Ashmore Funds NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22468

Ashmore Funds

(Exact name of registrant as specified in charter)

c/o Ashmore Investment Management Limited

61 Aldwych

London WC2B 4AE

England

(Address of principal executive offices) (Zip code)

Corporation Service Company

84 State Street

Boston, MA 20109

(Name and address of agent for service)

Registrant’s telephone number, including area code: 011-44-20-3077-6000

Date of fiscal year end: October 31

Date of reporting period: October 31, 2013

Item 1. Reports to Stockholders.

ASHMORE FUNDS

ANNUAL FINANCIAL STATEMENTS

October 31, 2013

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ASHMORE FUNDS

TABLE OF CONTENTS


			Page
FINANCIAL STATEMENTS:

Investment Managers Report			2

Important Information about the Funds			6

Statements of Assets and Liabilities			16

Statements of Operations			18

Statements of Changes in Net Assets			20

Financial Highlights			22

Schedules of Investments

Ashmore Emerging Markets Corporate Debt Fund			36

Ashmore Emerging Markets Local Currency Bond Fund			48

Ashmore Emerging Markets Currency Fund			57

Ashmore Emerging Markets Sovereign Debt Fund			63

Ashmore Emerging Markets Total Return Fund			70

Ashmore Emerging Markets Equity Fund			90

Ashmore Emerging Markets Small-Cap Equity Fund			96

Notes to Financial Statements			102

Report of Independent Registered Public Accounting Firm			121

Supplemental Tax Information			122

For More Information			123

Privacy Policy			124

Other Information			125

Trustees and Officers			126

This material is authorized for use only when preceded or accompanied by the current Ashmore Funds prospectuses. Investors should consider the investment objectives, risks, charges and expenses of these Funds carefully before investing. This and other information is contained in the Funds’ prospectus. Please read the prospectus carefully before you invest or send money.

A Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.

An investment in a Fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.

ASHMORE FUNDS

INVESTMENT MANAGERS REPORT

For the period November 1, 2012 to October 31, 2013

Overview

The year to October 31, 2013 saw a number of periods of increased volatility across the different investment themes. Despite this volatility, we believe that fundamentals across Emerging Markets (“EM”) remain strong.

In the third quarter of 2012, Global Purchasing Managers Indices (“PMIs”) and high frequency data indicated a continued recovery in the global economic cycle, especially in Asia Ex-Japan and the US. In Europe, the European Central Bank (ECB) and the Bundesbank revised their respective forecasts for EU and German growth to -0.3% and +0.4% respectively (from +0.5% and +1.6%). Progress was made on the regulatory side as European leaders agreed legislation establishing a Single Supervisory Mechanism. The new Japanese government put pressure on the Bank of Japan to do more in order to stimulate the economy, resulting in a fall in the Japanese Yen (“JPY”). In the US, the Federal Reserve replaced Operation Twist with outright purchases of US Treasuries and mortgage backed securities. It also pledged to keep interest rates exceptionally low until unemployment falls below 6.5% and estimated inflation for 1-2 years remains below 2.5%. The Federal Reserve Chairman, Ben Bernanke, also mentioned that the Federal Open Market Committee did not expect this unemployment threshold to be reached before mid-2015. All eyes then moved to the fiscal cliff negotiations in US Congress. The last minute agreement reached on 31 December merely moved the trigger date for the “sequester” (automatic spending cuts) from 1 January to 1 March. The only effective measures taken were raising income tax for wealthy families and reversing payroll tax cuts. In practice this amounted to a tax increase of roughly 1.5% of GDP.

During the first quarter of 2013, financial markets moved beyond risk-on/risk-off trading, with a huge dispersion in returns between countries in both equity and fixed income markets. There were some clear signs of risk appetite in the S&P 500 for instance, which grew 10% and printed all-time highs. The Nikkei225 also rose nearly 20% on the back of further JPY weakness as the newly appointed Bank of Japan governor Kuroda gave the measure of his determination to end a decade of deflation via aggressive monetary expansion. Most of the optimism however, was centred on the US with both European and Emerging Markets lagging over the quarter.

Market volatility increased considerably during the second quarter of 2013 as the two most successful trades of April, long USDJPY and long EM bonds, reversed sharply in May and June and took most financial asset prices with them. The origin of this sell-off can be traced back to the strong US non-farm payroll numbers for April, which came in at 165,000 jobs, triggering an increase in US treasury yields in early May. EM bonds, particularly local currency bonds, started selling off a few days later, and market weakness broadened and accelerated on May 22nd after Ben Bernanke gave a relatively short timeframe for the Federal Reserve to start ‘tapering’ its asset purchase programme. This carried broad implications for financial assets held on leverage, and the fact that the Nikkei fell 7% on that day illustrates the technical nature of the sell-off, in which the most crowded trades moved the fastest. The USD was initially weakened as long USDJPY positions were unwound; however, the market correction soon resumed a more ‘traditional’ pattern of market liquidation and the USD moved higher, consistent with rising treasury yields and weaker equity markets.

In Q3 2013, the global macro environment improved, although it was still not entirely free of uncertainty. The decision to delay tapering meant expectations of a US economic rebound lost traction and there was a reduction in mortgage applications as a result of financial tightening. Nevertheless, employment numbers remained relatively steady. European and UK economic data surprised on the upside, adding pressure to the US dollar, which lost 3.5% versus its major peers during the quarter. Chinese economic data also surprised on the upside, frustrating bearish expectations and lifting industrial metal commodity prices. Geopolitical risk increased, lifting oil and energy prices as the situation in Egypt and Syria remained volatile but both areas stabilised during September.

ASHMORE FUNDS

INVESTMENT MANAGERS REPORT (CONTINUED)

Portfolio Overview

Ashmore Emerging Markets Corporate Debt Fund

The Ashmore Emerging Markets Corporate Debt Fund (“the Fund”) seeks to achieve its objective by investing principally in the debt instruments of EM corporate issuers, which may be denominated in any currency, including the local currency of the issuer. EM corporates operate in an environment that typically consists of higher growth and maturing capital markets. In many cases, EM corporates are characterised by new and growing businesses in industries such as mobile communications, technology and food production. We expect these industries to benefit from the developing economies in which they operate. Increased “south/south” trade (a.k.a. trade between EM countries as opposed to trade with developed markets) has resulted in a material structural change for EM corporates and has helped them to broaden their customer bases. We continue to focus efforts on companies that are less followed by the market and which thus allow us to add maximum value based on our views, research and global EM network capabilities.

Over the period, the fund’s institutional class outperformed its benchmark. Among the Fund’s top contributors in the period, we saw strong gains from overweight positions in China and the United Arab Emirates, where security selection was the primary driver of relative outperformance. Other positive contributors included Singapore, Israel and South Africa. The main detractors from performance included overweight positions in Brazil and Mexico and an underweight position in Hong Kong. Corporate debt remains the best performing asset class year to date despite underperforming external debt during the third quarter.

Ashmore Emerging Markets Local Currency Bond Fund

The Ashmore Emerging Markets Local Currency Bond Fund (“the Fund”) seeks to achieve its objective by investing principally in the debt instruments of sovereign and quasi-sovereign EM issuers, denominated in the local currency of the issuer. The Fund’s returns are driven by EM currency appreciation, interest rate positioning and credit worthiness.

EM currencies are not only supported by stronger growth, more robust fundamentals and higher interest rates than developed markets, but it is also likely that a gradual depreciation of developed market currencies will be one mechanism by which developed markets will de-leverage and reduce their enormous debt burdens. In terms of bonds, we continue to find attractive opportunities across EM countries. EM monetary policymakers are acting in an idiosyncratic fashion to meet their particular domestic needs and local expertise is increasingly necessary to help understand the dynamics that drive local decision-making.

Among the Fund’s top contributors for the period were strong gains from underweight positions in Indonesia and Turkey and overweight positions in Russia and Romania. In Indonesia, positive news and flows contributed to performance: the September CPI surprised on the downside at 8.4% (vs. 9.0% expected and 8.8% prior), which we believe was still contaminated by the hike in fuel prices as core inflation rose from 4.5% to 4.7% (0.1% above expected levels). The August trade balance was positive with a US$ 132m surplus vs. the US$ 811m deficit expected, while headline foreign reserves rose from US$ 93bn to US$ 96bn.

Ashmore Emerging Markets Currency Fund

The Ashmore Emerging Markets Currency Fund (“the Fund”) (formerly known as the Ashmore Emerging Markets Local Currency Fund) seeks to achieve its objective by investing principally in derivatives and other instruments that provide investment exposure to the local currencies of EM countries. The Fund also has the flexibility to invest in debt securities issued by Sovereigns and Quasi-Sovereigns and denominated in the local currency of the issuer.

The current environment continues to reflect the better fiscal and growth picture in the Emerging Markets compared to the developed markets. Putting aside periods of market dislocation when positioning tends to be based to a greater extent on technical and emotional factors rather than fundamentals, the real drivers of long-term currency performance, including relative interest rates and growth, clearly favour Emerging Markets. We believe that the deleveraging process across the developed world is perhaps half complete. At a sovereign level, the heavy debt burdens of developed market countries are clear – no more so than in the United States, which

ASHMORE FUNDS

INVESTMENT MANAGERS REPORT (CONTINUED)

continually bumps up against its multi-trillion dollar debt ceiling. In our view, a basket of EM currencies not only provides superior diversification, but also allows us to invest in currencies that we consider to be best positioned to benefit from positive domestic and regional trends.

The best performing currencies over the period were the Russian rouble, Mexican peso and Polish zloty. More recently, stronger than expected economic activity in Europe contributed to positive momentum in the Euro, benefitting European EM countries.

Ashmore Emerging Markets Sovereign Debt Fund

The Ashmore Emerging Markets Sovereign Debt Fund (“the Fund”) seeks to achieve its objective by investing principally in the debt instruments of sovereign and quasi-sovereign EM issuers denominated in any hard currency. Historically, we believe that EM sovereign debt has typically been the most developed, stable, and least risky asset class in EM fixed income.

Due to robust balance sheet positions (68% of the countries in the JP Morgan EMBI Global Diversified Index (“EMBI-GD index”) are investment grade), sovereign external debt has the lowest exposure to credit spreads, combined with the highest exposure to US$ duration in the asset class. Nevertheless, high yield (“HY”) sold off by 190 basis points (bps) following Bernanke’s tapering announcement on 22 May, while investment grade (“IG”) sold off by 51 bps. This was partly due to the new supply of issuance just prior to the sell-off in May, and partly due to country specific factors including those in, for example; Ukraine, Venezuela and Mongolia.

Volatile market prices provide opportunities, to the extent that prices diverge from fundamentals. Despite having only 32% of the market capitalisation in the main index, HY is currently a universe of 34 countries. The bulk of asset price growth in these countries takes place as they access capital markets for the first time in the pursuit of long-term funding sources for economic adjustment and development, as well as investment. Pricing appropriately for the potential risks and returns from each of these economies is crucial for managers in this asset class. In Q3, the EMBI-GD index was up 1.2% with HY again outperforming IG (1.9% vs. 0.9%). Spreads on IG declined 5 bps from 222 to 217 bps over Treasury whilst HY was almost flat, moving only from 591 to 590 bps. The outperformance of HY can be explained by exposure to duration and credit spreads: the 5 year US Treasury yield declined 1 bps, and the 10 year rose 11bps, benefiting HY, which has a 5.8 year duration vs. IG with 7.3 years.

Among the Fund’s best performing positions, Argentina, Peru and the United Arab Emirates were the strongest relative outperformers. In Argentina, on the political side, Cristina Kirchner narrowly maintained her majority in the lower house with 33% of the total votes (down from 54% in 2011), but lost in the province of Buenos Aires by a margin of over 10% to her previous cabinet chief, Sergio Massa (the current mayor of Tigre and now a rival within the Peronist party). This election result opens the way for political transition in Argentina following the next election in 2015. The process may be tortuous as Cristina Kirchner may lose her majority in the Argentinian Congress if her allies change sides before the elections. On the economic side, there is an expectation that the government will take measures to attenuate the loss of reserves, such as increasing the pace of ARS devaluation. Meanwhile, the trade surplus surprised on the upside at US $ 850m (versus US$ 675m expected and US$ 568m previously) and concerns about a technically driven default on the back of the holdout case against the republic subsided in October.

Ashmore Emerging Markets Total Return Fund

The Ashmore Emerging Markets Total Return Fund (“the Fund”) seeks to achieve its objective by investing principally in the debt instruments of sovereign, quasi-sovereign, and corporate issuers, which may be denominated in any currency, including the local currency of the issuer. The Fund tactically allocates assets between external debt, corporate debt and local currency.

Over the period, the fund outperformed its benchmark with external debt contributing the most to relative performance. In October sovereign debt had a strong run, rising 2.8% with IG up 2.3% and HY up 3.7%. The main reason for the outperformance of HY was spread tightening. The EMBI-GD index moved from 322 bps over US treasuries to 298 bps, as IG declined 13 bps to 201, and HY declined by 38 bps to 548. No single country had an absolute negative performance during October. We expect the correlation between EM debt and US

ASHMORE FUNDS

INVESTMENT MANAGERS REPORT (CONTINUED)

Treasuries to decline as investors select the best assets to buy, suggesting that the return deviation between good and bad assets should increase. Valuations in EM fixed income are compelling after the recent sell-off, while the fundamental picture has remained broadly stable, with the usual idiosyncratic country stories.

The largest contributors to absolute performance in the period were positions in China, Russia and Poland. Oil prices remained elevated, in part due to the on-going conflict in the Middle East. This helped Russia to avoid the issues seen in other commodity exporting countries such as Peru. During Q4, the market received fairly positive numbers from Russia, including rises in real disposable income, wages, retail sales and investment. In Poland, the credit profile remained positive.

Ashmore Emerging Markets Equity Fund

The Ashmore Emerging Markets Equity Fund (“the Fund”), launched on June 22, 2011, seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers, which may be denominated in any currency, including the local currency of the issuer. The MSCI Emerging Markets Index (Net) (“MSCI EM Index”) returned 6.5% in USD terms for the year ending October 2013.

Emerging Market (EM) equity returns have been volatile this reporting year, although they ended the period on a positive note, up 6.5%. On a regional basis, EM Eastern Europe led market performance, followed by EM Asia. EM Latin America lagged. Country allocation added the most value to the Fund’s performance, which strongly outperformed its benchmark. The Fund’s exposure to the UAE (which will enter the MSCI EM Index effective May 2014) and Saudi Arabia, as well as the underweights in Chile and Indonesia, added the most value on a country basis. Our underweight in Brazil detracted. However, our stock decisions in that country added significant value, led by our exposure to Braskem SA, a petrochemicals company, and Banco do Brasil. Holdings in Taiwan suffered during the period with Parkson Retail Group detracting the most. We have reduced our exposure to technology stocks overall in Taiwan during the period and have added to our exposure in industrial companies, all driven by relative valuation.

Our investment process continues to seek companies trading at a discount to their long-term fundamental value with a focus on quality and growth. This has resulted in a cyclical bias in the portfolio, notably with an overweight position in Consumer Discretionary and Industrials, and an underweight exposure to the more expensive Consumer Staples stocks.

Ashmore Emerging Markets Small-Cap Equity Fund

The Ashmore Emerging Markets Small-Cap Equity Fund (“the Fund”), launched on October 4, 2011, seeks to achieve its objective by investing principally in equity securities and equity-related investments of Small-Capitalization Emerging Market Issuers, which may be denominated in any currency, including the local currency of the issuer. The MSCI Emerging Markets Small Cap Index (Net) returned 10.3% in USD terms for the one year ending October 2013.

Small cap returns were markedly divergent among countries: outperforming countries included Hungary, Taiwan, Poland and China, while Colombia, Peru, Chile and India were significant underperformers. Small caps outperformed EM equities overall by over 400bps.

The Fund outperformed the benchmark during the period. Stock selection was the primary source of added value, particularly in China and also in Brazil. In China, our holding in SouFun, a real-estate search provider, led gains, up largely on the back of an expected moderation in Chinese real estate regulations as well as attractive reported corporate earnings for 2Q13. Our allocations in China are dominated by Information Technology and Consumer Discretionary stocks, which we believe have attractive valuations relative to their quality and growth prospects. Stock selection in Taiwan and Indonesia, however, suffered. On a sector basis, the Fund’s overweight in Consumer Discretionary and underweight in Financials and Materials added to relative returns, while the overweight in Industrials detracted.

We continue to find growth and value opportunities in Emerging Markets and monitor the portfolio’s positions to take advantage of these opportunities as they arise.

IMPORTANT INFORMATION ABOUT THE FUNDS

Ashmore Investment Management Limited

This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Funds and market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are those of Ashmore Investment Management Limited as of the date indicated and are subject to change at any time based upon economic, market, or other conditions and Ashmore Investment Management Limited undertakes no obligation to update the views expressed herein. Any discussions of specific securities or markets should not be considered a recommendation to buy or sell or invest in those securities or markets. The views expressed above may not be relied upon as investment advice or as an indication of the Funds’ trading intent. Information about the Funds’ holdings, asset allocation or country diversification is historical and is not an indication of future portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund investments. In addition, the returns do not reflect certain charges that an investor in the Funds may pay. If these additional fees were reflected, the performance shown would have been lower.

The following disclosure provides important information regarding each Fund’s Average Annual Total Return table and Cumulative Returns chart, which appear on each Fund’s individual page in this report (the “Shareholder Report” or “Report”). Please refer to this information when reviewing the table and chart for a Fund.

On each individual Fund Summary page in this Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns Chart reflects only Institutional Class performance. Performance for Class A and Class C shares is typically lower than Institutional Class performance due to the lower expenses paid by Institutional Class shares. Except for the load-waived performance for the Class A and C shares of each Fund (as applicable), performance shown is net of fees and expenses. The load-waived performance for Class A and Class C shares does not reflect the sales charges shareholders of those classes may pay in connection with a purchase or redemption of Class A and Class C shares. The load-waived performance of those share classes is relevant only to shareholders who purchased Class A or Class C shares on a load-waived basis. The figures in the line graph are calculated at net asset value and assume the investment of $1,000,000 at the beginning of the first full month following the inception of the Institutional Class. Each Fund measures its performance against a broad-based securities market index (“benchmark index”). Each benchmark index does not take into account fees, expenses or taxes.

For periods prior to the inception date of the Class A and Class C shares (if applicable), performance information shown is based on the performance of the Fund’s Institutional Class shares, adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively.

A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

IMPORTANT INFORMATION ABOUT THE FUNDS (CONTINUED)

The following disclosure provides important information regarding each Fund’s Expense Example, which appears on each Fund’s individual page in this Shareholder Report. Please refer to this information when reviewing the Expense Example for a Fund.

EXPENSE EXAMPLE

Fund Expenses

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, from May 1, 2013 or the inception date (if later), through October 31, 2013.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information based on actual performance and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $ 1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class, in the row titled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the information under the heading “Hypothetical Performance” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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ASHMORE FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

As of October 31, 2013


	Ashmore Emerging Markets Corporate Debt Fund			Ashmore Emerging Markets Local Currency Bond Fund
ASSETS:
Investments in securities, at value	$	177,961,300		$	65,231,795
Investments in fully funded total return swaps, at value		—			3,460,671
Deposit held at broker		—			109,046
Cash		5,279,487			13,979,267
Cash held at broker (restricted $1,270,000, $300,000, and $4,080,000, respectively)		—			1,270,000
Foreign currency, at value		1,306,227			183,398
Purchased Options		—			41
Unrealized appreciation on interest rate swap contracts		—			119,701
Unrealized appreciation on forward foreign currency exchange contracts		13,313			681,850
Receivable for securities and currencies sold		315,135			5,847
Receivable for fund shares sold		2,603,417			94,235
Receivable from Investment Manager		46,802			28,297
Interest and dividends receivable		3,180,829			1,079,924
Other assets		4,052			3,633
Total Assets		190,710,562			86,247,705
LIABILITIES:
Unrealized depreciation on interest rate swap contracts		—			235,599
Unrealized depreciation on forward foreign currency exchange contracts		39,080			645,457
Payable for securities and currencies purchased		2,581,136			392,056
Payable for when-issued securities		—			—
Payable for fund units redeemed		1,055,309			428
Distributions payable		205,184			71,676
Investment Manager fee payable		167,200			68,183
Trustees’ fees payable		3,480			5,423
Other liabilities		90,796			64,952
Total Liabilities		4,142,185			1,483,774
Net Assets	$	186,568,377		$	84,763,931
NET ASSETS:
Paid in capital	$	189,475,645		$	88,792,484
Undistributed (distributions in excess of) net investment income (loss)		(191,916	)		(29,724	)
Accumulated net realized gain (loss)		(17,905	)		(155,842	)
Net unrealized appreciation (depreciation)		(2,697,447	)		(3,842,987	)
Net Assets	$	186,568,377		$	84,763,931

Net Assets:
Class A	$	2,851,543		$	2,096,392
Class C		149,538			124,284
Institutional Class		183,567,296			82,543,255

Shares Issued and Outstanding (no par value, unlimited shares authorized):
Class A		308,330			229,591
Class C		16,166			13,621
Institutional Class		19,104,996			8,734,320

Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding):
Class A	$	9.25		$	9.13
Class C		9.25			9.13
Institutional Class		9.61			9.45

Cost of Investments in securities	$	180,626,683		$	68,134,474
Cost of Investments in fully funded total return swaps	$	—		$	4,265,881
Cost of Foreign currency held	$	1,323,540		$	184,578
Premiums paid for Purchased Options	$	—		$	60,630

¹	Formerly the Ashmore Emerging Markets Local Currency Fund.

See accompanying notes to the financial statements.


Ashmore Emerging Markets Currency Fund¹			Ashmore Emerging Markets Sovereign Debt Fund			Ashmore Emerging Markets Total Return Fund			Ashmore Emerging Markets Equity Fund			Ashmore Emerging Markets Small-Cap Equity Fund

$	20,996,252		$	28,209,322		$	640,202,469		$	9,786,908		$	30,552,350
	—			—			6,780,454			—			—
	—			—			—			—			—
	14,861,395			880,747			16,449,680			73,422			110,301
	300,000			—			4,080,000			—			—
	73,671			153			1,470,831			461			59
	25			—			128			—			—
	—			—			1,652			—			—
	464,581			—			3,377,188			—			—
	52,711			168			1,195,922			—			451,729
	16			16			445,695			5,036			12,353
	20,516			19,060			50,722			23,745			29,538
	149,211			429,326			10,409,986			15,821			12,558
	1,342			2,913			21,255			911			3,023
	36,919,720			29,541,705			684,485,982			9,906,304			31,171,911

	—			—			43,910			—			—
	655,182			—			3,679,147			—			—
	534,835			142,706			5,458,498			—			434,542
	—			294,582			—			—			—
	—			—			179,292			—			—
	3,334			26,422			616,546			—			—
	25,860			21,916			563,576			9,512			38,758
	3,072			2,358			30,833			560			1,616
	49,613			47,461			188,725			41,517			50,173
	1,271,896			535,445			10,760,527			51,589			525,089
$	35,647,824		$	29,006,260		$	673,725,455		$	9,854,715		$	30,646,822

$	35,636,551		$	28,741,688		$	693,771,431		$	10,536,953		$	26,089,675
	454,881			(22,533	)		2,693,049			(507	)		(2,074	)
	(81,531	)		777,271			5,918,046			(1,028,808	)		1,891,748
	(362,077	)		(490,166	)		(28,657,071	)		347,077			2,667,473
$	35,647,824		$	29,006,260		$	673,725,455		$	9,854,715		$	30,646,822


$	947		$	1,507		$	10,344,404		$	28,485		$	265,099
	929			1,110			968,867			1,112			11,712
	35,645,948			29,003,643			662,412,184			9,825,118			30,370,011


	103			148			1,112,387			2,947			24,970
	103			110			104,294			101			1,033
	3,892,083			2,876,486			70,221,939			1,060,084			2,343,470


$	9.15		$	10.15		$	9.30		$	9.66		$	10.61
	8.98			10.12			9.29			11.00			11.33
	9.16			10.08			9.43			9.27			12.96

$	21,129,995		$	28,699,491		$	666,039,210		$	9,439,825		$	27,886,112
$	—		$	—		$	9,079,300		$	—		$	—
$	73,410		$	150		$	1,480,749		$	467		$	59
$	36,378		$	—		$	189,973		$	—		$	—

See accompanying notes to the financial statements.

