# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0002066578-26-001122
**Filing Date:** 2026-3
**Character Count:** 329389
**Document Hash:** b34dfd87f7c7c51746c4ec5a24a1b1f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001122.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0002066578-26-001122

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20261031

**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:** 26802377

**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 Fund (Series ID: S000033066)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000101924 | INSTITUTIONAL CLASS | EMFIX           |
| C000104316 | Class A             | EMEAX           |
| C000104317 | Class C             | EMECX           |
| C000183167 | Class T             | EMETX           |

## Nport-Ex

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

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $343,810)** |  |  |  |  |
| Angola (Rep of), 9.875%, 10/15/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200278 | &nbsp;&nbsp;0.48 |
| Angola (Rep of), 9.125%, 11/26/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179823 | &nbsp;&nbsp;0.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**380101** | &nbsp;&nbsp;**0.91** |
| **Argentina (Cost $631,032)** |  |  |  |  |
| Argentina (Rep of), 1.000%, 07/09/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70235 | &nbsp;&nbsp;0.17 |
| Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387803 | &nbsp;&nbsp;0.92 |
| Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208929 | &nbsp;&nbsp;0.50 |
| Argentina (Rep of), 5.000%, 01/09/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107908 | &nbsp;&nbsp;0.25 |
| Argentina (Rep of), (Step to 4.875% on 07/09/29), 3.500%, 07/09/2041<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96492 | &nbsp;&nbsp;0.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**871367** | &nbsp;&nbsp;**2.07** |
| **Armenia (Cost $195,363)** |  |  |  |  |
| Armenia (Rep of), 6.750%, 03/12/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208750 | &nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208750** | &nbsp;&nbsp;**0.50** |
| **Bahrain (Cost $452,095)** |  |  |  |  |
| 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;252931 | &nbsp;&nbsp;0.60 |
| Bahrain (Rep of), 6.625%, 10/06/2037<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194930 | &nbsp;&nbsp;0.47 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**447861** | &nbsp;&nbsp;**1.07** |
| **Benin (Cost $195,971)** |  |  |  |  |
| Benin (Rep of), 8.375%, 01/23/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211536 | &nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**211536** | &nbsp;&nbsp;**0.50** |
| **Brazil (Cost $2,412,311)** |  |  |  |  |
| Brazil (Rep of), 5.500%, 02/04/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281996 | &nbsp;&nbsp;0.67 |
| Brazil (Rep of), 6.625%, 03/15/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;0.49 |
| Brazil (Rep of), 7.250%, 01/12/2056 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264337 | &nbsp;&nbsp;0.63 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2030<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;11428000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351910 | &nbsp;&nbsp;3.22 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2032<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454805 | &nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2559048** | &nbsp;&nbsp;**6.09** |
| **Bulgaria (Cost $23,142)** |  |  |  |  |
| 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;23640 | &nbsp;&nbsp;0.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23640** | &nbsp;&nbsp;**0.06** |
| **Chile (Cost $1,510,110)** |  |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos, 5.800%, 10/01/2029<sup>2</sup> | &nbsp;&nbsp;CLP | &nbsp;&nbsp;555000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656872 | &nbsp;&nbsp;1.56 |
| Bonos de la Tesoreria de la Republica en pesos, 6.000%, 04/01/2033<sup>2</sup> | &nbsp;&nbsp;CLP | &nbsp;&nbsp;145000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173352 | &nbsp;&nbsp;0.41 |
| Chile (Rep of), 4.950%, 01/05/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413462 | &nbsp;&nbsp;0.99 |
| Chile (Rep of), 3.100%, 01/22/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219126 | &nbsp;&nbsp;0.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1462812** | &nbsp;&nbsp;**3.48** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (Cost $9,701,182)** |  |  |  |  |
| Central China Real Estate Ltd., 7.650%, 08/27/2023<sup>5,6</sup> |  | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19000 | &nbsp;&nbsp;0.05 |
| Central China Real Estate Ltd., 7.900%, 11/07/2023<sup>5,6</sup> |  | &nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;0.05 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>5,6</sup> |  | &nbsp;&nbsp;3666000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54990 | &nbsp;&nbsp;0.13 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>5,6</sup> |  | &nbsp;&nbsp;1667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16670 | &nbsp;&nbsp;0.04 |
| China (Rep of), 1.830%, 08/25/2035 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;2090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301146 | &nbsp;&nbsp;0.72 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>5,6</sup> |  | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76500 | &nbsp;&nbsp;0.18 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>5,6</sup> |  | &nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48675 | &nbsp;&nbsp;0.12 |
| China SCE Group Holdings Ltd., 7.000%, 05/02/2025<sup>5,6</sup> |  | &nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56525 | &nbsp;&nbsp;0.13 |
| China SCE Group Holdings Ltd., 6.000%, 02/04/2026<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25445 | &nbsp;&nbsp;0.06 |
| Kaisa Group Holdings Ltd., 5.000%, 11/30/2027<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3183 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 7.721%, 12/28/2027<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2027<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;250639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 6.250%, 12/28/2028<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2028<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;401005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 6.500%, 12/28/2029<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2029<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;401005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 6.750%, 12/28/2030<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2030<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;501256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 7.000%, 12/28/2031<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;622807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6228 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2031<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;501256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 7.250%, 12/28/2032<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;964680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9647 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2032<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;945649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9456 | &nbsp;&nbsp;0.02 |
| Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268478 | &nbsp;&nbsp;0.64 |
| Sunac China Holdings Ltd., 0.000%, 06/23/2028<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;694000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168309 | &nbsp;&nbsp;0.40 |
| Yuzhou Group Holdings Co. Ltd., 4.000%, 06/30/2028<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;169635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4453 | &nbsp;&nbsp;0.01 |
| Yuzhou Group Holdings Co. Ltd., 4.500%, 06/30/2029<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;298874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6164 | &nbsp;&nbsp;0.01 |
| Yuzhou Group Holdings Co. Ltd., 5.000%, 06/30/2030<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8521 | &nbsp;&nbsp;0.02 |
| Yuzhou Group Holdings Co. Ltd., 5.500%, 06/30/2031<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;566193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5662 | &nbsp;&nbsp;0.01 |
| Yuzhou Group Holdings Co. Ltd., 1.000%, 06/30/2034<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;535795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 8.700%, 08/03/2022<sup>5,6</sup> |  | &nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 8.000%, 03/06/2023<sup>5,6</sup> |  | &nbsp;&nbsp;1532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 8.300%, 09/15/2023<sup>5,6</sup> |  | &nbsp;&nbsp;3158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7895 | &nbsp;&nbsp;0.02 |
| Zhenro Properties Group Ltd., 8.350%, 03/10/2024<sup>5,6</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>5,6</sup> |  | &nbsp;&nbsp;3591000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8978 | &nbsp;&nbsp;0.02 |
| Zhenro Properties Group Ltd., 7.100%, 09/10/2024<sup>5,6</sup> |  | &nbsp;&nbsp;4406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11015 | &nbsp;&nbsp;0.03 |
| Zhenro Properties Group Ltd., 7.350%, 02/05/2025<sup>5,6</sup> |  | &nbsp;&nbsp;8407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21017 | &nbsp;&nbsp;0.05 |
| Zhenro Properties Group Ltd., 6.630%, 01/07/2026<sup>5,6</sup> |  | &nbsp;&nbsp;2065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 17.254%, 03/05/2026<sup>5</sup> |  | &nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 6.700%, 08/04/2026<sup>5</sup> |  | &nbsp;&nbsp;5713000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14283 | &nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1206648** | &nbsp;&nbsp;**2.87** |
| **Colombia (Cost $1,042,255)** |  |  |  |  |
| Colombia (Rep of), 5.000%, 06/15/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253958 | &nbsp;&nbsp;0.60 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Colombia (continued)** |  |  |  |  |
| Colombian TES, 7.750%, 09/18/2030 | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;341500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76485 | &nbsp;&nbsp;0.18 |
| Colombian TES, 7.000%, 03/26/2031 | &nbsp;&nbsp;COP | &nbsp;&nbsp;1628200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346728 | &nbsp;&nbsp;0.83 |
| Colombian TES, 13.250%, 02/09/2033 | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;863700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239874 | &nbsp;&nbsp;0.57 |
| Colombian TES, 11.500%, 07/25/2046 | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;451000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112496 | &nbsp;&nbsp;0.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1029541** | &nbsp;&nbsp;**2.45** |
| **Costa Rica (Cost $207,904)** |  |  |  |  |
| Costa Rica (Rep of), 7.000%, 04/04/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217862 | &nbsp;&nbsp;0.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**217862** | &nbsp;&nbsp;**0.52** |
| **Czech Republic (Cost $2,531,088)** |  |  |  |  |
| Czech (Rep of), 5.000%, 09/30/2030 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70333 | &nbsp;&nbsp;0.16 |
| Czech (Rep of), 1.750%, 06/23/2032 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104452 | &nbsp;&nbsp;0.25 |
| Czech (Rep of), 4.900%, 04/14/2034 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49348 | &nbsp;&nbsp;0.12 |
| Czech (Rep of), 1.950%, 07/30/2037 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133728 | &nbsp;&nbsp;0.32 |
| New World Resources N.V., 8.000%, 04/07/2020<sup>5,6,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| New World Resources N.V., 4.000%, 10/07/2020<sup>5,6,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**357861** | &nbsp;&nbsp;**0.85** |
| **Dominican Republic (Cost $821,049)** |  |  |  |  |
| 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;203011 | &nbsp;&nbsp;0.48 |
| Dominican (Rep of), 4.875%, 09/23/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277820 | &nbsp;&nbsp;0.66 |
| 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;154518 | &nbsp;&nbsp;0.37 |
| 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;266963 | &nbsp;&nbsp;0.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**902312** | &nbsp;&nbsp;**2.15** |
| **Ecuador (Cost $110,745)** |  |  |  |  |
| Ecuador (Rep of), 6.900%, 07/31/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128100 | &nbsp;&nbsp;0.30 |
| Ecuador (Rep of), (Step to 5.500% on 07/31/26), 5.000%, 07/31/2040<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;0.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**210700** | &nbsp;&nbsp;**0.50** |
| **Egypt (Cost $906,562)** |  |  |  |  |
| Egypt (Rep of), 23.440%, 07/01/2028 | &nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36452 | &nbsp;&nbsp;0.08 |
| Egypt (Rep of), 23.381%, 08/26/2028 | &nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8593000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184963 | &nbsp;&nbsp;0.44 |
| 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;385504 | &nbsp;&nbsp;0.92 |
| 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;272862 | &nbsp;&nbsp;0.65 |
| Egypt Treasury Bills, 20.394%, 09/29/2026<sup>9</sup> | &nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188053 | &nbsp;&nbsp;0.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1067834** | &nbsp;&nbsp;**2.54** |
| **El Salvador (Cost $21,276)** |  |  |  |  |
| 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;27931 | &nbsp;&nbsp;0.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27931** | &nbsp;&nbsp;**0.07** |
| **Ghana (Cost $304,217)** |  |  |  |  |
| Ghana (Rep of), 0.000%, 01/03/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70537 | &nbsp;&nbsp;0.17 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;0.65 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**343537** | &nbsp;&nbsp;**0.82** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Hungary (Cost $909,925)** |  |  |  |  |
| Hungary (Rep of), 5.375%, 09/26/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$255437 | &nbsp;&nbsp;0.61 |
| Hungary (Rep of), 6.750%, 07/23/2031 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136896 | &nbsp;&nbsp;0.33 |
| Hungary (Rep of), 7.000%, 10/24/2035 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175962 | &nbsp;&nbsp;0.42 |
| Hungary (Rep of), 3.000%, 10/27/2038 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86181 | &nbsp;&nbsp;0.20 |
| 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;241227 | &nbsp;&nbsp;0.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**895703** | &nbsp;&nbsp;**2.13** |
| **India (Cost $1,197,101)** |  |  |  |  |
| 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;283655 | &nbsp;&nbsp;0.67 |
| India (Rep of), 7.180%, 08/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208087 | &nbsp;&nbsp;0.50 |
| India (Rep of), 7.180%, 07/24/2037 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407704 | &nbsp;&nbsp;0.97 |
| India (Rep of), 7.360%, 09/12/2052 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129801 | &nbsp;&nbsp;0.31 |
| India (Rep of), 7.300%, 06/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115089 | &nbsp;&nbsp;0.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1144336** | &nbsp;&nbsp;**2.72** |
| **Indonesia (Cost $1,603,372)** |  |  |  |  |
| Indonesia (Rep of), 8.250%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;4633000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298715 | &nbsp;&nbsp;0.71 |
| Indonesia (Rep of), 7.000%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;3011000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187981 | &nbsp;&nbsp;0.45 |
| Indonesia (Rep of), 8.375%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2536000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170149 | &nbsp;&nbsp;0.41 |
| Indonesia (Rep of), 7.500%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1997000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127994 | &nbsp;&nbsp;0.30 |
| 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;209950 | &nbsp;&nbsp;0.50 |
| 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;222774 | &nbsp;&nbsp;0.53 |
| 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;288465 | &nbsp;&nbsp;0.69 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1506028** | &nbsp;&nbsp;**3.59** |
| **Ivory Coast (Cost $397,106)** |  |  |  |  |
| Ivory Coast (Rep of), 6.125%, 06/15/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197350 | &nbsp;&nbsp;0.47 |
| Ivory Coast (Rep of), 8.250%, 01/30/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214952 | &nbsp;&nbsp;0.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**412302** | &nbsp;&nbsp;**0.98** |
| **Jordan (Cost $206,883)** |  |  |  |  |
| Jordan (Rep of), 7.500%, 01/13/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209500 | &nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**209500** | &nbsp;&nbsp;**0.50** |
| **Kazakhstan (Cost $290,000)** |  |  |  |  |
| Kazakhstan (Rep of), 4.714%, 04/09/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284925 | &nbsp;&nbsp;0.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**284925** | &nbsp;&nbsp;**0.68** |
| **Malaysia (Cost $2,392,870)** |  |  |  |  |
| Malaysia (Rep of), 3.900%, 11/30/2026 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417233 | &nbsp;&nbsp;0.99 |
| Malaysia (Rep of), 3.519%, 04/20/2028 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564529 | &nbsp;&nbsp;1.34 |
| Malaysia (Rep of), 4.504%, 04/30/2029 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451316 | &nbsp;&nbsp;1.08 |
| Malaysia (Rep of), 3.582%, 07/15/2032 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136265 | &nbsp;&nbsp;0.32 |
| Malaysia (Rep of), 3.828%, 07/05/2034 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87269 | &nbsp;&nbsp;0.21 |
| Malaysia (Rep of), 4.254%, 05/31/2035 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75547 | &nbsp;&nbsp;0.18 |
| Malaysia (Rep of), 4.762%, 04/07/2037 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57411 | &nbsp;&nbsp;0.14 |
| Malaysia (Rep of), 4.054%, 04/18/2039 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144336 | &nbsp;&nbsp;0.34 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Malaysia (continued)** |  |  |  |  |
| Malaysia (Rep of), 4.696%, 10/15/2042 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44989 | &nbsp;&nbsp;0.11 |
| Malaysia (Rep of), 4.065%, 06/15/2050 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;183622 | &nbsp;&nbsp;0.44 |
| Petronas Capital Ltd., 4.550%, 04/21/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499531 | &nbsp;&nbsp;1.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2662817** | &nbsp;&nbsp;**6.34** |
| **Mexico (Cost $2,415,353)** |  |  |  |  |
| Mexican Bonos, 7.750%, 05/29/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;3520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196150 | &nbsp;&nbsp;0.47 |
| Mexican Bonos, 7.750%, 11/23/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;10870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585532 | &nbsp;&nbsp;1.39 |
| Mexican Bonos, 7.750%, 11/13/2042 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;2190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108942 | &nbsp;&nbsp;0.26 |
| Mexican Udibonos, 4.000%, 08/24/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275244 | &nbsp;&nbsp;0.65 |
| Mexican Udibonos, 4.500%, 11/22/2035 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80447 | &nbsp;&nbsp;0.19 |
| 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;259752 | &nbsp;&nbsp;0.62 |
| Mexico (Rep of), 6.400%, 05/07/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217512 | &nbsp;&nbsp;0.52 |
| Mexico (Rep of), 3.750%, 04/19/2071 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174628 | &nbsp;&nbsp;0.42 |
| Petroleos Mexicanos, 6.700%, 02/16/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418241 | &nbsp;&nbsp;1.00 |
| Petroleos Mexicanos, 7.690%, 01/23/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231300 | &nbsp;&nbsp;0.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2547748** | &nbsp;&nbsp;**6.07** |
| **Mongolia (Cost $215,633)** |  |  |  |  |
| 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;240295 | &nbsp;&nbsp;0.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**240295** | &nbsp;&nbsp;**0.57** |
| **Morocco (Cost $140,149)** |  |  |  |  |
| 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;142250 | &nbsp;&nbsp;0.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**142250** | &nbsp;&nbsp;**0.34** |
| **Nigeria (Cost $761,489)** |  |  |  |  |
| 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;507705 | &nbsp;&nbsp;1.21 |
| Nigeria OMO Bill, 0.000%, 02/24/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;57439000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40841 | &nbsp;&nbsp;0.10 |
| Nigeria OMO Bill, 0.000%, 03/24/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;130911000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91437 | &nbsp;&nbsp;0.22 |
| Nigeria OMO Bill, 0.000%, 04/21/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;81533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56054 | &nbsp;&nbsp;0.13 |
| Nigeria OMO Bill, 0.000%, 07/21/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;249553000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164420 | &nbsp;&nbsp;0.39 |
| Nigeria OMO Bill, 0.000%, 01/12/2027<sup>4</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;82955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50248 | &nbsp;&nbsp;0.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**910705** | &nbsp;&nbsp;**2.17** |
| **Oman (Cost $486,940)** |  |  |  |  |
| Oman (Rep of), 6.750%, 10/28/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277012 | &nbsp;&nbsp;0.66 |
| Oman (Rep of), 6.750%, 01/17/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231555 | &nbsp;&nbsp;0.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**508567** | &nbsp;&nbsp;**1.21** |
| **Pakistan (Cost $163,441)** |  |  |  |  |
| Pakistan (Rep of), 8.875%, 04/08/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200800 | &nbsp;&nbsp;0.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**200800** | &nbsp;&nbsp;**0.48** |
| **Panama (Cost $637,380)** |  |  |  |  |
| Panama (Rep of), 3.160%, 01/23/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257594 | &nbsp;&nbsp;0.61 |
| Panama (Rep of), 6.700%, 01/26/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57618 | &nbsp;&nbsp;0.14 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Panama (continued)** |  |  |  |  |
| Panama (Rep of), 4.300%, 04/29/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$262931 | &nbsp;&nbsp;0.63 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**578143** | &nbsp;&nbsp;**1.38** |
| **Paraguay (Cost $319,689)** |  |  |  |  |
| Paraguay (Rep of), 5.850%, 08/21/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344134 | &nbsp;&nbsp;0.82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**344134** | &nbsp;&nbsp;**0.82** |
| **Peru (Cost $1,052,437)** |  |  |  |  |
| Peru (Rep of), 5.375%, 02/08/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427560 | &nbsp;&nbsp;1.02 |
| Peru (Rep of), 6.850%, 08/12/2035<sup>2</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217024 | &nbsp;&nbsp;0.52 |
| Peru (Rep of), 7.600%, 08/12/2039<sup>2</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83906 | &nbsp;&nbsp;0.20 |
| 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;77016 | &nbsp;&nbsp;0.18 |
| Peru (Rep of), 5.625%, 11/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100828 | &nbsp;&nbsp;0.24 |
| Peru (Rep of), 2.780%, 12/01/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79059 | &nbsp;&nbsp;0.19 |
| Peru (Rep of), 3.230%, 07/28/2121 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35772 | &nbsp;&nbsp;0.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1021165** | &nbsp;&nbsp;**2.43** |
| **Philippines (Cost $781,415)** |  |  |  |  |
| Philippines (Rep of), 9.500%, 02/02/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173130 | &nbsp;&nbsp;0.41 |
| Philippines (Rep of), 6.375%, 07/27/2030 | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;11340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198402 | &nbsp;&nbsp;0.47 |
| Philippines (Rep of), 6.000%, 08/20/2030 | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;6655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114734 | &nbsp;&nbsp;0.28 |
| Philippines (Rep of), 6.250%, 01/14/2036 | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201563 | &nbsp;&nbsp;0.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**687829** | &nbsp;&nbsp;**1.64** |
| **Poland (Cost $887,575)** |  |  |  |  |
| Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210050 | &nbsp;&nbsp;0.50 |
| Poland (Rep of), 1.250%, 10/25/2030 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133147 | &nbsp;&nbsp;0.31 |
| 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;88732 | &nbsp;&nbsp;0.21 |
| 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;74427 | &nbsp;&nbsp;0.18 |
| Poland (Rep of), 5.000%, 10/25/2034 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117052 | &nbsp;&nbsp;0.28 |
| Poland (Rep of), 5.000%, 10/25/2035 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193757 | &nbsp;&nbsp;0.46 |
| Poland (Rep of), 5.500%, 03/18/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129624 | &nbsp;&nbsp;0.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**946789** | &nbsp;&nbsp;**2.25** |
| **Romania (Cost $1,827,418)** |  |  |  |  |
| Romania (Rep of), 6.625%, 02/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178880 | &nbsp;&nbsp;0.43 |
| Romania (Rep of), 6.300%, 04/26/2028 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;1765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412374 | &nbsp;&nbsp;0.98 |
| 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;54720 | &nbsp;&nbsp;0.13 |
| Romania (Rep of), 7.350%, 04/28/2031 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158155 | &nbsp;&nbsp;0.38 |
| 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;40356 | &nbsp;&nbsp;0.10 |
| Romania (Rep of), 8.250%, 09/29/2032 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227278 | &nbsp;&nbsp;0.54 |
| 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;96056 | &nbsp;&nbsp;0.23 |
| 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;24420 | &nbsp;&nbsp;0.06 |
| Romania (Rep of), 4.750%, 10/11/2034 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84776 | &nbsp;&nbsp;0.20 |
| Romania (Rep of), 5.750%, 03/24/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144905 | &nbsp;&nbsp;0.34 |
| Romania (Rep of), 6.750%, 04/25/2035 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73786 | &nbsp;&nbsp;0.18 |
| Romania (Rep of), 4.250%, 04/28/2036 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60414 | &nbsp;&nbsp;0.14 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Romania (continued)** |  |  |  |  |
| Romania (Rep of), 6.625%, 05/16/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54470 | &nbsp;&nbsp;0.13 |
| Romania (Rep of), 7.900%, 02/24/2038 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133919 | &nbsp;&nbsp;0.32 |
| Romania (Rep of), 6.125%, 01/22/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54320 | &nbsp;&nbsp;0.13 |
| Romania (Rep of), 7.625%, 01/17/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55583 | &nbsp;&nbsp;0.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1854412** | &nbsp;&nbsp;**4.42** |
| **Saudi Arabia (Cost $896,856)** |  |  |  |  |
| KSA Ijarah Sukuk Ltd., 4.875%, 09/09/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201782 | &nbsp;&nbsp;0.48 |
| Saudi (Rep of), 4.750%, 01/18/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;348000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351480 | &nbsp;&nbsp;0.84 |
| Saudi (Rep of), 4.500%, 04/22/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232590 | &nbsp;&nbsp;0.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**785852** | &nbsp;&nbsp;**1.87** |
| **Serbia (Cost $235,987)** |  |  |  |  |
| Serbia (Rep of), 6.000%, 06/12/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238278 | &nbsp;&nbsp;0.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**238278** | &nbsp;&nbsp;**0.57** |
| **South Africa (Cost $1,139,103)** |  |  |  |  |
| South Africa (Rep of), 4.300%, 10/12/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376417 | &nbsp;&nbsp;0.90 |
| South Africa (Rep of), 7.100%, 11/19/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212195 | &nbsp;&nbsp;0.50 |
| South Africa (Rep of), 9.000%, 01/31/2040 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;2858931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181128 | &nbsp;&nbsp;0.43 |
| South Africa (Rep of), 8.750%, 01/31/2044 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;7451621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453892 | &nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1223632** | &nbsp;&nbsp;**2.91** |
| **Supranational (Cost $192,775)** |  |  |  |  |
| 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;87715 | &nbsp;&nbsp;0.21 |
| International Bank for Reconstruction & Development, 6.500%, 04/17/2030 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;8300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88356 | &nbsp;&nbsp;0.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**176071** | &nbsp;&nbsp;**0.42** |
| **Thailand (Cost $380,002)** |  |  |  |  |
| Thailand (Rep of), 2.650%, 06/17/2028 | &nbsp;&nbsp;THB | &nbsp;&nbsp;2359000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77236 | &nbsp;&nbsp;0.18 |
| Thailand (Rep of), 3.390%, 06/17/2037 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;946000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33722 | &nbsp;&nbsp;0.08 |
| Thailand (Rep of), 3.300%, 06/17/2038 | &nbsp;&nbsp;THB | &nbsp;&nbsp;3112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109870 | &nbsp;&nbsp;0.26 |
| Thailand (Rep of), 2.980%, 06/17/2045 | &nbsp;&nbsp;THB | &nbsp;&nbsp;4621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149937 | &nbsp;&nbsp;0.36 |
| Thailand (Rep of), 3.600%, 06/17/2067 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;874000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32301 | &nbsp;&nbsp;0.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**403066** | &nbsp;&nbsp;**0.96** |
| **Turkey (Cost $962,768)** |  |  |  |  |
| Turkey (Rep of), 31.080%, 11/08/2028 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;3064838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70477 | &nbsp;&nbsp;0.17 |
| Turkey (Rep of), 5.250%, 03/13/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350703 | &nbsp;&nbsp;0.84 |
| Turkey (Rep of), 7.250%, 05/29/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219059 | &nbsp;&nbsp;0.52 |
| Turkey (Rep of), 26.200%, 10/05/2033 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;2213259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47994 | &nbsp;&nbsp;0.11 |
| Turkey (Rep of), 4.875%, 04/16/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252299 | &nbsp;&nbsp;0.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**940532** | &nbsp;&nbsp;**2.24** |
| **Ukraine (Cost $246,257)** |  |  |  |  |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2034<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;221735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139250 | &nbsp;&nbsp;0.33 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Ukraine (continued)** |  |  |  |  |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;278322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$171446 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**310696** | &nbsp;&nbsp;&nbsp;&nbsp;**0.74** |
| **United Arab Emirates (Cost $498,000)** |  |  |  |  |
| Abu Dhabi (Gov't of), 3.125%, 09/30/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258300 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| DP World Crescent Ltd., 3.875%, 07/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212025 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**470325** | &nbsp;&nbsp;&nbsp;&nbsp;**1.12** |
| **United States (Cost $1,226,226)** |  |  |  |  |
| U.S. Treasury Bill, 3.513%, 03/19/2026<sup>9</sup> |  | &nbsp;&nbsp;1231800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226222 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1226222** | &nbsp;&nbsp;&nbsp;&nbsp;**2.92** |
| **Uruguay (Cost $939,128)** |  |  |  |  |
| Uruguay (Rep of), 5.750%, 10/28/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;184978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196077 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Uruguay (Rep of), 8.000%, 10/29/2035 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;4254255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114912 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Uruguay (Rep of), 5.442%, 02/14/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209902 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Uruguay (Rep of), 4.125%, 11/20/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;114498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99098 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Uruguay (Rep of), 5.250%, 09/10/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;181639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167925 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Uruguay Monetary Regulation Bill, 0.000%, 05/08/2026<sup>4</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;3284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83273 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Uruguay Monetary Regulation Bill, 0.000%, 01/08/2027<sup>4</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36504 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**907691** | &nbsp;&nbsp;&nbsp;&nbsp;**2.16** |
| **Uzbekistan (Cost $400,000)** |  |  |  |  |
| Navoi Mining & Metallurgical Combinat, 6.750%, 05/14/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210315 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Uzbekistan (Rep of), 6.947%, 05/25/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215630 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**425945** | &nbsp;&nbsp;&nbsp;&nbsp;**1.01** |
| **Venezuela (Cost $3,916,545)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>5,6</sup> |  | &nbsp;&nbsp;4276000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4318760 | &nbsp;&nbsp;10.28 |
| Petroleos de Venezuela S.A., 12.750%, 02/17/2022<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;121900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47065 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Petroleos de Venezuela S.A., 9.750%, 05/17/2035<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;146780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52841 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Venezuela (Rep of), 11.750%, 10/21/2026<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;447300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194799 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Venezuela (Rep of), 9.250%, 09/15/2027<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202870 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Venezuela (Rep of), 11.950%, 08/05/2031<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;298400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130401 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4946736** | &nbsp;&nbsp;**11.78** |
| **Zambia (Cost $130,100)** |  |  |  |  |
| Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/2033<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;142473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139268 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**139268** | &nbsp;&nbsp;&nbsp;&nbsp;**0.33** |
| **Total Debt Securities (Cost $49,260,035)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40822103** | &nbsp;&nbsp;**97.20** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |
| **China (Cost $173,711)** |  |  |  |
| Sunac China Holdings Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83097 | &nbsp;&nbsp;0.20 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |
| Sunac Services Holdings Ltd.<sup>2</sup> &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12180 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Yuzhou Group Holdings Co. Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99115** | &nbsp;&nbsp;&nbsp;&nbsp;**0.24** |
| **Total Equity Securities (Cost $173,711)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99115** | &nbsp;&nbsp;&nbsp;&nbsp;**0.24** |
| **Total Investments (Total Cost $49,433,746)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40921218** | &nbsp;&nbsp;&nbsp;&nbsp;**97.44** |
| Other Assets Less Liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076324 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| **Net Assets** |  | &nbsp;&nbsp;&nbsp;**$41997542** | &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 January 31, 2026, these securities had a total value of $1,954,647 or 4.66% of net assets.

