

<sup>2</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of July 31, 2025, these securities had a total value of $1,347,489 or 6.76% of net assets.

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

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

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

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

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

<sup>8</sup> Restricted security that has been deemed illiquid. At July 31, 2025 the value of these restricted illiquid securities amount to $0 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows:

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp;**ACQUISITION DATE** | &nbsp;&nbsp;**ACQUISITION COST** |
| New World Resources N.V., 0.000%, 10/07/2020 | &nbsp;&nbsp;10/7/2014 | &nbsp;&nbsp;$— |

---

<sup>9</sup> Zero coupon bond – interest rate reflects effective yield on the date of purchase.

Percentages shown are based on net assets.

At July 31, 2025, the Ashmore Emerging Markets Corporate Income Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Trading<br> Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)<sup>(1)</sup>** |
| **Long Contracts** |  |  |  |  |  |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1241906 | &nbsp;&nbsp;$(3164) |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;216344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) |
| Total |  |  |  |  | &nbsp;&nbsp;$(3227) |

---

<sup>(1)</sup> Includes cumulative appreciation/depreciation on futures contracts.

At July 31, 2025, the Ashmore Emerging Markets Corporate Income Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 10/01/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;245127 | &nbsp;&nbsp;British Pound | &nbsp;&nbsp;179990 | &nbsp;&nbsp;$7274 |
| 10/01/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;94744 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;81221 | &nbsp;&nbsp;&nbsp;&nbsp;1656 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8930 |
| Total |  |  |  |  |  | &nbsp;&nbsp;$8930 |

---

------

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

#### SCHEDULE OF INVESTMENTS
*As of July 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Brazil (Cost $2,185,906)** |  |  |  |  |
| Banco do Brasil S.A., 4.875%, 01/11/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$393800 | &nbsp;&nbsp;1.22 |
| BRF GmbH, 4.350%, 09/29/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396048 | &nbsp;&nbsp;1.23 |
| Embraer Netherlands Finance B.V., 6.950%, 01/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522188 | &nbsp;&nbsp;1.62 |
| NBM U.S. Holdings, Inc., 7.000%, 05/14/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;0.36 |
| OI S.A., 8.500%, (96% PIK), 12/31/2028<sup>2,3</sup> |  | &nbsp;&nbsp;1234347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82701 | &nbsp;&nbsp;0.26 |
| Suzano Austria GmbH, 6.000%, 01/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512250 | &nbsp;&nbsp;1.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021987** | &nbsp;&nbsp;**6.28** |
| **Chile (Cost $724,725)** |  |  |  |  |
| Banco de Credito e Inversiones S.A., 3.500%, 10/12/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195700 | &nbsp;&nbsp;0.61 |
| BPCE S.A., 3.150%, 03/06/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186126 | &nbsp;&nbsp;0.58 |
| GNL Quintero S.A., 4.634%, 07/31/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;145640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144795 | &nbsp;&nbsp;0.45 |
| Inversiones CMPC S.A., 4.375%, 04/04/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198916 | &nbsp;&nbsp;0.61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**725537** | &nbsp;&nbsp;**2.25** |
| **China (Cost $26,168,427)** |  |  |  |  |
| Central China Real Estate Ltd., 7.900%, 11/07/2023<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19040 | &nbsp;&nbsp;0.06 |
| Central China Real Estate Ltd., 7.250%, 07/16/2024<sup>4,5</sup> |  | &nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41437 | &nbsp;&nbsp;0.13 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;979000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31817 | &nbsp;&nbsp;0.10 |
| Central China Real Estate Ltd., 7.250%, 04/28/2025<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 | &nbsp;&nbsp;0.02 |
| Central China Real Estate Ltd., 7.500%, 07/14/2025<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13715 | &nbsp;&nbsp;0.04 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18200 | &nbsp;&nbsp;0.06 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18962 | &nbsp;&nbsp;0.06 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;0.11 |
| China SCE Group Holdings Ltd., 7.000%, 05/02/2025<sup>4,5</sup> |  | &nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52494 | &nbsp;&nbsp;0.16 |
| China SCE Group Holdings Ltd., 6.000%, 02/04/2026<sup>4</sup> |  | &nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50181 | &nbsp;&nbsp;0.16 |
| Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022<sup>4,5</sup> |  | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;0.33 |
| Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023<sup>4,5</sup> |  | &nbsp;&nbsp;4160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109200 | &nbsp;&nbsp;0.34 |
| Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023<sup>4,5</sup> |  | &nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39637 | &nbsp;&nbsp;0.12 |
| Fortune Star BVI Ltd., 8.500%, 05/19/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328000 | &nbsp;&nbsp;1.02 |
| Kaisa Group Holdings Ltd., 11.500%, 01/30/2023<sup>4,5</sup> |  | &nbsp;&nbsp;4875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207187 | &nbsp;&nbsp;0.64 |
| Kaisa Group Holdings Ltd., 10.875%, 07/23/2023<sup>4,5</sup> |  | &nbsp;&nbsp;3930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167025 | &nbsp;&nbsp;0.52 |
| Kaisa Group Holdings Ltd., 11.250%, 04/16/2025<sup>4,5</sup> |  | &nbsp;&nbsp;4280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181900 | &nbsp;&nbsp;0.56 |
| KWG Group Holdings Ltd., 6.000%, 01/14/2024<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13325 | &nbsp;&nbsp;0.04 |
| Meituan, 0.000%, 04/27/2028<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195072 | &nbsp;&nbsp;0.61 |
| Sunac China Holdings Ltd., 6.000%, 09/30/2025<sup>2,3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12085 | &nbsp;&nbsp;0.04 |
| Sunac China Holdings Ltd., 6.250%, 09/30/2026<sup>2,3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12114 | &nbsp;&nbsp;0.04 |
| Sunac China Holdings Ltd., 6.500%, 09/30/2027<sup>2,3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12530 | &nbsp;&nbsp;0.04 |
| Sunac China Holdings Ltd., 6.750%, 09/30/2028<sup>2,3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;143385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18999 | &nbsp;&nbsp;0.06 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>2,3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;143892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19066 | &nbsp;&nbsp;0.06 |
| Sunac China Holdings Ltd., 7.000%, 09/30/2029<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;363451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48157 | &nbsp;&nbsp;0.15 |
| Sunac China Holdings Ltd., 7.250%, 09/30/2030<sup>2,3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;130119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17241 | &nbsp;&nbsp;0.05 |
| Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46900 | &nbsp;&nbsp;0.14 |
| Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/2023<sup>4,5</sup> |  | &nbsp;&nbsp;4940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345800 | &nbsp;&nbsp;1.07 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Zhenro Properties Group Ltd., 8.000%, 03/06/2023<sup>4,5</sup> |  | &nbsp;&nbsp;4920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12300 | &nbsp;&nbsp;0.04 |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 8.300%, 09/15/2023<sup>4,5</sup> |  | &nbsp;&nbsp;1017000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 7.875%, 04/14/2024<sup>4,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2186573** | &nbsp;&nbsp;**6.79** |
| **Colombia (Cost $388,762)** |  |  |  |  |
| Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.929%), 6.909%, 10/18/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205675 | &nbsp;&nbsp;0.64 |
| Empresas Publicas de Medellin ESP, 4.250%, 07/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184690 | &nbsp;&nbsp;0.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**390365** | &nbsp;&nbsp;**1.21** |
| **Guatemala (Cost $503,655)** |  |  |  |  |
| Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L., 5.250%, 04/27/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159685 | &nbsp;&nbsp;0.49 |
| Millicom International Cellular S.A., 5.125%, 01/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356850 | &nbsp;&nbsp;1.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**516535** | &nbsp;&nbsp;**1.60** |
| **Hong Kong (Cost $404,896)** |  |  |  |  |
| Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.850%), 6.187%, 07/06/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405040 | &nbsp;&nbsp;1.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**405040** | &nbsp;&nbsp;**1.26** |
| **Hungary (Cost $407,011)** |  |  |  |  |
| OTP Bank Nyrt., (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.711%), 7.500%, 05/25/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;1.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**408000** | &nbsp;&nbsp;**1.27** |
| **India (Cost $2,369,931)** |  |  |  |  |
| Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;604555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587174 | &nbsp;&nbsp;1.82 |
| Delhi International Airport Ltd., 6.450%, 06/04/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649278 | &nbsp;&nbsp;2.02 |
| Greenko Power II Ltd., 4.300%, 12/13/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;159500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150648 | &nbsp;&nbsp;0.47 |
| Muthoot Finance Ltd., 7.125%, 02/14/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306900 | &nbsp;&nbsp;0.95 |
| Sammaan Capital Ltd., 9.700%, 07/03/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203750 | &nbsp;&nbsp;0.63 |
| TML Holdings Pte. Ltd., 4.350%, 06/09/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198850 | &nbsp;&nbsp;0.62 |
| Vedanta Resources Finance II PLC, 10.250%, 06/03/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314341 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2410941** | &nbsp;&nbsp;**7.49** |
| **Indonesia (Cost $725,097)** |  |  |  |  |
| Bank Negara Indonesia Persero Tbk PT, 3.750%, 03/30/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331650 | &nbsp;&nbsp;1.03 |
| Freeport Indonesia PT, 4.763%, 04/14/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399804 | &nbsp;&nbsp;1.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**731454** | &nbsp;&nbsp;**2.27** |
| **Mexico (Cost $2,455,916)** |  |  |  |  |
| Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.621%, 12/10/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409624 | &nbsp;&nbsp;1.27 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.250%, 09/10/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405838 | &nbsp;&nbsp;1.26 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Petroleos Mexicanos, 5.350%, 02/12/2028 |  | &nbsp;&nbsp;1864000 | &nbsp;&nbsp;&nbsp;&nbsp;$1814511 | &nbsp;&nbsp;5.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2629973** | &nbsp;&nbsp;**8.17** |
| **Morocco (Cost $752,322)** |  |  |  |  |
| OCP S.A., 4.500%, 10/22/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746419 | &nbsp;&nbsp;2.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**746419** | &nbsp;&nbsp;**2.32** |
| **Nigeria (Cost $378,881)** |  |  |  |  |
| IHS Holding Ltd., 6.250%, 11/29/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393280 | &nbsp;&nbsp;1.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**393280** | &nbsp;&nbsp;**1.22** |
| **Oman (Cost $199,296)** |  |  |  |  |
| Bank Muscat SAOG, 4.750%, 03/17/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199500 | &nbsp;&nbsp;0.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**199500** | &nbsp;&nbsp;**0.62** |
| **Pakistan (Cost $356,951)** |  |  |  |  |
| Veon Midco B.V., 3.375%, 11/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;1.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**370000** | &nbsp;&nbsp;**1.15** |
| **Peru (Cost $524,179)** |  |  |  |  |
| Banco de Credito del Peru S.A., 5.850%, 01/11/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415056 | &nbsp;&nbsp;1.29 |
| Transportadora de Gas del Peru S.A., 4.250%, 04/30/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118950 | &nbsp;&nbsp;0.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**534006** | &nbsp;&nbsp;**1.66** |
| **South Africa (Cost $782,695)** |  |  |  |  |
| Bidvest Group UK (The) PLC, 3.625%, 09/23/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196562 | &nbsp;&nbsp;0.61 |
| Prosus N.V., 3.257%, 01/19/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596848 | &nbsp;&nbsp;1.86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**793410** | &nbsp;&nbsp;**2.47** |
| **Tanzania (Cost $377,777)** |  |  |  |  |
| HTA Group Ltd., 2.875%, 03/18/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375500 | &nbsp;&nbsp;1.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**375500** | &nbsp;&nbsp;**1.17** |
| **Thailand (Cost $503,918)** |  |  |  |  |
| Muangthai Capital PCL, 6.875%, 09/30/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499375 | &nbsp;&nbsp;1.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**499375** | &nbsp;&nbsp;**1.55** |
| **Turkey (Cost $410,406)** |  |  |  |  |
| Turkiye Is Bankasi A.S., 7.750%, 06/12/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413541 | &nbsp;&nbsp;1.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**413541** | &nbsp;&nbsp;**1.29** |
| **United Arab Emirates (Cost $408,436)** |  |  |  |  |
| Alpha Star Holding IX Ltd., 7.000%, 08/26/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204126 | &nbsp;&nbsp;0.63 |
| Alpha Star Holding VIII Ltd., 8.375%, 04/12/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207375 | &nbsp;&nbsp;0.65 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**411501** | &nbsp;&nbsp;**1.28** |
| **United States (Cost $2,397,969)** |  |  |  |  |
| U.S. Treasury Bill, 4.165%, 10/02/2025<sup>8</sup> |  | &nbsp;&nbsp;2415500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397841 | &nbsp;&nbsp;7.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2397841** | &nbsp;&nbsp;**7.45** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Uzbekistan (Cost $1,016,312)** |  |  |  |  |
| Jscb Agrobank, 9.250%, 10/02/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$425650 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Navoi Mining & Metallurgical Combinat, 6.700%, 10/17/2028<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204876 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Navoi Mining & Metallurgical Combinat, 6.700%, 10/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409752 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1040278** | &nbsp;&nbsp;&nbsp;&nbsp;**3.23** |
| **Venezuela (Cost $11,158,543)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>4,5</sup> |  | &nbsp;&nbsp;12447500 | &nbsp;&nbsp;&nbsp;&nbsp;11176361 | &nbsp;&nbsp;34.72 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11176361** | &nbsp;&nbsp;**34.72** |
| **Vietnam (Cost $165,742)** |  |  |  |  |
| Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165531 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**165531** | &nbsp;&nbsp;&nbsp;&nbsp;**0.51** |
| **Total Debt Securities (Cost $55,767,753)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31942948** | &nbsp;&nbsp;**99.23** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |
| **China (Cost $28,857)** |  |  |  |
| Sunac Services Holdings Ltd.<sup>2</sup> &nbsp;&nbsp;HKD | &nbsp;&nbsp;106069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24092 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24092** | &nbsp;&nbsp;&nbsp;&nbsp;**0.08** |
| **Total Equity Securities (Cost $28,857)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24092** | &nbsp;&nbsp;&nbsp;&nbsp;**0.08** |
| **Total Investments (Total Cost $55,796,610)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31967040** | &nbsp;&nbsp;&nbsp;&nbsp;**99.31** |
| Other Assets Less Liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222503 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| **Net Assets** |  | &nbsp;&nbsp;&nbsp;**$32189543** | &nbsp;&nbsp;**100.00** |