ASHMORE FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2013


	Ashmore Emerging Markets Corporate Debt Fund			Ashmore Emerging Markets Local Currency Bond Fund
INVESTMENT INCOME:
Interest, net of foreign tax withholdings*	$	5,354,195		$	5,014,138
Dividends, net of foreign tax withholdings*		—			—
Total Income		5,354,195			5,014,138
EXPENSES:
Investment Manager fees		901,481			811,977
Administration fees		27,225			29,738
Custody fees		19,597			21,367
Professional fees		72,191			76,878
Trustees’ fees		15,600			21,466
Offering expenses and registration fees		75,906			56,240
Insurance fees		3,873			6,243
Printing fees		15,304			15,304
Distribution fees - Class A		5,992			3,736
Distribution fees - Class C		837			952
Other		9,943			2,685
Total Expenses		1,147,949			1,046,586
Less expenses reimbursed by the Investment Manager		(223,515	)		(212,015	)
Net Expenses		924,434			834,571
Net Investment income		4,429,761			4,179,567
NET REALIZED AND UNREALIZED GAINS (LOSSES):
NET REALIZED GAIN (LOSS) ON:
Investments in securities		131,582			(2,519,649	)
Forward foreign currency exchange contracts		(368,873	)		383,592
Futures contracts		—			(43,862	)
Interest rate swap contracts		—			147,348
Purchased options		—			(127,684	)
Foreign exchange transactions		(41,376	)		(100,405	)
Net realized gain (loss)		(278,667	)		(2,260,660	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(2,762,266	)		(4,091,779	)
Forward foreign currency exchange contracts		(19,692	)		(173,702	)
Investments in fully funded total return swaps		—			(1,025,602	)
Interest rate swap contracts		—			(430,246	)
Purchased option contracts		—			(60,589	)
Foreign exchange translations		(7,439	)		7,379
Change in net unrealized appreciation (depreciation)		(2,789,397	)		(5,774,539	)
Net Realized and Unrealized Gains (Losses)		(3,068,064	)		(8,035,199	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,361,697		$	(3,855,632	)
* Foreign tax withholdings	$	120		$	24,603

¹	Formerly the Ashmore Emerging Markets Local Currency Fund.

See accompanying notes to the financial statements.


Ashmore Emerging Markets Currency Fund¹			Ashmore Emerging Markets Sovereign Debt Fund			Ashmore Emerging Markets Total Return Fund			Ashmore Emerging Markets Equity Fund			Ashmore Emerging Markets Small-Cap Equity Fund

$	518,821		$	1,930,852		$	33,964,531		$	—		$	—
	—			—			—			182,504			464,195
	518,821			1,930,852			33,964,531			182,504			464,195

	425,513			316,464			5,714,293			106,734			407,313
	17,445			12,238			198,843			3,222			9,517
	12,515			8,790			142,853			2,320			6,788
	74,851			73,538			105,994			67,670			68,317
	12,715			9,547			124,714			3,187			7,341
	51,442			50,718			87,610			46,791			45,655
	4,900			3,545			31,046			7,682			6,738
	15,304			15,304			15,304			13,185			13,219
	2			24			20,978			32			1,777
	9			11			8,642			11			134
	15,125			6,710			31,218			5,169			6,423
	629,821			496,889			6,481,495			256,003			573,222
	(194,284	)		(173,356	)		(619,476	)		(147,340	)		(158,906	)
	435,537			323,533			5,862,019			108,663			414,316
	83,284			1,607,319			28,102,512			73,841			49,879


	(220,920	)		779,381			5,395,626			379,059			1,962,853
	972,420			861			2,841,808			(6,511	)		(1,320	)
	—			—			(75,762	)		—			—
	—			—			783,419			—			—
	(73,606	)		—			(344,510	)		—			—
	(19,918	)		(785	)		(282,431	)		462			(32,135	)
	657,976			779,457			8,318,150			373,010			1,929,398

	(164,716	)		(3,717,677	)		(38,599,290	)		308,650			1,913,311
	(553,880	)		—			(1,284,956	)		—			—
	—			—			(2,194,743	)		—			—
	—			—			(858,265	)		—			—
	(36,353	)		—			(189,845	)		—			—
	(1,526	)		3			(112,776	)		(47	)		1,015
	(756,475	)		(3,717,674	)		(43,239,875	)		308,603			1,914,326
	(98,499	)		(2,938,217	)		(34,921,725	)		681,613			3,843,724
$	(15,215	)	$	(1,330,898	)	$	(6,819,213	)	$	755,454		$	3,893,603
$	19		$	—		$	101,568		$	21,222		$	47,429

See accompanying notes to the financial statements.

ASHMORE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended October 31, 2013 and October 31, 2012


	Ashmore Emerging Markets Corporate Debt Fund						Ashmore Emerging Markets Local Currency Bond Fund
	2013			2012			2013			2012
OPERATIONS:
Net investment income (loss)	$	4,429,761		$	1,071,632		$	4,179,567		$	2,443,770
Net realized gain (loss)		(278,667	)		185,475			(2,260,660	)		191,996
Net change in unrealized appreciation (depreciation)		(2,789,397	)		949,384			(5,774,539	)		2,475,262
Net Increase (Decrease) in Net Assets Resulting from Operations		1,361,697			2,206,491			(3,855,632	)		5,111,028

DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income		(129,218	)		(3,531	)		(34,973	)		(10,601	)
From net realized gain		(8,260	)		(6	)		—			—
Tax return of capital		(926	)		—			(27,984	)		(128	)

Total distributions to Class A shareholders		(138,404	)		(3,537	)		(62,957	)		(10,729	)

DISTRIBUTIONS TO CLASS C SHAREHOLDERS:
From net investment income		(3,894	)		(413	)		(1,828	)		(119	)
From net realized gain		(203	)		(5	)		—			—
Tax return of capital		(48	)		—			(1,463	)		(1	)

Total distributions to Class C shareholders		(4,145	)		(418	)		(3,291	)		(120	)

DISTRIBUTIONS TO INSTITUTIONAL CLASS SHAREHOLDERS:
From net investment income		(4,260,824	)		(1,067,910	)		(2,046,475	)		(2,484,804	)
From net realized gain		(216,214	)		(66,313	)		—			—
Tax return of capital		(59,552	)		—			(1,618,141	)		(20,104	)

Total distributions to Institutional Class shareholders		(4,536,590	)		(1,134,223	)		(3,664,616	)		(2,504,908	)
FUND SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Class A share transactions		2,556,553			475,184			1,842,673			114,504
Net increase (decrease) in net assets resulting from Class C share transactions		128,015			25,392			116,253			17,125
Net increase (decrease) in net assets resulting from Institutional Class share transactions		169,037,926			4,768,171			17,286,849			7,561,234


Net increase (decrease) in net assets resulting from Fund share transactions		171,722,494			5,268,747			19,245,775			7,692,863
Total Increase (Decrease) in Net Assets		168,405,052			6,337,060			11,659,279			10,288,134
NET ASSETS:
Net assets at the beginning of the year		18,163,325			11,826,265			73,104,652			62,816,518
Net assets at the end of the year	$	186,568,377		$	18,163,325		$	84,763,931		$	73,104,652
Undistributed (Distributions in excess of) Net Investment Income (Loss)	$	(191,916	)	$	57,372		$	(29,724	)	$	(252,856	)

¹	Formerly the Ashmore Emerging Markets Local Currency Fund.

See accompanying notes to the financial statements.


Ashmore Emerging Markets Currency Fund¹						Ashmore Emerging Markets Sovereign Debt Fund						Ashmore Emerging Markets Total Return Fund						Ashmore Emerging Markets Equity Fund						Ashmore Emerging Markets Small-Cap Equity Fund
2013			2012			2013			2012			2013			2012			2013			2012			2013			2012

	$ 83,284		$	(344,589	)	$	1,607,319		$	1,507,465		$	28,102,512		$	9,896,216		$	73,841		$	93,417		$	49,879		$	52,680
	657,976			1,727,486			779,457			147,323			8,318,150			7,624,239			373,010			(555,607	)		1,929,398			1,120,964
	(756,475	)		1,003,093			(3,717,674	)		3,028,754			(43,239,875	)		19,131,776			308,603			379,690			1,914,326			(789,890	)
	(15,215	)		2,385,990			(1,330,898	)		4,683,542			(6,819,213	)		36,652,231			755,454			(82,500	)		3,893,603			383,754


	—			—			(413	)		(263	)		(377,693	)		(34,655	)		(100	)		(9	)		(844	)		(1,149	)
	(30	)		—			(43	)		—			(64,653	)		—			—			—			(13,704	)		—
	—			—			—			—			—			—			(20	)		—			—			—

	(30	)		—			(456	)		(263	)		(442,346	)		(34,655	)		(120	)		(9	)		(14,548	)		(1,149	)


	—			—			(40	)		(40	)		(32,382	)		(4,414	)		(6	)		(3	)		(40	)		(5	)
	(30	)		—			(3	)		—			(9,191	)		—			—			—			(52	)		—
	—			—			—			—			—			—			(1	)		—			—			—

	(30	)		—			(43	)		(40	)		(41,573	)		(4,414	)		(7	)		(3	)		(92	)		(5	)


	(118,078	)		—			(1,614,231	)		(1,527,944	)		(26,448,591	)		(9,890,635	)		(67,762	)		(101,630	)		(72,503	)		(53,188	)
	(1,809,756	)		—			(126,668	)		—			(8,496,687	)		—			—			—			(1,116,480	)		—
	—			—			—			—			—			—			(6,759	)		(4,929	)		—			(38,656	)

	(1,927,834	)		—			(1,740,899	)		(1,527,944	)		(34,945,278	)		(9,890,635	)		(74,521	)		(106,559	)		(1,188,983	)		(91,844	)

	32			2			(11,850	)		11,932			7,948,290			2,690,701			25,333			1,007			(106,768	)		233,034
	30			2			44			46			510,771			518,650			8			1,005			10,478			1,032
	(30,769,274	)		42,329,736			(2,949,787	)		1,338,057			189,754,435			385,372,014			404,751			82,731			14,455,333			1,496,566


	(30,769,212	)		42,329,740			(2,961,593	)		1,350,035			198,213,496			388,581,365			430,092			84,743			14,359,043			1,730,632
	(32,712,321	)		44,715,730			(6,033,889	)		4,505,330			155,965,086			415,303,892			1,110,898			(104,328	)		17,049,023			2,021,388

	68,360,145			23,644,415			35,040,149			30,534,819			517,760,369			102,456,477			8,743,817			8,848,145			13,597,799			11,576,411
	$ 35,647,824		$	68,360,145		$	29,006,260		$	35,040,149		$	673,725,455		$	517,760,369		$	9,854,715		$	8,743,817		$	30,646,822		$	13,597,799
	$ 454,881		$	1,567,268		$	(22,533	)	$	(15,244	)	$	2,693,049		$	5,252,821		$	(507	)	$	(431	)	$	(2,074	)	$	—

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Corporate Debt Fund

	2013		Class A 2012		2011¹		2013		Class C 2012		2011¹
Net asset value at beginning of period		$9.69		$9.09		$10.00		$9.70		$9.09		$10.00

Income (loss) from investment operations:
Net investment income (loss)²		0.51		0.67		0.32		0.44		0.60		0.28
Net realized and unrealized gain (loss)		(0.35)		0.67		(0.86)		(0.36)		0.68		(0.86)

Total from investment operations		0.16		1.34		(0.54)		0.08		1.28		(0.58)

Less distributions:

From net investment income		(0.52)		(0.69)		(0.37)		(0.45)		(0.62)		(0.33)
From net realized gain		(0.07)		(0.05)		—		(0.07)		(0.05)		—
Tax return of capital		(0.01)		—		—		(0.01)		—		—


Total distributions		(0.60)		(0.74)		(0.37)		(0.53)		(0.67)		(0.33)

Net asset value at end of period		$9.25		$9.69		$9.09		$9.25		$9.70		$9.09


Total return³		1.63%		15.54%		(5.44%)		0.80%		14.78%		(5.78%)

Portfolio turnover rate⁴		49%		50%		22%		49%		50%		22%

Net assets, end of period (in thousands)		$2,852		$485		$1		$150		$27		$1

Ratios to average net assets:⁵
Total expenses to average net assets:
Total expenses before reimbursements		1.71%		2.89%		4.36%		2.46%		3.60%		5.12%
Total expenses after reimbursements		1.45%		1.45%		1.45%		2.20%		2.20%		2.20%

Net investment income to average net assets:
Net investment income before reimbursements		5.15%		5.19%		4.35%		4.42%		4.73%		3.59%
Net investment income after reimbursements		5.41%		6.63%		7.26%		4.68%		6.13%		6.51%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Corporate Debt Fund

	Institutional Class
	2013		2012		2011⁶

Net asset value at beginning of period		$10.07		$9.43		$10.00

Income (loss) from investment operations:
Net investment income (loss)²		0.55		0.73		0.63
Net realized and unrealized gain (loss)		(0.36)		0.70		(0.60)

Total from investment operations		0.19		1.43		0.03

Less distributions:

From net investment income		(0.57)		(0.74)		(0.60)
From net realized gain		(0.07)		(0.05)		—
Tax return of capital		(0.01)		—		—


Total distributions		(0.65)		(0.79)		(0.60)

Net asset value at end of period		$9.61		$10.07		$9.43


Total return³		1.91%		15.97%		0.27%

Portfolio turnover rate⁴		49%		50%		22%

Net assets, end of period (in thousands)		$183,567		$17,651		$11,824

Ratios to average net assets:⁵
Total expenses to average net assets:
Total expenses before reimbursements		1.46%		2.66%		3.78%
Total expenses after reimbursements		1.17%		1.17%		1.17%

Net investment income to average net assets:
Net investment income before reimbursements		5.37%		6.16%		4.60%
Net investment income after reimbursements		5.66%		7.65%		7.21%

¹	Class A and Class C commenced investment operations on May 12, 2011.

²	Per share amounts are based on average number of shares outstanding during the period.

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

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

⁵	Annualized for periods less than one year.

⁶	The Institutional Class commenced investment operations on December 8, 2010.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Local Currency Bond Fund

	Class A						Class C
	2013		2012		2011¹		2013		2012		2011¹
Net asset value at beginning of period		$9.83		$9.43		$10.00		$9.83		$9.43		$10.00

Income (loss) from investment operations:
Net investment income (loss)²		0.44		0.43		0.13		0.38		0.22		0.13
Net realized and unrealized gain (loss)		(0.74)		0.31		(0.48)		(0.75)		0.45		(0.51)

Total from investment operations		(0.30)		0.74		(0.35)		(0.37)		0.67		(0.38)

Less distributions:

From net investment income		(0.22)		(0.34)		(0.13)		(0.18)		(0.27)		(0.11)
From net realized gain		(0.01)		—		—		(0.01)		—		—
Tax return of capital		(0.17)		—³		(0.09)		(0.14)		—³		(0.08)


Total distributions		(0.40)		(0.34)		(0.22)		(0.33)		(0.27)		(0.19)

Net asset value at end of period		$9.13		$9.83		$9.43		$9.13		$9.83		$9.43


Total return⁴		(3.21%)		8.02%		(3.60%)		(3.92%)		7.33%		(4.01%)

Portfolio turnover rate⁵		112%		101%		31%		112%		101%		31%

Net assets, end of period (in thousands)		$2,096		$413		$286		$124		$19		$1

Ratios to average net assets:⁶
Total expenses to average net assets:
Total expenses before reimbursements		1.47%		1.64%		1.99%		2.22%		2.47%		2.87%
Total expenses after reimbursements		1.25%		1.25%		1.25%		2.00%		2.00%		2.00%

Net investment income to average net assets:
Net investment income before reimbursements		4.38%		3.03%		2.34%		3.77%		1.87%		1.87%
Net investment income after reimbursements		4.60%		3.42%		3.08%		3.99%		2.34%		2.74%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Local Currency Bond Fund

	Institutional Class
	2013		2012		2011⁷
Net asset value at beginning of period		$10.18		$9.76		$10.00

Income (loss) from investment operations:
Net investment income (loss)²		0.49		0.37		0.29
Net realized and unrealized gain (loss)		(0.78)		0.42		0.06

Total from investment operations		(0.29)		0.79		0.35

Less distributions:

From net investment income		(0.24)		(0.37)		(0.35)
From net realized gain		(0.01)		—		—
Tax return of capital		(0.19)		—³		(0.24)


Total distributions		(0.44)		(0.37)		(0.59)

Net asset value at end of period		$9.45		$10.18		$9.76


Total return⁴		(3.02%)		8.39%		3.35%

Portfolio turnover rate⁵		112%		101%		31%

Net assets, end of period (in thousands)		$82,543		$72,673		$62,530

Ratios to average net assets:⁶
Total expenses to average net assets:
Total expenses before reimbursements		1.22%		1.39%		1.70%
Total expenses after reimbursements		0.97%		0.97%		0.97%

Net investment income to average net assets:
Net investment income before reimbursements		4.64%		3.31%		2.55%
Net investment income after reimbursements		4.89%		3.73%		3.28%

¹	Class A and Class C commenced investment operations on May 12, 2011.

²	Per share amounts are based on average number of shares outstanding during the period.

³	Amount is less than $0.005 per share.

⁴

⁵

The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities, including fully funded total return swaps, by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁶	Annualized for periods less than one year.

⁷	The Institutional Class commenced investment operations on December 8, 2010.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Currency Fund¹

	Class A						Class C
	2013		2012		2011²		2013		2012		2011²
Net asset value at beginning of period		$9.51		$9.38		$10.00		$9.41		$9.35		$10.00

Income (loss) from investment operations:
Net investment gain (loss)³		(0.01)		(0.09)		(0.03)		(0.08)		(0.17)		(0.06)
Net realized and unrealized gain (loss)		(0.05)		0.22		(0.57)		(0.05)		0.23		(0.58)

Total from investment operations		(0.06)		0.13		(0.60)		(0.13)		0.06		(0.64)

Less distributions:

From net investment income		—		—		—		—		—		—
From net realized gain		(0.30)		—		(0.02)		(0.30)		—		(0.01)


Total distributions		(0.30)		—		(0.02)		(0.30)		—		(0.01)

Net asset value at end of period		$9.15		$9.51		$9.38		$8.98		$9.41		$9.35


Total return⁴		(0.65%)		1.50%		(6.12%)		(1.43%)		0.77%		(6.46%)

Portfolio turnover rate⁵		198%		157%		37%		198%		157%		37%

Net assets, end of period (in thousands)		$1		$1		$1		$1		$1		$1

Ratios to average net assets:⁶
Total expenses to average net assets:
Total expenses before reimbursements		1.51%		1.46%		2.17%		2.26%		2.22%		2.90%
Total expenses after reimbursements		1.15%		1.15%		1.15%		1.90%		1.90%		1.90%

Net investment loss to average net assets:
Net investment loss before reimbursements		(0.56%)		(1.31%)		(1.60%)		(1.30%)		(2.07%)		(2.33%)
Net investment loss after reimbursements		(0.20%)		(1.00%)		(0.58%)		(0.94%)		(1.75%)		(1.33%)

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Currency Fund¹

	Institutional Class
	2013		2012		2011⁷
Net asset value at beginning of period		$9.51		$9.35		$10.00

Income (loss) from investment operations:
Net investment income (loss)³		0.02		(0.10)		(0.04)
Net realized and unrealized gain (loss)		(0.05)		0.26		0.06

Total from investment operations		(0.03)		0.16		0.02

Less distributions:

From net investment income		(0.02)		—		—
From net realized gain		(0.30)		—		(0.67)


Total distributions		(0.32)		—		(0.67)

Net asset value at end of period		$9.16		$9.51		$9.35


Total return⁴		(0.33%)		1.71%		(0.12%)

Portfolio turnover rate⁵		198%		157%		37%

Net assets, end of period (in thousands)		$35,646		$68,358		$23,643

Ratios to average net assets:⁶
Total expenses to average net assets:
Total expenses before reimbursements		1.26%		1.32%		2.03%
Total expenses after reimbursements		0.87%		0.87%		0.87%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(0.22%)		(1.05%)		(1.58%)
Net investment income (loss) after reimbursements		0.17%		(0.60%)		(0.42%)

¹	Formerly the Ashmore Emerging Markets Local Currency Fund.

²	Class A and Class C commenced investment operations on May 12, 2011.

³	Per share amounts are based on average number of shares outstanding during the period.

⁴

⁵	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁶	Annualized for periods less than one year.

⁷	The Institutional Class commenced investment operations on December 8, 2010.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Sovereign Debt Fund

			Class A						Class C
	2013		2012		2011¹		2013		2012		2011¹
Net asset value at beginning of period		$11.06		$10.04		$10.00		$11.04		$10.04		$10.00

Income (loss) from investment operations:
Net investment income (loss)²		0.46		0.44		0.19		0.38		0.37		0.15
Net realized and unrealized gain (loss)		(0.88)		1.03		0.04		(0.89)		1.01		0.05

Total from investment operations		(0.42)		1.47		0.23		(0.51)		1.38		0.20

Less distributions:

From net investment income		(0.46)		(0.45)		(0.19)		(0.38)		(0.38)		(0.16)
From net realized gain		(0.03)		—		—		(0.03)		—		—


Total distributions		(0.49)		(0.45)		(0.19)		(0.41)		(0.38)		(0.16)

Net asset value at end of period		$10.15		$11.06		$10.04		$10.12		$11.04		$10.04


Total return³		(3.86%)		15.24%		2.26%		(4.64%)		14.28%		1.90%

Portfolio turnover rate⁴		81%		30%		9%		81%		30%		9%

Net assets, end of period (in thousands)		$2		$14		$1		$1		$1		$1

Ratios to average net assets:⁵
Total expenses to average net assets:
Total expenses before reimbursements		1.66%		1.93%		4.61%		2.41%		2.73%		5.35%
Total expenses after reimbursements		1.20%		1.20%		1.20%		1.95%		1.95%		1.95%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		3.75%		3.62%		0.57%		3.16%		2.86%		(0.18%)
Net investment income after reimbursements		4.21%		4.35%		3.98%		3.62%		3.64%		3.22%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Sovereign Debt Fund

	Institutional Class
	2013		2012		2011⁶
Net asset value at beginning of period		$10.99		$9.99		$10.00

Income (loss) from investment operations:
Net investment income (loss)²		0.48		0.48		0.40
Net realized and unrealized gain (loss)		(0.87)		1.01		—

Total from investment operations		(0.39)		1.49		0.40

Less distributions

From net investment income		(0.49)		(0.49)		(0.41)
From net realized gain		(0.03)		—		—


Total distributions		(0.52)		(0.49)		(0.41)

Net asset value at end of period		$10.08		$10.99		$9.99


Total return³		(3.64%)		15.32%		4.15%

Portfolio turnover rate⁴		81%		30%		9%

Net assets, end of period (in thousands)		$29,004		$35,025		$30,533

Ratios to average net assets:⁵
Total expenses to average net assets:
Total expenses before reimbursements		1.41%		1.63%		3.63%
Total expenses after reimbursements		0.92%		0.92%		0.92%

Net investment income to average net assets:
Net investment income before reimbursements		4.08%		3.95%		1.74%
Net investment income after reimbursements		4.57%		4.66%		4.45%

¹	Class A and Class C commenced investment operations on May 12, 2011.

²	Per share amounts are based on average number of shares outstanding during the period.

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

⁵	Annualized for periods less than one year.

⁶	The Institutional Class commenced investment operations on December 8, 2010.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Total Return Fund

			Class A						Class C
	2013		2012		2011¹		2013		2012		2011¹
Net asset value at beginning of period		$10.05		$9.37		$10.00		$10.05		$9.36		$10.00

Income (loss) from investment operations:
Net investment income (loss)		0.41		0.43²		0.22²		0.33		0.39²		0.19²
Net realized and unrealized gain (loss)		(0.57)		0.68		(0.66)		(0.57)		0.66		(0.66)

Total from investment operations		(0.16)		1.11		(0.44)		(0.24)		1.05		(0.47)

Less distributions:

From net investment income		(0.43)		(0.43)		(0.09)		(0.36)		(0.36)		(0.08)
From net realized gain		(0.16)		—		—		(0.16)		—		—
Tax return of capital		—		—		(0.10)		—		—		(0.09)


Total distributions		(0.59)		(0.43)		(0.19)		(0.52)		(0.36)		(0.17)

Net asset value at end of period		$9.30		$10.05		$9.37		$9.29		$10.05		$9.36


Total return³		(1.70%)		12.20%		(4.40%)		(2.44%)		11.42%		(4.79%)

Portfolio turnover rate⁴		85%		83%		39%		85%		83%		39%

Net assets, end of period (in thousands)		$10,344		$3,263		$509		$969		$541		$1

Ratios to average net assets:⁵
Total expenses to average net assets:
Total expenses before reimbursements		1.38%		1.48%		1.75%		2.13%		2.21%		2.82%
Total expenses after reimbursements		1.30%		1.30%		1.30%		2.05%		2.05%		2.05%

Net investment income to average net assets:
Net investment income before reimbursements		4.55%		3.99%		4.21%		3.83%		2.62%		3.32%
Net investment income after reimbursements		4.63%		4.17%		4.66%		3.91%		2.78%		4.09%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Total Return Fund

	Institutional Class
	2013		2012			2011⁶
Net asset value at beginning of period		$ 10.20		$ 9.50			$ 10.00

Income (loss) from investment operations:
Net investment income (loss)		0.45		0.44	²		0.46	²
Net realized and unrealized gain (loss)		(0.60)		0.72			(0.34)

Total from investment operations		(0.15)		1.16			0.12

Less distributions:

From net investment income		(0.46)		(0.46)			(0.29)
From net realized gain		(0.16)		—			—
Tax return of capital		—		—			(0.33)


Total distributions		(0.62)		(0.46)			(0.62)

Net asset value at end of period		$ 9.43		$ 10.20			$ 9.50



Total return³		(1.48%)		12.50%			1.11%

Portfolio turnover rate⁴		85%		83%			39%

Net assets, end of period (in thousands)		$662,412		$513,956			$101,947

Ratios to average net assets:⁵
Total expenses to average net assets:
Total expenses before reimbursements		1.13%		1.22%			1.63%
Total expenses after reimbursements		1.02%		1.02%			1.02%

Net investment income to average net assets:
Net investment income before reimbursements		4.81%		4.11%			4.63%
Net investment income after reimbursements		4.92%		4.31%			5.24%

¹	Class A and Class C commenced investment operations on May 12, 2011.