<sup>3</sup> Step coupon bond. Rate as of January 31, 2026 is disclosed.

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

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

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

<sup>7</sup> Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

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

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

Percentages shown are based on net assets.

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

At January 31, 2026, the Ashmore Emerging Markets Total Return Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 02/03/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7818276 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1403815 | &nbsp;&nbsp;&nbsp;$80835 |
| 02/11/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998000 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;89763149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21743 |
| 02/27/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99613665 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;67455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424 |
| 03/03/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573169 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;3028454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499 |
| 03/11/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;26285397651 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1562505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290 |
| 03/12/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28740075 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;4092356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45790 |
| 03/12/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58500 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;406010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| 03/18/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249068 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;550925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20219 |
| 03/18/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65272944 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2069566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11233 |
| 03/18/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84880 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;334107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| 03/18/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241600 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;7496274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630 |
| 04/13/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Kazakhstan Tenge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55634100 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968 |
| 04/17/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59355839 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;641743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 |
| 04/17/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774759 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;161377940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26237 |
| 04/27/2026 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301812660 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667 |
| 04/30/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11515356 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;557864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3547 |
| 04/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Israeli Shekel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407090 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;129778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 |
| 04/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4859509 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1356268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11378 |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79646 | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;68764792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270765 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;1014050979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784 |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284721 | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;1223802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 |
| 05/04/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336147 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;1322404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;243563 |
| 02/03/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028454 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;576739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1651) |
| 02/03/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953565 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;10846730 | &nbsp;&nbsp;&nbsp;&nbsp;(106174) |
| 02/11/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133723745 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1496248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41879) |
| 02/11/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477734 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;43960596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378) |
| 02/27/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169168 | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428) |
| 02/27/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Uzbekistan Som | &nbsp;&nbsp;&nbsp;&nbsp;2556069717 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;211005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2085) |
| 03/11/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;&nbsp;&nbsp;3084167358 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;185145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1424) |
| 03/11/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542442 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;25983567790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5373) |
| 03/12/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751217 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;12218262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8031) |
| 03/18/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047033 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;65988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(732) |
| 03/18/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338530 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;1366648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8526) |
| 03/18/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153191 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;36473943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9541) |
| 04/17/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187682962 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;2072409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38873) |
| 04/27/2026 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;1533628608 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1069879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9562) |
| 04/30/2026 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366884000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5296) |
| 04/30/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780358 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(695) |
| 04/30/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32871870 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;102899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1352) |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 04/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17568062 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;998027 | &nbsp;&nbsp;&nbsp;$(1127) |
| 04/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900452 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;865608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6402) |
| 04/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869192 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377) |
| 04/30/2026 | &nbsp;&nbsp;Societe Generale | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828576 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| 04/30/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019927 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;808056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1382) |
| 04/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15814271 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;979976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7331) |
| 04/30/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21821027 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;696150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6697) |
| 04/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48445542 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1043745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2378) |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18687 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;6124236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232) |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97100 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;1712213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183717 | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;10894421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606) |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364406 | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;1587091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3328) |
| 04/30/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Uruguayan Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190508 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;58087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1963) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(273899) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(30336) |

---

At January 31, 2026, the Ashmore Emerging Markets Total Return Fund had the following centrally cleared interest rate swap contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/<br> Pay Rate** | &nbsp;&nbsp;**Receive Rate/<br> Receive Rate<br> Index** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)\*\*** |
| 1-Day CLP CLICP (Pay Semi-Annually) | &nbsp;&nbsp;&nbsp;4.410% (Receive Semi-Annually) | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000000 | &nbsp;&nbsp;&nbsp;01/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp;$968 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$968 |
| 5.250% (Pay Semi-Annually) | &nbsp;&nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000000 | &nbsp;&nbsp;&nbsp;01/26/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4338) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4338) |
| 4.710% (Pay Semi-Annually) | &nbsp;&nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403000000 | &nbsp;&nbsp;&nbsp;02/02/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) |
| 1-Day COOVIBR (Pay Quarterly) | &nbsp;&nbsp;&nbsp;8.420% (Receive Quarterly) | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;11014000000 | &nbsp;&nbsp;&nbsp;01/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;(63848) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(63848) |
| 1-Day COOVIBR (Pay Quarterly) | &nbsp;&nbsp;&nbsp;8.170% (Receive Quarterly) | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;2609650000 | &nbsp;&nbsp;&nbsp;04/07/2027 | &nbsp;&nbsp;&nbsp;&nbsp;(21300) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(21300) |
| 5.744% (Pay Semi-Annually) | &nbsp;&nbsp;&nbsp;1-Day INR MIBOR (Receive Semi-Annually) | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42780000 | &nbsp;&nbsp;&nbsp;06/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961 |
| 7.290% (Pay Monthly) | &nbsp;&nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200000 | &nbsp;&nbsp;&nbsp;12/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5783 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5783 |
| 7.631% (Pay Monthly) | &nbsp;&nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;03/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(619) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(619) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;$(77499) |