---

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

<sup>2</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of July 31, 2025, these securities had a total value of $403,704 or 1.25% of net assets.

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

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

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

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

<sup>7</sup> Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

<sup>8</sup> Zero coupon bond – interest rate reflects effective yield on the date of purchase.

Percentages shown are based on net assets.

------

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

#### SCHEDULE OF INVESTMENTS
*As of July 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $415,716)** |  |  |  |  |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59347 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;39900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95982 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Vale S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175668 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**330997** | &nbsp;&nbsp;&nbsp;&nbsp;**2.65** |
| **China (Cost $3,762,190)** |  |  |  |  |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;28600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421875 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215639 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| China International Capital Corp. Ltd., Class H<sup>2</sup> | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;85200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216764 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98472 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;654000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501685 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 |
| Mao Geping Cosmetics Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125207 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Meituan, Class B\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359578 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| Proya Cosmetics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125222 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;4460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143206 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123405 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134561 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058516 | &nbsp;&nbsp;&nbsp;&nbsp;8.47 |
| Xiaomi Corp., Class B\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;42200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282188 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3806318** | &nbsp;&nbsp;**30.45** |
| **India (Cost $1,752,149)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61993 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Dr. Reddy's Laboratories Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;11840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168365 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| FSN E-Commerce Ventures Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;84303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201211 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;7711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591973 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 |
| ICICI Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;15704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529225 | &nbsp;&nbsp;&nbsp;&nbsp;4.23 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;3397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53619 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Reliance Industries Ltd. GDR<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81701 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;7739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150486 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1838573** | &nbsp;&nbsp;**14.71** |
| **Indonesia (Cost $235,374)** |  |  |  |  |
| Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54371 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;35800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175062 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**229433** | &nbsp;&nbsp;&nbsp;&nbsp;**1.83** |
| **Kuwait (Cost $208,007)** |  |  |  |  |
| National Bank of Kuwait S.A.K.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;&nbsp;&nbsp;73388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250569 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**250569** | &nbsp;&nbsp;&nbsp;&nbsp;**2.00** |
| **Mexico (Cost $211,762)** |  |  |  |  |
| Cemex S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;8401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73089 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| GCC S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;9530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89051 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93573 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**255713** | &nbsp;&nbsp;&nbsp;&nbsp;**2.05** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Peru (Cost $176,521)** |  |  |  |  |
| Southern Copper Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$182670 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**182670** | &nbsp;&nbsp;&nbsp;&nbsp;**1.46** |
| **Saudi Arabia (Cost $412,214)** |  |  |  |  |
| Al Rajhi Bank | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;9825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247368 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61432 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;12293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122309 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**431109** | &nbsp;&nbsp;&nbsp;&nbsp;**3.45** |
| **South Africa (Cost $108,598)** |  |  |  |  |
| Absa Group Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;6212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61269 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;2497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52191 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**113460** | &nbsp;&nbsp;&nbsp;&nbsp;**0.91** |
| **South Korea (Cost $1,035,742)** |  |  |  |  |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224264 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| KB Financial Group, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178224 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Samsung Biologics Co. Ltd.\*<sup>,2</sup> | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184605 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69577 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Samsung Electronics Co. Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240119 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| SK Hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256760 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1153549** | &nbsp;&nbsp;&nbsp;&nbsp;**9.23** |
| **Taiwan (Cost $2,675,793)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180813 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| ASE Technology Holding Co. Ltd. ADR |  | &nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154850 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Chunghwa Telecom Co. Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;7097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308010 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134170 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122920 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88894 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59313 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;42951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659120 | &nbsp;&nbsp;13.27 |
| United Microelectronics Corp. ADR |  | &nbsp;&nbsp;23475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160569 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Wistron Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127011 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2995670** | &nbsp;&nbsp;**23.97** |
| **United Arab Emirates (Cost $105,846)** |  |  |  |  |
| Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;47100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121374 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**121374** | &nbsp;&nbsp;&nbsp;&nbsp;**0.97** |
| **Total Common Stocks (Cost $11,099,912)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11709435** | &nbsp;&nbsp;**93.68** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Preferred Stocks** |  |  |  |  |
| **Brazil (Cost $62,650)** |  |  |  |  |
| Itau Unibanco Holding S.A. ADR, 3.969%<sup>3</sup> |  | &nbsp;&nbsp;10810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67779 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67779** | &nbsp;&nbsp;&nbsp;&nbsp;**0.54** |
| **Total Preferred Stocks (Cost $62,650)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67779** | &nbsp;&nbsp;&nbsp;&nbsp;**0.54** |
| **Total Investments (Total Cost $11,162,562)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11777214** | &nbsp;&nbsp;&nbsp;&nbsp;**94.22** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722601 | &nbsp;&nbsp;&nbsp;&nbsp;5.78 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$12499815** | &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. As of July 31, 2025, these securities had a total value of $1,124,836 or 9.00% of net assets.