²	Per share amounts are based on average number of shares outstanding during the period.

⁴

⁵	Annualized for periods less than one year.

⁶	The Institutional Class commenced investment operations on December 8, 2010.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Equity Fund

	Class A				Class C
	2013		2012¹		2013		2012²
Net asset value at beginning of period		$ 9.01		$ 10.00		$ 10.32		$ 10.00

Income (loss) from investment operations:
Net investment income (loss)³		0.08		0.08		(0.03)		(0.01)
Net realized and unrealized gain (loss)		0.64		(0.98)		0.78		0.36

Total from investment operations		0.72		(0.90)		0.75		0.35

Less distributions:

From net investment income		(0.06)		(0.09)		(0.06)		(0.03)
Tax return of capital		(0.01)		—		(0.01)		—


Total distributions		(0.07)		(0.09)		(0.07)		(0.03)

Net asset value at end of period		$ 9.66		$ 9.01		$ 11.00		$ 10.32



Total return⁴		8.11%		(8.94%)		7.58%		3.26%

Portfolio turnover rate⁵		92%		95%		92%		95%

Net assets, end of period (in thousands)		$28		$1		$1		$1

Ratios to average net assets:
Total expenses to average net assets:
Total expenses before reimbursements		3.01%		4.40%		3.77%		5.40%
Total expenses after reimbursements		1.45%		1.45%		2.20%		2.20%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(0.70%)		(1.60%)		(1.81%)		(3.82%)
Net investment income (loss) after reimbursements		0.86%		1.35%		(0.24%)		(0.62%)

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Equity Fund

	Institutional Class
	2013		2012		2011⁶
Net asset value at beginning of period		$ 8.62		$ 8.81		$ 10.00

Income (loss) from investment operations:
Net investment income (loss)³		0.07		0.09		0.05
Net realized and unrealized gain (loss)		0.65		(0.17)		(1.19)

Total from investment operations		0.72		(0.08)		(1.14)

Less distributions:

From net investment income		(0.06)		(0.10)		(0.05)
Tax return of capital		(0.01)		(0.01)		—


Total distributions		(0.07)		(0.11)		(0.05)

Net asset value at end of period		$ 9.27		$ 8.62		$ 8.81



Total return⁴		8.48%		(0.87%)		(11.37%)

Portfolio turnover rate⁵		92%		95%		75%

Net assets, end of period (in thousands)		$9,825		$8,742		$8,848

Ratios to average net assets:
Total expenses to average net assets:
Total expenses before reimbursements		2.76%		4.09%		5.34%
Total expenses after reimbursements		1.17%		1.17%		1.17%

Net investment income/(loss) to average net assets:
Net investment loss before reimbursements		(0.79%)		(1.84%)		(2.55%)
Net investment income after reimbursements		0.80%		1.08%		1.62%

¹	Class A commenced investment operations on February 27, 2012.

²	Class C commenced investment operations on August 24, 2012.

³	Per share amounts are based on average number of shares outstanding during the period.

⁴

⁵	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁶	The Institutional Class commenced investment operations on June 22, 2011.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Small-Cap Equity Fund

	Class A				Class C
	2013		2012¹		2013		2012²
Net asset value at beginning of period		$ 9.77		$ 10.00		$ 10.48		$ 10.00

Income (loss) from investment operations:
Net investment income (loss)³		0.08		0.02		(0.06)		(0.01)
Net realized and unrealized gain (loss)		1.31		(0.20)		1.46		0.54

Total from investment operations		1.39		(0.18)		1.40		0.53

Less distributions:

From net investment income		(0.03)		(0.05)		(0.03)		(0.05)
From net realized gain		(0.52)		—		(0.52)		—


Total distributions		(0.55)		(0.05)		(0.55)		(0.05)

Net asset value at end of period		$ 10.61		$ 9.77		$ 11.33		$ 10.48



Total return⁴		14.65%		(1.73)%		13.93%		5.17%

Portfolio turnover rate⁵		113%		94%		113%		94%

Net assets, end of period (in thousands)		$265		$238		$12		$1

Ratios to average net assets:⁶
Total expenses to average net assets:
Total expenses before reimbursements		2.35%		3.43%		3.10%		5.12%
Total expenses after reimbursements		1.80%		1.80%		2.55%		2.55%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		0.25%		(1.15%)		(1.13%)		(3.35%)
Net investment income (loss) after reimbursements		0.80%		0.48%		(0.58%)		(0.78%)

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Periods Ended October 31,


Ashmore Emerging Markets Small-Cap Equity Fund

	Institutional Class
	2013		2012		2011⁷
Net asset value at beginning of period		$ 11.79		$ 11.58		$ 10.00

Income (loss) from investment operations:
Net investment income (loss)³		0.02		0.05		(0.01)
Net realized and unrealized gain (loss)		1.70		0.25		1.59

Total from investment operations		1.72		0.30		1.58

Less distributions:

From net investment income		(0.03)		(0.05)		—
From net realized gain		(0.52)		(0.04)		—


Total distributions		(0.55)		(0.09)		—

Net asset value at end of period		$ 12.96		$ 11.79		$ 11.58



Total return⁴		15.04%		2.61%		15.80%

Portfolio turnover rate⁵		113%		94%		20%

Net assets, end of period (in thousands)		$30,370		$13,359		$11,576

Ratios to average net assets:⁶
Total expenses to average net assets:
Total expenses before reimbursements		2.11%		3.43%		15.42%
Total expenses after reimbursements		1.52%		1.52%		1.52%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(0.42%)		(1.46%)		(14.76%)
Net investment income (loss) after reimbursements		0.17%		0.45%		(0.86%)

¹	Class A commenced investment operations on February 1, 2012.

²	Class C commenced investment operations on August 24, 2012.

³	Per share amounts are based on average number of shares outstanding during the period.

⁴

⁵	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁶	Annualized for periods less than one year.

⁷	The Institutional Class commenced investment operations on October 4, 2011.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Debt Securities

Argentina (Cost $195,987)
WPE International Cooperatief UA 10.375%, 09/30/2020			200,000	$	140,000		0.08

					140,000		0.08
Barbados (Cost $961,232)
Columbus International, Inc. 11.500%, 11/20/2014			900,000		969,750		0.52

					969,750		0.52
Brazil (Cost $10,268,310)
Banco do Brasil S.A. 3.875%, 10/10/2022			200,000		182,000		0.10
Banco do Brasil S.A. 8.500%, 10/29/2049			100,000		112,750		0.06
Banco Santander Brasil S.A. 8.000%, 03/18/2016	BRL		600,000		250,424		0.13
Banco Santander Brasil S.A. 4.625%, 02/13/2017			200,000		210,000		0.11
Banco Votorantim S.A. 6.250%, 05/16/2016	BRL		1,380,264		588,583		0.32
Braskem Finance Ltd. 5.750%, 04/15/2021			200,000		204,700		0.11
BRF S.A. 5.875%, 06/06/2022			200,000		208,000		0.11
Cia Energetica de Sao Paulo 9.750%, 01/15/2015	BRL		358,543		161,865		0.09
Cosan Luxembourg S.A. 9.500%, 03/14/2018	BRL		1,400,000		556,200		0.30
Gerdau Holdings, Inc. 7.000%, 01/20/2020			100,000		109,600		0.06
Globo Comunicacao e Participacoes S.A. 4.875%, 04/11/2022			200,000		202,000		0.11
Itau Unibanco Holding S.A. 5.650%, 03/19/2022			200,000		198,500		0.11
JBS Finance II Ltd. 8.250%, 01/29/2018			200,000		209,500		0.11
Marfrig Holding Europe B.V. 9.875%, 07/24/2017			1,400,000		1,398,250		0.75
Marfrig Holding Europe B.V. 8.375%, 05/09/2018			900,000		848,250		0.45
Marfrig Overseas Ltd. 9.500%, 05/04/2020			1,050,000		1,013,250		0.54
Minerva Luxembourg S.A. 12.250%, 02/10/2022⁽²⁾			200,000		224,000		0.12
Minerva Luxembourg S.A. 7.750%, 01/31/2023⁽²⁾			700,000		679,000		0.36
Mirabela Nickel Ltd. 8.750%, 04/15/2018			195,000		68,250		0.04
Odebrecht Finance Ltd. 4.375%, 04/25/2025			230,000		206,425		0.11
OGX Austria GmbH 8.500%, 06/01/2018⁽³⁾			700,000		66,500		0.04
Oi S.A. 5.750%, 02/10/2022			200,000		187,500		0.10
OSX 3 Leasing B.V. 9.250%, 03/20/2015⁽⁴⁾			910,000		731,412		0.39
Petrobras Global Finance B.V., FRN 2.384%, 01/15/2019			230,000		223,560		0.12
Petrobras Global Finance B.V. 4.375%, 05/20/2023			50,000		46,205		0.02
Samarco Mineracao S.A. 4.125%, 11/01/2022			200,000		182,800		0.10
Schahin II Finance Co. SPV Ltd. 5.875%, 09/25/2022			191,600		186,810		0.10
Telemar Norte Leste S.A. 5.500%, 10/23/2020			100,000		96,000		0.05
					9,352,334		5.01
Chile (Cost $2,608,768)
Automotores Gildemeister S.A. 8.250%, 05/24/2021			300,000		274,500		0.15
Automotores Gildemeister S.A. 6.750%, 01/15/2023			150,000		126,750		0.07
Banco de Credito e Inversiones 4.000%, 02/11/2023			200,000		186,804		0.10
Banco Santander Chile 6.500%, 09/22/2020	CLP		100,000,000		194,046		0.10
Cencosud S.A. 5.500%, 01/20/2021			150,000		155,552		0.08
Cencosud S.A. 4.875%, 01/20/2023			200,000		192,118		0.10
E.CL S.A. 5.625%, 01/15/2021			100,000		104,817		0.06
Inversiones Alsacia S.A. 8.000%, 08/18/2018			123,782		90,361		0.05
Inversiones CMPC S.A. 4.375%, 05/15/2023			200,000		189,403		0.10
SACI Falabella 3.750%, 04/30/2023			200,000		184,000		0.10
SMU S.A. 7.750%, 02/08/2020			400,000		222,000		0.12

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Chile - (continued)
Sociedad Quimica y Minera de Chile S.A. 3.625%, 04/03/2023			200,000	$	172,951		0.09
Telefonica Chile S.A. 3.875%, 10/12/2022			200,000		184,711		0.10
					2,278,013		1.22
China (Cost $24,561,086)
21Vianet Group, Inc. 7.875%, 03/22/2016	CNY		2,000,000		336,966		0.18
Agile Property Holdings Ltd. 10.000%, 11/14/2016			200,000		210,260		0.11
Agile Property Holdings Ltd. 9.875%, 03/20/2017			400,000		438,000		0.23
Baidu, Inc. 3.500%, 11/28/2022			200,000		187,326		0.10
Bestgain Real Estate Ltd. 2.625%, 03/13/2018			600,000		566,076		0.30
Chaowei Power Holdings Ltd. 7.250%, 09/24/2017	CNY		1,000,000		157,027		0.08
China Automation Group Ltd. 7.750%, 04/20/2016			400,000		404,000		0.22
China CITIC Bank International Ltd. 6.875%, 06/24/2020			100,000		111,646		0.06
China Forestry Holdings Co. Ltd. 10.250%, 11/17/2015			60,000		22,200		0.01
China Lesso Group Holdings Ltd. 7.875%, 05/13/2016			700,000		738,500		0.40
China Oriental Group Co. Ltd. 8.000%, 08/18/2015			650,000		664,625		0.36
China Overseas Finance Cayman II Ltd. 5.500%, 11/10/2020			100,000		105,691		0.06
China Railway Resources Huitung Ltd. 3.850%, 02/05/2023			200,000		187,164		0.10
China SCE Property Holdings Ltd. 11.500%, 11/14/2017			600,000		655,500		0.35
COSL Finance BVI Ltd. 3.250%, 09/06/2022			200,000		183,671		0.10
Country Garden Holdings Co. Ltd. 11.125%, 02/23/2018			800,000		892,960		0.48
Country Garden Holdings Co. Ltd. 7.250%, 04/04/2021⁽⁴⁾			300,000		299,640		0.16
Country Garden Holdings Co. Ltd. 7.500%, 01/10/2023			1,300,000		1,295,125		0.69
Emerald Plantation Holdings Ltd. 6.000%, 01/30/2020⁽²⁾⁽⁵⁾			80,635		49,591		0.03
ENN Energy Holdings Ltd. 6.000%, 05/13/2021			200,000		214,567		0.12
Evergrande Real Estate Group Ltd. 13.000%, 01/27/2015⁽²⁾			350,000		375,375		0.20
Evergrande Real Estate Group Ltd. 8.750%, 10/30/2018⁽²⁾			1,000,000		1,011,200		0.54
Far East Energy Bermuda Ltd. 13.000%, 01/15/2016⁽²⁾⁽⁵⁾			213,291		213,291		0.11
Fosun International Ltd. 7.500%, 05/12/2016			200,000		207,500		0.11
Franshion Development Ltd. 6.750%, 04/15/2021			400,000		405,000		0.22
Fufeng Group Ltd. 7.625%, 04/13/2016			800,000		816,000		0.44
Gemdale International Investment Ltd. 7.125%, 11/16/2017			1,500,000		1,560,000		0.84
Hengdeli Holdings Ltd. 6.250%, 01/29/2018			700,000		715,750		0.38
Hidili Industry International Development Ltd. 8.625%, 11/04/2015			100,000		72,000		0.04
Hyva Global B.V. 8.625%, 03/24/2016			400,000		398,000		0.21
KWG Property Holding Ltd. 13.250%, 03/22/2017			600,000		696,000		0.37
KWG Property Holding Ltd. 12.500%, 08/18/2017			500,000		553,750		0.30
Lonking Holdings Ltd. 8.500%, 06/03/2016			800,000		830,000		0.45
MIE Holdings Corp. 6.875%, 02/06/2018			200,000		191,000		0.10
Nord Anglia Education, Inc. 8.500%, 02/15/2018⁽⁵⁾			200,000		202,000		0.11
Powerlong Real Estate Holdings Ltd. 13.750%, 09/16/2015			100,000		106,500		0.06
Powerlong Real Estate Holdings Ltd. 11.250%, 01/25/2018			900,000		895,500		0.48
Shimao Property Holdings Ltd. 11.000%, 03/08/2018			200,000		224,500		0.12
Shimao Property Holdings Ltd. 6.625%, 01/14/2020			1,100,000		1,061,500		0.57
Sino-Forest Corp. 5.000%, 08/01/2013⁽⁶⁾			21,000		—		—
Sino-Forest Corp. 10.250%, 07/28/2014⁽⁶⁾			82,000		—		—
Sino-Forest Corp. 4.250%, 12/15/2016⁽⁶⁾			113,000		—		—
Sino-Forest Corp. 6.250%, 10/21/2017⁽⁶⁾			252,000		—		—
Sunac China Holdings Ltd. 12.500%, 10/16/2017			1,100,000		1,240,250		0.66
Sunac China Holdings Ltd. 9.375%, 04/05/2018			400,000		411,000		0.22
Tencent Holdings Ltd. 4.625%, 12/12/2016			200,000		215,169		0.12

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
China - (continued)
Texhong Textile Group Ltd. 6.500%, 01/18/2019			400,000	$	398,000		0.21
West China Cement Ltd. 7.500%, 01/25/2016			1,100,000		1,108,250		0.59
Yanlord Land Group Ltd. 9.500%, 05/04/2017			500,000		532,500		0.29
Yanlord Land Group Ltd. 10.625%, 03/29/2018			600,000		657,000		0.35
Yingde Gases Investment Ltd. 8.125%, 04/22/2018			1,000,000		1,022,500		0.55
Yuzhou Properties Co. Ltd. 11.750%, 10/25/2017			800,000		900,000		0.48
					24,740,070		13.26
Colombia (Cost $2,856,428)
Banco Davivienda S.A. 2.950%, 01/29/2018			400,000		390,000		0.21
Banco de Bogota S.A. 5.375%, 02/19/2023			200,000		198,000		0.11
Bancolombia S.A. 4.250%, 01/12/2016			100,000		104,000		0.06
Bancolombia S.A. 5.125%, 09/11/2022			400,000		382,000		0.20
Ecopetrol S.A. 4.250%, 09/18/2018			200,000		210,000		0.11
Empresa de Energia de Bogota S.A. 6.125%, 11/10/2021			200,000		210,000		0.11
Empresa de Telecomunicaciones de Bogota 7.000%, 01/17/2023	COP		600,000,000		273,470		0.15
Grupo Aval Ltd. 4.750%, 09/26/2022			200,000		187,750		0.10
Gruposura Finance 5.700%, 05/18/2021			200,000		207,000		0.11
Millicom International Cellular S.A. 6.625%, 10/15/2021⁽²⁾			600,000		616,500		0.33
					2,778,720		1.49
Czech Republic (Cost $1,435,249)
EP Energy A.S. 5.875%, 11/01/2019	EUR		200,000		294,971		0.16
New World Resources N.V. 7.875%, 05/01/2018	EUR		790,000		756,737		0.40
New World Resources N.V. 7.875%, 01/15/2021	EUR		350,000		184,623		0.10
					1,236,331		0.66
Hong Kong (Cost $5,687,531)
CFG Investment S.A.C. 9.750%, 07/30/2019⁽²⁾			200,000		191,000		0.10
CIFI Holdings Group Co. Ltd. 12.250%, 04/15/2018			1,900,000		2,118,500		1.14
Fosun International Ltd. 7.500%, 05/12/2016			600,000		622,500		0.33
HKCG Finance Ltd. 6.250%, 08/07/2018			100,000		116,122		0.06
Hutchison Whampoa International 11 Ltd. 4.625%, 01/13/2022			400,000		412,682		0.22
Noble Group Ltd. 4.875%, 08/05/2015			100,000		104,150		0.06
Nord Anglia Education UK Holdings PLC 10.250%, 04/01/2017			800,000		888,000		0.48
Pacnet Ltd. 9.250%, 11/09/2015			400,000		404,000		0.22
PCCW-HKT Capital No 3 Ltd. 5.250%, 07/20/2015			200,000		212,643		0.11
PCCW-HKT Capital No 4 Ltd. 4.250%, 02/24/2016			175,000		184,191		0.10
PCCW-HKT Capital No 5 Ltd. 3.750%, 03/08/2023			200,000		184,788		0.10
Wharf Finance Ltd. 6.125%, 11/06/2017			300,000		336,495		0.18
					5,775,071		3.10
India (Cost $5,512,106)
Bank of Baroda 6.625%, 05/25/2022			220,000		213,806		0.12
Bharti Airtel International Netherlands B.V. 5.125%, 03/11/2023			400,000		375,000		0.20
ICICI Bank Ltd. 5.750%, 11/16/2020			200,000		207,198		0.11
Reliance Holdings USA, Inc. 5.400%, 02/14/2022			500,000		511,225		0.27
Vedanta Resources PLC 6.000%, 01/31/2019			800,000		772,000		0.41
Vedanta Resources PLC 8.250%, 06/07/2021			1,400,000		1,442,000		0.77
Vedanta Resources PLC 7.125%, 05/31/2023			2,100,000		2,005,500		1.08
					5,526,729		2.96
Indonesia (Cost $1,251,887)
Bumi Investment Pte Ltd. 10.750%, 10/06/2017			200,000		122,000		0.07

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Indonesia - (continued)
Enercoal Resources Pte Ltd. 9.250%, 08/05/2014			200,000	$	104,000		0.06
Indo Energy Finance B.V. 7.000%, 05/07/2018			200,000		209,750		0.11
Indo Energy Finance II B.V. 6.375%, 01/24/2023			600,000		526,500		0.28
Indosat Palapa Co. B.V. 7.375%, 07/29/2020			200,000		215,250		0.11
					1,177,500		0.63
Israel (Cost $4,982,286)
Altice Financing S.A. 7.875%, 12/15/2019			800,000		866,400		0.46
Altice Financing S.A. 8.000%, 12/15/2019	EUR		1,400,000		2,063,373		1.11
Altice Finco S.A. 9.875%, 12/15/2020			600,000		670,500		0.36
Altice Finco S.A. 9.000%, 06/15/2023	EUR		200,000		294,632		0.16
Israel Electric Corp. Ltd. 5.625%, 06/21/2018			200,000		210,500		0.11
Israel Electric Corp. Ltd. 7.250%, 01/15/2019			700,000		780,500		0.42
Israel Electric Corp. Ltd. 6.875%, 06/21/2023			200,000		214,300		0.11
					5,100,205		2.73
Jamaica (Cost $14,498,267)
Digicel Group Ltd. 10.500%, 04/15/2018			3,350,000		3,618,000		1.94
Digicel Group Ltd. 8.250%, 09/30/2020			3,800,000		4,009,000		2.15
Digicel Ltd. 7.000%, 02/15/2020			1,500,000		1,522,500		0.81
Digicel Ltd. 6.000%, 04/15/2021			5,460,000		5,296,200		2.84
					14,445,700		7.74
Kazakhstan (Cost $8,134,515)
ATF Bank JSC 9.000%, 05/11/2016			200,000		199,250		0.11
Development Bank of Kazakhstan JSC 4.125%, 12/10/2022			600,000		553,500		0.30
Kaspi Bank JSC 9.875%, 10/28/2016⁽⁴⁾			700,000		698,250		0.37
KazAgro National Management Holding JSC 4.625%, 05/24/2023			200,000		189,050		0.10
Kazkommertsbank JSC 7.875%, 04/07/2014			1,100,000		1,105,500		0.59
Kazkommertsbank JSC 8.000%, 11/03/2015			600,000		606,000		0.32
Kazkommertsbank JSC 7.500%, 11/29/2016			700,000		684,250		0.37
Kazkommertsbank JSC 6.875%, 02/13/2017	EUR		1,550,000		2,046,638		1.10
Kazkommertsbank JSC 8.500%, 05/11/2018			1,000,000		957,500		0.51
KazMunayGas National Co. JSC 5.750%, 04/30/2043			200,000		181,480		0.10
Zhaikmunai LLP 7.125%, 11/13/2019			900,000		958,500		0.51
					8,179,918		4.38
Kuwait (Cost $349,970)
Kuwait Projects Co. 9.375%, 07/15/2020			300,000		360,000		0.19
					360,000		0.19
Lithuania (Cost $937,105)
Bite Finance International B.V., FRN 7.725%, 02/15/2018	EUR		700,000		967,057		0.52
					967,057		0.52
Malaysia (Cost $404,062)
IOI Investment L Bhd. 4.375%, 06/27/2022			200,000		191,800		0.10
Malayan Banking Bhd., FRN 3.250%, 09/20/2022			200,000		198,780		0.11
					390,580		0.21
Mexico (Cost $18,771,142)
Alpek S.A. de C.V. 4.500%, 11/20/2022			400,000		386,500		0.21
America Movil S.A.B. de C.V., FRN 1.256%, 09/12/2016			300,000		302,618		0.16
America Movil S.A.B. de C.V. 3.125%, 07/16/2022			200,000		188,324		0.10
America Movil S.A.B. de C.V. 6.450%, 12/05/2022	MXN		6,000,000		434,202		0.23
BBVA Bancomer S.A. 6.500%, 03/10/2021			300,000		324,750		0.17
BBVA Bancomer S.A. 6.750%, 09/30/2022			350,000		379,750		0.20
Cemex Espana Luxembourg 9.875%, 04/30/2019			1,150,000		1,299,500		0.70
Cemex Espana Luxembourg 9.250%, 05/12/2020			1,879,000		2,048,110		1.10