---

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

------

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

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Brazil (Cost $618,475)** |  |  |  |  |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2030<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;4734000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$560023 | &nbsp;&nbsp;5.56 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2032<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109171 | &nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**669194** | &nbsp;&nbsp;**6.64** |
| **Chile (Cost $464,990)** |  |  |  |  |
| 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;23117 | &nbsp;&nbsp;0.23 |
| Bonos de la Tesoreria de la Republica en pesos, 5.800%, 10/01/2029<sup>3</sup> | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295888 | &nbsp;&nbsp;2.94 |
| Bonos de la Tesoreria de la Republica en pesos, 6.000%, 04/01/2033<sup>3</sup> | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;130000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155419 | &nbsp;&nbsp;1.54 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**474424** | &nbsp;&nbsp;**4.71** |
| **China (Cost $404,118)** |  |  |  |  |
| China (Rep of), 1.440%, 09/15/2027 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76238 | &nbsp;&nbsp;0.76 |
| China (Rep of), 2.620%, 09/25/2029 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55453 | &nbsp;&nbsp;0.55 |
| China (Rep of), 1.780%, 09/15/2032 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137379 | &nbsp;&nbsp;1.36 |
| China (Rep of), 1.830%, 08/25/2035 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57636 | &nbsp;&nbsp;0.57 |
| China (Rep of), 1.980%, 04/25/2045 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17727 | &nbsp;&nbsp;0.18 |
| China (Rep of), 2.150%, 08/25/2055 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68585 | &nbsp;&nbsp;0.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**413018** | &nbsp;&nbsp;**4.10** |
| **Colombia (Cost $421,718)** |  |  |  |  |
| Colombian TES, 7.000%, 03/26/2031 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;539600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114909 | &nbsp;&nbsp;1.14 |
| 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;62469 | &nbsp;&nbsp;0.62 |
| Colombian TES, 13.250%, 02/09/2033 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;394800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109647 | &nbsp;&nbsp;1.09 |
| 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;60636 | &nbsp;&nbsp;0.60 |
| Colombian TES, 11.500%, 07/25/2046 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;404200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100822 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**448483** | &nbsp;&nbsp;**4.45** |
| **Czech Republic (Cost $375,862)** |  |  |  |  |
| Czech (Rep of), 5.000%, 09/30/2030 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127317 | &nbsp;&nbsp;1.26 |
| 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;71198 | &nbsp;&nbsp;0.71 |
| Czech (Rep of), 4.900%, 04/14/2034 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;3390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172462 | &nbsp;&nbsp;1.71 |
| Czech (Rep of), 1.950%, 07/30/2037 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34088 | &nbsp;&nbsp;0.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**405065** | &nbsp;&nbsp;**4.02** |
| **Egypt (Cost $202,158)** |  |  |  |  |
| 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;50637 | &nbsp;&nbsp;0.50 |
| Egypt (Rep of), 23.381%, 08/26/2028 | &nbsp;&nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;2245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48323 | &nbsp;&nbsp;0.48 |
| Egypt Treasury Bills, 20.394%, 09/29/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;5875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108050 | &nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**207010** | &nbsp;&nbsp;**2.05** |
| **Hungary (Cost $393,001)** |  |  |  |  |
| Hungary (Rep of), 9.500%, 10/21/2026 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;22860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72627 | &nbsp;&nbsp;0.72 |
| Hungary (Rep of), 3.000%, 10/27/2027 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;12730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37607 | &nbsp;&nbsp;0.37 |
| Hungary (Rep of), 4.500%, 03/23/2028 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;10650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32058 | &nbsp;&nbsp;0.32 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Hungary (continued)** |  |  |  |  |
| 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;$7601 | &nbsp;&nbsp;0.08 |
| Hungary (Rep of), 3.000%, 08/21/2030 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38831 | &nbsp;&nbsp;0.38 |
| Hungary (Rep of), 6.750%, 07/23/2031 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93400 | &nbsp;&nbsp;0.93 |
| 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;28589 | &nbsp;&nbsp;0.28 |
| Hungary (Rep of), 7.000%, 10/24/2035 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100545 | &nbsp;&nbsp;1.00 |
| 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;11972 | &nbsp;&nbsp;0.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**423230** | &nbsp;&nbsp;**4.20** |
| **India (Cost $577,342)** |  |  |  |  |
| India (Rep of), 7.180%, 08/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99078 | &nbsp;&nbsp;0.98 |
| India (Rep of), 7.410%, 12/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41041 | &nbsp;&nbsp;0.41 |
| 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;159604 | &nbsp;&nbsp;1.58 |
| India (Rep of), 7.360%, 09/12/2052 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132729 | &nbsp;&nbsp;1.32 |
| India (Rep of), 7.300%, 06/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98694 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**531146** | &nbsp;&nbsp;**5.27** |
| **Indonesia (Cost $1,058,897)** |  |  |  |  |
| 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;63882 | &nbsp;&nbsp;0.63 |
| 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;37346 | &nbsp;&nbsp;0.37 |
| Indonesia (Rep of), 7.000%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2169000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132563 | &nbsp;&nbsp;1.32 |
| Indonesia (Rep of), 6.375%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1834000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112336 | &nbsp;&nbsp;1.12 |
| 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;37885 | &nbsp;&nbsp;0.38 |
| 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;7536 | &nbsp;&nbsp;0.07 |
| Indonesia (Rep of), 7.000%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;787000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49134 | &nbsp;&nbsp;0.49 |
| 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;42630 | &nbsp;&nbsp;0.42 |
| 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;78051 | &nbsp;&nbsp;0.77 |
| 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;61498 | &nbsp;&nbsp;0.61 |
| 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;37155 | &nbsp;&nbsp;0.37 |
| 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;36189 | &nbsp;&nbsp;0.36 |
| 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;26354 | &nbsp;&nbsp;0.26 |
| 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;55687 | &nbsp;&nbsp;0.55 |
| 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;23763 | &nbsp;&nbsp;0.24 |
| 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;42924 | &nbsp;&nbsp;0.43 |
| Indonesia (Rep of), 7.125%, 06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1906000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119167 | &nbsp;&nbsp;1.18 |
| Indonesia (Rep of), 7.125%, 08/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;320000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20126 | &nbsp;&nbsp;0.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**984226** | &nbsp;&nbsp;**9.77** |
| **Malaysia (Cost $420,056)** |  |  |  |  |
| Malaysia (Rep of), 3.476%, 07/02/2035 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24293 | &nbsp;&nbsp;0.24 |
| 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;63764 | &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;38820 | &nbsp;&nbsp;0.39 |
| Malaysia (Rep of), 3.757%, 05/22/2040 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25214 | &nbsp;&nbsp;0.25 |
| Malaysia (Rep of), 4.696%, 10/15/2042 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82992 | &nbsp;&nbsp;0.82 |
| Malaysia (Rep of), 4.180%, 05/16/2044 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13905 | &nbsp;&nbsp;0.14 |
| Malaysia (Rep of), 4.921%, 07/06/2048 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177 | &nbsp;&nbsp;0.03 |
| Malaysia (Rep of), 4.065%, 06/15/2050 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72510 | &nbsp;&nbsp;0.72 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Malaysia (continued)** |  |  |  |  |
| Malaysia (Rep of), 4.457%, 03/31/2053 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$63734 | &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;2985 | &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;15691 | &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;76914 | &nbsp;&nbsp;0.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**483999** | &nbsp;&nbsp;**4.80** |
| **Mexico (Cost $805,126)** |  |  |  |  |
| Mexican Bonos, 8.500%, 05/31/2029 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12197 | &nbsp;&nbsp;0.12 |
| Mexican Bonos, 7.750%, 05/29/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;4710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262462 | &nbsp;&nbsp;2.61 |
| Mexican Bonos, 7.750%, 11/23/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82416 | &nbsp;&nbsp;0.82 |
| Mexican Bonos, 8.500%, 11/18/2038 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107173 | &nbsp;&nbsp;1.06 |
| Mexican Bonos, 7.750%, 11/13/2042 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91034 | &nbsp;&nbsp;0.90 |
| 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;54824 | &nbsp;&nbsp;0.54 |
| Mexican Udibonos, 2.750%, 11/27/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132273 | &nbsp;&nbsp;1.31 |
| Mexican Udibonos, 4.000%, 08/24/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125550 | &nbsp;&nbsp;1.25 |
| Mexican Udibonos, 4.500%, 11/22/2035 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15084 | &nbsp;&nbsp;0.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**883013** | &nbsp;&nbsp;**8.76** |
| **Nigeria (Cost $161,214)** |  |  |  |  |
| Nigeria OMO Bill, 0.000%, 02/24/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;14724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10469 | &nbsp;&nbsp;0.10 |
| 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;42223 | &nbsp;&nbsp;0.42 |
| Nigeria OMO Bill, 0.000%, 03/24/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;90309000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63078 | &nbsp;&nbsp;0.63 |
| Nigeria OMO Bill, 0.000%, 04/07/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;11877000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8238 | &nbsp;&nbsp;0.08 |
| Nigeria OMO Bill, 0.000%, 04/21/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;14134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9717 | &nbsp;&nbsp;0.10 |
| Nigeria OMO Bill, 0.000%, 07/21/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;37538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24732 | &nbsp;&nbsp;0.24 |
| Nigeria OMO Bill, 0.000%, 01/12/2027<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;21265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12881 | &nbsp;&nbsp;0.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**171338** | &nbsp;&nbsp;**1.70** |
| **Peru (Cost $190,403)** |  |  |  |  |
| 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;11541 | &nbsp;&nbsp;0.11 |
| Peru (Rep of), 6.850%, 08/12/2035<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91732 | &nbsp;&nbsp;0.91 |
| Peru (Rep of), 7.600%, 08/12/2039<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109698 | &nbsp;&nbsp;1.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**212971** | &nbsp;&nbsp;**2.11** |
| **Philippines (Cost $228,605)** |  |  |  |  |
| Philippines (Rep of), 6.375%, 07/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;10550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184581 | &nbsp;&nbsp;1.83 |
| Philippines (Rep of), 6.000%, 08/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36118 | &nbsp;&nbsp;0.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**220699** | &nbsp;&nbsp;**2.19** |
| **Poland (Cost $438,231)** |  |  |  |  |
| 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;70361 | &nbsp;&nbsp;0.70 |
| Poland (Rep of), 4.500%, 07/25/2030 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36102 | &nbsp;&nbsp;0.36 |
| 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;47167 | &nbsp;&nbsp;0.47 |
| 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;100360 | &nbsp;&nbsp;0.99 |
| Poland (Rep of), 6.000%, 10/25/2033 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143105 | &nbsp;&nbsp;1.42 |
| Poland (Rep of), 5.000%, 10/25/2034 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53308 | &nbsp;&nbsp;0.53 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Poland (continued)** |  |  |  |  |
| Poland (Rep of), 5.000%, 10/25/2035 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57037 | &nbsp;&nbsp;0.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**507440** | &nbsp;&nbsp;**5.04** |
| **Romania (Cost $429,420)** |  |  |  |  |
| 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;17519 | &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;44633 | &nbsp;&nbsp;0.44 |
| Romania (Rep of), 8.000%, 04/29/2030 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17335 | &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;24499 | &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;94893 | &nbsp;&nbsp;0.94 |
| Romania (Rep of), 8.250%, 09/29/2032 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88880 | &nbsp;&nbsp;0.88 |
| Romania (Rep of), 7.100%, 07/31/2034 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;0.11 |
| Romania (Rep of), 4.750%, 10/11/2034 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58220 | &nbsp;&nbsp;0.58 |
| Romania (Rep of), 6.750%, 04/25/2035 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25766 | &nbsp;&nbsp;0.26 |
| Romania (Rep of), 4.250%, 04/28/2036 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21097 | &nbsp;&nbsp;0.21 |
| Romania (Rep of), 7.900%, 02/24/2038 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45915 | &nbsp;&nbsp;0.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**449557** | &nbsp;&nbsp;**4.46** |
| **South Africa (Cost $598,191)** |  |  |  |  |
| South Africa (Rep of), 8.250%, 03/31/2032 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;989335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62968 | &nbsp;&nbsp;0.63 |
| South Africa (Rep of), 8.875%, 02/28/2035 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;3496927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227804 | &nbsp;&nbsp;2.26 |
| South Africa (Rep of), 8.500%, 01/31/2037 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;1244830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77620 | &nbsp;&nbsp;0.77 |
| South Africa (Rep of), 9.000%, 01/31/2040 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;1725529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109321 | &nbsp;&nbsp;1.09 |
| South Africa (Rep of), 8.750%, 01/31/2044 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;3993953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243279 | &nbsp;&nbsp;2.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**720992** | &nbsp;&nbsp;**7.16** |
| **Supranational (Cost $164,213)** |  |  |  |  |
| 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;87715 | &nbsp;&nbsp;0.87 |
| 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;61743 | &nbsp;&nbsp;0.61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**149458** | &nbsp;&nbsp;**1.48** |
| **Thailand (Cost $410,977)** |  |  |  |  |
| Thailand (Rep of), 3.775%, 06/25/2032 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;886000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31776 | &nbsp;&nbsp;0.32 |
| Thailand (Rep of), 3.350%, 06/17/2033 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1814000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63985 | &nbsp;&nbsp;0.63 |
| Thailand (Rep of), 1.585%, 12/17/2035 | &nbsp;&nbsp;THB | &nbsp;&nbsp;2103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64256 | &nbsp;&nbsp;0.64 |
| Thailand (Rep of), 3.400%, 06/17/2036 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15874 | &nbsp;&nbsp;0.16 |
| Thailand (Rep of), 3.390%, 06/17/2037 | &nbsp;&nbsp;THB | &nbsp;&nbsp;3245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115674 | &nbsp;&nbsp;1.15 |
| Thailand (Rep of), 3.300%, 06/17/2038 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42508 | &nbsp;&nbsp;0.42 |
| Thailand (Rep of), 2.000%, 06/17/2042 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1047000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30841 | &nbsp;&nbsp;0.31 |
| Thailand (Rep of), 2.980%, 06/17/2045 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1742000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56522 | &nbsp;&nbsp;0.56 |
| Thailand (Rep of), 2.875%, 06/17/2046 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46686 | &nbsp;&nbsp;0.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**468122** | &nbsp;&nbsp;**4.65** |
| **Turkey (Cost $117,962)** |  |  |  |  |
| Turkey (Rep of), 31.080%, 11/08/2028 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;1006740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23150 | &nbsp;&nbsp;0.23 |
| Turkey (Rep of), 26.200%, 10/05/2033 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;2709134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58747 | &nbsp;&nbsp;0.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**81897** | &nbsp;&nbsp;**0.81** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United States (Cost $380,166)** |  |  |  |  |
| U.S. Treasury Bill, 3.492%, 03/19/2026<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;381900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$380171 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**380171** | &nbsp;&nbsp;&nbsp;&nbsp;**3.77** |
| **Uruguay (Cost $117,602)** |  |  |  |  |
| 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;11165 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Uruguay (Rep of), 8.000%, 10/29/2035 | &nbsp;&nbsp;UYU | &nbsp;&nbsp;&nbsp;&nbsp;996390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26914 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Uruguay Monetary Regulation Bill, 0.000%, 05/08/2026<sup>2</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;1479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37503 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Uruguay Monetary Regulation Bill, 0.000%, 01/08/2027<sup>2</sup> | &nbsp;&nbsp;UYU | &nbsp;&nbsp;1926000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46871 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**122453** | &nbsp;&nbsp;&nbsp;&nbsp;**1.22** |
| **Total Debt Securities (Cost $8,978,727)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9407906** | &nbsp;&nbsp;&nbsp;&nbsp;**93.36** |
| **Total Investments in Securities (Cost $8,978,727)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9407906** | &nbsp;&nbsp;&nbsp;&nbsp;**93.36** |
| **Total Investments (Total Cost $8,978,727)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9407906** | &nbsp;&nbsp;&nbsp;&nbsp;**93.36** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668698 | &nbsp;&nbsp;&nbsp;&nbsp;6.64 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$10076604** | &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 January 31, 2026, these securities had a total value of $687,395 or 6.82% 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 January 31, 2026 (Unaudited)*

At January 31, 2026, the Ashmore Emerging Markets Local Currency Bond Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 02/03/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624518 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;111928 | &nbsp;&nbsp;&nbsp;$6665 |
| 02/03/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;2598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| 02/11/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4090404 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;44452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| 02/11/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;21406442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 |
| 02/27/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76800000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;52006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640 |
| 03/03/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;183962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 |
| 03/11/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;1147000000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;67881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 |
| 03/11/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124160 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;2072293453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 |
| 03/12/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5954622 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;848841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8536 |
| 03/18/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460558 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;602730 | &nbsp;&nbsp;&nbsp;&nbsp;22120 |
| 03/18/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10520317 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;333354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 |
| 03/18/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;3101040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 |
| 04/13/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Kazakhstan Tenge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26242500 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 |
| 04/17/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6892402 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;74651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| 04/17/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75900 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;6869158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 |
| 04/27/2026 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;145045890 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282 |
| 04/30/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319739 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;160825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 |
| 04/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149843 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;600012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5034 |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96274 | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;83121272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;336780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;609711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27137 | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;116741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;61889 |
| 02/03/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;621920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3100) |
| 02/11/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17316038 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;193520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5192) |
| 02/27/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118417 | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) |
| 02/27/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Uzbekistan Som | &nbsp;&nbsp;1202729000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;99329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1024) |
| 03/11/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;&nbsp;&nbsp;446246400 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;26646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) |
| 03/11/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;3371459470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1835) |
| 03/12/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32200 | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;227684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583) |
| 03/18/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621756 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) |
| 04/17/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28879385 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;319980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7073) |
| 04/17/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44197 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;4090404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122) |
| 04/30/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16260204 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;4332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
| 04/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612670 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;148948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(692) |
| 04/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640161 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;190926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1290) |
| 04/30/2026 | &nbsp;&nbsp;Societe Generale | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576104 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;133663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178) |
| 04/30/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779900 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;171741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765) |
| 04/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12991153 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;279891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(638) |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196273 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;64325069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2438) |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107549 | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;6377672 | &nbsp;&nbsp;&nbsp;&nbsp;$(355) |
| 04/30/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151796 | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;661112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1386) |
| 04/30/2026 | &nbsp;&nbsp;HSBC | &nbsp;&nbsp;Uruguayan Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490230 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;39518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1335) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(28568) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$33321 |

---

At January 31, 2026, the Ashmore Emerging Markets Local Currency Bond Fund had the following centrally cleared interest rate swap contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/<br> Pay Rate** | &nbsp;&nbsp;**Receive Rate/<br> Receive Rate<br> Index** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)\*\*** |
| 1-Day Brazil CENTIP Interbank Deposit Rate (Pay At Maturity) | &nbsp;&nbsp;13.130% (Receive At Maturity) | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073075 | &nbsp;&nbsp;01/02/2029 | &nbsp;&nbsp;&nbsp;$1546 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1546 |
| 1-Day Brazil CENTIP Interbank Deposit Rate (Pay At Maturity) | &nbsp;&nbsp;13.260% (Receive At Maturity) | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601887 | &nbsp;&nbsp;01/03/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431 |
| 1-Day Brazil CENTIP Interbank Deposit Rate (Pay At Maturity) | &nbsp;&nbsp;13.090% (Receive At Maturity) | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880576 | &nbsp;&nbsp;01/02/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254 |
| 5.250% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;114000000 | &nbsp;&nbsp;01/26/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1030) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1030) |
| 4.710% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;193000000 | &nbsp;&nbsp;02/02/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |
| 7-Day CNY CNRR (Pay Quarterly) | &nbsp;&nbsp;2.775% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6703 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6703 |
| 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;678 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 |
| 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;(12655) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12655) |
| 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;(4945) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4945) |
| 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;(3073) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3073) |
| 5.744% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day INR MIBOR (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337000 | &nbsp;&nbsp;06/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 |
| 7.290% (Pay Monthly) | &nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400000 | &nbsp;&nbsp;12/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 |
| 3M MYR KLIBO (Pay Quarterly) | &nbsp;&nbsp;3.270% (Receive Quarterly) | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539000 | &nbsp;&nbsp;06/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1117) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1117) |
| 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;2701 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$(4877) |