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

Percentages shown are based on net assets.

At July 31, 2025, the industry sectors for the Ashmore Emerging Markets Active Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;10.9% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.1 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;23.3 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;28.3 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;94.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

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

#### SCHEDULE OF INVESTMENTS
*As of July 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $177,835)** |  |  |  |  |
| Lojas Renner S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$126016 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103582 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**229598** | &nbsp;&nbsp;&nbsp;&nbsp;**4.07** |
| **China (Cost $482,443)** |  |  |  |  |
| Atour Lifestyle Holdings Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82419 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| Huaming Power Equipment Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149855 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 |
| JNBY Design Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167091 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 |
| Proya Cosmetics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93348 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49795 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81581 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**624089** | &nbsp;&nbsp;**11.05** |
| **Hungary (Cost $89,069)** |  |  |  |  |
| Wizz Air Holdings PLC\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78398 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78398** | &nbsp;&nbsp;&nbsp;&nbsp;**1.39** |
| **India (Cost $996,907)** |  |  |  |  |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59180 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Care Ratings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131600 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| CreditAccess Grameen Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162382 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| Eris Lifesciences Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85656 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202806 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 |
| Medi Assist Healthcare Services Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179806 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 |
| Quess Corp. Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107274 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Tips Music Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102288 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1030992** | &nbsp;&nbsp;**18.26** |
| **Indonesia (Cost $210,617)** |  |  |  |  |
| Bank Syariah Indonesia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;507700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83345 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Ciputra Development Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1995600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110490 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**193835** | &nbsp;&nbsp;&nbsp;&nbsp;**3.43** |
| **Malaysia (Cost $266,357)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;1474897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301527 | &nbsp;&nbsp;&nbsp;&nbsp;5.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**301527** | &nbsp;&nbsp;&nbsp;&nbsp;**5.34** |
| **Mexico (Cost $311,158)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121122 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149002 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| Grupo Traxion S.A.B. de C.V.\*<sup>,2</sup> | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82477 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**352601** | &nbsp;&nbsp;&nbsp;&nbsp;**6.25** |
| **Poland (Cost $197,293)** |  |  |  |  |
| Benefit Systems S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199936 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48775 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**248711** | &nbsp;&nbsp;&nbsp;&nbsp;**4.41** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Saudi Arabia (Cost $200,959)** |  |  |  |  |
| Rasan Information Technology Co.\* | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;4771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$113770 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| United International Transportation Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;4418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81994 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**195764** | &nbsp;&nbsp;&nbsp;&nbsp;**3.47** |
| **South Africa (Cost $141,373)** |  |  |  |  |
| Boxer Retail Ltd.\* | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;19437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76764 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Karooooo Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;2318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105979 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**182743** | &nbsp;&nbsp;&nbsp;&nbsp;**3.24** |
| **South Korea (Cost $622,023)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73236 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Cosmax, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87504 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137002 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;4124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131593 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243452 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 |
| KoMiCo Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65540 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| LigaChem Biosciences, Inc.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92132 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**830459** | &nbsp;&nbsp;&nbsp;&nbsp;**14.71** |
| **Taiwan (Cost $975,362)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129152 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179183 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 |
| eCloudvalley Digital Technology Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;28977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77680 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161944 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 |
| Kinik Co. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140875 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| Lotes Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45487 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Unimicron Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118976 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| WinWay Technology Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148953 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1002250** | &nbsp;&nbsp;&nbsp;&nbsp;**17.75** |
| **United Arab Emirates (Cost $95,281)** |  |  |  |  |
| Spinneys 1961 Holding PLC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;221481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96073 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96073** | &nbsp;&nbsp;&nbsp;&nbsp;**1.70** |
| **Vietnam (Cost $205,515)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80799 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Phu Nhuan Jewelry JSC | &nbsp;&nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;35200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112310 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**193109** | &nbsp;&nbsp;&nbsp;&nbsp;**3.42** |
| **Total Common Stocks (Cost $4,972,192)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5560149** | &nbsp;&nbsp;&nbsp;&nbsp;**98.49** |
| **Total Investments (Total Cost $4,972,192)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5560149** | &nbsp;&nbsp;&nbsp;&nbsp;**98.49** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85149 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$5645298** | &nbsp;&nbsp;**100.00** |

---

<br> \* Non-income producing security. <br> <sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

------

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

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

<sup>2</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of July 31, 2025, these securities had a total value of $533,611 or 9.45% of net assets.

Percentages shown are based on net assets.

At July 31, 2025, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.9 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;13.3 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;27.3 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;22.5 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;98.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

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

#### SCHEDULE OF INVESTMENTS
*As of July 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $1,980,456)** |  |  |  |  |
| Globant S.A.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12950 | &nbsp;&nbsp;&nbsp;&nbsp;$1091167 | &nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1091167** | &nbsp;&nbsp;**1.08** |
| **Cambodia (Cost $867,985)** |  |  |  |  |
| NagaCorp Ltd.\* | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;1873263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978004 | &nbsp;&nbsp;0.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**978004** | &nbsp;&nbsp;**0.97** |
| **Canada (Cost $708,303)** |  |  |  |  |
| Cameco Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071499 | &nbsp;&nbsp;1.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1071499** | &nbsp;&nbsp;**1.06** |
| **Greece (Cost $1,347,430)** |  |  |  |  |
| Piraeus Financial Holdings S.A.\* | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;210704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624636 | &nbsp;&nbsp;1.61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1624636** | &nbsp;&nbsp;**1.61** |
| **Iceland (Cost $1,445,781)** |  |  |  |  |
| Arion Banki HF<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ISK | &nbsp;&nbsp;1342799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915184 | &nbsp;&nbsp;1.90 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1915184** | &nbsp;&nbsp;**1.90** |
| **Kazakhstan (Cost $6,004,204)** |  |  |  |  |
| Halyk Savings Bank of Kazakhstan JSC GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;103984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579132 | &nbsp;&nbsp;2.56 |
| Kaspi.KZ JSC ADR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325083 | &nbsp;&nbsp;3.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5904215** | &nbsp;&nbsp;**5.86** |
| **Kuwait (Cost $4,819,036)** |  |  |  |  |
| Gulf Bank K.S.C.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;1881632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075973 | &nbsp;&nbsp;2.06 |
| National Bank of Kuwait S.A.K.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;1028264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510807 | &nbsp;&nbsp;3.49 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5586780** | &nbsp;&nbsp;**5.55** |
| **Mauritius (Cost $799,943)** |  |  |  |  |
| MCB Group Ltd. | &nbsp;&nbsp;MUR | &nbsp;&nbsp;&nbsp;&nbsp;101685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013787 | &nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1013787** | &nbsp;&nbsp;**1.01** |
| **Morocco (Cost $4,561,571)** |  |  |  |  |
| Akdital Holding | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534707 | &nbsp;&nbsp;2.52 |
| Attijariwafa Bank | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338010 | &nbsp;&nbsp;3.31 |
| Travaux Generaux de Construction de Casablanca S.A. | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718287 | &nbsp;&nbsp;0.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6591004** | &nbsp;&nbsp;**6.54** |
| **Pakistan (Cost $1,629,841)** |  |  |  |  |
| Searle (The) Co. Ltd.\* | &nbsp;&nbsp;&nbsp;PKR | &nbsp;&nbsp;3484966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164996 | &nbsp;&nbsp;1.16 |
| Systems Ltd. | &nbsp;&nbsp;&nbsp;PKR | &nbsp;&nbsp;2409745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167249 | &nbsp;&nbsp;1.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2332245** | &nbsp;&nbsp;**2.32** |
| **Peru (Cost $2,011,491)** |  |  |  |  |
| Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590270 | &nbsp;&nbsp;1.58 |
| Hudbay Minerals, Inc. | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;104400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968955 | &nbsp;&nbsp;0.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2559225** | &nbsp;&nbsp;**2.54** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Philippines (Cost $6,465,057)** |  |  |  |  |
| Ayala Land, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;2090300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$891646 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;1016673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478142 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 |
| Century Pacific Food, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;1441600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910564 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| GT Capital Holdings, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547470 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;149270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142724 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| SM Prime Holdings, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;1221500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484221 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6454767** | &nbsp;&nbsp;&nbsp;&nbsp;**6.41** |
| **Qatar (Cost $5,863,935)** |  |  |  |  |
| Doha Bank QPSC | &nbsp;&nbsp;QAR | &nbsp;&nbsp;4795555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219407 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;814883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075399 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Qatar National Bank QPSC | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;624744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208789 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7503595** | &nbsp;&nbsp;&nbsp;&nbsp;**7.45** |
| **Romania (Cost $3,540,202)** |  |  |  |  |
| Banca Transilvania S.A. | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;530354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288810 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 |
| OMV Petrom S.A. | &nbsp;&nbsp;RON | &nbsp;&nbsp;8694876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524930 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4813740** | &nbsp;&nbsp;&nbsp;&nbsp;**4.78** |
| **Saudi Arabia (Cost $4,123,211)** |  |  |  |  |
| Al Babtain Power & Telecommunication Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264215 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Al Rajhi Bank | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212164 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| AlKhorayef Water & Power Technologies Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424768 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503713 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Riyadh Cables Group Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887411 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4292271** | &nbsp;&nbsp;&nbsp;&nbsp;**4.26** |
| **Slovenia (Cost $1,567,787)** |  |  |  |  |
| Nova Ljubljanska Banka dd GDR (Registered) | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009359 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3009359** | &nbsp;&nbsp;&nbsp;&nbsp;**2.99** |
| **Tanzania (Cost $850,692)** |  |  |  |  |
| Helios Towers PLC\* | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;583774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914843 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**914843** | &nbsp;&nbsp;&nbsp;&nbsp;**0.91** |
| **United Arab Emirates (Cost $10,157,022)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;502674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299131 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;459075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725123 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Adnoc Gas PLC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;788212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712213 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Aldar Properties PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;699269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801971 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Emaar Properties PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;728282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000305 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;250179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818184 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;528062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579687 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13936614** | &nbsp;&nbsp;**13.84** |
| **Vietnam (Cost $21,735,677)** |  |  |  |  |
| Asia Commercial Bank JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;1144531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996772 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Bank for Foreign Trade of Vietnam JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;789284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800698 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Vietnam (continued)** |  |  |  |  |
| FPT Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;794563 | &nbsp;&nbsp;&nbsp;&nbsp;$3120797 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 |
| FPT DIGITAL RETAIL JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;251500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470912 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| Gemadept Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;502500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066212 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Hoa Phat Group JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;3531160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331755 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 |
| IDICO Corp. JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;778100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342303 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Imexpharm Pharmaceutical JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;233600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458995 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;666900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642841 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Nam Long Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;981700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536614 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| Phu Nhuan Jewelry JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;238166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759896 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Vietnam Prosperity JSC Bank | &nbsp;&nbsp;VND | &nbsp;&nbsp;3075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997515 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| Vinhomes JSC\*<sup>,2</sup> | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;906000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086186 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23611496** | &nbsp;&nbsp;&nbsp;&nbsp;**23.44** |
| **Total Common Stocks (Cost $80,479,624)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95204431** | &nbsp;&nbsp;&nbsp;&nbsp;**94.52** |
| **Investment Companies** |  |  |  |  |
| Vietnam Enterprise Investments Ltd., Class C \* | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;174852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600981 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| VinaCapital Vietnam Opportunity Fund Ltd. | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;179782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104818 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| **Total Investment Companies (Cost $2,183,063)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2705799** | &nbsp;&nbsp;&nbsp;&nbsp;**2.69** |
| **Total Investments (Total Cost $82,662,687)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97910230** | &nbsp;&nbsp;&nbsp;&nbsp;**97.21** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808568 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 |
| **Net Assets** |  |  | &nbsp;&nbsp;**$100718798** | &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. As of July 31, 2025, these securities had a total value of $5,001,370 or 4.97% of net assets.