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Mexico - (continued)
Cemex Finance LLC 9.375%, 10/12/2022			3,300,000	$	3,704,250		1.99
Cemex S.A.B. de C.V. 9.000%, 01/11/2018			1,350,000		1,468,125		0.79
Cemex S.A.B. de C.V. 9.500%, 06/15/2018			200,000		227,500		0.12
Cemex S.A.B. de C.V. 5.875%, 03/25/2019			900,000		880,875		0.47
Cemex S.A.B. de C.V. 6.500%, 12/10/2019			300,000		304,500		0.16
Cemex S.A.B. de C.V. 7.250%, 01/15/2021⁽⁴⁾			1,000,000		1,018,750		0.55
Comision Federal de Electricidad 4.875%, 05/26/2021			200,000		208,500		0.11
Corp. GEO S.A.B. de C.V. 9.250%, 06/30/2020⁽³⁾			100,000		15,000		0.01
Corp. GEO S.A.B. de C.V. 8.875%, 03/27/2022⁽³⁾			200,000		30,000		0.02
Desarrolladora Homex S.A.B. de C.V. 9.500%, 12/11/2019⁽³⁾			100,000		16,500		0.01
Desarrolladora Homex S.A.B. de C.V. 9.750%, 03/25/2020⁽³⁾			100,000		16,500		0.01
Empresas ICA S.A.B. de C.V. 8.375%, 07/24/2017			760,000		758,100		0.41
Fomento Economico Mexicano S.A.B. de C.V. 2.875%, 05/10/2023			500,000		453,131		0.24
Grupo Televisa S.A.B. 6.625%, 03/18/2025			370,000		432,393		0.23
Mexichem S.A.B. de C.V. 4.875%, 09/19/2022			275,000		272,250		0.15
Mexichem S.A.B. de C.V. 6.750%, 09/19/2042			200,000		196,500		0.10
NII Capital Corp. 10.000%, 08/15/2016			100,000		78,000		0.04
NII Capital Corp. 8.875%, 12/15/2019			150,000		93,750		0.05
NII Capital Corp. 7.625%, 04/01/2021			1,980,000		1,148,400		0.62
Petroleos Mexicanos 7.650%, 11/24/2021	MXN		5,800,000		469,902		0.25
Urbi Desarrollos Urbanos S.A.B. de C.V. 8.500%, 04/19/2016⁽²⁾⁽³⁾			100,000		16,000		0.01
Urbi Desarrollos Urbanos S.A.B. de C.V. 9.500%, 01/21/2020⁽²⁾⁽³⁾			500,000		80,000		0.04
Urbi Desarrollos Urbanos S.A.B. de C.V. 9.750%, 02/03/2022⁽²⁾⁽³⁾			850,000		136,000		0.07
					17,388,680		9.32
Mongolia (Cost $1,301,075)
Mongolian Mining Corp. 8.875%, 03/29/2017			950,000		776,625		0.42
Trade & Development Bank of Mongolia LLC 8.500%, 09/20/2015			400,000		392,103		0.21
					1,168,728		0.63
Nigeria (Cost $4,496,747)
Afren PLC 11.500%, 02/01/2016			400,000		456,500		0.24
Afren PLC 10.250%, 04/08/2019			200,000		229,000		0.12
FBN Finance Co. B.V., FRN 8.250%, 08/07/2020			1,600,000		1,635,200		0.88
Frigoglass Finance B.V. 8.250%, 05/15/2018	EUR		200,000		292,391		0.16
Sea Trucks Group 9.000%, 03/26/2018⁽⁴⁾			2,000,000		1,890,000		1.01
					4,503,091		2.41
Panama (Cost $423,778)
Sable International Finance Ltd. 8.750%, 02/01/2020			400,000		452,000		0.24
					452,000		0.24
Paraguay (Cost $872,810)
Banco Bilbao Vizcaya Argentaria Paraguay S.A. 9.750%, 02/11/2016			150,000		159,938		0.09
Telefonica Celular del Paraguay S.A. 6.750%, 12/13/2022			700,000		707,000		0.38
					866,938		0.47
Peru (Cost $3,479,311)
Ajecorp B.V. 6.500%, 05/14/2022			1,150,000		1,161,500		0.62

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Peru - (continued)
Alicorp S.A.A. 3.875%, 03/20/2023			150,000	$	141,000		0.08
Banco de Credito del Peru 4.250%, 04/01/2023			200,000		190,500		0.10
Banco Internacional del Peru S.A.A. 5.750%, 10/07/2020			200,000		208,000		0.11
BBVA Banco Continental S.A. 5.000%, 08/26/2022			200,000		204,500		0.11
Corp. Azucarera del Peru S.A. 6.375%, 08/02/2022			1,000,000		975,000		0.52
Southern Copper Corp. 3.500%, 11/08/2022			300,000		279,814		0.15
Southern Copper Corp. 6.750%, 04/16/2040			100,000		98,586		0.05
Transportadora de Gas del Peru S.A. 4.250%, 04/30/2028			200,000		180,956		0.10
					3,439,856		1.84
Philippines (Cost $1,187,874)
JGSH Philippines Ltd. 4.375%, 01/23/2023			600,000		561,000		0.30
Petron Corp. 7.000%, 11/10/2017	PHP		25,000,000		571,986		0.31
					1,132,986		0.61
Poland (Cost $3,562,328)
Eileme 1 AB 14.250%, 08/15/2020⁽⁵⁾			428,500		460,638		0.25
Eileme 2 AB 11.750%, 01/31/2020	EUR		1,050,000		1,684,391		0.90
Koleje Mazowieckie Finance AB 6.750%, 03/09/2016	EUR		125,000		177,780		0.10
PKO Finance AB 4.630%, 09/26/2022			600,000		606,000		0.32
Polish Television Holding B.V. 11.000%, 01/15/2021⁽²⁾⁽⁵⁾	EUR		500,000		717,978		0.39
					3,646,787		1.96
Qatar (Cost $1,535,540)
CBQ Finance Ltd. 7.500%, 11/18/2019			200,000		235,000		0.13
Nakilat, Inc. 6.267%, 12/31/2033			93,759		99,384		0.05
Qtel International Finance Ltd. 6.500%, 06/10/2014			400,000		412,520		0.22
Qtel International Finance Ltd. 5.000%, 10/19/2025			200,000		205,500		0.11
Qtel International Finance Ltd. 4.500%, 01/31/2043			300,000		269,310		0.15
Ras Laffan Liquefied Natural Gas Co. Ltd. III 5.838%, 09/30/2027			250,000		268,750		0.14
					1,490,464		0.80
Russian Federation (Cost $20,597,082)
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.500%, 09/26/2019			1,900,000		2,023,500		1.09
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.750%, 04/28/2021			600,000		652,500		0.35
Brunswick Rail Finance Ltd. 6.500%, 11/01/2017			1,200,000		1,230,000		0.66
CEDC Finance Corp. International, Inc., FRN 8.000%, 04/30/2018			815,127		761,967		0.41
CEDC Finance Corp. International, Inc. 10.000%, 04/30/2018⁽⁵⁾			341,085		300,088		0.16
Credit Bank of Moscow Via CBOM Finance PLC 7.700%, 02/01/2018			400,000		416,000		0.22
Far East Capital Ltd. S.A. 8.000%, 05/02/2018⁽²⁾			200,000		181,000		0.10
Far East Capital Ltd. S.A. 8.750%, 05/02/2020⁽²⁾			500,000		451,250		0.24
Gazprom Neft OAO Via GPN Capital S.A. 4.375%, 09/19/2022			400,000		376,500		0.20
Gazprom OAO Via Gaz Capital S.A. 6.212%, 11/22/2016			200,000		220,140		0.12
Gazprom OAO Via Gaz Capital S.A. 5.136%, 03/22/2017	EUR		100,000		147,777		0.08
Lukoil International Finance B.V. 6.356%, 06/07/2017			100,000		111,930		0.06
Lukoil International Finance B.V. 4.563%, 04/24/2023			200,000		191,250		0.10
Metalloinvest Finance Ltd. 5.625%, 04/17/2020			900,000		895,500		0.48
MMC Finance Ltd. 5.550%, 10/28/2020⁽⁴⁾			200,000		202,016		0.11
Novatek OAO via Novatek Finance Ltd. 4.422%, 12/13/2022			200,000		190,250		0.10

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Russian Federation - (continued)
Petropavlovsk 2010 Ltd. 4.000%, 02/18/2015			400,000	$	262,000		0.14
Phosagro OAO via Phosagro Bond Funding Ltd. 4.204%, 02/13/2018			400,000		401,000		0.22
Promsvyazbank OJSC Via PSB Finance S.A. 11.250%, 07/08/2016			100,000		112,250		0.06
Promsvyazbank OJSC Via PSB Finance S.A. 8.500%, 04/25/2017			900,000		972,000		0.52
Promsvyazbank OJSC Via PSB Finance S.A. 10.200%, 11/06/2019			1,400,000		1,505,000		0.81
Rosneft Finance S.A. 7.875%, 03/13/2018			100,000		116,125		0.06
Rosneft Finance S.A. 7.250%, 02/02/2020			200,000		228,500		0.12
Rosneft Oil Co. via Rosneft International Finance Ltd. 3.149%, 03/06/2017			200,000		201,500		0.11
Rosneft Oil Co. via Rosneft International Finance Ltd. 4.199%, 03/06/2022			200,000		187,500		0.10
Russian Standard Bank Via Russian Standard Finance S.A. 9.250%, 07/11/2017			400,000		420,000		0.23
Russian Standard Bank Via Russian Standard Finance S.A. 10.750%, 04/10/2018			1,200,000		1,231,500		0.66
Sberbank of Russia Via SB Capital S.A. 5.499%, 07/07/2015			300,000		317,625		0.17
Sberbank of Russia Via SB Capital S.A. 4.950%, 02/07/2017			200,000		212,500		0.11
Tinkoff Credit Systems Via TCS Finance Ltd. 11.500%, 04/21/2014			200,000		206,750		0.11
Tinkoff Credit Systems Via TCS Finance Ltd. 10.750%, 09/18/2015			800,000		858,640		0.46
Tinkoff Credit Systems Via TCS Finance Ltd. 14.000%, 06/06/2018			700,000		791,000		0.42
TMK OAO Via TMK Capital S.A. 7.750%, 01/27/2018			200,000		209,500		0.11
TMK OAO Via TMK Capital S.A. 6.750%, 04/03/2020			200,000		195,500		0.11
VEB-Leasing Via VEB Leasing Investment Ltd. 5.125%, 05/27/2016			200,000		211,000		0.11
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748%, 02/02/2021			1,300,000		1,423,500		0.76
VimpelCom Holdings B.V. 9.000%, 02/13/2018	RUB		16,000,000		503,886		0.27
VimpelCom Holdings B.V. 7.504%, 03/01/2022			800,000		858,000		0.46
VimpelCom Holdings B.V. 5.950%, 02/13/2023			200,000		192,500		0.10
Vnesheconombank Via VEB Finance PLC 5.450%, 11/22/2017			100,000		107,850		0.06
VTB Bank OJSC Via VTB Capital S.A. 6.465%, 03/04/2015			200,000		211,240		0.11
VTB Bank OJSC Via VTB Capital S.A. 6.950%, 10/17/2022			400,000		410,000		0.22
					20,698,534		11.09
Saudi Arabia (Cost $602,707)
Saudi Electricity Global Sukuk Co. 2.665%, 04/03/2017			200,000		204,250		0.11
Saudi Electricity Global Sukuk Co. 4.211%, 04/03/2022			200,000		202,750		0.11
Saudi Electricity Global Sukuk Co. 2 5.060%, 04/08/2043			200,000		186,000		0.10
					593,000		0.32
Singapore (Cost $816,382)
MMI International Ltd. 8.000%, 03/01/2017			400,000		402,000		0.22

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Singapore - (continued)
SingTel Group Treasury Pte Ltd. 4.500%, 09/08/2021			200,000	$	212,288		0.11
United Overseas Bank Ltd., FRN 2.875%, 10/17/2022			200,000		200,640		0.11
					814,928		0.44
South Africa (Cost $6,414,442)
AngloGold Ashanti Holdings PLC 6.500%, 04/15/2040			190,000		156,591		0.08
Edcon Holdings Pty Ltd., FRN 5.724%, 06/15/2015	EUR		1,500,000		2,016,259		1.08
Edcon Pty Ltd. 9.500%, 03/01/2018			1,560,000		2,006,607		1.08
Foodcorp Pty Ltd. 8.750%, 03/01/2018	EUR		720,000		1,075,338		0.58
Myriad International Holdings B.V. 6.000%, 07/18/2020			200,000		213,000		0.12
Sappi Papier Holding GmbH 8.375%, 06/15/2019			200,000		211,500		0.11
Sappi Papier Holding GmbH 6.625%, 04/15/2021			700,000		658,000		0.35
Standard Bank PLC 8.125%, 12/02/2019			400,000		448,500		0.24
					6,785,795		3.64
South Korea (Cost $2,325,401)
Hana Bank 3.500%, 10/25/2017			200,000		208,898		0.11
Korea Gas Corp. 2.875%, 07/29/2018			750,000		758,412		0.41
Korea Hydro & Nuclear Power Co. Ltd. 6.250%, 06/17/2014			300,000		309,375		0.17
Korea Hydro & Nuclear Power Co. Ltd. 4.750%, 07/13/2021			200,000		214,024		0.12
Lotte Shopping Co. Ltd. 3.875%, 04/07/2016			200,000		208,449		0.11
Shinhan Bank 1.875%, 07/30/2018			200,000		193,393		0.10
SK Innovation Co. Ltd. 3.625%, 08/14/2018			200,000		205,934		0.11
Woori Bank Co. Ltd. 5.875%, 04/13/2021			200,000		224,282		0.12
					2,322,767		1.25
Taiwan (Cost $102,163)
Cathay United Bank Co. Ltd., FRN 5.500%, 10/05/2020			100,000		101,500		0.05
					101,500		0.05
Thailand (Cost $633,250)
PTT Global Chemical PCL 4.250%, 09/19/2022			200,000		195,034		0.10
Siam Commercial Bank Ltd. 3.900%, 11/14/2016			400,000		421,149		0.23
					616,183		0.33
Turkey (Cost $2,514,284)
Akbank T.A.S. 5.000%, 10/24/2022			200,000		189,100		0.10
Anadolu Efes Biracilik Ve Malt Sanayii A.S. 3.375%, 11/01/2022			200,000		170,000		0.09
KOC Holding A.S. 3.500%, 04/24/2020			200,000		179,000		0.10
Tupras Turkiye Petrol Rafinerileri A.S. 4.125%, 05/02/2018			200,000		191,500		0.10
Turkiye Garanti Bankasi A.S. 5.250%, 09/13/2022			200,000		189,800		0.10
Turkiye Halk Bankasi A.S. 3.875%, 02/05/2020			200,000		181,626		0.10
Turkiye Is Bankasi 3.750%, 10/10/2018			200,000		190,000		0.10
Turkiye Sise ve Cam Fabrikalari A.S. 4.250%, 05/09/2020			1,000,000		897,500		0.48
Yapi ve Kredi Bankasi A.S. 4.000%, 01/22/2020			200,000		184,000		0.10
Yuksel Insaat A.S. 9.500%, 11/10/2015			100,000		72,500		0.04
					2,445,026		1.31
Ukraine (Cost $10,161,255)
Avangardco Investments Public Ltd. 10.000%, 10/29/2015			200,000		198,500		0.11
DTEK Finance B.V. 9.500%, 04/28/2015			100,000		100,150		0.05
DTEK Finance PLC 7.875%, 04/04/2018			1,500,000		1,350,000		0.72
Ferrexpo Finance PLC 7.875%, 04/07/2016			2,100,000		2,023,875		1.09
Metinvest B.V. 10.250%, 05/20/2015			900,000		900,000		0.48
Metinvest B.V. 8.750%, 02/14/2018			850,000		767,125		0.41
MHP S.A. 10.250%, 04/29/2015			1,600,000		1,608,000		0.86
MHP S.A. 8.250%, 04/02/2020			800,000		686,000		0.37

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Ukraine - (continued)
Mriya Agro Holding PLC 9.450%, 04/19/2018			300,000	$	258,000		0.14
NTRP Via Interpipe Ltd. 10.250%, 08/02/2017			200,000		157,000		0.08
Privatbank CJSC Via UK SPV Credit Finance PLC 9.375%, 09/23/2015			300,000		264,750		0.14
UKRLANDFARMING PLC 10.875%, 03/26/2018			1,600,000		1,448,000		0.78
					9,761,400		5.23
United Arab Emirates (Cost $15,073,574)
Abu Dhabi National Energy Co. 3.625%, 01/12/2023			200,000		188,000		0.10
Abu Dhabi National Energy Co. 6.500%, 10/27/2036			350,000		411,250		0.22
ADCB Finance Cayman Ltd., FRN 3.125%, 05/28/2023			200,000		185,148		0.10
Anka a Sukuk Ltd. 10.000%, 08/25/2016	AED		7,900,000		2,306,766		1.24
Dana Gas Sukuk Ltd. 7.000%, 10/31/2017			777,200		741,456		0.40
Dana Gas Sukuk Ltd. 9.000%, 10/31/2017			877,200		837,726		0.45
DP World Ltd. 6.850%, 07/02/2037			700,000		731,500		0.39
DP World Sukuk Ltd. 6.250%, 07/02/2017			400,000		439,000		0.23
Dubai Electricity & Water Authority 6.375%, 10/21/2016			200,000		223,250		0.12
Dubai Holding Commercial Operations MTN Ltd. 4.750%, 01/30/2014	EUR		3,850,000		5,227,337		2.80
Dubai Holding Commercial Operations MTN Ltd. 6.000%, 02/01/2017	GBP		1,300,000		2,146,953		1.15
Emirates NBD PJSC 4.625%, 03/28/2017			200,000		208,520		0.11
Jafz Sukuk Ltd. 7.000%, 06/19/2019			800,000		891,000		0.48
MAF Global Securities Ltd. 5.250%, 07/05/2019			600,000		631,500		0.34
MAF Sukuk Ltd. 5.850%, 02/07/2017			200,000		216,500		0.12
					15,385,906		8.25
Vietnam (Cost $892,323)
Vingroup JSC 11.625%, 05/07/2018⁽⁴⁾			900,000		892,323		0.48
					892,323		0.48
Total Debt Securities (Cost $180,408,257)				��	177,924,870		95.37

		Shares		Value		% of Net Assets
Equity Securities

China (Cost $ — )
Emerald Plantation Holdings Ltd.⁽²⁾			78,275	$	11,741		0.01
					11,741		0.01
Kazakhstan (Cost $214,500)
BTA Bank JSC GDR (Registered)			7,399		5,993		—
					5,993		—
Total Equity Securities (Cost $214,500)					17,734		0.01

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

Number
of
Warrants

Value

% of Net
Assets

Warrants

China (Cost $3,926)

Far East Energy Bermuda Ltd., Exp. 08/23/2014, Strike Price $11.92⁽²⁾

186,955

18,696

0.01

Total Warrants (Cost $3,926)

18,696

0.01

Total Investments (Total Cost $180,626,683)

177,961,300

95.39

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)

8,607,077

4.61

Net Assets

186,568,377

100.00

⁽¹⁾	Par values are stated in United States Dollars unless otherwise noted below.

⁽²⁾	Security determined to be illiquid by the Investment Manager.

⁽³⁾	Issuer has defaulted on terms of debt obligation.

⁽⁴⁾	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.

⁽⁵⁾	Security is payment in-kind bond.

⁽⁶⁾	Security has been deemed worthless and is a Level 3 investment.

Percentages shown are based on net assets.

At October 31, 2013, the Ashmore Emerging Markets Corporate Debt Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/04/2013	Barclays Wholesale GTS	Brazilian Real		8,375	United States Dollar		3,822		$ (88)
11/04/2013	Standard Chartered London	United States Dollar		3,762	Brazilian Real		8,375		27
11/29/2013	Standard Chartered London	Chilean Peso		52,815,000	United States Dollar		105,136		(2,497)
11/29/2013	Barclays Wholesale GTS	Mexican Peso		875,000	United States Dollar		68,125		(1,215)
11/29/2013	Deutsche Bank London	Mexican Peso		875,000	United States Dollar		67,607		(697)
11/29/2013	Barclays Wholesale GTS	United States Dollar		104,847	Chilean Peso		52,255,500		3,295
01/21/2014	Chase Manhattan Bank London	Euro		483,183	United States Dollar		654,333		1,792
01/21/2014	Deutsche Bank London	United States Dollar		2,128,784	British Pound		1,332,963		(7,115)
01/21/2014	Deutsche Bank London	United States Dollar		306,561	Euro		224,200		2,115
01/21/2014	Deutsche Bank London	United States Dollar		20,665,619	Euro		15,235,548		(23,056)
01/21/2014	HSBC Bank PLC	United States Dollar		335,154	Euro		243,009		5,168
01/21/2014	HSBC Bank PLC	United States Dollar		747,705	Euro		553,874		(4,412)
01/31/2014	Standard Chartered London	United States Dollar		67,531	Mexican Peso		877,901		734
02/04/2014	Barclays Wholesale GTS	United States Dollar		3,743	Brazilian Real		8,375		88
02/28/2014	Chase Manhattan Bank London	United States Dollar		57,764	Mexican Peso		759,598		94

Total									$(25,767	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Debt Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2013:


	Level 1	Level 2			Level 3	Total
Investments
Assets:
Common Stock	$—	$	17,734		$—	$	17,734
Corporate Bonds	—		170,699,198		—		170,699,198
Corporate Convertible Bonds	—		523,027		—		523,027
Government Bonds	—		112,750		—		112,750
Index Linked Corporate Bonds	—		750,447		—		750,447
Financial Certificates	—		5,839,448		—		5,839,448
Warrants	—		18,696		—		18,696

Total Investments	$—	$	177,961,300		$—	$	177,961,300


Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts	$—	$	13,313		$—	$	13,313
Liabilities:
Forward Foreign Currency Exchange Contracts	—		(39,080	)	—		(39,080	)

Total Other Financial Instruments	$—	$	(25,767	)	$—	$	(25,767	)

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At October 31, 2013 there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2012. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2013:


	Derivatives Not Accounted
	for as Hedging Instruments
	Foreign Exchange

Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	13,313


Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(39,080	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2013:


	Derivatives Not Accounted
	for as Hedging Instruments
	Foreign Exchange

Realized Gain on Derivatives Recognized resulting from Operations:
Net Realized Gain (Loss) on Forward Foreign Currency Exchange Contracts	$	(368,873)


Net Change in Unrealized Appreciation on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(19,692)

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

At October 31, 2013, for U.S. federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation/(depreciation) on investments in securities (including the effects of foreign currency translation) and the cost basis of investments were as follows:


Federal tax cost of investments	$180,644,589

Gross tax appreciation of investments	$2,437,707
Gross tax depreciation of investments	(5,120,996	)

Net tax depreciation of investments	$(2,683,289	)