---

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

------

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

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Argentina (Cost $913,175)** |  |  |  |  |
| Pampa Energia S.A., 7.875%, 12/16/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132249 | &nbsp;&nbsp;0.75 |
| Pluspetrol S.A., 8.500%, 05/30/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133666 | &nbsp;&nbsp;0.76 |
| Telecom Argentina S.A., 9.500%, 07/18/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106500 | &nbsp;&nbsp;0.61 |
| Transportadora de Gas del Sur S.A., 7.750%, 11/20/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200500 | &nbsp;&nbsp;1.14 |
| Vista Energy Argentina S.A.U., 7.625%, 12/10/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130422 | &nbsp;&nbsp;0.74 |
| YPF Energia Electrica S.A., 7.875%, 10/16/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131219 | &nbsp;&nbsp;0.75 |
| YPF S.A., 9.500%, 01/17/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103718 | &nbsp;&nbsp;0.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**938274** | &nbsp;&nbsp;**5.34** |
| **Brazil (Cost $1,021,362)** |  |  |  |  |
| Embraer Netherlands Finance B.V., 5.400%, 01/09/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197740 | &nbsp;&nbsp;1.12 |
| JBS N.V./JBS U.S.A. Foods Group Holdings, Inc./JBS U.S.A. Food Co. Holdings, 6.500%, 12/01/2052 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93791 | &nbsp;&nbsp;0.53 |
| LD Celulose International GmbH, 7.950%, 01/26/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210476 | &nbsp;&nbsp;1.20 |
| Petrobras Global Finance B.V., 6.850%, 06/05/2115 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33136 | &nbsp;&nbsp;0.19 |
| Samarco Mineracao S.A., 9.500%, 06/30/2031<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;145563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146276 | &nbsp;&nbsp;0.83 |
| Suzano Austria GmbH, 7.000%, 03/16/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219626 | &nbsp;&nbsp;1.25 |
| Vale Overseas Ltd., 6.875%, 11/10/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53283 | &nbsp;&nbsp;0.30 |
| 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;87337 | &nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1041665** | &nbsp;&nbsp;**5.92** |
| **Chile (Cost $596,848)** |  |  |  |  |
| 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;215348 | &nbsp;&nbsp;1.22 |
| 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;201170 | &nbsp;&nbsp;1.14 |
| 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;210200 | &nbsp;&nbsp;1.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**626718** | &nbsp;&nbsp;**3.56** |
| **China (Cost $7,117,187)** |  |  |  |  |
| Central China Real Estate Ltd., 7.250%, 07/16/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6975 | &nbsp;&nbsp;0.04 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>5,6</sup> |  | &nbsp;&nbsp;2611000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39165 | &nbsp;&nbsp;0.22 |
| Central China Real Estate Ltd., 7.250%, 04/28/2025<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;0.01 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;0.02 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;0.05 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31350 | &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;52530 | &nbsp;&nbsp;0.30 |
| 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;38465 | &nbsp;&nbsp;0.22 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2026<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;182943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 5.000%, 11/30/2027<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 7.721%, 12/28/2027<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;210454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2027<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;228690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 6.250%, 12/28/2028<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;307662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2028<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;365888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 6.500%, 12/28/2029<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;515050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5151 | &nbsp;&nbsp;0.03 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2029<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;365888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659 | &nbsp;&nbsp;0.02 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Kaisa Group Holdings Ltd., 6.750%, 12/28/2030<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;620798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6208 | &nbsp;&nbsp;0.04 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2030<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;457360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 7.000%, 12/28/2031<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;935302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9353 | &nbsp;&nbsp;0.05 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2031<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;457360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 7.250%, 12/28/2032<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;880201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8802 | &nbsp;&nbsp;0.05 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2032<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;862837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8628 | &nbsp;&nbsp;0.05 |
| Kuaishou Technology, 4.750%, 01/22/2036<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196054 | &nbsp;&nbsp;1.12 |
| Sunac China Holdings Ltd., 0.000%, 06/23/2028<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;366582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88903 | &nbsp;&nbsp;0.51 |
| Yuzhou Group Holdings Co. Ltd., 4.000%, 06/30/2028<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;218218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5728 | &nbsp;&nbsp;0.03 |
| Yuzhou Group Holdings Co. Ltd., 4.500%, 06/30/2029<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;380920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7856 | &nbsp;&nbsp;0.05 |
| Yuzhou Group Holdings Co. Ltd., 5.000%, 06/30/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;509676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10831 | &nbsp;&nbsp;0.06 |
| Yuzhou Group Holdings Co. Ltd., 5.500%, 06/30/2031<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;716698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7167 | &nbsp;&nbsp;0.04 |
| Yuzhou Group Holdings Co. Ltd., 1.000%, 06/30/2034<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;228304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 8.700%, 08/03/2022<sup>5,6</sup> |  | &nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;0.02 |
| Zhenro Properties Group Ltd., 6.500%, 09/01/2022<sup>5,6</sup> |  | &nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238 | &nbsp;&nbsp;0.03 |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 7.875%, 04/14/2024<sup>5,6</sup> |  | &nbsp;&nbsp;2315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787 | &nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**577970** | &nbsp;&nbsp;**3.29** |
| **Colombia (Cost $542,660)** |  |  |  |  |
| AI Candelaria S.A., 5.750%, 06/15/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223438 | &nbsp;&nbsp;1.27 |
| Ecopetrol S.A., 8.375%, 01/19/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253416 | &nbsp;&nbsp;1.44 |
| 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;73877 | &nbsp;&nbsp;0.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**550731** | &nbsp;&nbsp;**3.13** |
| **Costa Rica (Cost $192,075)** |  |  |  |  |
| Liberty Costa Rica Senior Secured Finance, 10.875%, 01/15/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190406 | &nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**190406** | &nbsp;&nbsp;**1.08** |
| **Czech Republic (Cost $1,965,282)** |  |  |  |  |
| New World Resources N.V., 8.000%, 04/07/2020<sup>5,6,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1685299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| New World Resources N.V., 0.000%, 10/07/2020<sup>2,5,6,8,9</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;101612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| New World Resources N.V., 4.000%, 10/07/2020<sup>5,6,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;700590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Georgia (Cost $195,607)** |  |  |  |  |
| 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;209500 | &nbsp;&nbsp;1.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**209500** | &nbsp;&nbsp;**1.19** |
| **Guatemala (Cost $180,400)** |  |  |  |  |
| CT Trust, 5.125%, 02/03/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190848 | &nbsp;&nbsp;1.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**190848** | &nbsp;&nbsp;**1.09** |
| **Hong Kong (Cost $606,663)** |  |  |  |  |
| Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.450%), 5.905%, 05/14/2035<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210098 | &nbsp;&nbsp;1.19 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Hong Kong (continued)** |  |  |  |  |
| Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.873%), 7.000%, 11/14/2035<sup>2,4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$205784 | &nbsp;&nbsp;1.17 |
| Standard Chartered PLC, 5.700%, 03/26/2044 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199756 | &nbsp;&nbsp;1.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**615638** | &nbsp;&nbsp;**3.50** |
| **India (Cost $617,494)** |  |  |  |  |
| Power Finance Corp. Ltd., 4.500%, 06/18/2029 |  | &nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234650 | &nbsp;&nbsp;1.33 |
| Sammaan Capital Ltd., 9.700%, 07/03/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208750 | &nbsp;&nbsp;1.19 |
| Vedanta Resources Finance II PLC, 9.475%, 07/24/2030 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210600 | &nbsp;&nbsp;1.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**654000** | &nbsp;&nbsp;**3.72** |
| **Indonesia (Cost $260,778)** |  |  |  |  |
| Medco Maple Tree Pte. Ltd., 8.960%, 04/27/2029 |  | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260875 | &nbsp;&nbsp;1.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**260875** | &nbsp;&nbsp;**1.48** |
| **Israel (Cost $558,920)** |  |  |  |  |
| Energean Israel Finance Ltd., 8.500%, 09/30/2033<sup>2</sup> |  | &nbsp;&nbsp;158790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170153 | &nbsp;&nbsp;0.97 |
| 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;67993 | &nbsp;&nbsp;0.38 |
| Leviathan Bond Ltd., 6.750%, 06/30/2030<sup>2</sup> |  | &nbsp;&nbsp;137043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140384 | &nbsp;&nbsp;0.80 |
| Mizrahi Tefahot Bank Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.100%), 5.837%, 04/15/2036<sup>2,4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202000 | &nbsp;&nbsp;1.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**580530** | &nbsp;&nbsp;**3.30** |
| **Kazakhstan (Cost $492,448)** |  |  |  |  |
| KazMunayGas National Co. JSC, 5.750%, 04/19/2047 |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206140 | &nbsp;&nbsp;1.17 |
| KazMunayGas National Co. JSC, 6.375%, 10/24/2048 |  | &nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365303 | &nbsp;&nbsp;2.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**571443** | &nbsp;&nbsp;**3.25** |
| **Mexico (Cost $1,370,032)** |  |  |  |  |
| 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;230738 | &nbsp;&nbsp;1.31 |
| 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;211100 | &nbsp;&nbsp;1.20 |
| 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;217905 | &nbsp;&nbsp;1.24 |
| Infraestructura Energetica Nova S.A.P.I. de C.V., 4.875%, 01/14/2048 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156706 | &nbsp;&nbsp;0.89 |
| Infraestructura Energetica Nova S.A.P.I. de C.V., 4.750%, 01/15/2051 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150528 | &nbsp;&nbsp;0.86 |
| Petroleos Mexicanos, 6.500%, 06/02/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78251 | &nbsp;&nbsp;0.44 |
| Sigma Foods S.A.B. de C.V., 6.875%, 03/25/2044 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224302 | &nbsp;&nbsp;1.28 |
| Tierra Mojada Luxembourg II S.a.r.l., 5.750%, 12/01/2040 |  | &nbsp;&nbsp;168676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165555 | &nbsp;&nbsp;0.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1435085** | &nbsp;&nbsp;**8.16** |
| **Morocco (Cost $416,031)** |  |  |  |  |
| OCP S.A., 5.125%, 06/23/2051 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161606 | &nbsp;&nbsp;0.92 |
| OCP S.A., 7.500%, 05/02/2054 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217809 | &nbsp;&nbsp;1.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**379415** | &nbsp;&nbsp;**2.16** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Nigeria (Cost $382,769)** |  |  |  |  |
| IHS Holding Ltd., 6.250%, 11/29/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$199000 | &nbsp;&nbsp;1.13 |
| IHS Holding Ltd., 8.250%, 11/29/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208810 | &nbsp;&nbsp;1.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**407810** | &nbsp;&nbsp;**2.32** |
| **Pakistan (Cost $183,093)** |  |  |  |  |
| Veon Midco B.V., 3.375%, 11/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195453 | &nbsp;&nbsp;1.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**195453** | &nbsp;&nbsp;**1.11** |
| **Panama (Cost $196,209)** |  |  |  |  |
| Sable International Finance Ltd., 7.125%, 10/15/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202574 | &nbsp;&nbsp;1.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**202574** | &nbsp;&nbsp;**1.15** |
| **Peru (Cost $193,448)** |  |  |  |  |
| Niagara Energy S.A.C., 5.746%, 10/03/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203226 | &nbsp;&nbsp;1.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**203226** | &nbsp;&nbsp;**1.16** |
| **Poland (Cost $113,829)** |  |  |  |  |
| 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;128361 | &nbsp;&nbsp;0.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**128361** | &nbsp;&nbsp;**0.73** |
| **Russian Federation (Cost $1,481,647)** |  |  |  |  |
| Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/2027<sup>5,10</sup> |  | &nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2** | &nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Saudi Arabia (Cost $624,760)** |  |  |  |  |
| Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;181178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185934 | &nbsp;&nbsp;1.06 |
| 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;254754 | &nbsp;&nbsp;1.45 |
| Saudi Arabian Oil Co., 5.875%, 07/17/2064 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189937 | &nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**630625** | &nbsp;&nbsp;**3.59** |
| **Singapore (Cost $199,263)** |  |  |  |  |
| 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;203650 | &nbsp;&nbsp;1.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**203650** | &nbsp;&nbsp;**1.16** |
| **South Africa (Cost $837,582)** |  |  |  |  |
| Anglo American Capital PLC, 3.950%, 09/10/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151600 | &nbsp;&nbsp;0.86 |
| AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261900 | &nbsp;&nbsp;1.49 |
| Prosus N.V., 4.027%, 08/03/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251001 | &nbsp;&nbsp;1.43 |
| Prosus N.V., 4.987%, 01/19/2052 |  | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179692 | &nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**844193** | &nbsp;&nbsp;**4.80** |
| **South Korea (Cost $616,992)** |  |  |  |  |
| Hanwha Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.292%), 6.300%, 06/24/2055<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;1.18 |
| Shinhan Bank Co. Ltd., 5.750%, 04/15/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208560 | &nbsp;&nbsp;1.19 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **South Korea (continued)** |  |  |  |  |
| Woori Bank, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.277%), 6.375%, 07/24/2029<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$208282 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**624842** | &nbsp;&nbsp;&nbsp;&nbsp;**3.55** |
| **Thailand (Cost $331,333)** |  |  |  |  |
| Bangkok Bank PCL, 9.025%, 03/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157123 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Bangkok Bank PCL, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.150%), 3.466%, 09/23/2036<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182360 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**339483** | &nbsp;&nbsp;&nbsp;&nbsp;**1.93** |
| **Turkey (Cost $1,039,066)** |  |  |  |  |
| Akbank T.A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.270%), 9.369%, 03/14/2029<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208500 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Turkcell Iletisim Hizmetleri A.S., 7.650%, 01/24/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212375 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Turkiye Is Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.633%), 9.125%, 01/15/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208500 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Turkiye Vakiflar Bankasi T.A.O., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.439%), 8.195%, 10/06/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199676 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Yapi ve Kredi Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.499%), 9.743%, 04/04/2029<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214867 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1043918** | &nbsp;&nbsp;&nbsp;&nbsp;**5.94** |
| **United Arab Emirates (Cost $197,045)** |  |  |  |  |
| First Abu Dhabi Bank PJSC, (Variable, USD CMT 6Y + 4.138%), 4.500%, 04/05/2026<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199437 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**199437** | &nbsp;&nbsp;&nbsp;&nbsp;**1.14** |
| **Uzbekistan (Cost $818,227)** |  |  |  |  |
| Jscb Agrobank, 9.250%, 10/02/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219062 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Navoi Mining & Metallurgical Combinat, 6.950%, 10/17/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213788 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Navoiyuran State Enterprise, 6.700%, 07/02/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Uzbekneftegaz JSC, 8.750%, 05/07/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216200 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**853050** | &nbsp;&nbsp;&nbsp;&nbsp;**4.85** |
| **Venezuela (Cost $1,898,643)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>5,6</sup> |  | &nbsp;&nbsp;1724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741240 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 |
| Petroleos de Venezuela S.A., 9.750%, 05/17/2035<sup>5</sup> |  | &nbsp;&nbsp;1524000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548640 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2289880** | &nbsp;&nbsp;**13.02** |
| **Zambia (Cost $208,264)** |  |  |  |  |
| First Quantum Minerals Ltd., 8.625%, 06/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209706 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**209706** | &nbsp;&nbsp;&nbsp;&nbsp;**1.19** |
| **Total Debt Securities (Cost $26,369,132)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17199308** | &nbsp;&nbsp;**97.81** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Bank Loans** |  |  |  |  |
| **Czech Republic (Cost $362,933)** |  |  |  |  |
| New World Resources N.V., 8.500%, 10/07/2016<sup>6,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;952166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;**—** |
| **Total Bank Loans (Cost $362,933)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |  |
| **China (Cost $107,465)** |  |  |  |  |
| Sunac China Holdings Ltd.\* | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44019 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| 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;&nbsp;&nbsp;&nbsp;13405 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Yuzhou Group Holdings Co. Ltd.\* | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60862** | &nbsp;&nbsp;&nbsp;&nbsp;**0.35** |
| **Czech Republic (Cost $1,093,253)** |  |  |  |  |
| New World Resources PLC, Class A\*<sup>,8</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;36580138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Total Equity Securities (Cost $1,200,718)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60862** | &nbsp;&nbsp;&nbsp;&nbsp;**0.35** |
| **Total Investments (Total Cost $27,932,783)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17260170** | &nbsp;&nbsp;&nbsp;&nbsp;**98.16** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324098 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$17584268** | &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 January 31, 2026, these securities had a total value of $1,557,460 or 8.87% of net assets.

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

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

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

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

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

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

<sup>9</sup> Restricted security that has been deemed illiquid. At January 31, 2026 the value of these restricted illiquid securities amount to $0 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows:

---

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

---

<sup>10</sup> Security is a Level 3 investment.

Percentages shown are based on net assets.