Percentages shown are based on net assets.

------

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

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

<br> At July 31, 2025, the industry sectors for the Ashmore Emerging Markets Frontier Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;53.2 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;10.7 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;97.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

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

#### SCHEDULE OF INVESTMENTS
*As of July 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $9,618,719)** |  |  |  |  |
| Lojas Renner S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;602200 | &nbsp;&nbsp;&nbsp;&nbsp;$1749747 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899112 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Rede D'Or Sao Luiz S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;567113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291545 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;263100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049056 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| XP, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;110400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781856 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10771316** | &nbsp;&nbsp;&nbsp;&nbsp;**5.37** |
| **China (Cost $42,732,787)** |  |  |  |  |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;445400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5108805 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735865 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;107300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3913356 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| H World Group Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093707 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Kanzhun Ltd. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;160242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3038188 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| KE Holdings, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596812 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Meituan, Class B\*<sup>,2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;148530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302073 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| NetEase, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3351837 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Proya Cosmetics Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;269300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065665 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35320 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;270800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2931420 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;299464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143416 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;238100 | &nbsp;&nbsp;&nbsp;&nbsp;16690907 | &nbsp;&nbsp;&nbsp;&nbsp;8.32 |
| Tencent Music Entertainment Group ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;189129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3969818 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51977189** | &nbsp;&nbsp;**25.92** |
| **Hong Kong (Cost $3,870,871)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;503000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706310 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4706310** | &nbsp;&nbsp;&nbsp;&nbsp;**2.35** |
| **Hungary (Cost $1,966,285)** |  |  |  |  |
| Wizz Air Holdings PLC\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648106 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1648106** | &nbsp;&nbsp;&nbsp;&nbsp;**0.82** |
| **India (Cost $19,587,898)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023741 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| CreditAccess Grameen Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;115757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633938 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;103583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7952067 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 |
| InterGlobe Aviation Ltd.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402603 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;589374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640876 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980453 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Marico Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;173570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399916 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047982 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22081576** | &nbsp;&nbsp;**11.01** |
| **Indonesia (Cost $5,925,341)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;6422300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736447 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Indonesia (continued)** |  |  |  |  |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;891100 | &nbsp;&nbsp;&nbsp;&nbsp;$4357479 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6093926** | &nbsp;&nbsp;&nbsp;&nbsp;**3.04** |
| **Kazakhstan (Cost $3,600,680)** |  |  |  |  |
| Kaspi.KZ JSC ADR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795111 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2795111** | &nbsp;&nbsp;&nbsp;&nbsp;**1.39** |
| **Malaysia (Cost $1,551,280)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;8549406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747837 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1747837** | &nbsp;&nbsp;&nbsp;&nbsp;**0.87** |
| **Mexico (Cost $9,945,859)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;969000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189688 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543235 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028996 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;314400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801851 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;817100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408637 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10972407** | &nbsp;&nbsp;&nbsp;&nbsp;**5.47** |
| **Poland (Cost $1,621,410)** |  |  |  |  |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773642 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1773642** | &nbsp;&nbsp;&nbsp;&nbsp;**0.89** |
| **South Africa (Cost $1,871,456)** |  |  |  |  |
| Boxer Retail Ltd.\* | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;524126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069978 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2069978** | &nbsp;&nbsp;&nbsp;&nbsp;**1.03** |
| **South Korea (Cost $21,043,302)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686004 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294105 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957818 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194535 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| Kolmar Korea Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887250 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| KoMiCo Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433252 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Samsung C&T Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025520 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Samsung Electro-Mechanics Co.Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542435 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| SK Hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274316 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509955 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25805190** | &nbsp;&nbsp;**12.87** |
| **Taiwan (Cost $37,424,718)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4348156 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292007 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515963 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;651000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445624 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 |
| Elite Material Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281884 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831990 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Lotes Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275329 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Taiwan (continued)** |  |  |  |  |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;$2418135 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;637000 | &nbsp;&nbsp;&nbsp;&nbsp;24606166 | &nbsp;&nbsp;&nbsp;&nbsp;12.27 |
| Unimicron Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;524000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397827 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48413081** | &nbsp;&nbsp;&nbsp;&nbsp;**24.15** |
| **United Arab Emirates (Cost $5,181,194)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;284827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869366 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;870363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242869 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Talabat Holding PLC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;5751585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962730 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6074965** | &nbsp;&nbsp;&nbsp;&nbsp;**3.03** |
| **Vietnam (Cost $2,018,600)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;752900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854693 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1854693** | &nbsp;&nbsp;&nbsp;&nbsp;**0.93** |
| **Total Common Stocks (Cost $167,960,400)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**198785327** | &nbsp;&nbsp;&nbsp;&nbsp;**99.14** |
| **Total Investments (Total Cost $167,960,400)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**198785327** | &nbsp;&nbsp;&nbsp;&nbsp;**99.14** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723202 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| **Net Assets** |  |  | &nbsp;&nbsp;**$200508529** | &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. As of July 31, 2025, these securities had a total value of $9,644,327 or 4.81% of net assets.

Percentages shown are based on net assets.