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Debt Securities

Brazil (Cost $9,305,733)
Brazil (Fed Rep of) 8.500%, 01/05/2024	BRL		1,560,000	$	635,434		0.75
Brazil Letras do Tesouro Nacional 8.931%, 01/01/2017⁽²⁾	BRL		12,690,000		4,007,722		4.73
Brazil Notas do Tesouro Nacional Serie B 6.000%, 08/15/2020	BRL		4,558,178		2,097,473		2.47
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2021	BRL		4,020,000		1,666,792		1.97
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2023	BRL		440,000		179,078		0.21
					8,586,499		10.13
Chile (Cost $231,426)
Bonos de la Tesoreria de la Republica en pesos 6.000%, 01/01/2020	CLP		20,000,000		41,513		0.05
Chile (Rep of) 5.500%, 08/05/2020	CLP		81,000,000		161,288		0.19
					202,801		0.24
Colombia (Cost $3,082,556)
Colombia (Rep of) 12.000%, 10/22/2015	COP		1,036,000,000		622,361		0.73
Colombia (Rep of) 7.750%, 04/14/2021	COP		1,450,000,000		876,352		1.03
Colombia (Rep of) 4.375%, 03/21/2023	COP		369,000,000		177,232		0.21
Colombian TES 8.000%, 10/28/2015	COP		403,500,000		226,379		0.27
Colombian TES 7.000%, 05/04/2022	COP		891,000,000		478,800		0.57
Colombian TES 7.500%, 08/26/2026	COP		1,095,000,000		602,544		0.71
					2,983,668		3.52
Ghana (Cost $171,387)
Ghana (Rep of) 21.000%, 10/26/2015⁽³⁾	GHS		320,000		148,383		0.18
					148,383		0.18
Hungary (Cost $3,616,369)
Hungary (Rep of) 7.750%, 08/24/2015	HUF		52,230,000		255,901		0.30
Hungary (Rep of) 5.500%, 12/22/2016	HUF		133,700,000		637,002		0.75
Hungary (Rep of) 6.750%, 11/24/2017	HUF		331,490,000		1,650,884		1.95
Hungary (Rep of) 7.000%, 06/24/2022	HUF		235,000,000		1,191,727		1.40
Hungary (Rep of) 6.000%, 11/24/2023	HUF		40,300,000		192,663		0.23
					3,928,177		4.63
Indonesia (Cost $896,636)
Indonesia (Rep of) 8.375%, 03/15/2024	IDR		100,000,000		9,400		0.01
Indonesia (Rep of) 6.125%, 05/15/2028	IDR		5,100,000,000		383,315		0.45
Indonesia (Rep of) 8.375%, 03/15/2034	IDR		3,800,000,000		345,609		0.41
					738,324		0.87
Malaysia (Cost $4,013,075)
Malaysia (Rep of) 4.012%, 09/15/2017	MYR		1,160,000		376,745		0.45
Malaysia (Rep of) 3.314%, 10/31/2017	MYR		1,350,000		427,198		0.50
Malaysia (Rep of) 3.580%, 09/28/2018	MYR		1,600,000		511,013		0.60
Malaysia (Rep of) 4.378%, 11/29/2019	MYR		2,359,000		781,346		0.92
Malaysia (Rep of) 3.492%, 03/31/2020	MYR		2,400,000		757,016		0.89
Malaysia (Rep of) 3.889%, 07/31/2020	MYR		200,000		64,723		0.08
Malaysia (Rep of) 4.160%, 07/15/2021	MYR		1,250,000		409,427		0.48
Malaysia (Rep of) 3.480%, 03/15/2023	MYR		1,050,000		329,131		0.39
Malaysia (Rep of) 4.392%, 04/15/2026	MYR		400,000		131,951		0.16
Malaysia (Rep of) 4.498%, 04/15/2030	MYR		535,000		178,740		0.21
					3,967,290		4.68

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Mexico (Cost $3,779,013)
Mexican Bonos 10.000%, 11/20/2036	MXN		8,550,000	$	848,498		1.00
Mexican Bonos 8.500%, 11/18/2038	MXN		9,700,000		840,640		0.99
Mexican Bonos 7.750%, 11/13/2042	MXN		14,300,000		1,148,300		1.36
Mexican Udibonos 4.000%, 11/15/2040	MXN		4,605,128		374,593		0.44
Petroleos Mexicanos 7.190%, 09/12/2024⁽³⁾	MXN		2,540,000		188,767		0.22
					3,400,798		4.01
Nigeria (Cost $1,726,623)
Nigeria (Rep of) 16.000%, 06/29/2019	NGN		78,000,000		562,602		0.67
Nigeria (Rep of) 16.390%, 01/27/2022	NGN		79,500,000		602,908		0.71
Nigeria Treasury Bill 10.425%, 04/10/2014⁽²⁾	NGN		30,000,000		179,239		0.21
Nigeria Treasury Bill 10.906%, 04/24/2014⁽²⁾	NGN		60,000,000		356,335		0.42
					1,701,084		2.01
Peru (Cost $1,374,394)
Peru (Rep of) 8.600%, 08/12/2017	PEN		710,000		293,379		0.35
Peru (Rep of) 7.840%, 08/12/2020	PEN		999,000		419,119		0.49
Peru (Rep of) 8.200%, 08/12/2026	PEN		438,000		195,553		0.23
Peru (Rep of) 6.950%, 08/12/2031	PEN		590,000		229,298		0.27
Peru (Rep of) 6.900%, 08/12/2037	PEN		577,000		222,789		0.26
Peru (Rep of) 6.850%, 02/12/2042	PEN		174,000		66,155		0.08
					1,426,293		1.68
Philippines (Cost $520,049)
Philippines (Rep of) 6.250%, 01/14/2036	PHP		20,000,000		529,970		0.63
					529,970		0.63
Poland (Cost $3,230,280)
Poland (Rep of) 3.000%, 08/24/2016	PLN		4,405,470		1,503,753		1.77
Poland (Rep of) 5.750%, 10/25/2021	PLN		1,230,000		444,227		0.53
Poland (Rep of) 5.750%, 09/23/2022	PLN		1,805,000		655,533		0.77
Poland (Rep of) 2.750%, 08/25/2023	PLN		926,576		317,721		0.38
Poland (Rep of) 4.000%, 10/25/2023	PLN		1,100,000		351,871		0.42
Poland (Rep of) 5.750%, 04/25/2029	PLN		400,000		146,921		0.17
					3,420,026		4.04
Romania (Cost $1,362,725)
Romania (Rep of) 5.850%, 07/28/2014	RON		1,520,000		474,255		0.56
Romania (Rep of) 5.800%, 10/26/2015	RON		1,460,000		464,888		0.55
Romania (Rep of) 5.900%, 07/26/2017	RON		760,000		246,307		0.29
Romania (Rep of) 5.600%, 11/28/2018	RON		170,000		54,622		0.07
Romania (Rep of) 5.750%, 04/29/2020	RON		400,000		128,683		0.15
Romania (Rep of) 5.850%, 04/26/2023	RON		270,000		88,076		0.10
					1,456,831		1.72
Russian Federation (Cost $12,918,497)
Russian Federal Bond - OFZ 7.400%, 04/19/2017	RUB		84,513,000		2,708,991		3.20
Russian Federal Bond - OFZ 7.400%, 06/14/2017	RUB		45,572,000		1,461,481		1.72
Russian Federal Bond - OFZ 6.200%, 01/31/2018	RUB		35,470,000		1,089,402		1.28
Russian Federal Bond - OFZ 7.500%, 03/15/2018	RUB		18,634,000		601,364		0.71
Russian Federal Bond - OFZ 7.500%, 02/27/2019	RUB		52,807,000		1,705,855		2.01
Russian Federal Bond - OFZ 6.800%, 12/11/2019	RUB		49,655,000		1,546,747		1.82
Russian Federal Bond - OFZ 6.400%, 05/27/2020	RUB		7,680,000		233,570		0.28
Russian Federal Bond - OFZ 7.600%, 04/14/2021	RUB		43,200,000		1,397,535		1.65
Russian Federal Bond - OFZ 7.600%, 07/20/2022	RUB		5,507,000		177,896		0.21
Russian Federal Bond - OFZ 7.000%, 01/25/2023	RUB		23,884,000		741,005		0.87
Russian Federal Bond - OFZ 7.000%, 08/16/2023	RUB		5,106,000		157,380		0.19
Russian Federal Bond - OFZ 8.150%, 02/03/2027	RUB		20,899,000		691,078		0.82
Russian Federal Bond - OFZ 7.050%, 01/19/2028	RUB		11,958,000		357,762		0.42
					12,870,066		15.18

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
South Africa (Cost $10,534,055)
South Africa (Rep of) 8.250%, 09/15/2017	ZAR		20,850,000	$	2,195,213		2.59
South Africa (Rep of) 8.000%, 12/21/2018	ZAR		17,300,000		1,811,211		2.14
South Africa (Rep of) 7.750%, 02/28/2023	ZAR		20,100,000		2,021,263		2.38
South Africa (Rep of) 10.500%, 12/21/2026	ZAR		6,500,000		777,073		0.92
South Africa (Rep of) 7.000%, 02/28/2031	ZAR		16,150,000		1,371,956		1.62
South Africa (Rep of) 6.250%, 03/31/2036	ZAR		6,600,000		492,767		0.58
South Africa (Rep of) 6.500%, 02/28/2041	ZAR		4,600,000		342,766		0.40
South Africa (Rep of) 8.750%, 02/28/2048	ZAR		2,700,000		259,897		0.31
					9,272,146		10.94
Thailand (Cost $3,415,390)
Thailand (Rep of) 3.625%, 05/22/2015	THB		2,500,000		81,399		0.10
Thailand (Rep of) 3.250%, 06/16/2017	THB		8,000,000		257,840		0.30
Thailand (Rep of) 3.450%, 03/08/2019	THB		2,500,000		80,142		0.10
Thailand (Rep of) 3.875%, 06/13/2019	THB		24,000,000		786,838		0.93
Thailand (Rep of) 1.200%, 07/14/2021	THB		15,786,000		473,980		0.56
Thailand (Rep of) 3.650%, 12/17/2021	THB		9,500,000		302,876		0.36
Thailand (Rep of) 5.500%, 03/13/2023	THB		1,700,000		61,578		0.07
Thailand (Rep of) 3.625%, 06/16/2023	THB		17,985,000		565,803		0.67
Thailand (Rep of) 4.750%, 12/20/2024	THB		5,280,000		181,150		0.21
Thailand (Rep of) 3.580%, 12/17/2027	THB		5,300,000		160,199		0.19
Thailand (Rep of) 1.250%, 03/12/2028	THB		9,086,130		248,419		0.29
Thailand (Rep of) 5.670%, 03/13/2028	THB		1,000,000		36,908		0.04
					3,237,132		3.82
Turkey (Cost $6,481,183)
Turkey (Rep of) 9.000%, 05/21/2014	TRY		1,162,990		614,047		0.72
Turkey (Rep of) 8.300%, 06/20/2018⁽²⁾	TRY		1,480,000		743,614		0.88
Turkey (Rep of) 4.000%, 04/01/2020	TRY		1,066,893		595,374		0.70
Turkey (Rep of) 9.500%, 01/12/2022	TRY		960,000		506,149		0.60
Turkey (Rep of) 3.000%, 02/23/2022	TRY		4,055,864		2,128,258		2.51
Turkey (Rep of) 8.500%, 09/14/2022	TRY		1,510,000		750,367		0.89
Turkey (Rep of) 7.100%, 03/08/2023	TRY		1,430,000		648,112		0.76
					5,985,921		7.06
Uruguay (Cost $1,475,083)
Uruguay (Rep of) 5.000%, 09/14/2018	UYU		10,446,442		544,819		0.64
Uruguay (Rep of) 4.250%, 04/05/2027	UYU		3,163,927		158,432		0.19
Uruguay (Rep of) 4.375%, 12/15/2028	UYU		5,985,408		307,818		0.36
Uruguay (Rep of) 3.700%, 06/26/2037	UYU		4,093,804		193,100		0.23
Uruguay Notas del Tesoro 9.000%, 01/27/2014	UYU		1,800,000		82,590		0.10
Uruguay Notas del Tesoro 3.250%, 01/27/2019	UYU		1,840,580		89,627		0.10
					1,376,386		1.62
Total Debt Securities (Cost $68,134,474)					65,231,795		76.96

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Number of Contracts		Value		% of Net Assets
Purchased Options

United States (Premiums Paid $60,630)
Euro Volatility Quoted American Style Options, Exp. 11/08/2013, Strike Price $1.26	EUR		3,000,000	$	41		—
Total Purchased Options (Premiums Paid $60,630)					41		—
Total Investments in Securities (Cost $68,195,104)					65,231,836		76.96

	Currency⁽¹⁾	Par		Value		% of Net Assets
Fully Funded Total Return Swaps

Indonesia (Cost $4,265,881)
Indonesia (Rep of), Issued by Barclays, 9.500%, 07/15/2031	IDR		2,932,000,000	$	293,593		0.34
Indonesia (Rep of), Issued by Credit Suisse, 8.375%, 09/15/2026	IDR		2,100,000,000		194,562		0.23
Indonesia (Rep of), Issued by Deutsche Bank, 11.500%, 09/15/2019	IDR		9,536,000,000		1,015,143		1.20
Indonesia (Rep of), Issued by Deutsche Bank, 7.000%, 05/15/2027	IDR		2,700,000,000		222,716		0.26
Indonesia (Rep of), Issued by Deutsche Bank, 9.500%, 07/15/2031	IDR		3,200,000,000		320,429		0.38
Indonesia (Rep of), Issued by Deutsche Bank, 6.625%, 05/15/2033	IDR		1,350,000,000		102,096		0.12
Indonesia (Rep of), Issued by HSBC, 10.500%, 08/15/2030	IDR		2,180,000,000		235,987		0.28
Indonesia (Rep of), Issued by HSBC, 8.250%, 06/15/2032	IDR		30,000,000		2,688		—
Indonesia (Rep of), Issued by Standard Chartered, 8.375%, 09/15/2026	IDR		6,200,000,000		574,420		0.68
Indonesia (Rep of), Issued by Standard Chartered, 10.500%, 08/15/2030	IDR		4,610,000,000		499,037		0.59
					3,460,671		4.08
Total Fully Funded Total Return Swaps (Cost $4,265,881)					3,460,671		4.08

Total Investments (Total Cost $72,460,985)					68,692,507		81.04

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					16,071,424		18.96

Net Assets				$	84,763,931		100.00

⁽¹⁾	Par values are stated in United States Dollars unless otherwise noted below.

⁽²⁾	Zero coupon bond reflects effective yield on the date of purchase.

⁽³⁾	Security determined to be illiquid by the Investment Manager.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

At October 31, 2013, the Ashmore Emerging Markets Local Currency Bond Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/04/2013	Goldman Sachs Intl Ltd. London	Brazilian Real		875,392	United States Dollar		400,000	$	(9,611	)
11/04/2013	HSBC Bank PLC	Brazilian Real		329,851	United States Dollar		148,850		(1,750	)
11/04/2013	HSBC Bank PLC	Brazilian Real		2,744,849	United States Dollar		1,249,914		(25,825	)
11/04/2013	Barclays Wholesale GTS	United States Dollar		138,699	Brazilian Real		307,163		1,717
11/04/2013	Barclays Wholesale GTS	United States Dollar		180,900	Brazilian Real		402,376		1,457
11/04/2013	Deutsche Bank London	United States Dollar		211,280	Brazilian Real		475,486		(767	)
11/04/2013	Goldman Sachs Intl Ltd. London	United States Dollar		1,167,562	Brazilian Real		2,555,794		27,784
11/04/2013	Standard Chartered London	United States Dollar		94,008	Brazilian Real		209,272		682
11/15/2013	Deutsche Bank London	Malaysian Ringgit		732,261	United States Dollar		226,111		4,745
11/15/2013	ANZ Banking Corp. Melbourne	Malaysian Ringgit		793,125	United States Dollar		251,387		(1,343	)
11/15/2013	Goldman Sachs Intl Ltd. London	Malaysian Ringgit		5,200,000	United States Dollar		1,601,774		37,601
11/29/2013	Citibank London	Chilean Peso		254,288,680	United States Dollar		504,141		(9,964	)
11/29/2013	Goldman Sachs Intl Ltd. London	Chilean Peso		148,507,461	United States Dollar		295,449		(6,844	)
11/29/2013	Barclays Wholesale GTS	Hungarian Forint		11,625,836	United States Dollar		52,137		1,158
11/29/2013	HSBC Bank PLC	Hungarian Forint		263,071,850	United States Dollar		1,159,264		46,707
11/29/2013	ING Bank	Hungarian Forint		35,969,806	United States Dollar		164,227		665
11/29/2013	Deutsche Bank London	Indonesian Rupiah		1,180,000,000	United States Dollar		103,873		2,193
11/29/2013	Standard Chartered London	Indonesian Rupiah		1,000,000,000	United States Dollar		87,184		2,703
11/29/2013	Union Bank of Switzerland - London	Indonesian Rupiah		10,405,705,457	United States Dollar		912,381		22,957
11/29/2013	BNP Paribas	Malaysian Ringgit		2,001,268	United States Dollar		622,111		5,760
11/29/2013	BNP Paribas	Malaysian Ringgit		1,490,861	United States Dollar		467,882		(145	)
11/29/2013	Barclays Wholesale GTS	Malaysian Ringgit		2,000,000	United States Dollar		621,562		5,910
11/29/2013	Chase Manhattan Bank London	Malaysian Ringgit		3,000,000	United States Dollar		932,314		8,895
11/29/2013	Barclays Wholesale GTS	Mexican Peso		1,769,964	United States Dollar		135,907		(560	)
11/29/2013	Barclays Wholesale GTS	Mexican Peso		21,437,000	United States Dollar		1,669,028		(29,771	)
11/29/2013	Chase Manhattan Bank London	Mexican Peso		15,909,685	United States Dollar		1,193,916		22,675
11/29/2013	Deutsche Bank London	Mexican Peso		21,436,485	United States Dollar		1,656,286		(17,068	)
11/29/2013	CSFB Global Foreign Exchange London	Peruvian Neuevo Sol		1,542,110	United States Dollar		551,147		2,845
11/29/2013	CSFB Global Foreign Exchange London	Peruvian Neuevo Sol		1,216,600	United States Dollar		440,000		(2,945	)
11/29/2013	Bank of America	Polish Zloty		2,735,230	United States Dollar		860,000		26,336
11/29/2013	Barclays Wholesale GTS	Polish Zloty		892,548	United States Dollar		273,667		15,559
11/29/2013	Barclays Wholesale GTS	Polish Zloty		1,489,935	United States Dollar		474,205		8,600
11/29/2013	Bank of America	Russian Ruble		3,627,496	United States Dollar		113,904		(1,468	)
11/29/2013	Barclays Wholesale GTS	Thai Baht		8,000,000	United States Dollar		254,647		1,913
11/29/2013	Citibank London	Thai Baht		10,000,000	United States Dollar		317,339		3,361
11/29/2013	HSBC Bank PLC	Thai Baht		5,000,000	United States Dollar		159,312		1,038
11/29/2013	Citibank London	Turkish Lira		3,305,780	United States Dollar		1,630,471		16,989
11/29/2013	Morgan Stanley & Co. International	Turkish Lira		2,131,280	United States Dollar		1,070,000		(7,861	)
11/29/2013	Standard Chartered London	United States Dollar		98,101	Chilean Peso		49,281,134		2,330
11/29/2013	HSBC Bank PLC	United States Dollar		202,946	Colombian Peso		382,939,012		1,126
11/29/2013	Barclays Wholesale GTS	United States Dollar		40,340	Czech Koruna		772,738		(329	)
11/29/2013	ANZ Banking Corp. Melbourne	United States Dollar		164,812	Indonesian Rupiah		1,784,250,000		4,431
11/29/2013	HSBC Bank PLC	United States Dollar		164,309	Indonesian Rupiah		1,800,000,000		2,512
11/29/2013	Deutsche Bank London	United States Dollar		133,589	Peruvian Neuevo Sol		371,817		16
11/29/2013	Barclays Wholesale GTS	United States Dollar		131,984	Philippine Peso		5,679,269		770
11/29/2013	Barclays Wholesale GTS	United States Dollar		580,000	Polish Zloty		1,821,084		(10,112	)
11/29/2013	Deutsche Bank London	United States Dollar		1,070,000	Polish Zloty		3,362,609		(19,635	)
11/29/2013	Barclays Wholesale GTS	United States Dollar		169,875	Romanian Leu		563,866		(2,484	)
11/29/2013	Barclays Wholesale GTS	United States Dollar		318,698	Russian Ruble		10,360,542		(2,432	)
11/29/2013	Deutsche Bank London	United States Dollar		241,103	Russian Ruble		7,688,778		2,786
11/29/2013	Barclays Wholesale GTS	United States Dollar		39,287	South African Rand		388,476		748
11/29/2013	Goldman Sachs Intl Ltd. London	United States Dollar		635,571	South African Rand		6,308,363		9,749
11/29/2013	HSBC Bank PLC	United States Dollar		219,221	South African Rand		2,172,038		3,743
11/29/2013	Union Bank of Switzerland - London	United States Dollar		160,551	South African Rand		1,596,303		2,190

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell		Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/29/2013	Citibank London	United States Dollar		757,411	Turkish Lira			1,535,652		$(7,892	)
11/29/2013	Deutsche Bank London	United States Dollar		54,457	Turkish Lira			108,621		325
11/29/2013	Deutsche Bank London	United States Dollar		143,769	Turkish Lira			292,754		(2,128	)
11/29/2013	HSBC Bank PLC	United States Dollar		591,962	Turkish Lira			1,199,842		(5,988	)
12/02/2013	Deutsche Bank London	Czech Koruna		8,047,095	United States Dollar			431,558		(8,030	)
12/02/2013	Barclays Wholesale GTS	United States Dollar		1,271,125	Russian Ruble			40,528,540		15,715
12/02/2013	Barclays Wholesale GTS	United States Dollar		1,150,000	Russian Ruble			36,742,500		11,866
12/02/2013	Barclays Wholesale GTS	United States Dollar		33,409	Russian Ruble			1,064,885		423
12/03/2013	Goldman Sachs Intl Ltd. London	Brazilian Real		2,555,794	United States Dollar			1,159,800		(27,927	)
12/13/2013	ANZ Banking Corp. Melbourne	Indonesian Rupiah		2,000,000,000	United States Dollar			180,424		(1,194	)
12/13/2013	Union Bank of Switzerland - London	Indonesian Rupiah		797,024,284	United States Dollar			71,836		(411	)
12/13/2013	BNP Paribas	Thai Baht		8,000,000	United States Dollar			255,143		1,176
12/13/2013	Chase Manhattan Bank London	Thai Baht		4,944,285	United States Dollar			157,712		702
12/13/2013	Citibank London	Thai Baht		10,000,000	United States Dollar			318,796		1,602
12/13/2013	Standard Chartered London	Thai Baht		16,509,809	United States Dollar			524,204		4,768
12/13/2013	Union Bank of Switzerland - London	Thai Baht		8,000,000	United States Dollar			254,915		1,404
12/13/2013	HSBC Bank PLC	United States Dollar		242,519	Indonesian Rupiah			2,650,000,000		5,039
12/16/2013	HSBC Bank PLC	Chinese Offshore Yuan		1,429,680	United States Dollar			230,000		4,302
12/16/2013	HSBC Bank PLC	Chinese Offshore Yuan		1,242,600	United States Dollar			200,000		3,642
12/16/2013	HSBC Bank PLC	Chinese Offshore Yuan		1,117,440	United States Dollar			180,000		3,130
12/16/2013	HSBC Bank PLC	Chinese Offshore Yuan		13,481,257	United States Dollar			2,208,892		470
12/16/2013	HSBC Bank PLC	Chinese Offshore Yuan		318,704	United States Dollar			51,822		409
12/16/2013	Deutsche Bank London	Thai Baht		6,000,000	United States Dollar			190,325		1,875
12/16/2013	HSBC Bank PLC	Thai Baht		18,643,847	United States Dollar			591,680		5,545
12/16/2013	HSBC Bank PLC	United States Dollar		125,464	Chinese Offshore Yuan			776,374		(1,771	)
12/16/2013	HSBC Bank PLC	United States Dollar		430,000	Chinese Offshore Yuan			2,678,040		(8,888	)
12/16/2013	HSBC Bank PLC	United States Dollar		2,270,000	Chinese Offshore Yuan			14,135,267		(46,544	)
01/03/2014	Morgan Stanley & Co. International	Brazilian Real		1,265,582	United States Dollar			570,000		(13,465	)
01/31/2014	Barclays Wholesale GTS	Czech Koruna		775,852	United States Dollar			41,481		(629	)
01/31/2014	Union Bank of Switzerland - London	Czech Koruna		7,824,075	United States Dollar			420,000		(8,028	)
01/31/2014	Bank of America	Mexican Peso		5,277,840	United States Dollar			400,000		1,577
01/31/2014	Standard Chartered London	Mexican Peso		27,270,052	United States Dollar			2,097,712		(22,806	)
01/31/2014	Morgan Stanley & Co. International	Peruvian Neuevo Sol		1,290,876	United States Dollar			462,265		(1,493	)
01/31/2014	Barclays Wholesale GTS	Polish Zloty		15,638,002	United States Dollar			5,134,908		(86,997	)
01/31/2014	Barclays Wholesale GTS	Romanian Leu		1,358,277	United States Dollar			419,053		(5,275	)
01/31/2014	Deutsche Bank London	United States Dollar		634,927	Hungarian Forint			135,429,894		16,554
01/31/2014	Deutsche Bank London	United States Dollar		155,599	Polish Zloty			476,175		1,890
01/31/2014	Barclays Wholesale GTS	United States Dollar		223,509	Romanian Leu			723,275		3,174
01/31/2014	CSFB Global Foreign Exchange London	United States Dollar		39,830	Russian Ruble			1,293,129		182
01/31/2014	Deutsche Bank London	United States Dollar		232,327	Russian Ruble			7,539,007		1,174
01/31/2014	HSBC Bank PLC	United States Dollar		114,081	Russian Ruble			3,714,657		187
02/28/2014	Chase Manhattan Bank London	Mexican Peso		23,595,222	United States Dollar			1,794,313		(2,912	)
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		7,218,720	United States Dollar			1,080,000		84,924
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		8,846,915	United States Dollar			1,349,129		78,545
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		22,111	United States Dollar			3,374		195
04/13/2015	HSBC Bank PLC	United States Dollar		670,000	Chinese Offshore Yuan			4,330,210		(28,789	)
04/13/2015	HSBC Bank PLC	United States Dollar		670,000	Chinese Offshore Yuan	��		4,343,945		(31,006	)
04/13/2015	HSBC Bank PLC	United States Dollar		1,130,000	Chinese Offshore Yuan			7,413,591		(66,371	)
05/04/2015	Standard Chartered London	Chinese Offshore Yuan		7,307,150	United States Dollar			1,113,895		64,592
05/04/2015	Standard Chartered London	Chinese Offshore Yuan		1,413,570	United States Dollar			213,337		14,642
05/04/2015	Standard Chartered London	United States Dollar		1,340,000	Chinese Offshore Yuan			8,720,720		(66,466	)
07/17/2015	Standard Chartered London	Chinese Offshore Yuan		4,780,030	United States Dollar			719,234		50,053
07/17/2015	Standard Chartered London	Chinese Offshore Yuan		125,800	United States Dollar			19,129		1,117
07/17/2015	Standard Chartered London	United States Dollar		740,000	Chinese Offshore Yuan			4,905,830		(49,533	)