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

At January 31, 2026, the Ashmore Emerging Markets Corporate Income Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Trading<br> Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)<sup>(1)</sup>** |
| **Long Contracts** |  |  |  |  |  |
| Ultra Long U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026 | &nbsp;&nbsp;USD | &nbsp;&nbsp;469750 | &nbsp;&nbsp;$10140 |
| Total |  |  |  |  | &nbsp;&nbsp;$10140 |

---

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

At January 31, 2026, the Ashmore Emerging Markets Corporate Income Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 03/02/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;96721 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;81221 | &nbsp;&nbsp;&nbsp;&nbsp;$319 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| 02/02/2026 | &nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;94567 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;81221 | &nbsp;&nbsp;&nbsp;&nbsp;(1708) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(1708) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(1389) |

---

At January 31, 2026, the Ashmore Emerging Markets Corporate Income 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 44 (Pay Quarterly) | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;USD | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;12/20/2030 | &nbsp;&nbsp;$20512 | &nbsp;&nbsp;$25294 | &nbsp;&nbsp;$(4782) |
|  |  |  |  |  | &nbsp;&nbsp;$20512 | &nbsp;&nbsp;$25294 | &nbsp;&nbsp;$(4782) |
| \*\*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 SHORT DURATION FUND<br>

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Brazil (Cost $1,606,675)** |  |  |  |  |
| Azul Secured Finance LLP, 0.000%, 02/15/2031<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$198056 | &nbsp;&nbsp;0.67 |
| Banco do Brasil S.A., 4.875%, 01/11/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398800 | &nbsp;&nbsp;1.36 |
| BRF GmbH, 4.350%, 09/29/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397664 | &nbsp;&nbsp;1.35 |
| NBM U.S. Holdings, Inc., 7.000%, 05/14/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114712 | &nbsp;&nbsp;0.39 |
| Suzano Austria GmbH, 6.000%, 01/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516350 | &nbsp;&nbsp;1.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1625582** | &nbsp;&nbsp;**5.52** |
| **Chile (Cost $315,717)** |  |  |  |  |
| BPCE S.A., 3.150%, 03/06/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188937 | &nbsp;&nbsp;0.64 |
| GNL Quintero S.A., 4.634%, 07/31/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;129470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129988 | &nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**318925** | &nbsp;&nbsp;**1.08** |
| **China (Cost $4,230,051)** |  |  |  |  |
| Central China Real Estate Ltd., 7.900%, 11/07/2023<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;0.02 |
| Central China Real Estate Ltd., 7.250%, 07/16/2024<sup>3,4</sup> |  | &nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19125 | &nbsp;&nbsp;0.07 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;979000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14685 | &nbsp;&nbsp;0.05 |
| Central China Real Estate Ltd., 7.250%, 04/28/2025<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;0.01 |
| Central China Real Estate Ltd., 7.500%, 07/14/2025<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220 | &nbsp;&nbsp;0.01 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;0.02 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17425 | &nbsp;&nbsp;0.06 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;0.11 |
| China SCE Group Holdings Ltd., 7.000%, 05/02/2025<sup>3,4</sup> |  | &nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48237 | &nbsp;&nbsp;0.16 |
| China SCE Group Holdings Ltd., 6.000%, 02/04/2026<sup>3</sup> |  | &nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37975 | &nbsp;&nbsp;0.13 |
| Fortune Star BVI Ltd., 8.500%, 05/19/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330760 | &nbsp;&nbsp;1.12 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2026<sup>2,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;443131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4431 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 5.000%, 11/30/2027<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6942 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 7.721%, 12/28/2027<sup>2,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;509769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5098 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2027<sup>2,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;553941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 6.250%, 12/28/2028<sup>2,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;745228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7452 | &nbsp;&nbsp;0.03 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2028<sup>2,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;886264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8863 | &nbsp;&nbsp;0.03 |
| Kaisa Group Holdings Ltd., 6.500%, 12/28/2029<sup>2,6</sup> |  | &nbsp;&nbsp;1247571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12476 | &nbsp;&nbsp;0.04 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2029<sup>2,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;886264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8863 | &nbsp;&nbsp;0.03 |
| Kaisa Group Holdings Ltd., 6.750%, 12/28/2030<sup>2,6</sup> |  | &nbsp;&nbsp;1503713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15037 | &nbsp;&nbsp;0.05 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2030<sup>2,5</sup> |  | &nbsp;&nbsp;1107831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 7.000%, 12/28/2031<sup>2,6</sup> |  | &nbsp;&nbsp;2265514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22655 | &nbsp;&nbsp;0.08 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2031<sup>2,5</sup> |  | &nbsp;&nbsp;1107831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8863 | &nbsp;&nbsp;0.03 |
| Kaisa Group Holdings Ltd., 7.250%, 12/28/2032<sup>2,6</sup> |  | &nbsp;&nbsp;2132046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21320 | &nbsp;&nbsp;0.07 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2032<sup>2,5</sup> |  | &nbsp;&nbsp;2089984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20900 | &nbsp;&nbsp;0.07 |
| Meituan, 0.000%, 04/27/2028<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400560 | &nbsp;&nbsp;1.36 |
| Sunac China Holdings Ltd., 0.000%, 06/23/2028<sup>2,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;365754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88703 | &nbsp;&nbsp;0.30 |
| Yuzhou Group Holdings Co. Ltd., 4.000%, 06/30/2028<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;382500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10041 | &nbsp;&nbsp;0.03 |
| Yuzhou Group Holdings Co. Ltd., 4.500%, 06/30/2029<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;667685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13771 | &nbsp;&nbsp;0.05 |
| Yuzhou Group Holdings Co. Ltd., 5.000%, 06/30/2030<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;893371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18984 | &nbsp;&nbsp;0.06 |
| Yuzhou Group Holdings Co. Ltd., 5.500%, 06/30/2031<sup>6</sup> |  | &nbsp;&nbsp;1256246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12562 | &nbsp;&nbsp;0.04 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Yuzhou Group Holdings Co. Ltd., 1.000%, 06/30/2034<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;344561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 8.000%, 03/06/2023<sup>3,4</sup> |  | &nbsp;&nbsp;4920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 8.300%, 09/15/2023<sup>3,4</sup> |  | &nbsp;&nbsp;1017000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 7.875%, 04/14/2024<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1232271** | &nbsp;&nbsp;&nbsp;&nbsp;**4.19** |
| **Colombia (Cost $1,012,335)** |  |  |  |  |
| Avianca Midco 2 PLC, 9.500%, 01/28/2031<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204060 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.929%), 6.909%, 10/18/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410572 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Empresas Publicas de Medellin ESP, 4.250%, 07/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188400 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Grupo Nutresa S.A., 8.000%, 05/12/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213440 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1016472** | &nbsp;&nbsp;&nbsp;&nbsp;**3.45** |
| **Guatemala (Cost $654,782)** |  |  |  |  |
| Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L., 5.250%, 04/27/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313110 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Millicom International Cellular S.A., 5.125%, 01/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358985 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**672095** | &nbsp;&nbsp;&nbsp;&nbsp;**2.28** |
| **Hong Kong (Cost $403,673)** |  |  |  |  |
| 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;403524 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**403524** | &nbsp;&nbsp;&nbsp;&nbsp;**1.37** |
| **Hungary (Cost $405,149)** |  |  |  |  |
| 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;403625 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**403625** | &nbsp;&nbsp;&nbsp;&nbsp;**1.37** |
| **India (Cost $3,183,569)** |  |  |  |  |
| Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;578270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566560 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| Delhi International Airport Ltd., 6.450%, 06/04/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657953 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| Greenko Power II Ltd., 4.300%, 12/13/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145469 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Muthoot Finance Ltd., 7.125%, 02/14/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307500 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Muthoot Finance Ltd., 5.750%, 08/04/2030<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199960 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Sammaan Capital Ltd., 9.700%, 07/03/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208750 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Sammaan Capital Ltd., 8.950%, 08/28/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209250 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| TML Holdings Pte. Ltd., 4.350%, 06/09/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199400 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Vedanta Resources Finance II PLC, 10.250%, 06/03/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316343 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Vedanta Resources Finance II PLC, 10.875%, 09/17/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427500 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3238685** | &nbsp;&nbsp;**11.00** |
| **Indonesia (Cost $730,338)** |  |  |  |  |
| Bank Negara Indonesia Persero Tbk PT, 3.750%, 03/30/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334162 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Freeport Indonesia PT, 4.763%, 04/14/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400960 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**735122** | &nbsp;&nbsp;&nbsp;&nbsp;**2.50** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (Cost $796,163)** |  |  |  |  |
| Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.621%, 12/10/2029 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$414440 | &nbsp;&nbsp;1.41 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.250%, 09/10/2029 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410800 | &nbsp;&nbsp;1.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**825240** | &nbsp;&nbsp;**2.80** |
| **Nigeria (Cost $191,980)** |  |  |  |  |
| IHS Holding Ltd., 6.250%, 11/29/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;0.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**199000** | &nbsp;&nbsp;**0.68** |
| **Oman (Cost $199,862)** |  |  |  |  |
| Bank Muscat SAOG, 4.750%, 03/17/2026 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199900 | &nbsp;&nbsp;0.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**199900** | &nbsp;&nbsp;**0.68** |
| **Pakistan (Cost $555,266)** |  |  |  |  |
| Veon Midco B.V., 3.375%, 11/25/2027 |  | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572058 | &nbsp;&nbsp;1.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**572058** | &nbsp;&nbsp;**1.94** |
| **Peru (Cost $523,681)** |  |  |  |  |
| Banco de Credito del Peru S.A., 5.850%, 01/11/2029 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416960 | &nbsp;&nbsp;1.41 |
| Transportadora de Gas del Peru S.A., 4.250%, 04/30/2028 |  | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119850 | &nbsp;&nbsp;0.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**536810** | &nbsp;&nbsp;**1.82** |
| **South Africa (Cost $595,180)** |  |  |  |  |
| Prosus N.V., 3.257%, 01/19/2027 |  | &nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602375 | &nbsp;&nbsp;2.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**602375** | &nbsp;&nbsp;**2.05** |
| **Thailand (Cost $816,260)** |  |  |  |  |
| Muangthai Capital PCL, 6.875%, 09/30/2028 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508300 | &nbsp;&nbsp;1.73 |
| Muangthai Capital PCL, 7.550%, 07/21/2030 |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310980 | &nbsp;&nbsp;1.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**819280** | &nbsp;&nbsp;**2.78** |
| **Turkey (Cost $1,134,291)** |  |  |  |  |
| QNB Bank A.S., 7.250%, 05/21/2029 |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315375 | &nbsp;&nbsp;1.07 |
| Turkiye Garanti Bankasi A.S., (Variable, USD ICE Swap Rate 5Y + 4.220%), 7.177%, 05/24/2027<sup>7</sup> |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412376 | &nbsp;&nbsp;1.40 |
| Turkiye Is Bankasi A.S., 7.750%, 06/12/2029 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420931 | &nbsp;&nbsp;1.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1148682** | &nbsp;&nbsp;**3.90** |
| **Ukraine (Cost $200,000)** |  |  |  |  |
| MHP Lux S.A., 10.500%, 07/28/2029<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;0.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**206000** | &nbsp;&nbsp;**0.70** |
| **United Arab Emirates (Cost $406,242)** |  |  |  |  |
| Alpha Star Holding IX Ltd., 7.000%, 08/26/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204500 | &nbsp;&nbsp;0.69 |
| Alpha Star Holding VIII Ltd., 8.375%, 04/12/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206020 | &nbsp;&nbsp;0.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**410520** | &nbsp;&nbsp;**1.39** |
| **United States (Cost $382,318)** |  |  |  |  |
| U.S. Treasury Bill, 3.525%, 03/19/2026<sup>8</sup> |  | &nbsp;&nbsp;384100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382361 | &nbsp;&nbsp;1.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**382361** | &nbsp;&nbsp;**1.30** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Uzbekistan (Cost $1,014,391)** |  |  |  |  |
| Jscb Agrobank, 9.250%, 10/02/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$438124 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Navoi Mining & Metallurgical Combinat, 6.700%, 10/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621600 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1059724** | &nbsp;&nbsp;&nbsp;&nbsp;**3.60** |
| **Venezuela (Cost $11,158,543)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>3,4</sup> |  | &nbsp;&nbsp;12447500 | &nbsp;&nbsp;&nbsp;&nbsp;12571975 | &nbsp;&nbsp;&nbsp;&nbsp;42.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12571975** | &nbsp;&nbsp;&nbsp;&nbsp;**42.70** |
| **Vietnam (Cost $285,852)** |  |  |  |  |
| Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287952 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**287952** | &nbsp;&nbsp;&nbsp;&nbsp;**0.98** |
| **Total Debt Securities (Cost $30,802,318)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29468178** | &nbsp;&nbsp;**100.08** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |
| **China (Cost $97,010)** |  |  |  |
| Sunac China Holdings Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43865 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Yuzhou Group Holdings Co. Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;423916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6026 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49891** | &nbsp;&nbsp;&nbsp;&nbsp;**0.17** |
| **Total Equity Securities (Cost $97,010)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49891** | &nbsp;&nbsp;&nbsp;&nbsp;**0.17** |
| **Total Investments (Total Cost $30,899,328)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29518069** | &nbsp;&nbsp;**100.25** |
| Liabilities Less Other Assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72485) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Net Assets** |  | &nbsp;&nbsp;&nbsp;**$29445584** | &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 January 31, 2026, these securities had a total value of $1,047,157 or 3.56% of net assets.

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

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

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

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

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

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

Percentages shown are based on net assets.

------

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

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $124,493)** |  |  |  |  |
| Globant S.A.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26752 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Loma Negra Cia Industrial Argentina S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;3676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42384 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| YPF S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;1651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65694 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**134830** | &nbsp;&nbsp;&nbsp;&nbsp;**2.36** |
| **Brazil (Cost $119,001)** |  |  |  |  |
| Petroleo Brasileiro S.A. - Petrobras ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;5942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91150 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41898 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**133048** | &nbsp;&nbsp;&nbsp;&nbsp;**2.33** |
| **Chile (Cost $59,742)** |  |  |  |  |
| Antofagasta PLC | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56013 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56013** | &nbsp;&nbsp;&nbsp;&nbsp;**0.98** |
| **China (Cost $1,498,955)** |  |  |  |  |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221172 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78362 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Baidu, Inc. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;1216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186267 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 |
| China International Capital Corp. Ltd., Class H<sup>2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;40400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110345 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70660 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170589 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Mao Geping Cosmetics Co. Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85281 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Pop Mart International Group Ltd.<sup>2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40045 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23409 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60975 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444612 | &nbsp;&nbsp;&nbsp;&nbsp;7.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1491717** | &nbsp;&nbsp;**26.16** |
| **Hong Kong (Cost $118,933)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117795 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**117795** | &nbsp;&nbsp;&nbsp;&nbsp;**2.07** |
| **India (Cost $537,884)** |  |  |  |  |
| Cognizant Technology Solutions Corp., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106678 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| FSN E-Commerce Ventures Ltd.\* | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;9208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23784 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;5507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178317 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 |
| ICICI Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;4890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143228 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;3121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47409 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20958 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**520374** | &nbsp;&nbsp;&nbsp;&nbsp;**9.13** |
| **Indonesia (Cost $84,849)** |  |  |  |  |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68370 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68370** | &nbsp;&nbsp;&nbsp;&nbsp;**1.20** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (Cost $80,490)** |  |  |  |  |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$102877 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**102877** | &nbsp;&nbsp;&nbsp;&nbsp;**1.80** |
| **Poland (Cost $73,388)** |  |  |  |  |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;3450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89907 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**89907** | &nbsp;&nbsp;&nbsp;&nbsp;**1.58** |
| **Saudi Arabia (Cost $29,938)** |  |  |  |  |
| Dr. Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27690 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27690** | &nbsp;&nbsp;&nbsp;&nbsp;**0.49** |
| **South Africa (Cost $313,241)** |  |  |  |  |
| Absa Group Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;3986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62618 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;2471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49796 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| FirstRand Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;12933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74080 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Naspers Ltd., Class N | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;2329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143015 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**329509** | &nbsp;&nbsp;&nbsp;&nbsp;**5.78** |
| **South Korea (Cost $607,004)** |  |  |  |  |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152526 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 |
| Hyundai Motor Co. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37590 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| KB Financial Group, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26848 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Samsung Biologics Co. Ltd.\*<sup>,2</sup> | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26402 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Samsung C&T Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56344 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282520 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247604 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109680 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60009 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**999523** | &nbsp;&nbsp;**17.53** |
| **Taiwan (Cost $933,287)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24817 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120334 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83389 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100319 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161860 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;13251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744736 | &nbsp;&nbsp;13.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1235455** | &nbsp;&nbsp;**21.67** |
| **Total Common Stocks (Cost $4,581,205)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5307108** | &nbsp;&nbsp;**93.08** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Preferred Stocks** |  |  |  |  |
| **Brazil (Cost $59,095)** |  |  |  |  |
| Banco Bradesco S.A. ADR\*<sup>,3</sup> |  | &nbsp;&nbsp;16215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65671 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65671** | &nbsp;&nbsp;&nbsp;&nbsp;**1.15** |
| **Total Preferred Stocks (Cost $59,095)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65671** | &nbsp;&nbsp;&nbsp;&nbsp;**1.15** |
| **Total Investments (Total Cost $4,640,300)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5372779** | &nbsp;&nbsp;&nbsp;&nbsp;**94.23** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328702 | &nbsp;&nbsp;&nbsp;&nbsp;5.77 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$5701481** | &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 January 31, 2026, these securities had a total value of $176,792 or 3.09% 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 January 31, 2026, the industry sectors for the Ashmore Emerging Markets Active Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;20.0 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;33.3 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &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 January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $111,908)** |  |  |  |  |
| Grupo Financiero Galicia S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56488 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Loma Negra Cia Industrial Argentina S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83592 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**140080** | &nbsp;&nbsp;&nbsp;&nbsp;**2.21** |
| **Brazil (Cost $186,523)** |  |  |  |  |
| Lojas Renner S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114527 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127034 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**241561** | &nbsp;&nbsp;&nbsp;&nbsp;**3.81** |
| **China (Cost $245,231)** |  |  |  |  |
| Atour Lifestyle Holdings Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68692 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Huaming Power Equipment Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106800 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| JNBY Design Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122054 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90960 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**388506** | &nbsp;&nbsp;&nbsp;&nbsp;**6.13** |
| **Hungary (Cost $83,371)** |  |  |  |  |
| Wizz Air Holdings PLC\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85290 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85290** | &nbsp;&nbsp;&nbsp;&nbsp;**1.35** |
| **India (Cost $1,418,140)** |  |  |  |  |
| 360 ONE WAM Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126799 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67476 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Care Ratings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130202 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Clean Science & Technology Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73137 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| CreditAccess Grameen Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235843 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 |
| Eris Lifesciences Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58070 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142220 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| MakeMyTrip Ltd.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118522 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Medi Assist Healthcare Services Ltd.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159833 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 |
| Quess Corp. Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67450 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Radico Khaitan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112714 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1292266** | &nbsp;&nbsp;**20.38** |
| **Indonesia (Cost $81,241)** |  |  |  |  |
| Bank Syariah Indonesia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;472100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63295 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63295** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** |
| **Lithuania (Cost $128,074)** |  |  |  |  |
| Baltic Classifieds Group PLC | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125919 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**125919** | &nbsp;&nbsp;&nbsp;&nbsp;**1.99** |
| **Malaysia (Cost $257,441)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;1429797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292124 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**292124** | &nbsp;&nbsp;&nbsp;&nbsp;**4.61** |
| **Mexico (Cost $296,973)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191641 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$152048 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Grupo Traxion S.A.B. de C.V.\*<sup>,2</sup> | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;61600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49524 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**393213** | &nbsp;&nbsp;&nbsp;&nbsp;**6.20** |
| **Poland (Cost $138,560)** |  |  |  |  |
| Benefit Systems S.A.\* | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216941 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**216941** | &nbsp;&nbsp;&nbsp;&nbsp;**3.42** |
| **Saudi Arabia (Cost $102,528)** |  |  |  |  |
| Rasan Information Technology Co.\* | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;4378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163232 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**163232** | &nbsp;&nbsp;&nbsp;&nbsp;**2.57** |
| **South Africa (Cost $208,226)** |  |  |  |  |
| Boxer Retail Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;18077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82353 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Karooooo Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;3718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186086 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**268439** | &nbsp;&nbsp;&nbsp;&nbsp;**4.23** |
| **South Korea (Cost $537,335)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194516 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138084 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242367 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244243 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 |
| KoMiCo Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106703 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| LigaChem Biosciences, Inc.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125815 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1051728** | &nbsp;&nbsp;**16.59** |
| **Taiwan (Cost $1,110,135)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158830 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151552 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111185 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239308 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 |
| Himax Technologies, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78048 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Kaori Heat Treatment Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116102 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Kinik Co.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116373 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;17951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132468 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| Taiwan Union Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63905 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1167771** | &nbsp;&nbsp;**18.42** |
| **United Arab Emirates (Cost $88,477)** |  |  |  |  |
| Spinneys 1961 Holding PLC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;205971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87454 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87454** | &nbsp;&nbsp;&nbsp;&nbsp;**1.38** |
| **Vietnam (Cost $159,525)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109371 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Vietnam (continued)** |  |  |  |  |
| Phu Nhuan Jewelry JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;23300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$114122 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**223493** | &nbsp;&nbsp;&nbsp;&nbsp;**3.52** |
| **Total Common Stocks (Cost $5,153,688)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6201312** | &nbsp;&nbsp;&nbsp;&nbsp;**97.81** |
| **Total Investments (Total Cost $5,153,688)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6201312** | &nbsp;&nbsp;&nbsp;&nbsp;**97.81** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138563 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$6339875** | &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 January 31, 2026, these securities had a total value of $420,167 or 6.63% of net assets.