At July 31, 2025, the industry sectors for the Ashmore Emerging Markets Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;12.0% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;11.2 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;16.4 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;14.8 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;30.7 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &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 EQUITY ESG FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of July 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $867,938)** |  |  |  |  |
| Lojas Renner S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;42380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$123139 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189911 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;56100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134951 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Rede D'Or Sao Luiz S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;48857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283568 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174454 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**906023** | &nbsp;&nbsp;&nbsp;&nbsp;**6.48** |
| **China (Cost $3,124,729)** |  |  |  |  |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412925 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198595 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;11300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412124 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 |
| Kanzhun Ltd. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;15064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285613 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 |
| KE Holdings, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;8640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159149 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Proya Cosmetics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298256 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186232 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;26500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286864 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;31450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225104 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219747 | &nbsp;&nbsp;&nbsp;&nbsp;8.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3684609** | &nbsp;&nbsp;**26.36** |
| **Hong Kong (Cost $342,476)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374259 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**374259** | &nbsp;&nbsp;&nbsp;&nbsp;**2.68** |
| **India (Cost $1,268,064)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;2349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200581 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| CreditAccess Grameen Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;12705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179334 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;8337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640031 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;5810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209555 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Marico Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;14930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120417 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;10708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220784 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1570702** | &nbsp;&nbsp;**11.24** |
| **Indonesia (Cost $462,172)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;495400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133945 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;73500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359415 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**493360** | &nbsp;&nbsp;&nbsp;&nbsp;**3.53** |
| **Kazakhstan (Cost $211,940)** |  |  |  |  |
| Kaspi.KZ JSC ADR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;2479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195593 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**195593** | &nbsp;&nbsp;&nbsp;&nbsp;**1.40** |
| **Malaysia (Cost $164,826)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;917806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187636 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**187636** | &nbsp;&nbsp;&nbsp;&nbsp;**1.34** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (Cost $634,487)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;96200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$217387 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306564 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;62500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184236 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**708187** | &nbsp;&nbsp;&nbsp;&nbsp;**5.07** |
| **Poland (Cost $211,694)** |  |  |  |  |
| Benefit Systems S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229791 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**229791** | &nbsp;&nbsp;&nbsp;&nbsp;**1.64** |
| **South Africa (Cost $196,378)** |  |  |  |  |
| Boxer Retail Ltd.\* | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;55380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218717 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**218717** | &nbsp;&nbsp;&nbsp;&nbsp;**1.57** |
| **South Korea (Cost $870,120)** |  |  |  |  |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337455 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;8026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256103 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| SK Hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515070 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173698 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1282326** | &nbsp;&nbsp;&nbsp;&nbsp;**9.17** |
| **Taiwan (Cost $2,264,672)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322880 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243965 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443880 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192308 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365001 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970038 | &nbsp;&nbsp;&nbsp;&nbsp;14.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3538072** | &nbsp;&nbsp;&nbsp;&nbsp;**25.31** |
| **United Arab Emirates (Cost $142,909)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;40938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268683 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**268683** | &nbsp;&nbsp;&nbsp;&nbsp;**1.92** |
| **Vietnam (Cost $213,829)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;VND | &nbsp;&nbsp;79600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196087 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**196087** | &nbsp;&nbsp;&nbsp;&nbsp;**1.40** |
| **Total Common Stocks (Cost $10,976,234)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13854045** | &nbsp;&nbsp;&nbsp;&nbsp;**99.11** |
| **Total Investments (Total Cost $10,976,234)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13854045** | &nbsp;&nbsp;&nbsp;&nbsp;**99.11** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124187 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$13978232** | &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. As of July 31, 2025, these securities had a total value of $283,568 or 2.03% of net assets.

------

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

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

Percentages shown are based on net assets.