Total										$36,393

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

At October 31, 2013, the Ashmore Emerging Markets Local Currency Bond Fund had the following interest rate swap contracts outstanding:


Pay Rate Index/ Pay Rate	Receive Rate/ Receive Rate Index	Notional Amount			Expiration Date		Unrealized Gain/(Loss)			Counterparty
Brazil CETIP Interbank Deposit Rate	10.955%		BRL	3,356,753		07/01/2015	$	398		HSBC
Brazil CETIP Interbank Deposit Rate	11.170%		BRL	2,377,957		01/04/2016		324		HSBC
Brazil CETIP Interbank Deposit Rate	11.032%		BRL	1,659,129		01/02/2017		(1,271	)	HSBC
Brazil CETIP Interbank Deposit Rate	10.380%		BRL	2,060,553		01/02/2017		(22,270	)	HSBC
Mexico Interbank TIIE 28 Day Rate	6.760%		MXN	13,000,000		09/01/2023		17,650		HSBC
Mexico Interbank TIIE 28 Day Rate	6.320%		MXN	23,000,000		11/15/2027		(148,311	)	Barclays Capital
Mexico Interbank TIIE 28 Day Rate	7.130%		MXN	5,000,000		07/10/2028		(14,440	)	Barclays Capital
Mexico Interbank TIIE 28 Day Rate	7.000%		MXN	6,500,000		06/29/2028		(15,257	)	Barclays Capital
MYR-KLIBOR-BNM 3 Month	3.725%		MYR	1,300,000		04/09/2023		(13,141	)	Barclays Capital
3.250%	WIBOR Poland 6 Month		PLN	250,000		12/07/2017		373		HSBC
WIBOR Poland 6 Month	3.600%		PLN	9,150,000		12/07/2017		85,137		HSBC
WIBOR Poland 6 Month	3.865%		PLN	3,450,000		02/22/2023		15,819		HSBC
WIBOR Poland 6 Month	3.355%		PLN	2,000,000		04/11/2023		(20,909	)	HSBC

							$	(115,898	)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Local Currency Bond Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2013:


	Level 1	Level 2			Level 3	Total
Investments
Assets:
Government Bonds	$—	$	55,485,240		$—	$	55,485,240
Index Linked Government Bonds	—		9,557,788		—		9,557,788
Corporate Bonds	—		188,767		—		188,767
Purchased Options	—		41		—		41
Fully Funded Total Return Swaps	—		3,460,671		—		3,460,671
Total Investments	$—	$	68,692,507		$—	$	68,692,507

Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts	$—	$	681,850		$—	$	681,850
Interest Rate Swap Contracts	—		119,701		—		119,701
Liabilities:
Forward Foreign Currency Exchange Contracts	—		(645,457	)	—		(645,457	)
Interest Rate Swap Contracts	—		(235,599	)	—		(235,599	)
Total Other Financial Instruments	$—	$	(79,505	)	$—	$	(79,505	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At October 31, 2013, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2012. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.

The following is a summary of the fair values of the Fund’s derivative instruments^*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2013:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange			Fixed Income/ Interest Rate

Assets:
Unrealized Appreciation on Interest Rate Swap Contracts	$	—		$	119,701
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		681,850			—

	$	681,850		$	119,701


Liabilities:
Unrealized Depreciation on Interest Rate Swap Contracts	$	—		$	(235,599	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(645,457	)		—

	$	(645,457	)	$	(235,599	)


The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended October 31, 2013:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange			Fixed Income/ Interest Rate

Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	383,592		$	—
Net Realized Loss on Options Contracts		—			(127,684	)
Net Realized Gain on Interest Rate Swap Contracts		—			147,348
Net Realized Loss on Futures Contracts		—			(43,862	)

	$	383,592		$	(24,198	)


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(173,702	)	$	—
Net Change in Unrealized Depreciation on Options Contracts		—			(60,589	)
Net Change in Unrealized Depreciation on Interest Rate Swap Contracts		—			(430,246	)

	$	(173,702	)	$	(490,835	)

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


Federal tax cost of investments			$72,667,418
Gross tax appreciation of investments			$915,561
Gross tax depreciation of investments			(4,900,472)
Net tax depreciation of investments			$(3,984,911)

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CURRENCY FUND^(A)

SCHEDULE OF INVESTMENTS

As of October 31, 2013


	Currency⁽¹⁾		Par		Value		% of Net Assets
Debt Securities

Brazil (Cost $1,441,552)
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2021		BRL		3,340,000	$	1,384,970		3.88
						1,384,970		3.88
Colombia (Cost $310,321)
Colombian TES 7.000%, 05/04/2022		COP		290,000,000		155,838		0.44
Emgesa S.A. ESP 8.750%, 01/25/2021		COP		280,000,000		156,265		0.44
						312,103		0.88
Mexico (Cost $1,889,657)
Mexican Bonos 8.000%, 12/19/2013		MXN		17,800,000		1,371,278		3.85
Mexican Bonos 6.500%, 06/09/2022		MXN		2,200,000		175,001		0.49
Mexican Bonos 10.000%, 12/05/2024		MXN		800,000		80,771		0.22
Mexican Bonos 8.500%, 11/18/2038		MXN		2,500,000		216,660		0.61
						1,843,710		5.17
Romania (Cost $909,589)
Romania Government Bond 5.850%, 07/28/2014		RON		1,140,000		355,691		1.00
Romania Government Bond 5.800%, 10/26/2015		RON		350,000		111,446		0.31
Romania Government Bond 5.900%, 07/26/2017		RON		200,000		64,817		0.18
Romania Treasury Bills 3.700%, 01/08/2014⁽²⁾		RON		1,290,000		392,788		1.10
						924,742		2.59
Russian Federation (Cost $1,673,428)
Russian Federal Bond - OFZ 7.400%, 04/19/2017		RUB		15,140,000		485,300		1.36
Russian Federal Bond - OFZ 7.400%, 06/14/2017		RUB		9,320,000		298,890		0.84
Russian Federal Bond - OFZ 7.600%, 04/14/2021		RUB		12,800,000		414,084		1.16
Russian Federal Bond - OFZ 7.600%, 07/20/2022		RUB		3,709,000		119,814		0.34
Russian Federal Bond - OFZ 7.000%, 01/25/2023		RUB		2,649,000		82,186		0.23
Russian Federal Bond - OFZ 7.000%, 08/16/2023		RUB		2,653,000		81,772		0.23
Russian Federal Bond - OFZ 7.050%, 01/19/2028		RUB		6,553,000		196,054		0.55
						1,678,100		4.71
Turkey (Cost $1,399,793)
Turkey (Rep of) 9.000%, 03/05/2014		TRY		1,700,000		857,831		2.41
Turkiye Garanti Bankasi A.S. 6.790%, 11/15/2013⁽²⁾		TRY		931,107		464,786		1.30
						1,322,617		3.71
Uruguay (Cost $505,655)
Uruguay (Rep of) 5.000%, 09/14/2018		UYU		2,864,347		149,386		0.42
Uruguay (Rep of) 4.250%, 04/05/2027		UYU		3,017,950		151,122		0.42
Uruguay (Rep of) 4.375%, 12/15/2028		UYU		2,417,184		124,311		0.35
Uruguay (Rep of) 3.700%, 06/26/2037		UYU		2,230,088		105,191		0.30
						530,010		1.49
Total Debt Securities (Cost $8,129,995)						7,996,252		22.43

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CURRENCY FUND^(A)

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency		Par		Value		% of Net Assets
Short-Term Investments

ABN Amro Bank Jersey, Time Deposit 0.160%, 11/29/2013				3,400,000	$	3,400,000		9.54
Landesbank-Hessen Thueringen, Time Deposit 0.100%, 11/01/2013				3,200,000		3,200,000		8.98
National Bank Abu Dhabi, Time Deposit 0.120%, 11/07/2013				3,200,000		3,200,000		8.97
Riyad Bank London, Time Deposit 0.120%, 11/06/2013				3,200,000		3,200,000		8.98

Total Short-Term Investments (Cost $13,000,000)						13,000,000		36.47

	Currency⁽¹⁾		Number of Contracts		Value		% of Net Assets
Purchased Options

United States (Premiums Paid $36,378)
Euro Volatility Quoted American Style Options, Exp. 11/08/2013, Strike Price $1.26		EUR		1,800,000	$	25		—
Total Purchased Options (Premiums Paid $36,378)						25		—

Total Investments (Total Cost $21,166,373)						20,996,277		58.90

Other Assets Less Liabilities (See statements of Assets and Liabilities for further detail)						14,651,547		41.10

Net Assets					$	35,647,824		100.00

⁽¹⁾	Par values are stated in United States Dollars unless otherwise noted below.

⁽²⁾	Zero coupon bond reflects effective yield on the date of purchase.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CURRENCY FUND^(A)

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

At October 31, 2013, the Ashmore Emerging Markets Currency Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/04/2013	Goldman Sachs Intl Ltd. London	Brazilian Real		382,984	United States Dollar		175,000	$	(4,205)
11/04/2013	HSBC Bank PLC	Brazilian Real		1,183,627	United States Dollar		538,985		(11,136)
11/04/2013	Standard Chartered London	Brazilian Real		3,952,481	United States Dollar		1,775,518		(12,875)
11/04/2013	Barclays Wholesale GTS	United States Dollar		22,462	Brazilian Real		50,193		79
11/04/2013	Goldman Sachs Intl Ltd. London	United States Dollar		969,159	Brazilian Real		2,121,490		23,062
11/04/2013	Morgan Stanley & Co. International	United States Dollar		1,490,122	Brazilian Real		3,347,409		(2,686)
11/12/2013	Chase Manhattan Bank London	Argentine Peso		2,515,800	United States Dollar		410,341		7,545
11/15/2013	Goldman Sachs Intl Ltd. London	Malaysian Ringgit		1,100,000	United States Dollar		338,837		7,955
11/29/2013	Barclays Wholesale GTS	Chilean Peso		65,560,000	United States Dollar		131,541		(4,134)
11/29/2013	Citibank London	Chilean Peso		115,281,993	United States Dollar		228,553		(4,518)
11/29/2013	Goldman Sachs Intl Ltd. London	Chilean Peso		67,325,985	United States Dollar		133,942		(3,105)
11/29/2013	Standard Chartered London	Chilean Peso		226,636,025	United States Dollar		451,152		(10,714)
11/29/2013	Standard Chartered London	Chinese Yuan Renminbi		21,716,010	United States Dollar		3,538,654		(2,912)
11/29/2013	Citibank London	Colombian Peso		760,192,090	United States Dollar		402,644		(2,000)
11/29/2013	Citibank London	Indian Rupee		80,093,028	United States Dollar		1,292,866		(15,586)
11/29/2013	Union Bank of Switzerland - London	Indian Rupee		83,000,000	United States Dollar		1,337,847		(14,208)
11/29/2013	Union Bank of Switzerland - London	Indonesian Rupiah		7,831,410,638	United States Dollar		686,665		17,278
11/29/2013	Bank of America	Israeli Shekel		2,161,935	United States Dollar		589,730		23,049
11/29/2013	Barclays Wholesale GTS	Malaysian Ringgit		2,000,000	United States Dollar		621,562		5,910
11/29/2013	BNP Paribas	Malaysian Ringgit		318,080	United States Dollar		99,824		(31)
11/29/2013	BNP Paribas	Malaysian Ringgit		547,205	United States Dollar		170,103		1,575
11/29/2013	Chase Manhattan Bank London	Malaysian Ringgit		1,000,000	United States Dollar		310,771		2,965
11/29/2013	Barclays Wholesale GTS	Mexican Peso		4,287,000	United States Dollar		333,775		(5,954)
11/29/2013	Chase Manhattan Bank London	Mexican Peso		7,243,434	United States Dollar		543,572		10,324
11/29/2013	Deutsche Bank London	Mexican Peso		4,287,000	United States Dollar		331,234		(3,413)
11/29/2013	CSFB Global Foreign Exchange London	Peruvian Neuevo Sol		1,049,065	United States Dollar		374,934		1,935
11/29/2013	CSFB Global Foreign Exchange London	Peruvian Neuevo Sol		553,000	United States Dollar		200,000		(1,339)
11/29/2013	Barclays Wholesale GTS	Philippine Peso		19,299,056	United States Dollar		448,502		(2,616)
11/29/2013	Bank of America	Polish Zloty		1,017,760	United States Dollar		320,000		9,800
11/29/2013	Barclays Wholesale GTS	Romanian Leu		1,889,060	United States Dollar		569,114		8,323
11/29/2013	Bank of America	Russian Ruble		100,962,113	United States Dollar		3,170,224		(40,861)
11/29/2013	Morgan Stanley & Co. International	Singapore Dollar		3,602,483	United States Dollar		2,901,111		(982)
11/29/2013	Barclays Wholesale GTS	South African Rand		3,896	United States Dollar		394		(7)
11/29/2013	Goldman Sachs Intl Ltd. London	South African Rand		7,879,461	United States Dollar		793,860		(12,177)
11/29/2013	Barclays Wholesale GTS	Thai Baht		8,000,000	United States Dollar		254,647		1,913
11/29/2013	Citibank London	Thai Baht		10,000,000	United States Dollar		317,339		3,360
11/29/2013	HSBC Bank PLC	Thai Baht		5,000,000	United States Dollar		159,312		1,038
11/29/2013	Morgan Stanley & Co. International	Turkish Lira		1,035,762	United States Dollar		520,000		(3,820)
11/29/2013	Union Bank of Switzerland - London	United States Dollar		20,106	Chilean Peso		10,204,731		274
11/29/2013	Citibank London	United States Dollar		165,000	Colombian Peso		314,004,900		(490)
11/29/2013	Deutsche Bank London	United States Dollar		158,042	Colombian Peso		299,805,480		35
11/29/2013	HSBC Bank PLC	United States Dollar		18,410	Czech Koruna		348,292		79
11/29/2013	HSBC Bank PLC	United States Dollar		67,945	Hungarian Forint		15,418,780		(2,737)
11/29/2013	Standard Chartered London	United States Dollar		15,336	Hungarian Forint		3,365,641		(92)
11/29/2013	Barclays Wholesale GTS	United States Dollar		71,519	Israeli Shekel		251,814		145
11/29/2013	Bank of America	United States Dollar		235,726	Mexican Peso		3,042,517		3,069
11/29/2013	Deutsche Bank London	United States Dollar		17,981	Peruvian Neuevo Sol		50,329		(99)
11/29/2013	Barclays Wholesale GTS	United States Dollar		250,000	Polish Zloty		784,950		(4,359)
11/29/2013	Barclays Wholesale GTS	United States Dollar		525,229	Polish Zloty		1,650,251		(9,526)
11/29/2013	Deutsche Bank London	United States Dollar		470,000	Polish Zloty		1,477,034		(8,625)
11/29/2013	Goldman Sachs Intl Ltd. London	United States Dollar		577,357	Romanian Leu		1,904,411		(4,773)
11/29/2013	ING	United States Dollar		64,438	Romanian Leu		212,535		(529)
11/29/2013	Barclays Wholesale GTS	United States Dollar		91,390	Russian Ruble		2,972,977		(758)
11/29/2013	Barclays Wholesale GTS	United States Dollar		210,309	Russian Ruble		6,836,926		(1,605)
11/29/2013	Goldman Sachs Intl Ltd. London	United States Dollar		1,012,182	Russian Ruble		32,933,886		(8,617)
11/29/2013	Goldman Sachs Intl Ltd. London	United States Dollar		35,181	Thai Baht		1,103,870		(220)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CURRENCY FUND^(A)

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/29/2013	Citibank London	United States Dollar		39,618	Turkish Lira		80,326	$	(413)
11/29/2013	Citibank London	United States Dollar		653,707	Turkish Lira		1,325,391		(6,811)
11/29/2013	Deutsche Bank London	United States Dollar		360,244	Turkish Lira		718,542		2,153
12/02/2013	Deutsche Bank London	Czech Koruna		3,257,158	United States Dollar		174,678		(3,250)
12/02/2013	Barclays Wholesale GTS	Russian Ruble		6,951,298	United States Dollar		218,085		(2,762)
12/02/2013	Barclays Wholesale GTS	Russian Ruble		41,431,825	United States Dollar		1,299,455		(16,065)
12/02/2013	Barclays Wholesale GTS	United States Dollar		510,000	Russian Ruble		16,294,500		5,262
12/03/2013	Union Bank of Switzerland - London	Argentine Peso		574,000	United States Dollar		89,457		2,718
12/03/2013	Goldman Sachs Intl Ltd. London	Brazilian Real		2,121,490	United States Dollar		962,716		(23,181)
12/13/2013	ANZ Banking Corp. Melbourne	Indonesian Rupiah		1,000,000,000	United States Dollar		90,212		(597)
12/13/2013	Union Bank of Switzerland - London	Indonesian Rupiah		810,000,000	United States Dollar		73,006		(418)
12/13/2013	BNP Paribas	Thai Baht		4,000,000	United States Dollar		127,571		588
12/13/2013	Chase Manhattan Bank London	Thai Baht		1,257,546	United States Dollar		40,113		178
12/13/2013	Citibank London	Thai Baht		4,000,000	United States Dollar		127,518		641
12/13/2013	Union Bank of Switzerland - London	Thai Baht		4,000,000	United States Dollar		127,458		702
12/16/2013	HSBC Bank PLC	Chinese Offshore Yuan		1,932,012	United States Dollar		313,130		3,496
12/16/2013	HSBC Bank PLC	Chinese Offshore Yuan		5,710,712	United States Dollar		935,695		199
12/16/2013	HSBC Bank PLC	Chinese Offshore Yuan		141,013	United States Dollar		23,000		110
12/16/2013	HSBC Bank PLC	Thai Baht		17,093,551	United States Dollar		542,480		5,084
12/16/2013	HSBC Bank PLC	United States Dollar		1,250,000	Chinese Offshore Yuan		7,783,738		(25,630)
12/17/2013	Goldman Sachs Intl Ltd. London	Taiwan Dollar		64,124,974	United States Dollar		2,190,435		(10,863)
01/03/2014	Morgan Stanley & Co. International	Brazilian Real		510,674	United States Dollar		230,000		(5,433)
01/31/2014	Barclays Wholesale GTS	Czech Koruna		23,292,735	United States Dollar		1,245,354		(18,889)
01/31/2014	Union Bank of Switzerland - London	Czech Koruna		2,980,600	United States Dollar		160,000		(3,058)
01/31/2014	Deutsche Bank London	Hungarian Forint		193,659,202	United States Dollar		907,919		(23,672)
01/31/2014	Bank of America	Mexican Peso		2,366,483	United States Dollar		179,352		707
01/31/2014	Standard Chartered London	Mexican Peso		8,550,184	United States Dollar		657,712		(7,150)
01/31/2014	Morgan Stanley & Co. International	Peruvian Neuevo Sol		798,546	United States Dollar		285,961		(924)
01/31/2014	Barclays Wholesale GTS	Polish Zloty		7,602,422	United States Dollar		2,496,338		(42,293)
01/31/2014	Barclays Wholesale GTS	Romanian Leu		609,227	United States Dollar		187,958		(2,366)
01/31/2014	Barclays Wholesale GTS	United States Dollar		347,136	Romanian Leu		1,123,332		4,930
01/31/2014	CSFB Global Foreign Exchange London	United States Dollar		99,576	Russian Ruble		3,232,823		454
01/31/2014	Deutsche Bank London	United States Dollar		196,052	Russian Ruble		6,341,987		1,601
01/31/2014	Deutsche Bank London	United States Dollar		98,404	Russian Ruble		3,193,198		497
01/31/2014	HSBC Bank PLC	United States Dollar		285,233	Russian Ruble		9,287,608		467
02/28/2014	Chase Manhattan Bank London	Mexican Peso		7,397,987	United States Dollar		562,585		(913)
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		7,419,240	United States Dollar		1,110,000		87,283
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		7,116,635	United States Dollar		1,085,266		63,183
04/13/2015	HSBC Bank PLC	United States Dollar		1,328	Chinese Offshore Yuan		8,705		(76)
04/13/2015	HSBC Bank PLC	United States Dollar		590,000	Chinese Offshore Yuan		3,813,170		(25,352)
04/13/2015	HSBC Bank PLC	United States Dollar		590,000	Chinese Offshore Yuan		3,825,265		(27,304)
04/13/2015	HSBC Bank PLC	United States Dollar		1,050,000	Chinese Offshore Yuan		6,888,735		(61,672)
05/04/2015	Standard Chartered London	Chinese Offshore Yuan		7,614,360	United States Dollar		1,160,726		67,308
05/04/2015	Standard Chartered London	United States Dollar		1,170,000	Chinese Offshore Yuan		7,614,360		(58,033)
07/17/2015	Standard Chartered London	Chinese Offshore Yuan		7,141,600	United States Dollar		1,074,571		74,781
07/17/2015	Standard Chartered London	Chinese Offshore Yuan		1,410,455	United States Dollar		214,469		12,526
07/17/2015	Standard Chartered London	United States Dollar		1,290,000	Chinese Offshore Yuan		8,552,055		(86,348)

Total								$	(190,601)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CURRENCY FUND⁽^A)

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Local Currency Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2013:


	Level 1	Level 2			Level 3	Total
Investments
Assets:
Government Bonds	$—	$	6,845,191		$—	$	6,845,191
Index Linked Government Bonds	—		530,010		—		530,010
Corporate Bonds	—		621,051		—		621,051
Short-Term Investments	—		13,000,000		—		13,000,000
Purchased Options	—		25		—		25
Total Investments	$—	$	20,996,277		$—	$	20,996,277
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts	$—	$	464,581		$—	$	464,581
Liabilities:
Forward Foreign Currency Exchange Contracts	—		(655,182	)	—		(655,182	)
Total Other Financial Instruments	$—	$	(190,601	)	$—	$	(190,601	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CURRENCY FUND⁽^A)

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

The following is a summary of the fair values of the Fund’s derivative instruments^*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2013:


		Derivatives Not Accounted for as Hedging Instruments
		Foreign Exchange
Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$ 464,581

Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		$(655,182)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended October 31, 2013:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange			Fixed Income/ Interest Rate
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	972,420		$	—
Net Realized Loss on Options Contracts		—			(73,606	)

	$	972,420		$	(73,606	)

Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(553,880	)	$	—
Net Change in Unrealized Depreciation on Options Contracts		—			(36,353	)

	$	(553,879	)	$	(36,353	)

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


Federal tax cost of investments			$21,166,373
Gross tax appreciation of investments			$50,238
Gross tax depreciation of investments			(220,334)
Net tax depreciation of investments			$(170,096)

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales.