Percentages shown are based on net assets.

At January 31, 2026, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.2 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;17.4 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;21.2 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;25.2 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;97.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

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

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $4,179,719)** |  |  |  |  |
| Globant S.A.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$819280 | &nbsp;&nbsp;0.73 |
| Loma Negra Cia Industrial Argentina S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;120815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392997 | &nbsp;&nbsp;1.25 |
| Transportadora de Gas del Sur S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122177 | &nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3334454** | &nbsp;&nbsp;**2.99** |
| **Cambodia (Cost $772,889)** |  |  |  |  |
| NagaCorp Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;1621263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949292 | &nbsp;&nbsp;0.85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**949292** | &nbsp;&nbsp;**0.85** |
| **Canada (Cost $736,043)** |  |  |  |  |
| Cameco Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764477 | &nbsp;&nbsp;1.58 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1764477** | &nbsp;&nbsp;**1.58** |
| **Egypt (Cost $1,650,919)** |  |  |  |  |
| Commercial International Bank - Egypt (CIB) GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;768872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037468 | &nbsp;&nbsp;1.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2037468** | &nbsp;&nbsp;**1.83** |
| **Georgia (Cost $1,128,872)** |  |  |  |  |
| Lion Finance Group PLC | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133006 | &nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1133006** | &nbsp;&nbsp;**1.02** |
| **Greece (Cost $1,713,847)** |  |  |  |  |
| Piraeus Bank S.A.\* | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;229833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321125 | &nbsp;&nbsp;2.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2321125** | &nbsp;&nbsp;**2.08** |
| **Iceland (Cost $1,582,475)** |  |  |  |  |
| Arion Banki HF<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ISK | &nbsp;&nbsp;1421615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323958 | &nbsp;&nbsp;2.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2323958** | &nbsp;&nbsp;**2.08** |
| **Kazakhstan (Cost $6,876,647)** |  |  |  |  |
| Halyk Savings Bank of Kazakhstan JSC GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;139602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4488141 | &nbsp;&nbsp;4.02 |
| Kaspi.KZ JSC ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147040 | &nbsp;&nbsp;2.82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7635181** | &nbsp;&nbsp;**6.84** |
| **Kuwait (Cost $3,242,665)** |  |  |  |  |
| Gulf Bank K.S.C.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;1114985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251937 | &nbsp;&nbsp;1.12 |
| National Bank of Kuwait S.A.K.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;&nbsp;&nbsp;703593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178918 | &nbsp;&nbsp;1.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3430855** | &nbsp;&nbsp;**3.08** |
| **Morocco (Cost $3,201,695)** |  |  |  |  |
| Akdital Holding | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050889 | &nbsp;&nbsp;0.94 |
| Attijariwafa Bank | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610096 | &nbsp;&nbsp;2.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3660985** | &nbsp;&nbsp;**3.28** |
| **Pakistan (Cost $897,231)** |  |  |  |  |
| Searle (The) Co. Ltd.\* | &nbsp;&nbsp;&nbsp;PKR | &nbsp;&nbsp;4080185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748213 | &nbsp;&nbsp;1.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1748213** | &nbsp;&nbsp;**1.57** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Peru (Cost $4,447,582)** |  |  |  |  |
| Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11345 | &nbsp;&nbsp;&nbsp;&nbsp;$4048236 | &nbsp;&nbsp;3.63 |
| Hudbay Minerals, Inc. | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;128100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033985 | &nbsp;&nbsp;2.72 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7082221** | &nbsp;&nbsp;**6.35** |
| **Philippines (Cost $6,289,248)** |  |  |  |  |
| Ayala Land, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;2110700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762136 | &nbsp;&nbsp;0.68 |
| BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;1236783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839388 | &nbsp;&nbsp;2.55 |
| Century Pacific Food, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;779700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504419 | &nbsp;&nbsp;0.45 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;159620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743665 | &nbsp;&nbsp;1.56 |
| Philex Mining Corp. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;4302600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842550 | &nbsp;&nbsp;0.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6692158** | &nbsp;&nbsp;**6.00** |
| **Qatar (Cost $5,382,786)** |  |  |  |  |
| Doha Bank QPSC | &nbsp;&nbsp;QAR | &nbsp;&nbsp;1468398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114111 | &nbsp;&nbsp;1.00 |
| Ooredoo QPSC | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;359520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402679 | &nbsp;&nbsp;1.26 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;822848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084080 | &nbsp;&nbsp;0.97 |
| Qatar National Bank QPSC | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;512915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788811 | &nbsp;&nbsp;2.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6389681** | &nbsp;&nbsp;**5.73** |
| **Romania (Cost $4,487,971)** |  |  |  |  |
| Banca Transilvania S.A. | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;611627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615538 | &nbsp;&nbsp;4.14 |
| OMV Petrom S.A. | &nbsp;&nbsp;RON | &nbsp;&nbsp;9355976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213376 | &nbsp;&nbsp;1.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6828914** | &nbsp;&nbsp;**6.12** |
| **Saudi Arabia (Cost $1,748,002)** |  |  |  |  |
| Al Babtain Power & Telecommunication Co. | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182341 | &nbsp;&nbsp;1.06 |
| Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147803 | &nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2330144** | &nbsp;&nbsp;**2.09** |
| **Slovenia (Cost $1,789,200)** |  |  |  |  |
| Nova Ljubljanska Banka dd GDR (Registered) | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692445 | &nbsp;&nbsp;3.31 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3692445** | &nbsp;&nbsp;**3.31** |
| **South Africa (Cost $1,328,996)** |  |  |  |  |
| Karooooo Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396395 | &nbsp;&nbsp;1.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1396395** | &nbsp;&nbsp;**1.25** |
| **Tanzania (Cost $607,518)** |  |  |  |  |
| Helios Towers PLC\* | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;395530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936615 | &nbsp;&nbsp;0.84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**936615** | &nbsp;&nbsp;**0.84** |
| **United Arab Emirates (Cost $11,100,380)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;327518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171012 | &nbsp;&nbsp;1.95 |
| Adnoc Gas PLC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;818340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804391 | &nbsp;&nbsp;0.72 |
| Aldar Properties PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;696703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819381 | &nbsp;&nbsp;1.63 |
| Emaar Properties PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;946862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868584 | &nbsp;&nbsp;3.47 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;149208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263616 | &nbsp;&nbsp;1.13 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;571471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894775 | &nbsp;&nbsp;2.60 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (continued)** |  |  |  |  |
| RAK Properties PJSC\* | &nbsp;&nbsp;AED | &nbsp;&nbsp;2554207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$904183 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13725942** | &nbsp;&nbsp;&nbsp;&nbsp;**12.31** |
| **Vietnam (Cost $22,296,541)** |  |  |  |  |
| Asia Commercial Bank JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;1565931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455742 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Bank for Foreign Trade of Vietnam JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;673784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832627 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| FPT Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;434363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749249 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| FPT DIGITAL RETAIL JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;372400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438819 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| Gemadept Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;601000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587698 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Hoa Phat Group JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;2665460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748265 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 |
| Imexpharm Pharmaceutical JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;331500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690891 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;957100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3432103 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 |
| Nam Long Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;959354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089781 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Phu Nhuan Jewelry JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;421666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065296 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Vietnam Prosperity JSC Bank | &nbsp;&nbsp;VND | &nbsp;&nbsp;1826300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971312 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| Vingroup JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799636 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Vinhomes JSC\*<sup>,2</sup> | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;838100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426357 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26287776** | &nbsp;&nbsp;&nbsp;&nbsp;**23.57** |
| **Total Common Stocks (Cost $85,461,226)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**105701305** | &nbsp;&nbsp;&nbsp;&nbsp;**94.77** |
| **Preferred Stocks** |  |  |  |  |
| **Colombia (Cost $1,125,982)** |  |  |  |  |
| Grupo Cibest S.A. ADR, 1.719%<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190539 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1190539** | &nbsp;&nbsp;&nbsp;&nbsp;**1.07** |
| **Total Preferred Stocks (Cost $1,125,982)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1190539** | &nbsp;&nbsp;&nbsp;&nbsp;**1.07** |
| **Investment Companies** |  |  |  |  |
| Vietnam Enterprise Investments Ltd., Class C \* | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;146347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617505 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| VinaCapital Vietnam Opportunity Fund Ltd. | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576111 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| **Total Investment Companies (Cost $1,888,184)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2193616** | &nbsp;&nbsp;&nbsp;&nbsp;**1.96** |
| **Total Investments (Total Cost $88,475,392)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**109085460** | &nbsp;&nbsp;&nbsp;&nbsp;**97.80** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450475 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| **Net Assets** |  |  | &nbsp;&nbsp;**$111535935** | &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 January 31, 2026, these securities had a total value of $5,750,315 or 5.15% 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.

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

<br> At January 31, 2026, 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;2.1% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;50.8 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;12.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;97.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

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

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $1,943,081)** |  |  |  |  |
| Grupo Financiero Galicia S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49620 | &nbsp;&nbsp;&nbsp;&nbsp;$2734558 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2734558** | &nbsp;&nbsp;&nbsp;&nbsp;**1.01** |
| **Brazil (Cost $11,276,117)** |  |  |  |  |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663260 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| NU Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;149900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660725 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;542884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527321 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Rede D'Or Sao Luiz S.A.<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;458013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689168 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168053 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13708527** | &nbsp;&nbsp;&nbsp;&nbsp;**5.09** |
| **Chile (Cost $1,644,382)** |  |  |  |  |
| Latam Airlines Group S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644382 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1644382** | &nbsp;&nbsp;&nbsp;&nbsp;**0.61** |
| **China (Cost $39,567,467)** |  |  |  |  |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;1264000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222628 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;128400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289963 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381597 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Full Truck Alliance Co. Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702700 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| H World Group Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399208 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Kanzhun Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;137448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545537 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| KE Holdings, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600541 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| NetEase, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5108367 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;183500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971926 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858048 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;334964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241980 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;264600 | &nbsp;&nbsp;&nbsp;&nbsp;20283527 | &nbsp;&nbsp;&nbsp;&nbsp;7.53 |
| Tencent Music Entertainment Group ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360103 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52966125** | &nbsp;&nbsp;**19.66** |
| **Hong Kong (Cost $5,206,365)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;626400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7234006 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7234006** | &nbsp;&nbsp;&nbsp;&nbsp;**2.68** |
| **Hungary (Cost $1,908,161)** |  |  |  |  |
| Wizz Air Holdings PLC\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900995 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1900995** | &nbsp;&nbsp;&nbsp;&nbsp;**0.71** |
| **India (Cost $23,984,178)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769404 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| CreditAccess Grameen Ltd.\* | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;145542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098880 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;247992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8029981 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| InterGlobe Aviation Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107382 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;576734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948708 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737057 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **India (continued)** |  |  |  |  |
| MakeMyTrip Ltd.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37290 | &nbsp;&nbsp;&nbsp;&nbsp;$2326150 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2924510 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22942072** | &nbsp;&nbsp;&nbsp;&nbsp;**8.51** |
| **Indonesia (Cost $6,026,441)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;8905500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558403 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082240 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5640643** | &nbsp;&nbsp;&nbsp;&nbsp;**2.09** |
| **Kazakhstan (Cost $1,354,998)** |  |  |  |  |
| Kaspi.KZ JSC ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054041 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1054041** | &nbsp;&nbsp;&nbsp;&nbsp;**0.39** |
| **Malaysia (Cost $2,075,898)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;11019806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251473 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2251473** | &nbsp;&nbsp;&nbsp;&nbsp;**0.84** |
| **Mexico (Cost $9,693,378)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736818 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720490 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656417 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524348 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261464 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12899537** | &nbsp;&nbsp;&nbsp;&nbsp;**4.79** |
| **Poland (Cost $7,208,799)** |  |  |  |  |
| Allegro.eu S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779863 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157073 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761490 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7698426** | &nbsp;&nbsp;&nbsp;&nbsp;**2.86** |
| **South Africa (Cost $2,671,715)** |  |  |  |  |
| Anglogold Ashanti PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665369 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2665369** | &nbsp;&nbsp;&nbsp;&nbsp;**0.99** |
| **South Korea (Cost $25,173,935)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819485 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552094 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3432088 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201095 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| Samsung C&T Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569006 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791452 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7755053 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| Samsung Electronics Co. Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032657 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22182 | &nbsp;&nbsp;&nbsp;&nbsp;14046957 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613318 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53813205** | &nbsp;&nbsp;**19.97** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Taiwan (Cost $38,866,749)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33667 | &nbsp;&nbsp;&nbsp;&nbsp;$3342088 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515517 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308088 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600766 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;493000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740721 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Elite Material Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413010 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889271 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Sea Ltd. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848463 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;248328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832512 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;631000 | &nbsp;&nbsp;&nbsp;&nbsp;35463615 | &nbsp;&nbsp;&nbsp;&nbsp;13.16 |
| Unimicron Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;331893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996959 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**61951010** | &nbsp;&nbsp;&nbsp;&nbsp;**22.99** |
| **United Arab Emirates (Cost $4,313,370)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;409069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711587 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;1152589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009888 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5721475** | &nbsp;&nbsp;&nbsp;&nbsp;**2.12** |
| **Vietnam (Cost $2,390,918)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;886700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179652 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3179652** | &nbsp;&nbsp;&nbsp;&nbsp;**1.18** |
| **Total Common Stocks (Cost $185,305,952)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**260005496** | &nbsp;&nbsp;&nbsp;&nbsp;**96.49** |
| **Preferred Stocks** |  |  |  |  |
| **Chile (Cost $2,519,794)** |  |  |  |  |
| Sociedad Quimica y Minera de Chile S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466180 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2466180** | &nbsp;&nbsp;&nbsp;&nbsp;**0.91** |
| **Total Preferred Stocks (Cost $2,519,794)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2466180** | &nbsp;&nbsp;&nbsp;&nbsp;**0.91** |
| **Total Investments (Total Cost $187,825,746)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**262471676** | &nbsp;&nbsp;&nbsp;&nbsp;**97.40** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6998392 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 |
| **Net Assets** |  |  | &nbsp;&nbsp;**$269470068** | &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 January 31, 2026, these securities had a total value of $9,477,408 or 3.52% of net assets.

Percentages shown are based on net assets.