At July 31, 2025, the industry sectors for the Ashmore Emerging Markets Equity ESG Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;8.7% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;9.5 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;20.6 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;13.9 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;32.1 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &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 DEBT FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of July 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $386,167)** |  |  |  |  |
| Angola (Rep of), 8.000%, 11/26/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$186438 | &nbsp;&nbsp;0.91 |
| Angola (Rep of), 9.125%, 11/26/2049 |  | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197890 | &nbsp;&nbsp;0.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**384328** | &nbsp;&nbsp;**1.88** |
| **Argentina (Cost $367,511)** |  |  |  |  |
| Argentina (Rep of), 1.000%, 07/09/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;99200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80236 | &nbsp;&nbsp;0.39 |
| Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/2030<sup>2</sup> |  | &nbsp;&nbsp;275020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211368 | &nbsp;&nbsp;1.04 |
| Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/2035<sup>2</sup> |  | &nbsp;&nbsp;262666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172466 | &nbsp;&nbsp;0.84 |
| Argentina (Rep of), 5.000%, 01/09/2038<sup>2</sup> |  | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101146 | &nbsp;&nbsp;0.50 |
| Argentina (Rep of), (Step to 4.875% on 07/09/29), 3.500%, 07/09/2041<sup>2</sup> |  | &nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81338 | &nbsp;&nbsp;0.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**646554** | &nbsp;&nbsp;**3.17** |
| **Azerbaijan (Cost $200,878)** |  |  |  |  |
| Southern Gas Corridor CJSC, 6.875%, 03/24/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201672 | &nbsp;&nbsp;0.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**201672** | &nbsp;&nbsp;**0.99** |
| **Bahrain (Cost $400,590)** |  |  |  |  |
| Bahrain (Rep of), 5.625%, 09/30/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192824 | &nbsp;&nbsp;0.95 |
| Bapco Energies BSC Closed, 8.375%, 11/07/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212102 | &nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**404926** | &nbsp;&nbsp;**1.99** |
| **Brazil (Cost $378,740)** |  |  |  |  |
| Brazil (Rep of), 8.250%, 01/20/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17152 | &nbsp;&nbsp;0.08 |
| Brazil (Rep of), 6.125%, 03/15/2034 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197900 | &nbsp;&nbsp;0.97 |
| Brazil (Rep of), 5.000%, 01/27/2045 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150600 | &nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**365652** | &nbsp;&nbsp;**1.79** |
| **Bulgaria (Cost $11,557)** |  |  |  |  |
| Bulgaria (Rep of), 5.000%, 03/05/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11693 | &nbsp;&nbsp;0.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11693** | &nbsp;&nbsp;**0.06** |
| **Chile (Cost $874,389)** |  |  |  |  |
| Chile (Rep of), 3.100%, 05/07/2041 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147700 | &nbsp;&nbsp;0.72 |
| Chile (Rep of), 3.100%, 01/22/2061 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240776 | &nbsp;&nbsp;1.18 |
| Corp. Nacional del Cobre de Chile, 4.375%, 02/05/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149800 | &nbsp;&nbsp;0.74 |
| Empresa Nacional del Petroleo, 5.250%, 11/06/2029 |  | &nbsp;&nbsp;268000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271350 | &nbsp;&nbsp;1.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**809626** | &nbsp;&nbsp;**3.97** |
| **Colombia (Cost $257,702)** |  |  |  |  |
| Colombia (Rep of), 7.375%, 09/18/2037 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97357 | &nbsp;&nbsp;0.48 |
| Colombia (Rep of), 5.625%, 02/26/2044 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151880 | &nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**249237** | &nbsp;&nbsp;**1.22** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Costa Rica (Cost $177,736)** |  |  |  |  |
| Costa Rica (Rep of), 5.625%, 04/30/2043 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$179312 | &nbsp;&nbsp;0.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**179312** | &nbsp;&nbsp;**0.88** |
| **Dominican Republic (Cost $546,971)** |  |  |  |  |
| Dominican (Rep of), 4.875%, 09/23/2032 |  | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207920 | &nbsp;&nbsp;1.02 |
| Dominican (Rep of), 5.300%, 01/21/2041 |  | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130200 | &nbsp;&nbsp;0.64 |
| Dominican (Rep of), 5.875%, 01/30/2060 |  | &nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237726 | &nbsp;&nbsp;1.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**575846** | &nbsp;&nbsp;**2.82** |
| **Ecuador (Cost $111,514)** |  |  |  |  |
| Ecuador (Rep of), 6.900%, 07/31/2035<sup>2</sup> |  | &nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92256 | &nbsp;&nbsp;0.45 |
| Ecuador (Rep of), (Step to 5.500% on 07/31/26), 5.000%, 07/31/2040<sup>2</sup> |  | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96536 | &nbsp;&nbsp;0.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**188792** | &nbsp;&nbsp;**0.93** |
| **Egypt (Cost $565,189)** |  |  |  |  |
| Egypt (Rep of), 7.600%, 03/01/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202200 | &nbsp;&nbsp;0.99 |
| Egypt (Rep of), 8.500%, 01/31/2047 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163235 | &nbsp;&nbsp;0.80 |
| Egypt (Rep of), 8.700%, 03/01/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164812 | &nbsp;&nbsp;0.81 |
| Egypt (Rep of), 8.875%, 05/29/2050 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167190 | &nbsp;&nbsp;0.82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**697437** | &nbsp;&nbsp;**3.42** |
| **El Salvador (Cost $36,829)** |  |  |  |  |
| El Salvador (Rep of), 7.650%, 06/15/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45003 | &nbsp;&nbsp;0.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45003** | &nbsp;&nbsp;**0.22** |
| **Ghana (Cost $435,815)** |  |  |  |  |
| Ghana (Rep of), 0.000%, 07/03/2026<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12288 | &nbsp;&nbsp;0.06 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2029<sup>2,3</sup> |  | &nbsp;&nbsp;193600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183436 | &nbsp;&nbsp;0.90 |
| Ghana (Rep of), 0.000%, 01/03/2030<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;35562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29517 | &nbsp;&nbsp;0.14 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406 | &nbsp;&nbsp;0.01 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>2,3</sup> |  | &nbsp;&nbsp;278400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223294 | &nbsp;&nbsp;1.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**450941** | &nbsp;&nbsp;**2.21** |
| **Guatemala (Cost $204,816)** |  |  |  |  |
| Guatemala (Rep of), 6.600%, 06/13/2036 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204771 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**204771** | &nbsp;&nbsp;**1.00** |
| **Hungary (Cost $498,715)** |  |  |  |  |
| Hungary (Rep of), 2.125%, 09/22/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166987 | &nbsp;&nbsp;0.82 |
| Hungary (Rep of), 3.125%, 09/21/2051 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120126 | &nbsp;&nbsp;0.59 |
| Magyar Export-Import Bank Zrt, 6.125%, 12/04/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204508 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**491621** | &nbsp;&nbsp;**2.41** |
| **Indonesia (Cost $859,025)** |  |  |  |  |
| Indonesia (Rep of), 6.625%, 02/17/2037 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111200 | &nbsp;&nbsp;0.55 |
| Indonesia (Rep of), 7.750%, 01/17/2038 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122100 | &nbsp;&nbsp;0.60 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Indonesia (continued)** |  |  |  |  |
| Indonesia (Rep of), 4.200%, 10/15/2050 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$162000 | &nbsp;&nbsp;0.79 |
| Pertamina Persero PT, 6.000%, 05/03/2042 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199250 | &nbsp;&nbsp;0.98 |
| Pertamina Persero PT, 6.500%, 11/07/2048 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208820 | &nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**803370** | &nbsp;&nbsp;**3.94** |
| **Ivory Coast (Cost $585,881)** |  |  |  |  |
| Ivory Coast (Rep of), 6.375%, 03/03/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201250 | &nbsp;&nbsp;0.99 |
| Ivory Coast (Rep of), 7.625%, 01/30/2033 |  | &nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207207 | &nbsp;&nbsp;1.01 |
| Ivory Coast (Rep of), 6.125%, 06/15/2033 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184800 | &nbsp;&nbsp;0.91 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**593257** | &nbsp;&nbsp;**2.91** |
| **Kazakhstan (Cost $431,494)** |  |  |  |  |
| Kazakhstan (Rep of), 4.714%, 04/09/2035<sup>3</sup> |  | &nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210102 | &nbsp;&nbsp;1.03 |
| Kazakhstan (Rep of), 6.500%, 07/21/2045 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215520 | &nbsp;&nbsp;1.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**425622** | &nbsp;&nbsp;**2.09** |
| **Malaysia (Cost $431,502)** |  |  |  |  |
| Petronas Capital Ltd., 2.480%, 01/28/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175182 | &nbsp;&nbsp;0.86 |
| Petronas Capital Ltd., 4.550%, 04/21/2050 |  | &nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240124 | &nbsp;&nbsp;1.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**415306** | &nbsp;&nbsp;**2.04** |
| **Mexico (Cost $1,648,174)** |  |  |  |  |
| Mexico (Rep of), 5.400%, 02/09/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202850 | &nbsp;&nbsp;0.99 |
| Mexico (Rep of), 4.750%, 03/08/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48980 | &nbsp;&nbsp;0.24 |
| Mexico (Rep of), 5.550%, 01/21/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57220 | &nbsp;&nbsp;0.28 |
| Mexico (Rep of), 3.771%, 05/24/2061 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117350 | &nbsp;&nbsp;0.58 |
| Mexico (Rep of), 3.750%, 04/19/2071 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112750 | &nbsp;&nbsp;0.55 |
| Mexico (Rep of), 5.750%, 10/12/2110 |  | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60116 | &nbsp;&nbsp;0.30 |
| Petroleos Mexicanos, 8.750%, 06/02/2029 |  | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106281 | &nbsp;&nbsp;0.52 |
| Petroleos Mexicanos, 6.700%, 02/16/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62700 | &nbsp;&nbsp;0.31 |
| Petroleos Mexicanos, 6.750%, 09/21/2047 |  | &nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213705 | &nbsp;&nbsp;1.05 |
| Petroleos Mexicanos, 6.350%, 02/12/2048 |  | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74972 | &nbsp;&nbsp;0.37 |
| Petroleos Mexicanos, 7.690%, 01/23/2050 |  | &nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271704 | &nbsp;&nbsp;1.33 |
| Petroleos Mexicanos, 6.950%, 01/28/2060 |  | &nbsp;&nbsp;418000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322529 | &nbsp;&nbsp;1.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1651157** | &nbsp;&nbsp;**8.10** |
| **Mongolia (Cost $168,719)** |  |  |  |  |
| Mongolia (Rep of), 4.450%, 07/07/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176850 | &nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**176850** | &nbsp;&nbsp;**0.87** |
| **Morocco (Cost $206,265)** |  |  |  |  |
| Morocco (Rep of), 6.500%, 09/08/2033 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211566 | &nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**211566** | &nbsp;&nbsp;**1.04** |
| **Nigeria (Cost $642,540)** |  |  |  |  |
| Nigeria (Rep of), 6.500%, 11/28/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;0.97 |
| Nigeria (Rep of), 7.696%, 02/23/2038 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177376 | &nbsp;&nbsp;0.87 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Nigeria (continued)** |  |  |  |  |
| Nigeria (Rep of), 7.625%, 11/28/2047 |  | &nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$329694 | &nbsp;&nbsp;1.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**706070** | &nbsp;&nbsp;**3.46** |
| **Oman (Cost $596,654)** |  |  |  |  |
| Oman (Rep of), 4.750%, 06/15/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199640 | &nbsp;&nbsp;0.98 |
| Oman (Rep of), 6.750%, 10/28/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208784 | &nbsp;&nbsp;1.03 |
| Oman (Rep of), 6.500%, 03/08/2047 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210800 | &nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**619224** | &nbsp;&nbsp;**3.04** |
| **Pakistan (Cost $163,303)** |  |  |  |  |
| Pakistan (Rep of), 8.875%, 04/08/2051 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173000 | &nbsp;&nbsp;0.85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**173000** | &nbsp;&nbsp;**0.85** |
| **Panama (Cost $500,352)** |  |  |  |  |
| Panama (Rep of), 7.125%, 01/29/2026 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100937 | &nbsp;&nbsp;0.50 |
| Panama (Rep of), 8.875%, 09/30/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53013 | &nbsp;&nbsp;0.26 |
| Panama (Rep of), 9.375%, 04/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70749 | &nbsp;&nbsp;0.35 |
| Panama (Rep of), 3.160%, 01/23/2030 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180400 | &nbsp;&nbsp;0.88 |
| Panama (Rep of), 6.700%, 01/26/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88237 | &nbsp;&nbsp;0.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**493336** | &nbsp;&nbsp;**2.42** |
| **Paraguay (Cost $194,050)** |  |  |  |  |
| Paraguay (Rep of), 5.850%, 08/21/2033 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204600 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**204600** | &nbsp;&nbsp;**1.00** |
| **Peru (Cost $659,970)** |  |  |  |  |
| Peru (Rep of), 8.750%, 11/21/2033 |  | &nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182197 | &nbsp;&nbsp;0.89 |
| Peru (Rep of), 5.375%, 02/08/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51844 | &nbsp;&nbsp;0.25 |
| Peru (Rep of), 3.300%, 03/11/2041 |  | &nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107316 | &nbsp;&nbsp;0.53 |
| Peru (Rep of), 2.780%, 12/01/2060 |  | &nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109503 | &nbsp;&nbsp;0.54 |
| Peru (Rep of), 3.230%, 07/28/2121 |  | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27958 | &nbsp;&nbsp;0.14 |
| Petroleos del Peru S.A., 5.625%, 06/19/2047 |  | &nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156429 | &nbsp;&nbsp;0.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**635247** | &nbsp;&nbsp;**3.12** |
| **Philippines (Cost $526,630)** |  |  |  |  |
| Philippines (Rep of), 9.500%, 02/02/2030 |  | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126525 | &nbsp;&nbsp;0.62 |
| Philippines (Rep of), 7.750%, 01/14/2031 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115500 | &nbsp;&nbsp;0.57 |
| Philippines (Rep of), 6.375%, 10/23/2034 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110200 | &nbsp;&nbsp;0.54 |
| Philippines (Rep of), 3.950%, 01/20/2040 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173100 | &nbsp;&nbsp;0.85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**525325** | &nbsp;&nbsp;**2.58** |
| **Poland (Cost $504,705)** |  |  |  |  |
| Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206886 | &nbsp;&nbsp;1.01 |
| Poland (Rep of), 5.500%, 11/16/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15448 | &nbsp;&nbsp;0.08 |
| Poland (Rep of), 4.875%, 10/04/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71604 | &nbsp;&nbsp;0.35 |
| Poland (Rep of), 5.125%, 09/18/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76327 | &nbsp;&nbsp;0.37 |
| Poland (Rep of), 5.500%, 04/04/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40216 | &nbsp;&nbsp;0.20 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Poland (continued)** |  |  |  |  |
| Poland (Rep of), 5.500%, 03/18/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89640 | &nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**500121** | &nbsp;&nbsp;**2.45** |
| **Qatar (Cost $155,900)** |  |  |  |  |
| QatarEnergy, 3.125%, 07/12/2041 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149000 | &nbsp;&nbsp;0.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**149000** | &nbsp;&nbsp;**0.73** |
| **Romania (Cost $530,243)** |  |  |  |  |
| Romania (Rep of), 6.625%, 02/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53885 | &nbsp;&nbsp;0.26 |
| Romania (Rep of), 5.875%, 01/30/2029 |  | &nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109638 | &nbsp;&nbsp;0.54 |
| Romania (Rep of), 3.000%, 02/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26156 | &nbsp;&nbsp;0.13 |
| Romania (Rep of), 3.625%, 03/27/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38431 | &nbsp;&nbsp;0.19 |
| Romania (Rep of), 7.125%, 01/17/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38171 | &nbsp;&nbsp;0.19 |
| Romania (Rep of), 6.000%, 05/25/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31132 | &nbsp;&nbsp;0.15 |
| Romania (Rep of), 5.750%, 03/24/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35948 | &nbsp;&nbsp;0.17 |
| Romania (Rep of), 5.750%, 03/24/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30272 | &nbsp;&nbsp;0.15 |
| Romania (Rep of), 7.500%, 02/10/2037<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87023 | &nbsp;&nbsp;0.43 |
| Romania (Rep of), 6.125%, 01/22/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38552 | &nbsp;&nbsp;0.19 |
| Romania (Rep of), 4.000%, 02/14/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41418 | &nbsp;&nbsp;0.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**530626** | &nbsp;&nbsp;**2.60** |
| **Saudi Arabia (Cost $701,149)** |  |  |  |  |
| Saudi (Rep of), 5.000%, 01/16/2034 |  | &nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325908 | &nbsp;&nbsp;1.60 |
| Saudi (Rep of), 5.000%, 04/17/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175077 | &nbsp;&nbsp;0.86 |
| Suci Second Investment Co., 4.375%, 09/10/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199025 | &nbsp;&nbsp;0.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**700010** | &nbsp;&nbsp;**3.43** |
| **South Africa (Cost $526,138)** |  |  |  |  |
| South Africa (Rep of), 4.300%, 10/12/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193317 | &nbsp;&nbsp;0.95 |
| South Africa (Rep of), 5.875%, 04/20/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195200 | &nbsp;&nbsp;0.96 |
| South Africa (Rep of), 5.750%, 09/30/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149606 | &nbsp;&nbsp;0.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**538123** | &nbsp;&nbsp;**2.64** |
| **Turkey (Cost $779,829)** |  |  |  |  |
| Turkey (Rep of), 5.250%, 03/13/2030 |  | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214987 | &nbsp;&nbsp;1.05 |
| Turkey (Rep of), 7.250%, 05/29/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203500 | &nbsp;&nbsp;1.00 |
| Turkey (Rep of), 6.500%, 01/03/2035 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191400 | &nbsp;&nbsp;0.94 |
| Turkey (Rep of), 4.875%, 04/16/2043 |  | &nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170839 | &nbsp;&nbsp;0.84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**780726** | &nbsp;&nbsp;**3.83** |
| **Ukraine (Cost $245,415)** |  |  |  |  |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2030<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;10246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4841 | &nbsp;&nbsp;0.02 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2034<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;38290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14454 | &nbsp;&nbsp;0.07 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2034<sup>2,3</sup> |  | &nbsp;&nbsp;214378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110405 | &nbsp;&nbsp;0.54 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2035<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;32358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15289 | &nbsp;&nbsp;0.08 |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Ukraine (continued)** |  |  |  |  |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2035<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;133654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68498 | &nbsp;&nbsp;0.34 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2036<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12741 | &nbsp;&nbsp;0.06 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2036<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39163 | &nbsp;&nbsp;0.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**265391** | &nbsp;&nbsp;**1.30** |
| **United Arab Emirates (Cost $857,447)** |  |  |  |  |
| Abu Dhabi (Gov't of), 3.125%, 09/30/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275088 | &nbsp;&nbsp;1.35 |
| Abu Dhabi Developmental Holding Co. PJSC, 5.250%, 10/02/2054<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188312 | &nbsp;&nbsp;0.92 |
| DP World Crescent Ltd., 3.750%, 01/30/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345657 | &nbsp;&nbsp;1.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**809057** | &nbsp;&nbsp;**3.97** |
| **United States (Cost $480,292)** |  |  |  |  |
| U.S. Treasury Bill, 4.161%, 10/02/2025<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;483800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480263 | &nbsp;&nbsp;2.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**480263** | &nbsp;&nbsp;**2.35** |
| **Uruguay (Cost $667,752)** |  |  |  |  |
| Uruguay (Rep of), 7.875%, (100% Cash), 01/15/2033<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121673 | &nbsp;&nbsp;0.60 |
| Uruguay (Rep of), 5.750%, 10/28/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73500 | &nbsp;&nbsp;0.36 |
| Uruguay (Rep of), 7.625%, 03/21/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89175 | &nbsp;&nbsp;0.44 |
| Uruguay (Rep of), 4.125%, 11/20/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52576 | &nbsp;&nbsp;0.26 |
| Uruguay (Rep of), 5.100%, 06/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61439 | &nbsp;&nbsp;0.30 |
| Uruguay (Rep of), 4.975%, 04/20/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120423 | &nbsp;&nbsp;0.59 |
| Uruguay (Rep of), 5.250%, 09/10/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;125454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113097 | &nbsp;&nbsp;0.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**631883** | &nbsp;&nbsp;**3.10** |
| **Uzbekistan (Cost $216,327)** |  |  |  |  |
| Uzbekistan (Rep of), 5.375%, 02/20/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216776 | &nbsp;&nbsp;1.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**216776** | &nbsp;&nbsp;**1.06** |
| **Venezuela (Cost $923,434)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>7,8</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376212 | &nbsp;&nbsp;1.85 |
| Venezuela (Rep of), 11.750%, 10/21/2026<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188138 | &nbsp;&nbsp;0.92 |
| Venezuela (Rep of), 9.250%, 09/15/2027<sup>7</sup> |  | &nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251212 | &nbsp;&nbsp;1.23 |
| Venezuela (Rep of), 11.950%, 08/05/2031<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;974000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199670 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1015232** | &nbsp;&nbsp;**4.98** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Zambia (Cost $31,490)** |  |  |  |  |
| Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/2033<sup>2</sup> |  | &nbsp;&nbsp;35353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32764 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32764** | &nbsp;&nbsp;&nbsp;&nbsp;**0.16** |
| **Total Debt Securities (Cost $19,689,799)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20191313** | &nbsp;&nbsp;&nbsp;&nbsp;**99.02** |
| **Total Investments in Securities (Cost $19,689,799)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20191313** | &nbsp;&nbsp;&nbsp;&nbsp;**99.02** |
| **Total Investments (Total Cost $19,689,799)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20191313** | &nbsp;&nbsp;&nbsp;&nbsp;**99.02** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200497 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$20391810** | &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 July 31, 2025 is disclosed.