^(A)Formerly the Ashmore Emerging Markets Local Currency Fund. See note 1 to the Financial Statements.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Debt Securities

Argentina (Cost $1,093,500)
Argentina (Rep of) 8.750%, 06/02/2017			84,000	$	73,080		0.25
Argentina (Rep of) 8.280%, 12/31/2033			128,081		89,657		0.31
Argentina Boden Bonds 7.000%, 10/03/2015			769,000		723,569		2.50
Argentine (Rep of) 8.280%, 12/31/2033			352,485		252,907		0.87
					1,139,213		3.93
Azerbaijan (Cost $317,311)
State Oil Co. of the Azerbaijan Republic 5.450%, 02/09/2017			300,000		320,550		1.11
					320,550		1.11
Belarus (Cost $545,649)
Belarus (Rep of) 8.750%, 08/03/2015			170,000		170,213		0.59
Belarus (Rep of) 8.950%, 01/26/2018			380,000		378,100		1.30
					548,313		1.89
Bolivia (Cost $59,470)
Bolivian (Rep of) 4.875%, 10/29/2022			60,000		58,500		0.20
					58,500		0.20
Brazil (Cost $1,161,337)
Banco Nacional de Desenvolvimento Economico e Social 6.500%, 06/10/2019			120,000		132,450		0.46
Banco Nacional de Desenvolvimento Economico e Social 5.500%, 07/12/2020			100,000		105,000		0.36
Brazil (Fed Rep of) 5.875%, 01/15/2019			100,000		115,350		0.40
Brazil (Fed Rep of) 4.875%, 01/22/2021			150,000		162,750		0.56
Brazil (Fed Rep of) 2.625%, 01/05/2023			200,000		178,500		0.61
Brazil (Fed Rep of) 8.875%, 04/15/2024			100,000		140,000		0.48
Brazil (Fed Rep of) 4.250%, 01/07/2025⁽²⁾			296,000		289,192		1.00
					1,123,242		3.87
Chile (Cost $386,074)
Banco del Estado de Chile 3.875%, 02/08/2022			150,000		146,689		0.50
Corp. Nacional del Cobre de Chile 7.500%, 01/15/2019			100,000		121,216		0.42
Empresa Nacional del Petroleo 5.250%, 08/10/2020			100,000		104,069		0.36
					371,974		1.28
China (Cost $521,558)
Sinochem Overseas Capital Co. Ltd. 4.500%, 11/12/2020			390,000		398,872		1.37
Sinochem Overseas Capital Co. Ltd. 6.300%, 11/12/2040			100,000		107,263		0.37
					506,135		1.74
Colombia (Cost $1,149,886)
Colombia (Rep of) 7.375%, 03/18/2019			260,000		317,850		1.09
Colombia (Rep of) 11.750%, 02/25/2020			40,000		58,600		0.20
Colombia (Rep of) 4.375%, 07/12/2021			200,000		211,800		0.73
Colombia (Rep of) 8.125%, 05/21/2024			100,000		132,500		0.46
Colombia (Rep of) 7.375%, 09/18/2037			200,000		258,000		0.89
Colombia (Rep of) 6.125%, 01/18/2041			110,000		124,575		0.43
					1,103,325		3.80
Costa Rica (Cost $471,225)
Costa Rica (Rep of) 4.250%, 01/26/2023			140,000		133,000		0.46
Costa Rica (Rep of) 4.375%, 04/30/2025			60,000		55,200		0.19
Costa Rica (Rep of) 5.625%, 04/30/2043			60,000		53,250		0.18
Instituto Costarricense de Electricidad 6.950%, 11/10/2021			200,000		211,200		0.73
					452,650		1.56

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Croatia (Cost $712,791)
Croatia (Rep of) 6.250%, 04/27/2017			200,000	$	213,384		0.74
Croatia (Rep of) 6.750%, 11/05/2019			200,000		218,000		0.75
Croatia (Rep of) 6.625%, 07/14/2020			270,000		291,600		1.00
					722,984		2.49
Dominican Republic (Cost $266,767)
Dominican (Rep of) 7.500%, 05/06/2021			100,000		110,650		0.38
Dominican (Rep of) 5.875%, 04/18/2024			160,000		157,360		0.54
					268,010		0.92
Ecuador (Cost $100,000)
Ecuador (Rep of) 9.375%, 12/15/2015			100,000		106,500		0.37
					106,500		0.37
Egypt (Cost $194,823)
Egypt Government International Bond 5.750%, 04/29/2020			110,000		101,200		0.35
Nile Finance Ltd. 5.250%, 08/05/2015			100,000		98,000		0.34
					199,200		0.69
El Salvador (Cost $333,611)
El Salvador (Rep of) 7.375%, 12/01/2019			100,000		112,500		0.39
El Salvador (Rep of) 5.875%, 01/30/2025			80,000		79,400		0.27
El Salvador (Rep of) 8.250%, 04/10/2032			70,000		79,800		0.28
El Salvador (Rep of) 7.650%, 06/15/2035			60,000		63,450		0.22
					335,150		1.16
Georgia (Cost $217,785)
Georgian Railway JSC 7.750%, 07/11/2022			200,000		216,500		0.75
					216,500		0.75
Ghana (Cost $107,368)
Ghana (Rep of) 8.500%, 10/04/2017			100,000		109,250		0.38
					109,250		0.38
Guatemala (Cost $150,073)
Guatemala (Rep of) 4.875%, 02/13/2028			150,000		141,300		0.49
					141,300		0.49
Hungary (Cost $931,804)
Hungary (Rep of) 4.125%, 02/19/2018			130,000		131,300		0.45
Hungary (Rep of) 6.250%, 01/29/2020			140,000		152,180		0.52
Hungary (Rep of) 6.375%, 03/29/2021			178,000		193,352		0.67
Hungary (Rep of) 5.375%, 02/21/2023			270,000		268,934		0.93
Hungary (Rep of) 7.625%, 03/29/2041			204,000		229,755		0.79
					975,521		3.36
Indonesia (Cost $1,489,101)
Indonesia (Rep of) 10.375%, 05/04/2014			90,000		93,825		0.32
Indonesia (Rep of) 6.875%, 01/17/2018			30,000		34,050		0.12
Indonesia (Rep of) 5.875%, 03/13/2020			120,000		131,400		0.45
Indonesia (Rep of) 4.875%, 05/05/2021			200,000		207,500		0.71
Indonesia (Rep of) 7.750%, 01/17/2038			100,000		121,875		0.42
Majapahit Holding B.V. 7.750%, 10/17/2016			100,000		112,000		0.39
Majapahit Holding B.V. 8.000%, 08/07/2019			110,000		127,463		0.44
Pertamina Persero PT 6.000%, 05/03/2042			200,000		177,000		0.61
Pertamina Persero PT 5.625%, 05/20/2043			200,000		168,000		0.58
Perusahaan Listrik Negara PT 5.500%, 11/22/2021			200,000		201,000		0.69
Perusahaan Listrik Negara PT 5.250%, 10/24/2042			35,000		28,175		0.10
					1,402,288		4.83
Iraq (Cost $457,502)
Iraq (Rep of) 5.800%, 01/15/2028			540,000		469,800		1.62
					469,800		1.62

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Ivory Coast (Cost $605,186)
Ivory Coast (Rep of) 5.750%, 12/31/2032			780,000	$	702,156		2.42
					702,156		2.42
Kazakhstan (Cost $1,049,218)
Development Bank of Kazakhstan JSC 4.125%, 12/10/2022			200,000		184,500		0.64
Kazakhstan Temir Zholy Finance B.V. 6.950%, 07/10/2042			57,000		59,636		0.20
KazMunaiGaz Finance Sub B.V. 11.750%, 01/23/2015			50,000		55,875		0.19
KazMunaiGaz Finance Sub B.V. 9.125%, 07/02/2018			130,000		159,088		0.55
KazMunaiGaz Finance Sub B.V. 7.000%, 05/05/2020			70,000		80,062		0.28
KazMunaiGaz Finance Sub B.V. 6.375%, 04/09/2021			210,000		232,838		0.80
KazMunayGas National Co. JSC 4.400%, 04/30/2023			70,000		66,409		0.23
KazMunayGas National Co. JSC 5.750%, 04/30/2043			225,000		204,165		0.70
					1,042,573		3.59
Latvia (Cost $196,478)
Latvia (Rep of) 2.750%, 01/12/2020			200,000		191,250		0.66
					191,250		0.66
Lebanon (Cost $713,401)
Lebanon (Rep of) 5.150%, 11/12/2018			50,000		48,750		0.17
Lebanon (Rep of) 6.375%, 03/09/2020			190,000		191,900		0.66
Lebanon (Rep of) 8.250%, 04/12/2021			94,000		104,340		0.36
Lebanon (Rep of) 6.100%, 10/04/2022			225,000		219,375		0.76
Lebanon (Rep of) 6.600%, 11/27/2026			130,000		128,050		0.44
					692,415		2.39
Lithuania (Cost $664,766)
Lithuania (Rep of) 5.125%, 09/14/2017			200,000		219,400		0.76
Lithuania (Rep of) 7.375%, 02/11/2020			100,000		121,500		0.42
Lithuania (Rep of) 6.125%, 03/09/2021			100,000		114,625		0.39
Lithuania (Rep of) 6.625%, 02/01/2022			200,000		237,500		0.82
					693,025		2.39
Malaysia (Cost $336,771)
Petronas Capital Ltd. 7.875%, 05/22/2022			50,000		64,694		0.22
Wakala Global Sukuk Bhd. 4.646%, 07/06/2021			250,000		264,400		0.91
					329,094		1.13
Mexico (Cost $1,068,002)
Comision Federal de Electricidad 5.750%, 02/14/2042			200,000		190,250		0.65
Mexico (Rep of) 5.950%, 03/19/2019			60,000		69,840		0.24
Mexico (Rep of) 6.750%, 09/27/2034			179,000		219,275		0.76
Mexico (Rep of) 6.050%, 01/11/2040			12,000		13,590		0.05
Mexico (Rep of) 4.750%, 03/08/2044			94,000		88,125		0.30
Mexico (Rep of) 5.750%, 10/12/2110			66,000		63,855		0.22
Pemex Project Funding Master Trust 5.750%, 03/01/2018			60,000		66,900		0.23
Petroleos Mexicanos 8.000%, 05/03/2019			80,000		97,760		0.34
Petroleos Mexicanos 6.000%, 03/05/2020			30,000		33,675		0.12
Petroleos Mexicanos 6.500%, 06/02/2041			136,000		144,840		0.50
Petroleos Mexicanos 5.500%, 06/27/2044			20,000		18,700		0.06
					1,006,810		3.47
Morocco (Cost $257,019)
Morocco (Rep of) 4.250%, 12/11/2022			150,000		141,000		0.49
Morocco (Rep of) 5.500%, 12/11/2042			100,000		87,500		0.30
					228,500		0.79
Nigeria (Cost $111,722)
Nigeria (Rep of) 6.750%, 01/28/2021			100,000		110,250		0.38
					110,250		0.38

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Pakistan (Cost $97,161)
Pakistan (Rep of) 7.125%, 03/31/2016			100,000	$	99,500		0.34
					99,500		0.34
Panama (Cost $424,261)
Panama (Rep of) 7.125%, 01/29/2026			100,000		124,250		0.43
Panama (Rep of) 8.875%, 09/30/2027			40,000		55,450		0.19
Panama (Rep of) 9.375%, 04/01/2029			80,000		115,600		0.40
Panama (Rep of) 6.700%, 01/26/2036			65,000		76,862		0.27
Panama (Rep of) 4.300%, 04/29/2053			30,000		24,480		0.08
					396,642		1.37
Paraguay (Cost $150,890)
Paraguay (Rep of) 4.625%, 01/25/2023			150,000		141,750		0.49
					141,750		0.49
Peru (Cost $498,642)
Peru (Rep of) 7.125%, 03/30/2019			70,000		85,260		0.29
Peru (Rep of) 7.350%, 07/21/2025			115,000		148,235		0.51
Peru (Rep of) 8.750%, 11/21/2033			164,000		239,112		0.83
					472,607		1.63
Philippines (Cost $986,060)
Philippine (Rep of) 8.375%, 06/17/2019			50,000		64,500		0.22
Philippine (Rep of) 4.000%, 01/15/2021			50,000		53,313		0.18
Philippine (Rep of) 10.625%, 03/16/2025			45,000		71,100		0.25
Philippine (Rep of) 5.500%, 03/30/2026			200,000		229,000		0.79
Philippine (Rep of) 9.500%, 02/02/2030			104,000		159,380		0.55
Philippine (Rep of) 7.750%, 01/14/2031			217,000		291,865		1.01
Power Sector Assets & Liabilities Management Corp. 7.390%, 12/02/2024			100,000		125,750		0.43
					994,908		3.43
Poland (Cost $301,940)
Poland (Rep of) 6.375%, 07/15/2019			120,000		141,480		0.49
Poland (Rep of) 5.000%, 03/23/2022			110,000		120,312		0.41
Poland (Rep of) 3.000%, 03/17/2023			40,000		37,320		0.13
					299,112		1.03
Romania (Cost $702,524)
Romania (Rep of) 6.750%, 02/07/2022			322,000		371,910		1.28
Romania (Rep of) 4.375%, 08/22/2023			320,000		313,200		1.08
					685,110		2.36
Russian Federation (Cost $1,888,353)
Russian Agricultural Bank OJSC Via RSHB Capital S.A. 7.750%, 05/29/2018			100,000		113,010		0.39
Russian Foreign Bond - Eurobond 5.000%, 04/29/2020			100,000		109,000		0.37
Russian Foreign Bond - Eurobond 12.750%, 06/24/2028			60,000		104,550		0.36
Russian Foreign Bond - Eurobond 7.500%, 03/31/2030			518,375		616,892		2.13
Russian Foreign Bond - Eurobond 5.875%, 09/16/2043⁽³⁾			200,000		212,500		0.73
Vnesheconombank Via VEB Finance PLC 5.450%, 11/22/2017			200,000		215,700		0.74
Vnesheconombank Via VEB Finance PLC 6.902%, 07/09/2020			370,000		416,546		1.44
Vnesheconombank Via VEB Finance PLC 6.800%, 11/22/2025			160,000		174,000		0.60
					1,962,198		6.76
Senegal (Cost $227,560)
Senegal (Rep of) 8.750%, 05/13/2021			200,000		219,500		0.76
					219,500		0.76

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Serbia (Cost $165,517)
Serbia (Rep of) 7.250%, 09/28/2021			150,000	$	156,000		0.54
					156,000		0.54
South Africa (Cost $445,980)
South Africa (Rep of) 6.875%, 05/27/2019			120,000		138,600		0.48
South Africa (Rep of) 5.500%, 03/09/2020			250,000		271,250		0.94
South Africa (Rep of) 5.875%, 05/30/2022			30,000		32,850		0.11
					442,700		1.53
Sri Lanka (Cost $213,312)
Bank of Ceylon 6.875%, 05/03/2017			200,000		205,000		0.71
					205,000		0.71
Turkey (Cost $1,586,521)
Turkey (Rep of) 7.000%, 09/26/2016			130,000		144,846		0.50
Turkey (Rep of) 7.500%, 07/14/2017			100,000		114,500		0.40
Turkey (Rep of) 6.750%, 04/03/2018			50,000		56,250		0.19
Turkey (Rep of) 7.000%, 03/11/2019			100,000		114,125		0.39
Turkey (Rep of) 7.500%, 11/07/2019			100,000		117,750		0.41
Turkey (Rep of) 5.625%, 03/30/2021			100,000		106,750		0.37
Turkey (Rep of) 3.250%, 03/23/2023			150,000		131,812		0.45
Turkey (Rep of) 7.375%, 02/05/2025			195,000		228,150		0.79
Turkey (Rep of) 8.000%, 02/14/2034			50,000		61,830		0.21
Turkey (Rep of) 6.875%, 03/17/2036			194,000		214,370		0.74
Turkey (Rep of) 7.250%, 03/05/2038			10,000		11,500		0.04
Turkey (Rep of) 6.750%, 05/30/2040			30,000		32,700		0.11
Turkey (Rep of) 6.000%, 01/14/2041			200,000		201,000		0.69
					1,535,583		5.29
Ukraine (Cost $1,836,933)
National JSC Naftogaz of Ukraine 9.500%, 09/30/2014			360,000		339,300		1.17
Ukraine (Rep of) 9.250%, 07/24/2017			350,000		334,688		1.16
Ukraine (Rep of) 7.750%, 09/23/2020			100,000		90,500		0.31
Ukraine (Rep of) 7.950%, 02/23/2021			350,000		317,187		1.09
Ukraine (Rep of) 7.800%, 11/28/2022			370,000		321,900		1.11
Ukreximbank Via Biz Finance PLC 8.750%, 01/22/2018			260,000		217,750		0.75
					1,621,325		5.59
United Arab Emirates (Cost $792,482)
Emirate of Dubai (Rep of) 7.750%, 10/05/2020			670,000		798,975		2.75
					798,975		2.75
Uruguay (Cost $596,419)
Uruguay (Rep of) 4.500%, 08/14/2024			162,503		167,784		0.58
Uruguay (Rep of) 7.875%, 01/15/2033⁽⁴⁾			142,000		185,807		0.64
Uruguay (Rep of) 7.625%, 03/21/2036			96,000		123,120		0.43
Uruguay (Rep of) 4.125%, 11/20/2045			99,920		82,434		0.28
					559,145		1.93
Venezuela (Cost $1,847,576)
Petroleos de Venezuela S.A. 5.250%, 04/12/2017			60,000		48,150		0.17
Petroleos de Venezuela S.A. 12.750%, 02/17/2022			55,000		54,450		0.19
Petroleos de Venezuela S.A. 5.375%, 04/12/2027			230,000		141,450		0.49
Petroleos de Venezuela S.A. 5.500%, 04/12/2037			23,000		13,512		0.05
Venezuela (Rep of) 8.500%, 10/08/2014			80,000		79,120		0.27
Venezuela (Rep of) 5.750%, 02/26/2016			50,000		44,500		0.15
Venezuela (Rep of) 7.750%, 10/13/2019			150,000		123,000		0.42
Venezuela (Rep of) 6.000%, 12/09/2020			60,000		43,800		0.15
Venezuela (Rep of) 12.750%, 08/23/2022			152,000		153,140		0.53
Venezuela (Rep of) 9.000%, 05/07/2023			101,000		82,062		0.28
Venezuela (Rep of) 8.250%, 10/13/2024			85,000		64,812		0.22

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Venezuela - (continued)
Venezuela (Rep of) 7.650%, 04/21/2025			46,000	$	33,650		0.12
Venezuela (Rep of) 11.750%, 10/21/2026			431,000		398,675		1.37
Venezuela (Rep of) 9.250%, 09/15/2027			89,000		73,425		0.25
Venezuela (Rep of) 9.250%, 05/07/2028			115,000		91,425		0.32
Venezuela (Rep of) 11.950%, 08/05/2031			373,100		345,118		1.19
					1,790,289		6.17
Vietnam (Cost $216,966)
Vietnam (Rep of) 6.875%, 01/15/2016			100,000		108,000		0.37
Vietnam (Rep of) 6.750%, 01/29/2020			100,000		109,375		0.38
					217,375		0.75
Zambia (Cost $50,196)
Zambia (Rep of) 5.375%, 09/20/2022			50,000		45,125		0.16
					45,125		0.16
Total Debt Securities (Cost $28,699,491)					28,209,322		97.25

Total Investments (Total Cost $28,699,491)					28,209,322		97.25

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					796,938		2.75

Net Assets				$	29,006,260		100.00

⁽¹⁾	Par values are stated in United States Dollars unless otherwise noted below.

⁽²⁾	When Issued Security.

⁽³⁾	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.

⁽⁴⁾	Security is payment in-kind bond.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Sovereign Debt Fund’s investments, which are carried at fair value, as of October 31, 2013:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Corporate Bonds		$—		$ 6,237,140		$—		$ 6,237,140
Government Agencies		—		430,100		—		430,100
Government Bonds		—		20,478,707		—		20,478,707
Municipal Bonds		—		798,975		—		798,975
Financial Certificates		—		264,400		—		264,400
Total Investments		$—		$28,209,322		$—		$28,209,322

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At Octo-ber 31, 2013, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2012. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying cir-cumstances that indicate when a transaction is not orderly.

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

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended October 31, 2013:


	Derivatives Not Accounted for as
	Hedging Instruments
	Foreign Exchange
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts		$ 861

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


Federal tax cost of investments			$28,743,772
Gross tax appreciation of investments			$576,963
Gross tax depreciation of investments			(1,111,413)
Net tax depreciation of investments			$(534,450)

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Debt Securities

Argentina (Cost $11,480,860)
Argentina Boden Bonds 7.000%, 10/03/2015			4,224,000	$	3,974,455		0.59
Argentine (Rep of) 8.750%, 06/02/2017			496,000		431,520		0.06
Argentine (Rep of) 8.280%, 12/31/2033			2,525,879		1,803,643		0.27
WPE International Cooperatief UA 10.375%, 09/30/2020			6,100,000		4,270,000		0.63
					10,479,618		1.55
Azerbaijan (Cost $1,877,848)
State Oil Co. of the Azerbaijan Republic 5.450%, 02/09/2017			1,030,000		1,100,555		0.16
State Oil Co. of the Azerbaijan Republic 4.750%, 03/13/2023			850,000		818,125		0.12
					1,918,680		0.28
Belarus (Cost $2,988,614)
Belarus (Rep of) 8.750%, 08/03/2015			1,050,000		1,051,313		0.16
Belarus (Rep of) 8.950%, 01/26/2018			1,984,000		1,974,080		0.29
					3,025,393		0.45
Bolivia (Cost $1,081,795)
Bolivian (Rep of) 4.875%, 10/29/2022			730,000		711,750		0.11
Bolivian (Rep of) 5.950%, 08/22/2023			370,000		372,775		0.05
					1,084,525		0.16
Brazil (Cost $55,853,906)
Banco Nacional de Desenvolvimento Economico e Social 6.500%, 06/10/2019			730,000		805,738		0.12
Banco Nacional de Desenvolvimento Economico e Social 5.500%, 07/12/2020			440,000		462,000		0.07
Banco Nacional de Desenvolvimento Economico e Social 5.750%, 09/26/2023⁽²⁾			270,000		280,125		0.04
Banco Santander Brasil S.A. 8.000%, 03/18/2016	BRL		300,000		125,212		0.02
Banco Votorantim S.A. 6.250%, 05/16/2016	BRL		10,006,914		4,267,225		0.63
Brazil (Fed Rep of) 5.875%, 01/15/2019			365,000		421,028		0.06
Brazil (Fed Rep of) 4.875%, 01/22/2021			917,000		994,945		0.15
Brazil (Fed Rep of) 2.625%, 01/05/2023			500,000		446,250		0.07
Brazil (Fed Rep of) 8.500%, 01/05/2024	BRL		3,369,000		1,372,294		0.20
Brazil (Fed Rep of) 8.875%, 04/15/2024			750,000		1,050,000		0.16
Brazil (Fed Rep of) 4.250%, 01/07/2025			1,671,000		1,632,567		0.24
Brazil Letras do Tesouro Nacional 8.940%, 01/01/2017⁽³⁾	BRL		31,020,000		9,796,654		1.45
Brazil Notas do Tesouro Nacional, Serie B 6.000%, 08/15/2020	BRL		11,556,592		5,317,835		0.79
Brazil Notas do Tesouro Nacional, Serie F 10.000%, 01/01/2021	BRL		11,630,000		4,821,784		0.72
Brazil Notas do Tesouro Nacional, Serie F 10.000%, 01/01/2023	BRL		920,000		374,419		0.06
Cosan Luxembourg S.A. 9.500%, 03/14/2018	BRL		1,900,000		754,843		0.11
JBS Finance II Ltd. 8.250%, 01/29/2018			1,683,000		1,762,942		0.26
Marfrig Holding Europe B.V. 9.875%, 07/24/2017			1,200,000		1,198,500		0.18
Marfrig Holding Europe B.V. 8.375%, 05/09/2018			2,250,000		2,120,625		0.31
Marfrig Overseas Ltd. 9.500%, 05/04/2020			1,500,000		1,447,500		0.22
Minerva Luxembourg S.A. 12.250%, 02/10/2022⁽⁴⁾			1,400,000		1,568,000		0.23
Minerva Luxembourg S.A. 7.750%, 01/31/2023⁽⁴⁾			1,968,000		1,908,960		0.28
NII Capital Corp. 7.625%, 04/01/2021			6,740,000		3,909,200		0.58