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

<br> At January 31, 2026, the industry sectors for the Ashmore Emerging Markets Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;9.9% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;16.9 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;14.8 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;35.0 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;97.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

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

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $843,047)** |  |  |  |  |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$214779 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| NU Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243175 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;49062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228401 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Rede D'Or Sao Luiz S.A.<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;28157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226797 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161757 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1074909** | &nbsp;&nbsp;&nbsp;&nbsp;**5.94** |
| **China (Cost $2,597,704)** |  |  |  |  |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239105 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408820 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 |
| Full Truck Alliance Co. Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;20200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199980 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Kanzhun Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;15064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278985 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| KE Holdings, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;8640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161741 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221372 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435089 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;31450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304392 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333837 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3583321** | &nbsp;&nbsp;**19.79** |
| **Hong Kong (Cost $422,868)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;47800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552020 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**552020** | &nbsp;&nbsp;&nbsp;&nbsp;**3.05** |
| **India (Cost $1,645,353)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;2349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177849 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| CreditAccess Grameen Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;12705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183220 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;20426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661394 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;5810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219509 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| MakeMyTrip Ltd.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;3976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248023 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;15951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286934 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1776929** | &nbsp;&nbsp;&nbsp;&nbsp;**9.81** |
| **Indonesia (Cost $478,230)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;686700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197278 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;64500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277350 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**474628** | &nbsp;&nbsp;&nbsp;&nbsp;**2.62** |
| **Kazakhstan (Cost $122,738)** |  |  |  |  |
| Kaspi.KZ JSC ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107323 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**107323** | &nbsp;&nbsp;&nbsp;&nbsp;**0.59** |
| **Malaysia (Cost $164,826)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;917806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187518 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**187518** | &nbsp;&nbsp;&nbsp;&nbsp;**1.04** |
| **Mexico (Cost $634,487)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;96200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268354 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| 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;$388900 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;62500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198343 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**855597** | &nbsp;&nbsp;&nbsp;&nbsp;**4.73** |
| **Poland (Cost $463,277)** |  |  |  |  |
| Allegro.eu S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;26266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215701 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Benefit Systems S.A.\* | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274144 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**489845** | &nbsp;&nbsp;&nbsp;&nbsp;**2.71** |
| **South Africa (Cost $196,378)** |  |  |  |  |
| Boxer Retail Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;55380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252293 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**252293** | &nbsp;&nbsp;&nbsp;&nbsp;**1.39** |
| **South Korea (Cost $1,392,302)** |  |  |  |  |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364554 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;4543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351107 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| LigaChem Biosciences, Inc.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272083 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;4792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535324 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 |
| Samsung Electronics Co. Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278972 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941023 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391655 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3134718** | &nbsp;&nbsp;**17.31** |
| **Taiwan (Cost $2,404,572)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148904 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68198 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218333 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232904 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300201 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125951 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119260 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Sea Ltd. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200130 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866314 | &nbsp;&nbsp;15.83 |
| Unimicron Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;24699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297448 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4577643** | &nbsp;&nbsp;**25.28** |
| **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;271365 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**271365** | &nbsp;&nbsp;&nbsp;&nbsp;**1.50** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Vietnam (Cost $213,797)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;79100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$283648 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**283648** | &nbsp;&nbsp;&nbsp;&nbsp;**1.57** |
| **Total Common Stocks (Cost $11,722,488)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17621757** | &nbsp;&nbsp;&nbsp;&nbsp;**97.33** |
| **Total Investments (Total Cost $11,722,488)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17621757** | &nbsp;&nbsp;&nbsp;&nbsp;**97.33** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483387 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$18105144** | &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 January 31, 2026, these securities had a total value of $442,498 or 2.44% of net assets.

Percentages shown are based on net assets.

At January 31, 2026, the industry sectors for the Ashmore Emerging Markets Equity ESG Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.4% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;8.9 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;19.5 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;14.8 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;36.7 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;97.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

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

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $195,531)** |  |  |  |  |
| Angola (Rep of), 9.875%, 10/15/2035<sup>2</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200278 | &nbsp;&nbsp;1.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**200278** | &nbsp;&nbsp;**1.73** |
| **Argentina (Cost $254,430)** |  |  |  |  |
| Argentina (Rep of), 1.000%, 07/09/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;43515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38402 | &nbsp;&nbsp;0.33 |
| Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/2030<sup>3</sup> |  | &nbsp;&nbsp;167285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141857 | &nbsp;&nbsp;1.23 |
| Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/2035<sup>3</sup> |  | &nbsp;&nbsp;128835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99976 | &nbsp;&nbsp;0.86 |
| Argentina (Rep of), 5.000%, 01/09/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;72735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58552 | &nbsp;&nbsp;0.51 |
| Argentina (Rep of), (Step to 4.875% on 07/09/29), 3.500%, 07/09/2041<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;67207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48725 | &nbsp;&nbsp;0.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**387512** | &nbsp;&nbsp;**3.35** |
| **Bahrain (Cost $207,537)** |  |  |  |  |
| Bapco Energies BSC Closed, 8.375%, 11/07/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213226 | &nbsp;&nbsp;1.85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**213226** | &nbsp;&nbsp;**1.85** |
| **Brazil (Cost $321,978)** |  |  |  |  |
| Brazil (Rep of), 8.250%, 01/20/2034 |  | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127710 | &nbsp;&nbsp;1.10 |
| Brazil (Rep of), 7.250%, 01/12/2056 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199500 | &nbsp;&nbsp;1.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**327210** | &nbsp;&nbsp;**2.83** |
| **Bulgaria (Cost $5,785)** |  |  |  |  |
| Bulgaria (Rep of), 5.000%, 03/05/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5910 | &nbsp;&nbsp;0.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5910** | &nbsp;&nbsp;**0.05** |
| **Chile (Cost $560,910)** |  |  |  |  |
| Chile (Rep of), 3.100%, 01/22/2061 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123800 | &nbsp;&nbsp;1.07 |
| Corp. Nacional del Cobre de Chile, 6.300%, 09/08/2053 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203829 | &nbsp;&nbsp;1.76 |
| Empresa Nacional del Petroleo, 5.250%, 11/06/2029 |  | &nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217139 | &nbsp;&nbsp;1.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**544768** | &nbsp;&nbsp;**4.71** |
| **Colombia (Cost $99,333)** |  |  |  |  |
| Colombia (Rep of), 7.375%, 09/18/2037 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102200 | &nbsp;&nbsp;0.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**102200** | &nbsp;&nbsp;**0.88** |
| **Costa Rica (Cost $178,074)** |  |  |  |  |
| Costa Rica (Rep of), 5.625%, 04/30/2043 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191376 | &nbsp;&nbsp;1.66 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**191376** | &nbsp;&nbsp;**1.66** |
| **Dominican Republic (Cost $374,469)** |  |  |  |  |
| Dominican (Rep of), 5.875%, 10/28/2035<sup>2</sup> |  | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149700 | &nbsp;&nbsp;1.30 |
| Dominican (Rep of), 5.875%, 01/30/2060 |  | &nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250945 | &nbsp;&nbsp;2.17 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**400645** | &nbsp;&nbsp;**3.47** |
| **Ecuador (Cost $56,310)** |  |  |  |  |
| Ecuador (Rep of), 6.900%, 07/31/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;63078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57716 | &nbsp;&nbsp;0.50 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Ecuador (continued)** |  |  |  |  |
| Ecuador (Rep of), (Step to 5.500% on 07/31/26), 5.000%, 07/31/2040<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;78836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65119 | &nbsp;&nbsp;0.56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**122835** | &nbsp;&nbsp;**1.06** |
| **Egypt (Cost $282,983)** |  |  |  |  |
| Egypt (Rep of), 7.600%, 03/01/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209500 | &nbsp;&nbsp;1.82 |
| Egypt (Rep of), 8.500%, 01/31/2047 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193235 | &nbsp;&nbsp;1.67 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**402735** | &nbsp;&nbsp;**3.49** |
| **El Salvador (Cost $18,929)** |  |  |  |  |
| El Salvador (Rep of), 7.650%, 06/15/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24828 | &nbsp;&nbsp;0.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24828** | &nbsp;&nbsp;**0.22** |
| **Ghana (Cost $195,071)** |  |  |  |  |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2029<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;75882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74250 | &nbsp;&nbsp;0.64 |
| Ghana (Rep of), 0.000%, 01/03/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;15967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13964 | &nbsp;&nbsp;0.12 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>3</sup> |  | &nbsp;&nbsp;142220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129420 | &nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**217634** | &nbsp;&nbsp;**1.88** |
| **Guatemala (Cost $204,657)** |  |  |  |  |
| Guatemala (Rep of), 6.600%, 06/13/2036 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214000 | &nbsp;&nbsp;1.85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**214000** | &nbsp;&nbsp;**1.85** |
| **Hungary (Cost $498,697)** |  |  |  |  |
| Hungary (Rep of), 2.125%, 09/22/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171800 | &nbsp;&nbsp;1.49 |
| Hungary (Rep of), 5.500%, 03/26/2036 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198800 | &nbsp;&nbsp;1.72 |
| Hungary (Rep of), 3.125%, 09/21/2051 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122450 | &nbsp;&nbsp;1.06 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**493050** | &nbsp;&nbsp;**4.27** |
| **Indonesia (Cost $462,091)** |  |  |  |  |
| Indonesia (Rep of), 8.500%, 10/12/2035 |  | &nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173579 | &nbsp;&nbsp;1.50 |
| Indonesia (Rep of), 6.625%, 02/17/2037 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112600 | &nbsp;&nbsp;0.97 |
| Indonesia (Rep of), 4.200%, 10/15/2050 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159994 | &nbsp;&nbsp;1.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**446173** | &nbsp;&nbsp;**3.86** |
| **Ivory Coast (Cost $214,577)** |  |  |  |  |
| Ivory Coast (Rep of), 8.250%, 01/30/2037 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214952 | &nbsp;&nbsp;1.86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**214952** | &nbsp;&nbsp;**1.86** |
| **Kazakhstan (Cost $217,000)** |  |  |  |  |
| Kazakhstan (Rep of), 4.714%, 04/09/2035 |  | &nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213202 | &nbsp;&nbsp;1.85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**213202** | &nbsp;&nbsp;**1.85** |
| **Malaysia (Cost $175,232)** |  |  |  |  |
| Petronas Capital Ltd., 2.480%, 01/28/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180022 | &nbsp;&nbsp;1.56 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**180022** | &nbsp;&nbsp;**1.56** |
| **Mexico (Cost $764,798)** |  |  |  |  |
| Mexico (Rep of), 5.400%, 02/09/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204328 | &nbsp;&nbsp;1.77 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Mexico (Rep of), 4.750%, 03/08/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50716 | &nbsp;&nbsp;0.44 |
| Mexico (Rep of), 5.550%, 01/21/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59136 | &nbsp;&nbsp;0.51 |
| Mexico (Rep of), 3.771%, 05/24/2061 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122400 | &nbsp;&nbsp;1.06 |
| Mexico (Rep of), 5.750%, 10/12/2110 |  | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63232 | &nbsp;&nbsp;0.55 |
| Petroleos Mexicanos, 8.750%, 06/02/2029 |  | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108474 | &nbsp;&nbsp;0.94 |
| Petroleos Mexicanos, 6.750%, 09/21/2047 |  | &nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83909 | &nbsp;&nbsp;0.72 |
| Petroleos Mexicanos, 6.350%, 02/12/2048 |  | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80093 | &nbsp;&nbsp;0.69 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**772288** | &nbsp;&nbsp;**6.68** |
| **Mongolia (Cost $170,848)** |  |  |  |  |
| Mongolia (Rep of), 4.450%, 07/07/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp;1.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**187000** | &nbsp;&nbsp;**1.62** |
| **Morocco (Cost $205,955)** |  |  |  |  |
| Morocco (Rep of), 6.500%, 09/08/2033 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215312 | &nbsp;&nbsp;1.86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**215312** | &nbsp;&nbsp;**1.86** |
| **Nigeria (Cost $161,547)** |  |  |  |  |
| Nigeria (Rep of), 7.696%, 02/23/2038 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;1.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**198000** | &nbsp;&nbsp;**1.71** |
| **Oman (Cost $193,570)** |  |  |  |  |
| Oman (Rep of), 6.500%, 03/08/2047 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210936 | &nbsp;&nbsp;1.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**210936** | &nbsp;&nbsp;**1.83** |
| **Pakistan (Cost $174,603)** |  |  |  |  |
| Pakistan (Rep of), 8.875%, 04/08/2051 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200800 | &nbsp;&nbsp;1.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**200800** | &nbsp;&nbsp;**1.74** |
| **Panama (Cost $293,845)** |  |  |  |  |
| Panama (Rep of), 8.875%, 09/30/2027 |  | &nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130570 | &nbsp;&nbsp;1.13 |
| Panama (Rep of), 9.375%, 04/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71694 | &nbsp;&nbsp;0.62 |
| Panama (Rep of), 6.700%, 01/26/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93896 | &nbsp;&nbsp;0.81 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**296160** | &nbsp;&nbsp;**2.56** |
| **Paraguay (Cost $194,340)** |  |  |  |  |
| Paraguay (Rep of), 5.850%, 08/21/2033 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209200 | &nbsp;&nbsp;1.81 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**209200** | &nbsp;&nbsp;**1.81** |
| **Peru (Cost $442,270)** |  |  |  |  |
| Peru (Rep of), 8.750%, 11/21/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96712 | &nbsp;&nbsp;0.83 |
| Peru (Rep of), 5.375%, 02/08/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27486 | &nbsp;&nbsp;0.24 |
| Peru (Rep of), 3.300%, 03/11/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57762 | &nbsp;&nbsp;0.50 |
| Peru (Rep of), 2.780%, 12/01/2060 |  | &nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80683 | &nbsp;&nbsp;0.70 |
| Peru (Rep of), 3.230%, 07/28/2121 |  | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15176 | &nbsp;&nbsp;0.13 |
| Petroleos del Peru S.A., 5.625%, 06/19/2047 |  | &nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157101 | &nbsp;&nbsp;1.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**434920** | &nbsp;&nbsp;**3.76** |
| **Philippines (Cost $290,518)** |  |  |  |  |
| Philippines (Rep of), 7.750%, 01/14/2031 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115300 | &nbsp;&nbsp;1.00 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Philippines (continued)** |  |  |  |  |
| Philippines (Rep of), 3.950%, 01/20/2040 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$173575 | &nbsp;&nbsp;1.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**288875** | &nbsp;&nbsp;**2.50** |
| **Poland (Cost $154,210)** |  |  |  |  |
| Poland (Rep of), 5.500%, 11/16/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8231 | &nbsp;&nbsp;0.07 |
| Poland (Rep of), 4.875%, 10/04/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37308 | &nbsp;&nbsp;0.33 |
| Poland (Rep of), 5.125%, 09/18/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39501 | &nbsp;&nbsp;0.34 |
| Poland (Rep of), 5.500%, 04/04/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20791 | &nbsp;&nbsp;0.18 |
| Poland (Rep of), 5.500%, 03/18/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46362 | &nbsp;&nbsp;0.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**152193** | &nbsp;&nbsp;**1.32** |
| **Romania (Cost $354,647)** |  |  |  |  |
| Romania (Rep of), 6.625%, 02/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27040 | &nbsp;&nbsp;0.23 |
| Romania (Rep of), 5.875%, 01/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55744 | &nbsp;&nbsp;0.48 |
| Romania (Rep of), 3.000%, 02/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14592 | &nbsp;&nbsp;0.13 |
| Romania (Rep of), 3.625%, 03/27/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20178 | &nbsp;&nbsp;0.17 |
| Romania (Rep of), 7.125%, 01/17/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19648 | &nbsp;&nbsp;0.17 |
| Romania (Rep of), 6.000%, 05/25/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16280 | &nbsp;&nbsp;0.14 |
| Romania (Rep of), 5.750%, 03/24/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45655 | &nbsp;&nbsp;0.40 |
| Romania (Rep of), 6.625%, 05/16/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27235 | &nbsp;&nbsp;0.24 |
| Romania (Rep of), 7.500%, 02/10/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66503 | &nbsp;&nbsp;0.58 |
| Romania (Rep of), 6.125%, 01/22/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21340 | &nbsp;&nbsp;0.18 |
| Romania (Rep of), 4.000%, 02/14/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22251 | &nbsp;&nbsp;0.19 |
| Romania (Rep of), 7.625%, 01/17/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28903 | &nbsp;&nbsp;0.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**365369** | &nbsp;&nbsp;**3.16** |
| **Saudi Arabia (Cost $379,667)** |  |  |  |  |
| Saudi (Rep of), 5.000%, 04/17/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178350 | &nbsp;&nbsp;1.55 |
| Suci Second Investment Co., 4.375%, 09/10/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200136 | &nbsp;&nbsp;1.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**378486** | &nbsp;&nbsp;**3.28** |
| **South Africa (Cost $151,958)** |  |  |  |  |
| South Africa (Rep of), 5.750%, 09/30/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164381 | &nbsp;&nbsp;1.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**164381** | &nbsp;&nbsp;**1.42** |
| **Turkey (Cost $416,246)** |  |  |  |  |
| Turkey (Rep of), 5.250%, 03/13/2030 |  | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221652 | &nbsp;&nbsp;1.92 |
| Turkey (Rep of), 6.500%, 01/03/2035 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197666 | &nbsp;&nbsp;1.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**419318** | &nbsp;&nbsp;**3.63** |
| **Ukraine (Cost $140,724)** |  |  |  |  |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;5457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 | &nbsp;&nbsp;0.03 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2034<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;20395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9943 | &nbsp;&nbsp;0.09 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2034<sup>3</sup> |  | &nbsp;&nbsp;114276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71765 | &nbsp;&nbsp;0.62 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;17235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9721 | &nbsp;&nbsp;0.08 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Ukraine (continued)** |  |  |  |  |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;71246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43888 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2036<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;14362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8021 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2036<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;41340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25093 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**171874** | &nbsp;&nbsp;&nbsp;&nbsp;**1.49** |
| **United States (Cost $385,529)** |  |  |  |  |
| U.S. Treasury Bill, 3.492%, 03/19/2026<sup>5</sup> |  | &nbsp;&nbsp;329700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328207 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| U.S. Treasury Bill, 3.591%, 03/24/2026<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;57600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57309 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**385516** | &nbsp;&nbsp;&nbsp;&nbsp;**3.34** |
| **Uruguay (Cost $412,828)** |  |  |  |  |
| Uruguay (Rep of), 7.875%, (100% Cash), 01/15/2033<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;51980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61453 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Uruguay (Rep of), 5.750%, 10/28/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;35322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37441 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Uruguay (Rep of), 7.625%, 03/21/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;37848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45569 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Uruguay (Rep of), 5.442%, 02/14/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;72660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75130 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Uruguay (Rep of), 4.125%, 11/20/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;31283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27075 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Uruguay (Rep of), 5.100%, 06/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;33808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31577 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Uruguay (Rep of), 4.975%, 04/20/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;69130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62321 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Uruguay (Rep of), 5.250%, 09/10/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;63305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58526 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**399092** | &nbsp;&nbsp;&nbsp;&nbsp;**3.45** |
| **Uzbekistan (Cost $216,800)** |  |  |  |  |
| Uzbekistan (Rep of), 5.375%, 02/20/2029 |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221129 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**221129** | &nbsp;&nbsp;&nbsp;&nbsp;**1.91** |
| **Venezuela (Cost $517,280)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>7,8</sup> |  | &nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423190 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 |
| Venezuela (Rep of), 11.750%, 10/21/2026 |  | &nbsp;&nbsp;390600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170106 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Venezuela (Rep of), 9.250%, 09/15/2027 |  | &nbsp;&nbsp;362000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155262 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Venezuela (Rep of), 11.950%, 08/05/2031<sup>7</sup> |  | &nbsp;&nbsp;220300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96271 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**844829** | &nbsp;&nbsp;&nbsp;&nbsp;**7.31** |
| **Zambia (Cost $31,674)** |  |  |  |  |
| Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/2033<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;35353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34558 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34558** | &nbsp;&nbsp;&nbsp;&nbsp;**0.30** |
| **Total Debt Securities (Cost $10,577,451)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11452792** | &nbsp;&nbsp;&nbsp;&nbsp;**99.11** |
| **Total Investments in Securities (Cost $10,577,451)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11452792** | &nbsp;&nbsp;&nbsp;&nbsp;**99.11** |
| **Total Investments (Total Cost $10,577,451)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11452792** | &nbsp;&nbsp;&nbsp;&nbsp;**99.11** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102352 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$11555144** | &nbsp;&nbsp;**100.00** |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

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

<sup>2</sup> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of January 31, 2026, these securities had a total value of $349,978 or 3.03% of net assets.