<sup>3</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of July 31, 2025, these securities had a total value of $1,235,311 or 6.06% of net assets.

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

<sup>5</sup> Zero coupon bond – interest rate reflects effective yield on the date of purchase.

<sup>6</sup> Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

<sup>7</sup> Issuer has defaulted on terms of debt obligation.

<sup>8</sup> Maturity has been extended under the terms of a plan of reorganization.

Percentages shown are based on net assets.

At July 31, 2025, the Ashmore Emerging Markets Debt Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 10/31/2025 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;2152627 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;102000 | &nbsp;&nbsp;$(1801) |
| 10/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;2112937 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;100649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2298) |
| 10/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;34200660 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;99611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2504) |
| 10/31/2025 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365838 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3516) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(10119) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(10119) |

---

------

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

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

At July 31, 2025, the Ashmore Emerging Markets Debt Fund had the following centrally cleared credit default swaps - buy protection outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | &nbsp;&nbsp;**Fixed<br> Deal<br> Pay Rate** |  | &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)\*\*** |
| Markit CDX Emerging Market Index Series 43 (Pay Quarterly) | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;USD | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;06/20/2030 | &nbsp;&nbsp;$35224 | &nbsp;&nbsp;$39301 | &nbsp;&nbsp;$(4077) |
|  |  |  |  |  | &nbsp;&nbsp;$35224 | &nbsp;&nbsp;$39301 | &nbsp;&nbsp;$(4077) |
| \*\*Includes cumulative appreciation/depreciation on centrally cleared credit default swap agreements. | \*\*Includes cumulative appreciation/depreciation on centrally cleared credit default swap agreements. | \*\*Includes cumulative appreciation/depreciation on centrally cleared credit default swap agreements. | \*\*Includes cumulative appreciation/depreciation on centrally cleared credit default swap agreements. | \*\*Includes cumulative appreciation/depreciation on centrally cleared credit default swap agreements. |  |  |  |

---

------

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

#### SCHEDULE OF INVESTMENTS
*As of July 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $578,383)** |  |  |  |  |
| Lojas Renner S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;32720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95071 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106825 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;25100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60379 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Rede D'Or Sao Luiz S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;30400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176443 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111370 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| XP, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96840 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**646928** | &nbsp;&nbsp;&nbsp;&nbsp;**7.86** |
| **Hungary (Cost $94,651)** |  |  |  |  |
| Wizz Air Holdings PLC\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;5129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85084 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85084** | &nbsp;&nbsp;&nbsp;&nbsp;**1.03** |
| **India (Cost $1,095,422)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111263 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| CreditAccess Grameen Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;8927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126007 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;5256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403503 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 |
| InterGlobe Aviation Ltd.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125016 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;28277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126704 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;3459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124759 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| Marico Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;11158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89994 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;5137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105918 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1213164** | &nbsp;&nbsp;**14.74** |
| **Indonesia (Cost $317,730)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;395800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107015 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;44700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218583 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**325598** | &nbsp;&nbsp;&nbsp;&nbsp;**3.95** |
| **Kazakhstan (Cost $152,807)** |  |  |  |  |
| Kaspi.KZ JSC ADR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114247 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**114247** | &nbsp;&nbsp;&nbsp;&nbsp;**1.39** |
| **Malaysia (Cost $108,133)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;457200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93470 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93470** | &nbsp;&nbsp;&nbsp;&nbsp;**1.14** |
| **Mexico (Cost $523,911)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;58100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131291 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85144 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;4720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108434 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163085 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109068 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**597022** | &nbsp;&nbsp;&nbsp;&nbsp;**7.25** |
| **Poland (Cost $105,647)** |  |  |  |  |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115287 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**115287** | &nbsp;&nbsp;&nbsp;&nbsp;**1.40** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Saudi Arabia (Cost $83,316)** |  |  |  |  |
| Rasan Information Technology Co.\* | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;3717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$88636 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**88636** | &nbsp;&nbsp;&nbsp;&nbsp;**1.08** |
| **South Africa (Cost $110,844)** |  |  |  |  |
| Boxer Retail Ltd.\* | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;32106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126799 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**126799** | &nbsp;&nbsp;&nbsp;&nbsp;**1.54** |
| **South Korea (Cost $1,219,267)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106766 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181996 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65829 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264803 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 |
| Kolmar Korea Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103391 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| KoMiCo Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60040 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Samsung C&T Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124073 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| Samsung Electro-Mechanics Co.Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90069 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| SK Hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220107 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253691 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1470765** | &nbsp;&nbsp;**17.86** |
| **Taiwan (Cost $2,154,575)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186495 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129158 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55388 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259499 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| Elite Material Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110414 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91093 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Kinik Co. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108365 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Lotes Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94469 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182501 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274731 | &nbsp;&nbsp;15.48 |
| Unimicron Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123552 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2615665** | &nbsp;&nbsp;**31.77** |
| **United Arab Emirates (Cost $327,630)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;31202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204784 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;50156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129249 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Talabat Holding PLC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;340042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116039 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**450072** | &nbsp;&nbsp;&nbsp;&nbsp;**5.47** |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Vietnam (Cost $127,014)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;47300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$116519 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**116519** | &nbsp;&nbsp;&nbsp;&nbsp;**1.41** |
| **Total Common Stocks (Cost $6,999,330)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8059256** | &nbsp;&nbsp;&nbsp;&nbsp;**97.89** |
| **Total Investments (Total Cost $6,999,330)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8059256** | &nbsp;&nbsp;&nbsp;&nbsp;**97.89** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173472 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$8232728** | &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. As of July 31, 2025, these securities had a total value of $386,543 or 4.70% of net assets.