<sup>3</sup> Step coupon bond. Rate as of January 31, 2026 is disclosed.

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

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

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

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

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

Percentages shown are based on net assets.

At January 31, 2026, the Ashmore Emerging Markets Debt Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 04/30/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;11638 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;3248 | &nbsp;&nbsp;$27 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| Total |  |  |  |  |  | &nbsp;&nbsp;$27 |

---

------

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

#### SCHEDULE OF INVESTMENTS
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $68,189)** |  |  |  |  |
| Grupo Financiero Galicia S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111432 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**111432** | &nbsp;&nbsp;&nbsp;&nbsp;**1.01** |
| **Brazil (Cost $548,682)** |  |  |  |  |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139606 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| NU Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138450 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;32334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150527 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Rede D'Or Sao Luiz S.A.<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177204 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121106 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**726893** | &nbsp;&nbsp;&nbsp;&nbsp;**6.60** |
| **Chile (Cost $84,829)** |  |  |  |  |
| Latam Airlines Group S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84829 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**84829** | &nbsp;&nbsp;&nbsp;&nbsp;**0.77** |
| **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;99511 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99511** | &nbsp;&nbsp;&nbsp;&nbsp;**0.90** |
| **India (Cost $1,167,416)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98654 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| CreditAccess Grameen Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;9497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136958 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368646 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 |
| InterGlobe Aviation Ltd.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64758 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;28277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95544 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;4006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151351 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| MakeMyTrip Ltd.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49904 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;9272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166789 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1132604** | &nbsp;&nbsp;**10.29** |
| **Indonesia (Cost $298,654)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;464400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133414 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;33900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145770 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**279184** | &nbsp;&nbsp;&nbsp;&nbsp;**2.54** |
| **Kazakhstan (Cost $72,131)** |  |  |  |  |
| Kaspi.KZ JSC ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58042 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58042** | &nbsp;&nbsp;&nbsp;&nbsp;**0.53** |
| **Malaysia (Cost $124,734)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;538300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109981 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**109981** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** |
| **Mexico (Cost $518,580)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;58100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162072 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140352 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;3955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108588 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230627 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;22700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72038 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**713677** | &nbsp;&nbsp;&nbsp;&nbsp;**6.48** |
| **Poland (Cost $387,731)** |  |  |  |  |
| Allegro.eu S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;16526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135714 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143805 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;5484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142913 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**422432** | &nbsp;&nbsp;&nbsp;&nbsp;**3.84** |
| **Saudi Arabia (Cost $105,579)** |  |  |  |  |
| Rasan Information Technology Co.\* | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;4521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168564 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**168564** | &nbsp;&nbsp;&nbsp;&nbsp;**1.53** |
| **South Africa (Cost $224,127)** |  |  |  |  |
| Anglogold Ashanti PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148592 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Boxer Retail Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;21179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96484 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**245076** | &nbsp;&nbsp;&nbsp;&nbsp;**2.23** |
| **South Korea (Cost $1,345,369)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;4367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225917 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196611 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135481 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286009 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 |
| Samsung C&T Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215915 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131093 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;4113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459472 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 |
| Samsung Electronics Co. Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237540 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492676 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564351 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2945065** | &nbsp;&nbsp;**26.75** |
| **Taiwan (Cost $1,915,553)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143344 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22733 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93571 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113774 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155660 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| Elite Material Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220651 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113356 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Kinik Co.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129303 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Sea Ltd. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89814 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;10214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75373 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686067 | &nbsp;&nbsp;15.32 |
| Unimicron Technology Corp. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;15744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189604 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3033250** | &nbsp;&nbsp;**27.56** |
| **United Arab Emirates (Cost $180,098)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;31202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206828 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 |

---

------

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

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of January 31, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (continued)** |  |  |  |  |
| Aldar Properties PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;50156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$130978 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**337806** | &nbsp;&nbsp;&nbsp;&nbsp;**3.07** |
| **Vietnam (Cost $113,254)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;42400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152044 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**152044** | &nbsp;&nbsp;&nbsp;&nbsp;**1.38** |
| **Total Common Stocks (Cost $7,249,577)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10620390** | &nbsp;&nbsp;&nbsp;&nbsp;**96.48** |
| **Preferred Stocks** |  |  |  |  |
| **Chile (Cost $132,463)** |  |  |  |  |
| Sociedad Quimica y Minera de Chile S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129322 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**129322** | &nbsp;&nbsp;&nbsp;&nbsp;**1.18** |
| **Total Preferred Stocks (Cost $132,463)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**129322** | &nbsp;&nbsp;&nbsp;&nbsp;**1.18** |
| **Total Investments (Total Cost $7,382,040)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10749712** | &nbsp;&nbsp;&nbsp;&nbsp;**97.66** |
| Other Assets Less Liabilities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258117 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;**$11007829** | &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 January 31, 2026, these securities had a total value of $477,187 or 4.33% of net assets.

Percentages shown are based on net assets.

At January 31, 2026, the industry sectors for the Ashmore Emerging Markets Equity ex China Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;20.2 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;16.0 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;39.9 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;97.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &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 Fund

- **b. EDGAR series identifier (if any):** S000033066

- **c. LEI of Series:** 5493006VZYVE79UNJY30

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-30

**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:** $270269395.67

**Total Liabilities:** $1349652.33

**Net Assets:** $268919743.34

**Cash Not Reported:** $7430520.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000101924 | -1.54%               | 2.90%                | 10.03%               |
| Class ID C000104316 | -1.56%               | 2.87%                | 10.00%               |
| Class ID C000104317 | -1.62%               | 2.83%                | 9.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2695806.30              | $-6508048.04                               |
| Month 2  | $1267874.03              | $5299386.66                                |
| Month 3  | $6268773.49              | $18715810.30                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abu Dhabi Islamic Bank PJSC                         | Abu Dhabi Islamic Bank PJSC AED1                                              | CUSIP: M0152R102<br>LEI: 5493006DOLY8O98XHD74 | Long             | EC               | CORP              | AE        |    409069 | NS      | $2711586.84   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CreditAccess Grameen Limited                        | CreditAccess Grameen Limited INR10                                            | CUSIP: Y2R43C102<br>LEI: 335800YHFDVKKBDQMK23 | Long             | EC               | CORP              | IN        |    114157 | NS      | $1646272.91   | 0.61%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Sieyuan Electric Co Ltd                             | Sieyuan Electric Co Ltd 'A'CNY1                                               | CUSIP: Y7688J105<br>LEI: 836800H6UQQUWN4PSZ32 | Long             | EC               | CORP              | CN        |    182000 | NS      | $4858047.61   | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro.eu SA                                       | Allegro.eu SA PLN0.01                                                         | CUSIP: L0R67D109<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | LU        |    338505 | NS      | $2779862.96   | 1.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tencent Music Entertainment Group                   | Tencent Music Entertainment Group SPON ADS EA REP 2 ORD SHS                   | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |     81055 | NS      | $1360102.90   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| KE Holdings Inc.                                    | KE Holdings Inc. SPONSORED ADS                                                | CUSIP: 482497104<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | KY        |     85499 | NS      | $1600541.28   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.             | Contemporary Amperex Technology Co Ltd. 'A' CNY1                              | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     67000 | NS      | $3381596.76   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Classys Inc                                         | Classys Inc KRW100                                                            | CUSIP: Y49932109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     93161 | NS      | $4819484.88   | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Andes Technology Corporation                        | Andes Technology Corporation TWD10                                            | CUSIP: Y0R7YV103<br>LEI: 549300HYC94K4ELRHM60 | Long             | EC               | CORP              | TW        |    200000 | NS      | $1515516.70   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd.                            | Mahindra & Mahindra Ltd. GDR EACH REPR 1 ORD INR10 REG'S'                     | CUSIP: Y54164119<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |     72445 | NS      | $2737057.27   | 1.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MakeMyTrip Ltd.                                     | MakeMyTrip Ltd. USD0.0005                                                     | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |     37290 | NS      | $2326150.20   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Gudeng Precision Industrial Co.                     | Gudeng Precision Industrial Co. TWD10                                         | CUSIP: Y2941Y106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    150000 | NS      | $1889271.31   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Square Co Ltd                                    | SK Square Co Ltd KRW100                                                       | CUSIP: Y8T6X4107<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     13854 | NS      | $5525452.78   | 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        |    458013 | NS      | $3689168.41   | 1.37%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Anglogold Ashanti PLC                               | Anglogold Ashanti PLC COM SHS                                                 | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     28700 | NS      | $2665369.00   | 0.99%             |  |  |  | No            |                  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        |    400200 | NS      | $4524348.48   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc.                                        | NetEase Inc. SPON ADS EACH REP 25 ORD SH                                      | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     39652 | NS      | $5108367.16   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia S.A.                       | Grupo Financiero Galicia S.A. SPON ADR EACH REP 10 CL B                       | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               | CORP              | AR        |     49620 | NS      | $2734558.20   | 1.02%             |  |  |  | No            |                  1 | 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        |    247992 | NS      | $8029980.96   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S A              | Sociedad Quimica y Minera de Chile S A ADR(REPR 1 PRF SER'B')                 | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               | CORP              | CL        |     32095 | NS      | $2466179.80   | 0.92%             |  |  |  | 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        |    626400 | NS      | $7234006.32   | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.Kz JSC                                        | Kaspi.Kz JSC SPONSORED ADS                                                    | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     13838 | NS      | $1054040.46   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanzhun Limited                                     | Kanzhun Limited SPONSORED ADS                                                 | CUSIP: 48553T106<br>LEI: 254900F4ZCBITP7L0251 | Long             | EC               | CORP              | KY        |    137448 | NS      | $2545536.96   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PB Fintech Ltd.                                     | PB Fintech Ltd. INR2.00                                                       | CUSIP: Y67616287<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |    162577 | NS      | $2924509.80   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                         | Samsung Electronics Co Ltd. KRW100                                            | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     69420 | NS      | $7755052.67   | 2.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                    | Mercadolibre Inc COM USD0.001                                                 | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      1240 | NS      | $2663259.60   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.        | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                            | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    631000 | NS      | $35463614.59  | 13.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                    | Raia Drogasil SA COM NPV                                                      | CUSIP: P7942C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    542884 | NS      | $2527320.89   | 0.94%             |  |  |  | No            |                  1 | 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        |    334964 | NS      | $3241980.22   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd.                                  | Grab Holdings Ltd. CLASS A ORD                                                | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |    716800 | NS      | $3082240.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| International Gemmological Institute India Pvt Ltd. | International Gemmological Institute India Pvt Ltd. INR2                      | CUSIP: Y4R06E117<br>LEI: 254900EP4A4RLO5W8Y29 | Long             | EC               | CORP              | IN        |    576734 | NS      | $1948707.74   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Full Truck Alliance Co Ltd                          | Full Truck Alliance Co Ltd SPONSORED ADS                                      | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             | EC               | CORP              | KY        |    273000 | NS      | $2702700.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nu Holdings Ltd.                                    | Nu Holdings Ltd. ORD SHS CL A                                                 | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |    149900 | NS      | $2660725.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                               | Tencent Holdings Ltd. HKD0.00002                                              | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    264600 | NS      | $20283527.02  | 7.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Aldar Properties PJSC                               | Aldar Properties PJSC AED1                                                    | CUSIP: M0517N101<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |   1152589 | NS      | $3009888.32   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                         | Samsung Electronics Co Ltd. GDR EACH REP 25 COM STK KRW100(REG S)             | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      1460 | NS      | $4032657.25   | 1.50%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Grupo Aeroportuario Del Pacifico S.A.B. de C.V.     | Grupo Aeroportuario Del Pacifico S.A.B. de C.V. COM NPV SER'B'                | CUSIP: P4959P100<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |     60330 | NS      | $1656416.83   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Eugene Technology                                   | Eugene Technology KRW500                                                      | CUSIP: Y2347W100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     44408 | NS      | $3432087.83   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA         | Powszechna Kasa Oszczednosci Bank Polski SA PLN1.00                           | CUSIP: X6919X108<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |    105967 | NS      | $2761489.64   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Totvs SA                                            | Totvs SA COM NPV                                                              | CUSIP: P92184103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    256000 | NS      | $2168052.82   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentera SAB de CV                                   | Gentera SAB de CV COM NPV                                                     | CUSIP: P4831V101<br>LEI: 4469000001ECOWXFNE33 | Long             | EC               | CORP              | MX        |    981100 | NS      | $2736817.64   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile World Investment Corporation                 | Mobile World Investment Corporation VND10000                                  | CUSIP: Y604K2105<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |    886700 | NS      | $3179652.36   | 1.18%             |  |  |  | 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        |    397500 | NS      | $1261464.29   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| InterGlobe Aviation Ltd.                            | InterGlobe Aviation Ltd. INR10                                                | CUSIP: Y4R97L111<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |     22162 | NS      | $1107381.87   | 0.41%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd.                | Shenzhen Inovance Technology Co Ltd. 'A'CNY1                                  | CUSIP: Y7744Z101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    183500 | NS      | $1971926.32   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| H World Group Ltd.                                  | H World Group Ltd. SPON ADS EACH REP 1 ORD SHS                                | CUSIP: 44332N106<br>LEI: 549300Y5ML31FVN83730 | Long             | EC               | CORP              | KY        |     50499 | NS      | $2399207.49   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| DB Insurance Co Ltd.                                | DB Insurance Co Ltd. KRW500                                                   | CUSIP: Y2096K109<br>LEI: 9884000ZF26VNJBWSJ91 | Long             | EC               | CORP              | KR        |     35808 | NS      | $3552094.22   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Unimicron Technology Corp.                          | Unimicron Technology Corp. TWD10                                              | CUSIP: Y90668107<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    331893 | NS      | $3996959.20   | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Aluminum Corporation of China Limited               | Aluminum Corporation of China Limited 'H' CNY1                                | CUSIP: Y0094N109<br>LEI: 529900TKZUWQLIQN6T48 | Long             | EC               | CORP              | CN        |   1264000 | NS      | $2222627.75   | 0.83%             |  |  |  | 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        |   8905500 | NS      | $2558403.09   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| E Ink Holdings Inc.                                 | E Ink Holdings Inc. TWD10                                                     | CUSIP: Y2266Z100<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |    493000 | NS      | $2740721.26   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Elite Material Co Ltd.                              | Elite Material Co Ltd. TWD10                                                  | CUSIP: Y2290G102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     80000 | NS      | $4413010.18   | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Hansol Chemical Co Ltd                              | Hansol Chemical Co Ltd KRW5000                                                | CUSIP: Y3064E109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     27023 | NS      | $5201094.37   | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. SPON ADR EA REP 8 SER 'B' | CUSIP: 400501102<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |     23260 | NS      | $2720489.60   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chroma Ate Inc                                      | Chroma Ate Inc TWD10                                                          | CUSIP: Y1604M102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     74000 | NS      | $2308087.84   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc.                              | Delta Electronics Inc. TWD10                                                  | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     67000 | NS      | $2600765.76   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                       | SK Hynix Inc. KRW5000                                                         | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     22643 | NS      | $14338889.52  | 5.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electro-Mechanics Co Ltd.                   | Samsung Electro-Mechanics Co Ltd. KRW5000                                     | CUSIP: Y7470U102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     14650 | NS      | $2791452.19   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd.                           | ANTA Sports Products Ltd. HKD0.10                                             | CUSIP: G04011105<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | KY        |    128400 | NS      | $1289963.18   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd.                                            | Sea Ltd. ADS EACH REP ONE CL A SHS                                            | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     15868 | NS      | $1848463.32   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| LPP SA                                              | LPP SA PLN2.00                                                                | CUSIP: X5053G103<br>LEI: 259400NUS7MKGPJL4752 | Long             | EC               | CORP              | PL        |       390 | NS      | $2157073.58   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Zetrix AI Berhad                                    | Zetrix AI Berhad NPV                                                          | CUSIP: Y6147P116<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |  11019806 | NS      | $2251473.45   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Sinbon Electronics Co., Ltd.                        | Sinbon Electronics Co., Ltd. TWD10                                            | CUSIP: Y7989R103<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    248328 | NS      | $1832511.97   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Wizz Air Holdings PLC                               | Wizz Air Holdings PLC ORD GBP0.0001                                           | CUSIP: G96871101<br>LEI: 213800COXGZCORLJZA85 | Long             | EC               | CORP              | JE        |     97981 | NS      | $1900995.24   | 0.71%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd.                    | Apollo Hospitals Enterprise Ltd. INR5                                         | CUSIP: Y0187F112<br>LEI: 3358005YT7JQCWYLTG43 | Long             | EC               | CORP              | IN        |     23370 | NS      | $1769403.68   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Alchip Technologies Ltd.                            | Alchip Technologies Ltd. TWD10                                                | CUSIP: G02242108<br>LEI: 529900HKE9RIY07SLX84 | Long             | EC               | CORP              | KY        |     33667 | NS      | $3342087.63   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung C&T Corporation                             | Samsung C&T Corporation KRW100                                                | CUSIP: Y7T71K106<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |     16976 | NS      | $3569005.95   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

**Name of Applicant:** Ashmore Funds

**Signature:** Taurai Sigauke

**Name of Signer:** Taurai Sigauke

**Title:** Treasurer