Percentages shown are based on net assets.

At July 31, 2025, the industry sectors for the Ashmore Emerging Markets Equity ex China Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;8.2% |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;20.9 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;16.1 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;37.1 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;97.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

## 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 Equity ESG Fund

- **b. EDGAR series identifier (if any):** S000067834

- **c. LEI of Series:** 549300KZSQMX3OI34Z75

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $14027347.15

**Total Liabilities:** $49112.67

**Net Assets:** $13978234.48

**Cash Not Reported:** $165914.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217584 | 4.87%                | 7.19%                | -0.50%               |
| Class ID C000217585 | 4.72%                | 7.18%                | -0.51%               |
| Class ID C000217586 | 4.67%                | 7.08%                | -0.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $56385.92                | $519259.62                                 |
| Month 2  | $128291.88               | $802659.12                                 |
| Month 3  | $21618.77                | $-91174.12                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mahindra & Mahindra Ltd.                         | Mahindra & Mahindra Ltd. GDR EACH REPR 1 ORD INR10 REG'S' | CUSIP: Y54164119<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |      5810 | NS      | $209554.54    | 1.50%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Gudeng Precision Industrial Co.                  | Gudeng Precision Industrial Co. TWD10                     | CUSIP: Y2941Y106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     19000 | NS      | $192308.34    | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Benefit Systems Sa                               | Benefit Systems Sa PLN1.00                                | CUSIP: X071AA119<br>LEI: 2594007UY43JEUOLID52 | Long             | EC               | CORP              | PL        |       254 | NS      | $229791.04    | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Square Co Ltd                                 | SK Square Co Ltd KRW100                                   | CUSIP: Y8T6X4107<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1596 | NS      | $173698.15    | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Sieyuan Electric Co Ltd                          | Sieyuan Electric Co Ltd 'A'CNY1                           | CUSIP: Y7688J105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     26500 | NS      | $286863.51    | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Rede D Or Sao Luiz SA                            | Rede D Or Sao Luiz SA COM NPV                             | CUSIP: P79942101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     48857 | NS      | $283567.88    | 2.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.          | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O  | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     34400 | NS      | $306563.90    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd, Hong Kong                         | AIA Group Ltd, Hong Kong NPV                              | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     40000 | NS      | $374259.21    | 2.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                  | Lojas Renner SA COM NPV                                   | CUSIP: P6332C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     42380 | NS      | $123138.93    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Eugene Technology                                | Eugene Technology KRW500                                  | CUSIP: Y2347W100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      8026 | NS      | $256102.90    | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd.                                   | HDFC Bank Ltd. SPON ADS EACH REP 3 ORD SHS                | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      8337 | NS      | $640031.49    | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd. | Shenzhen Mindray Bio-Medical Electronics Co Ltd. A CNY1   | CUSIP: Y774E3101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      5800 | NS      | $186231.63    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Kanzhun Limited                                  | Kanzhun Limited SPONSORED ADS                             | CUSIP: 48553T106<br>LEI: 254900F4ZCBITP7L0251 | Long             | EC               | CORP              | KY        |     15064 | NS      | $285613.44    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Totvs SA                                         | Totvs SA COM NPV                                          | CUSIP: P92184103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     22400 | NS      | $174454.02    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile World Investment Corporation              | Mobile World Investment Corporation VND10000              | CUSIP: Y604K2105<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |     79600 | NS      | $196086.60    | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                            | Tencent Holdings Ltd. HKD0.00002                          | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     17400 | NS      | $1219747.09   | 8.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Gentera SAB de CV                                | Gentera SAB de CV COM NPV                                 | CUSIP: P4831V101<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     96200 | NS      | $217387.01    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                      | Abu Dhabi Islamic Bank PJSC AED1                          | CUSIP: M0152R102<br>LEI: 5493006DOLY8O98XHD74 | Long             | EC               | CORP              | AE        |     40938 | NS      | $268682.74    | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| CreditAccess Grameen Limited                     | CreditAccess Grameen Limited INR10                        | CUSIP: Y2R43C102<br>LEI: 335800YHFDVKKBDQMK23 | Long             | EC               | CORP              | IN        |     12705 | NS      | $179334.12    | 1.28%             |  |  |  | Yes           |                  2 | On Loan: No      |
| KE Holdings Inc.                                 | KE Holdings Inc. SPONSORED ADS                            | CUSIP: 482497104<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | KY        |      8640 | NS      | $159148.80    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PB Fintech Ltd.                                  | PB Fintech Ltd. INR2.00                                   | CUSIP: Y67616287<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |     10708 | NS      | $220783.74    | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| DB Insurance Co Ltd.                             | DB Insurance Co Ltd. KRW500                               | CUSIP: Y2096K109<br>LEI: 9884000ZF26VNJBWSJ91 | Long             | EC               | CORP              | KR        |      3675 | NS      | $337454.34    | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                    | Bank Mandiri (Persero) Tbk PT IDR125                      | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |    495400 | NS      | $133945.12    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart De Mexico                               | Wal-Mart De Mexico COM NPV                                | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     62500 | NS      | $184236.68    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                    | MediaTek Inc. TWD10                                       | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |      8000 | NS      | $365001.51    | 2.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Marico Ltd.                                      | Marico Ltd. INR1                                          | CUSIP: Y5841R170<br>LEI: 3358003SFDQFGJPC5O84 | Long             | EC               | CORP              | IN        |     14930 | NS      | $120416.84    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                    | SK Hynix Inc. KRW5000                                     | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      2656 | NS      | $515070.22    | 3.68%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd.                        | ANTA Sports Products Ltd. HKD0.10                         | CUSIP: G04011105<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | KY        |     36000 | NS      | $412925.41    | 2.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                 | Mercadolibre Inc COM USD0.001                             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        80 | NS      | $189911.20    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| E Ink Holdings Inc.                              | E Ink Holdings Inc. TWD10                                 | CUSIP: Y2266Z100<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |     65000 | NS      | $443879.57    | 3.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd.                               | Grab Holdings Ltd. CLASS A ORD                            | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |     73500 | NS      | $359415.00    | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Proya Cosmetics Co Ltd.                          | Proya Cosmetics Co Ltd. A CNY1                            | CUSIP: Y7S88X100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     26200 | NS      | $298256.31    | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.Kz JSC                                     | Kaspi.Kz JSC SPONSORED ADS                                | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |      2479 | NS      | $195593.10    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Boxer Retail Ltd.                                | Boxer Retail Ltd. NPV                                     | CUSIP: S12871109<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     55380 | NS      | $218717.26    | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10        | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     51000 | NS      | $1970038.41   | 14.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                 | Raia Drogasil SA COM NPV                                  | CUSIP: P7942C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     56100 | NS      | $134951.38    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd.                                      | BYD Co Ltd. 'H'CNY1                                       | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     13500 | NS      | $198594.74    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma Ate Inc                                   | Chroma Ate Inc TWD10                                      | CUSIP: Y1604M102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     17000 | NS      | $243964.79    | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunresin New Materials Co. Ltd.,Xi'an            | Sunresin New Materials Co. Ltd.,Xi'an CNY1 A              | CUSIP: Y8240K101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     31450 | NS      | $225103.61    | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Alchip Technologies Ltd.                         | Alchip Technologies Ltd. TWD10                            | CUSIP: G02242108<br>LEI: 529900HKE9RIY07SLX84 | Long             | EC               | CORP              | KY        |      2500 | NS      | $322879.65    | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.          | Contemporary Amperex Technology Co Ltd. 'A' CNY1          | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     11300 | NS      | $412124.19    | 2.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Zetrix AI Berhad                                 | Zetrix AI Berhad NPV                                      | CUSIP: Y6147P116<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    917806 | NS      | $187635.87    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd.                 | Apollo Hospitals Enterprise Ltd. INR5                     | CUSIP: Y0187F112<br>LEI: 3358005YT7JQCWYLTG43 | Long             | EC               | CORP              | IN        |      2349 | NS      | $200580.91    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-20

**Name of Applicant:** Ashmore Funds

**Signature:** Taurai Sigauke

**Name of Signer:** Taurai Sigauke

**Title:** Treasurer