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Brazil - (continued)
OGX Austria GmbH 8.500%, 06/01/2018⁽⁵⁾			2,900,000	$	275,500		0.04
Oi S.A. 9.750%, 09/15/2016	BRL		1,000,000		402,107		0.06
OSX 3 Leasing B.V. 9.250%, 03/20/2015⁽²⁾			1,100,000		884,125		0.13
					48,400,378		7.18
Chile (Cost $6,974,745)
Automotores Gildemeister S.A. 6.750%, 01/15/2023			1,300,000		1,098,500		0.16
Banco del Estado de Chile 4.125%, 10/07/2020			610,000		626,316		0.09
Banco del Estado de Chile 3.875%, 02/08/2022			150,000		146,689		0.02
Banco Santander Chile 6.500%, 09/22/2020	CLP		186,500,000		361,896		0.05
Bonos de la Tesoreria de la Republica en pesos 6.000%, 01/01/2020	CLP		50,000,000		103,782		0.02
Chile (Rep of) 5.500%, 08/05/2020	CLP		280,000,000		557,540		0.08
Corp. Nacional del Cobre de Chile 7.500%, 01/15/2019			300,000		363,649		0.05
Corp. Nacional del Cobre de Chile 3.750%, 11/04/2020			300,000		301,777		0.05
Corp. Nacional del Cobre de Chile 3.875%, 11/03/2021			485,000		482,746		0.07
Empresa Nacional del Petroleo 6.250%, 07/08/2019			270,000		296,372		0.05
Empresa Nacional del Petroleo 5.250%, 08/10/2020			60,000		62,441		0.01
Inversiones Alsacia S.A. 8.000%, 08/18/2018			907,737		662,648		0.10
SMU S.A. 7.750%, 02/08/2020			1,200,000		666,000		0.10
					5,730,356		0.85
China (Cost $36,674,197)
Central China Real Estate Ltd. 6.500%, 06/04/2018			1,900,000		1,840,264		0.27
Central China Real Estate Ltd. 8.000%, 01/28/2020			1,627,000		1,605,215		0.24
China Oriental Group Co. Ltd. 7.000%, 11/17/2017			794,000		787,013		0.12
China SCE Property Holdings Ltd. 10.500%, 01/14/2016	CNY		5,000,000		853,445		0.13
China SCE Property Holdings Ltd. 11.500%, 11/14/2017			2,350,000		2,567,375		0.38
China Shanshui Cement Group Ltd. 6.500%, 07/22/2014	CNY		3,000,000		497,467		0.07
China Shanshui Cement Group Ltd. 10.500%, 04/27/2017			3,000,000		3,255,000		0.48
Country Garden Holdings Co. Ltd. 11.125%, 02/23/2018			1,848,000		2,062,738		0.31
Country Garden Holdings Co. Ltd. 7.250%, 04/04/2021⁽²⁾			1,250,000		1,248,500		0.19
Country Garden Holdings Co. Ltd. 7.500%, 01/10/2023			2,826,000		2,815,402		0.42
Emerald Plantation Holdings Ltd. 6.000%, 01/30/2020⁽⁴⁾⁽⁶⁾			320,009		196,806		0.03
Evergrande Real Estate Group Ltd. 13.000%, 01/27/2015⁽⁴⁾			1,604,000		1,720,290		0.26
Evergrande Real Estate Group Ltd. 8.750%, 10/30/2018⁽⁴⁾			1,400,000		1,415,680		0.21
Far East Energy Bermuda Ltd. 13.000%, 01/15/2016⁽⁴⁾⁽⁶⁾			1,493,041		1,493,041		0.22
Gemdale International Holding Ltd. 9.150%, 07/26/2015	CNY		4,750,000		826,091		0.12
Hengdeli Holdings Ltd. 6.250%, 01/29/2018			792,000		809,820		0.12
Hidili Industry International Development Ltd. 8.625%, 11/04/2015			1,489,000		1,072,080		0.16
Lafarge Shui on Cement Ltd. 9.000%, 11/14/2014	CNY		2,750,000		472,692		0.07
Powerlong Real Estate Holdings Ltd. 11.500%, 03/17/2014	CNY		1,000,000		166,261		0.02
RKI Finance 2011 Ltd. 6.000%, 02/25/2014	CNY		1,750,000		288,302		0.04
Sinochem Overseas Capital Co. Ltd. 4.500%, 11/12/2020			2,052,000		2,098,681		0.31
Sinochem Overseas Capital Co. Ltd. 6.300%, 11/12/2040			660,000		707,932		0.11
Sino-Forest Corp. 5.000%, 08/01/2013⁽⁷⁾			276,000		—		—
Sino-Forest Corp. 10.250%, 07/28/2014⁽⁷⁾			256,000		—		—
Sino-Forest Corp. 4.250%, 12/15/2016⁽⁷⁾			704,000		—		—
Sino-Forest Corp. 6.250%, 10/21/2017⁽⁷⁾			628,000		—		—
Sunac China Holdings Ltd. 12.500%, 10/16/2017			800,000		902,000		0.13
Sunac China Holdings Ltd. 9.375%, 04/05/2018			3,150,000		3,236,625		0.48
Yanlord Land Group Ltd. 9.500%, 05/04/2017			1,325,000		1,411,125		0.21
Yanlord Land Group Ltd. 10.625%, 03/29/2018			775,000		848,625		0.13

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
China - (continued)
Yingde Gases Investment Ltd. 8.125%, 04/22/2018			1,600,000	$	1,636,000		0.24
					36,834,470		5.47
Colombia (Cost $15,382,751)
Colombia (Rep of) 12.000%, 10/22/2015	COP		4,581,000,000		2,751,965		0.41
Colombia (Rep of) 7.375%, 03/18/2019			1,850,000		2,261,625		0.34
Colombia (Rep of) 11.750%, 02/25/2020			498,000		729,570		0.11
Colombia (Rep of) 7.750%, 04/14/2021	COP		263,000,000		158,952		0.02
Colombia (Rep of) 4.375%, 07/12/2021			800,000		847,200		0.13
Colombia (Rep of) 4.000%, 02/26/2024			330,000		329,175		0.05
Colombia (Rep of) 8.125%, 05/21/2024			58,000		76,850		0.01
Colombia (Rep of) 9.850%, 06/28/2027	COP		2,296,000,000		1,619,157		0.24
Colombia (Rep of) 7.375%, 09/18/2037			650,000		838,500		0.12
Colombia (Rep of) 6.125%, 01/18/2041			1,032,000		1,168,740		0.17
Colombian TES 7.000%, 05/04/2022	COP		1,793,000,000		963,512		0.14
Colombian TES 7.500%, 08/26/2026	COP		1,294,000,000		712,047		0.10
Emgesa S.A. ESP 8.750%, 01/25/2021	COP		818,000,000		456,517		0.07
Empresa de Telecomunicaciones de Bogota 7.000%, 01/17/2023	COP		1,416,000,000		645,388		0.10
Empresas Publicas de Medellin ESP 8.375%, 02/01/2021	COP		1,306,000,000		718,788		0.11
					14,277,986		2.12
Costa Rica (Cost $2,534,301)
Banco de Costa Rica 5.250%, 08/12/2018⁽⁴⁾			300,000		303,000		0.04
Banco Nacional de Costa Rica 6.250%, 11/01/2023			250,000		249,198		0.04
Costa Rica (Rep of) 4.250%, 01/26/2023			1,375,000		1,306,250		0.19
Costa Rica (Rep of) 4.375%, 04/30/2025			220,000		202,400		0.03
Costa Rica (Rep of) 5.625%, 04/30/2043			220,000		195,250		0.03
Instituto Costarricense de Electricidad 6.375%, 05/15/2043			220,000		195,800		0.03
					2,451,898		0.36
Croatia (Cost $4,128,457)
Croatia (Rep of) 6.250%, 04/27/2017			450,000		480,114		0.07
Croatia (Rep of) 6.750%, 11/05/2019			470,000		512,300		0.08
Croatia (Rep of) 6.625%, 07/14/2020			1,535,000		1,657,800		0.25
Croatia (Rep of) 6.375%, 03/24/2021			1,421,000		1,508,036		0.22
					4,158,250		0.62
Czech Republic (Cost $246,473)
New World Resources N.V. 7.875%, 05/01/2018	EUR		250,000		239,474		0.03
					239,474		0.03
Dominican Republic (Cost $1,939,074)
Dominican (Rep of) 7.500%, 05/06/2021⁽⁴⁾			993,000		1,098,755		0.16
Dominican (Rep of) 6.600%, 01/28/2024⁽⁴⁾			240,000		248,160		0.04
Dominican (Rep of) 5.875%, 04/18/2024⁽⁴⁾			600,000		590,100		0.09
					1,937,015		0.29
Ecuador (Cost $317,072)
Ecuador (Rep of) 9.375%, 12/15/2015			310,000		330,150		0.05
					330,150		0.05
Egypt (Cost $1,098,359)
Egypt (Rep of) 5.750%, 04/29/2020			600,000		552,000		0.08
Egypt (Rep of) 6.875%, 04/30/2040			285,000		236,550		0.04
Nile Finance Ltd. 5.250%, 08/05/2015			300,000		294,000		0.04
					1,082,550		0.16
El Salvador (Cost $3,988,484)
El Salvador (Rep of) 7.375%, 12/01/2019			330,000		371,250		0.06

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
El Salvador - (continued)
El Salvador (Rep of) 5.875%, 01/30/2025			885,000	$	878,362		0.13
El Salvador (Rep of) 8.250%, 04/10/2032			75,000		85,500		0.01
El Salvador (Rep of) 7.650%, 06/15/2035			120,000		126,900		0.02
El Salvador (Rep of) 7.625%, 02/01/2041			400,000		417,000		0.06
Telemovil Finance Co. Ltd. 8.000%, 10/01/2017			1,950,000		2,076,750		0.31
					3,955,762		0.59
Gabon (Cost $316,790)
Gabonese (Rep of) 8.200%, 12/12/2017			265,000		308,063		0.05
					308,063		0.05
Georgia (Cost $861,287)
Georgia (Rep of) 6.875%, 04/12/2021			415,000		451,831		0.07
Georgian Railway JSC 7.750%, 07/11/2022			370,000		400,525		0.06
					852,356		0.13
Ghana (Cost $1,190,608)
Ghana (Rep of) 21.000%, 10/26/2015⁽⁴⁾	GHS		1,110,000		514,705		0.08
Ghana (Rep of) 8.500%, 10/04/2017⁽⁴⁾			158,000		172,615		0.02
Ghana (Rep of) 7.875%, 08/07/2023⁽⁴⁾			429,411		426,190		0.06
					1,113,510		0.16
Guatemala (Cost $650,317)
Guatemala (Rep of) 4.875%, 02/13/2028			650,000		612,300		0.09
					612,300		0.09
Hong Kong (Cost $2,316,708)
CFG Investment SAC 9.750%, 07/30/2019⁽⁴⁾			2,496,000		2,383,680		0.35
					2,383,680		0.35
Hungary (Cost $16,235,526)
Hungary (Rep of) 7.750%, 08/24/2015	HUF		481,360,000		2,358,420		0.35
Hungary (Rep of) 5.500%, 12/22/2016	HUF		376,290,000		1,792,800		0.27
Hungary (Rep of) 6.750%, 11/24/2017	HUF		794,670,000		3,957,610		0.59
Hungary (Rep of) 4.125%, 02/19/2018			810,000		818,100		0.12
Hungary (Rep of) 6.250%, 01/29/2020			694,000		754,378		0.11
Hungary (Rep of) 6.375%, 03/29/2021			898,000		975,452		0.15
Hungary (Rep of) 7.000%, 06/24/2022	HUF		451,640,000		2,290,348		0.34
Hungary (Rep of) 5.375%, 02/21/2023			1,576,000		1,569,775		0.23
Hungary (Rep of) 6.000%, 11/24/2023	HUF		158,660,000		758,509		0.11
Hungary (Rep of) 7.625%, 03/29/2041			1,188,000		1,337,985		0.20
					16,613,377		2.47
India (Cost $4,005,331)
Export-Import Bank of India 4.000%, 08/07/2017			200,000		203,530		0.03
Export-Import Bank of India 4.000%, 01/14/2023			468,000		418,392		0.06
Vedanta Resources PLC 8.250%, 06/07/2021			2,780,000		2,863,400		0.43
Vedanta Resources PLC 7.125%, 05/31/2023			500,000		477,500		0.07
					3,962,822		0.59
Indonesia (Cost $16,599,882)
Indo Energy Finance II B.V. 6.375%, 01/24/2023			3,112,000		2,730,780		0.40
Indonesia (Rep of) 6.875%, 01/17/2018			575,000		652,625		0.10
Indonesia (Rep of) 11.625%, 03/04/2019			680,000		929,900		0.14
Indonesia (Rep of) 7.875%, 04/15/2019	IDR		13,600,000,000		1,248,703		0.19
Indonesia (Rep of) 5.875%, 03/13/2020			1,496,000		1,638,120		0.24
Indonesia (Rep of) 4.875%, 05/05/2021			400,000		415,000		0.06
Indonesia (Rep of) 5.375%, 10/17/2023			310,000		326,275		0.05
Indonesia (Rep of) 8.375%, 03/15/2024	IDR		22,000,000,000		2,067,990		0.31
Indonesia (Rep of) 6.125%, 05/15/2028	IDR		3,600,000,000		270,576		0.04
Indonesia (Rep of) 8.375%, 03/15/2034	IDR		9,600,000,000		873,117		0.13
Indonesia (Rep of) 6.625%, 02/17/2037			185,000		201,650		0.03

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Indonesia - (continued)
Indonesia (Rep of) 7.750%, 01/17/2038			190,000	$	231,562		0.03
Indonesia Treasury Bill 5.600%, 10/09/2014⁽³⁾	IDR		5,371,000,000		450,521		0.07
Majapahit Holding B.V. 7.750%, 10/17/2016			355,000		397,600		0.06
Majapahit Holding B.V. 8.000%, 08/07/2019			670,000		776,362		0.11
Majapahit Holding B.V. 7.750%, 01/20/2020			300,000		344,250		0.05
Pertamina Persero PT 6.000%, 05/03/2042			735,000		650,475		0.10
Pertamina Persero PT 5.625%, 05/20/2043			710,000		596,400		0.09
Perusahaan Listrik Negara PT 5.500%, 11/22/2021			660,000		663,300		0.10
Perusahaan Listrik Negara PT 5.250%, 10/24/2042			200,000		161,000		0.02
Perusahaan Penerbit SBSN Indonesia 6.125%, 03/15/2019⁽²⁾			450,000		486,000		0.07
					16,112,206		2.39
Iraq (Cost $2,274,809)
Iraq (Rep of) 5.800%, 01/15/2028			2,630,000		2,288,100		0.34
					2,288,100		0.34
Israel (Cost $3,963,703)
Altice Financing S.A. 8.000%, 12/15/2019	EUR		750,000		1,105,378		0.17
Altice Finco S.A. 9.875%, 12/15/2020			2,300,000		2,570,250		0.38
Plaza Centers N.V. 5.400%, 07/01/2015	ILS		1,566,133		296,141		0.04
					3,971,769		0.59
Ivory Coast (Cost $3,685,947)
Ivory Coast (Rep of) 5.750%, 12/31/2032			4,290,000		3,861,858		0.57
					3,861,858		0.57
Jamaica (Cost $7,094,862)
Digicel Group Ltd. 10.500%, 04/15/2018			500,000		540,000		0.08
Digicel Group Ltd. 8.250%, 09/30/2020			5,300,000		5,591,500		0.83
Digicel Ltd. 6.000%, 04/15/2021			900,000		873,000		0.13
					7,004,500		1.04
Kazakhstan (Cost $17,451,344)
ATF Bank JSC 9.250%, 02/21/2014			2,600,000		2,603,120		0.39
ATF Bank JSC 9.000%, 05/11/2016			800,000		797,000		0.12
Development Bank of Kazakhstan JSC 4.125%, 12/10/2022			1,000,000		922,500		0.14
Halyk Savings Bank of Kazakhstan JSC 7.250%, 01/28/2021			1,600,000		1,684,000		0.25
KazAgro National Management Holding JSC 4.625%, 05/24/2023			310,000		293,027		0.04
Kazakhstan Temir Zholy Finance B.V. 6.375%, 10/06/2020			795,000		882,450		0.13
Kazakhstan Temir Zholy Finance B.V. 6.950%, 07/10/2042			700,000		732,375		0.11
Kazatomprom Natsionalnaya Atomnaya Kompaniya A.O. 6.250%, 05/20/2015			455,000		480,025		0.07
Kazkommertsbank JSC 7.875%, 04/07/2014			800,000		804,000		0.12
Kazkommertsbank JSC 8.500%, 05/11/2018			3,950,000		3,782,125		0.56
KazMunayGas National Co. JSC 9.125%, 07/02/2018			501,000		613,099		0.09
KazMunayGas National Co. JSC 7.000%, 05/05/2020			400,000		457,500		0.07
KazMunayGas National Co. JSC 6.375%, 04/09/2021			450,000		498,938		0.07
KazMunayGas National Co. JSC 4.400%, 04/30/2023			570,000		540,759		0.08
KazMunayGas National Co. JSC 5.750%, 04/30/2043			850,000		771,290		0.12
Zhaikmunai LLP 7.125%, 11/13/2019			1,400,000		1,491,000		0.22
					17,353,208		2.58
Latvia (Cost $835,033)
Latvia (Rep of) 2.750%, 01/12/2020			850,000		812,813		0.12
					812,813		0.12
Lebanon (Cost $3,580,511)
Lebanon (Rep of) 5.150%, 11/12/2018			400,000		390,000		0.06

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Lebanon - (continued)
Lebanon (Rep of) 6.375%, 03/09/2020			1,086,000	$	1,096,860		0.16
Lebanon (Rep of) 8.250%, 04/12/2021			342,000		379,620		0.06
Lebanon (Rep of) 6.100%, 10/04/2022			1,240,000		1,209,000		0.18
Lebanon (Rep of) 6.600%, 11/27/2026			426,000		419,610		0.06
					3,495,090		0.52
Lithuania (Cost $4,301,890)
Lithuania (Rep of) 5.125%, 09/14/2017			710,000		778,870		0.12
Lithuania (Rep of) 7.375%, 02/11/2020			1,100,000		1,336,500		0.20
Lithuania (Rep of) 6.125%, 03/09/2021			620,000		710,675		0.10
Lithuania (Rep of) 6.625%, 02/01/2022			1,291,000		1,533,063		0.23
					4,359,108		0.65
Malaysia (Cost $14,750,200)
Malaysia (Govt of) 4.262%, 09/15/2016	MYR		2,700,000		881,938		0.13
Malaysia (Govt of) 4.012%, 09/15/2017	MYR		3,700,000		1,201,685		0.18
Malaysia (Govt of) 3.314%, 10/31/2017	MYR		2,900,000		917,685		0.14
Malaysia (Govt of) 3.580%, 09/28/2018	MYR		6,300,000		2,012,113		0.30
Malaysia (Govt of) 4.378%, 11/29/2019	MYR		3,800,000		1,258,632		0.19
Malaysia (Govt of) 3.492%, 03/31/2020	MYR		5,200,000		1,640,201		0.24
Malaysia (Govt of) 3.889%, 07/31/2020	MYR		960,000		310,671		0.05
Malaysia (Govt of) 4.160%, 07/15/2021	MYR		4,610,000		1,509,968		0.22
Malaysia (Govt of) 3.418%, 08/15/2022	MYR		2,570,000		800,052		0.12
Malaysia (Govt of) 3.480%, 03/15/2023	MYR		5,220,000		1,636,254		0.24
Malaysia (Govt of) 3.502%, 05/31/2027	MYR		2,200,000		668,253		0.10
Malaysia (Govt of) 5.248%, 09/15/2028	MYR		100,000		36,185		0.01
Petronas Capital Ltd. 5.250%, 08/12/2019			450,000		506,273		0.07
Petronas Capital Ltd. 7.875%, 05/22/2022			440,000		569,302		0.08
Wakala Global Sukuk Bhd. 4.646%, 07/06/2021			500,000		528,800		0.08
					14,478,012		2.15
Mexico (Cost $39,544,537)
America Movil S.A.B. de C.V. 6.450%, 12/05/2022	MXN		9,860,000		713,538		0.11
Cemex Espana Luxembourg 9.250%, 05/12/2020			4,012,000		4,373,080		0.65
Cemex S.A.B. de C.V. 9.000%, 01/11/2018			800,000		870,000		0.13
Cemex S.A.B. de C.V. 6.500%, 12/10/2019			1,300,000		1,319,500		0.20
Comision Federal de Electricidad 4.875%, 05/26/2021			495,000		516,038		0.08
Comision Federal de Electricidad 4.875%, 01/15/2024⁽²⁾			400,000		405,500		0.06
Comision Federal de Electricidad 5.750%, 02/14/2042			370,000		351,962		0.05
Corp. GEO S.A.B. de C.V. 8.875%, 03/27/2022			1,400,000		210,000		0.03
Desarrolladora Homex S.A.B. de C.V. 9.750%, 03/25/2020⁽⁵⁾			1,250,000		206,250		0.03
Grupo Papelero Scribe S.A. de C.V. 8.875%, 04/07/2020			190,000		185,725		0.03
Grupo Televisa S.A.B. 7.250%, 05/14/2043	MXN		5,000,000		318,614		0.05
Mexican Bonos 6.500%, 06/09/2022	MXN		19,000,000		1,511,372		0.22
Mexican Bonos 10.000%, 12/05/2024	MXN		8,000,000		807,711		0.12
Mexican Bonos 7.500%, 06/03/2027	MXN		38,540,000		3,225,725		0.48
Mexican Bonos 8.500%, 05/31/2029	MXN		42,060,000		3,737,843		0.55
Mexican Bonos 7.750%, 05/29/2031	MXN		16,850,000		1,381,608		0.20
Mexican Bonos 10.000%, 11/20/2036	MXN		17,800,000		1,766,462		0.26
Mexican Bonos 8.500%, 11/18/2038	MXN		17,300,000		1,499,286		0.22
Mexican Bonos 7.750%, 11/13/2042	MXN		28,500,000		2,288,569		0.34
Mexican Udibonos 4.000%, 11/15/2040	MXN		9,556,878		777,382		0.11
Mexico (Rep of) 5.950%, 03/19/2019			386,000		449,304		0.07
Mexico (Rep of) 6.750%, 09/27/2034			984,000		1,205,400		0.18
Mexico (Rep of) 6.050%, 01/11/2040			82,000		92,865		0.01

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Mexico - (continued)
Mexico (Rep of) 4.750%, 03/08/2044			466,000	$	436,875		0.06
Mexico (Rep of) 5.750%, 10/12/2110			268,000		259,290		0.04
NII Capital Corp. 10.000%, 08/15/2016			1,000,000		780,000		0.12
NII Capital Corp. 8.875%, 12/15/2019			500,000		312,500		0.05
Pemex Project Funding Master Trust 5.750%, 03/01/2018			402,000		448,230		0.07
Petroleos Mexicanos 8.000%, 05/03/2019			560,000		684,320		0.10
Petroleos Mexicanos 6.000%, 03/05/2020			322,000		361,445		0.05
Petroleos Mexicanos 7.650%, 11/24/2021	MXN		5,500,000		445,597		0.07
Petroleos Mexicanos 6.500%, 06/02/2041			583,000		620,895		0.09
Petroleos Mexicanos 5.500%, 06/27/2044			115,000		107,525		0.02
Urbi Desarrollos Urbanos S.A.B. de C.V. 8.500%, 04/19/2016⁽⁴⁾⁽⁵⁾			129,000		20,640		—
Urbi Desarrollos Urbanos S.A.B. de C.V. 9.500%, 01/21/2020⁽⁴⁾⁽⁵⁾			1,227,000		196,320		0.03
Urbi Desarrollos Urbanos S.A.B. de C.V. 9.750%, 02/03/2022⁽⁴⁾⁽⁵⁾			3,952,000		632,320		0.09
					33,519,691		4.97
Mongolia (Cost $2,132,673)
Mongolian Mining Corp. 8.875%, 03/29/2017			2,075,000		1,696,313		0.25
					1,696,313		0.25
Morocco (Cost $1,509,610)
Morocco (Rep of) 4.250%, 12/11/2022			1,135,000		1,066,900		0.16
Morocco (Rep of) 5.500%, 12/11/2042			400,000		350,000		0.05
					1,416,900		0.21
Nigeria (Cost $11,680,583)
Afren PLC 11.500%, 02/01/2016			1,225,000		1,398,031		0.21
Afren PLC 10.250%, 04/08/2019			2,600,000		2,977,000		0.44
Nigeria (Rep of) 16.000%, 06/29/2019	NGN		50,000,000		360,642		0.05
Nigeria (Rep of) 6.750%, 01/28/2021			400,000		441,000		0.07
Nigeria (Rep of) 16.390%, 01/27/2022	NGN		261,500,000		1,983,152		0.30
Nigeria Treasury Bill 11.270%, 04/10/2014⁽³⁾	NGN		170,000,000		1,015,686		0.15
Sea Trucks Group 9.000%, 03/26/2018⁽²⁾			3,510,000		3,316,950		0.49
					11,492,461		1.71
Pakistan (Cost $682,797)
Pakistan (Rep of) 7.125%, 03/31/2016			305,000		303,475		0.05
Pakistan (Rep of) 6.875%, 06/01/2017			420,000		412,650		0.06
					716,125		0.11
Panama (Cost $2,424,993)
Panama (Rep of) 7.125%, 01/29/2026			356,000		442,330		0.07
Panama (Rep of) 8.875%, 09/30/2027			130,000		180,212		0.03
Panama (Rep of) 9.375%, 04/01/2029			535,000		773,075		0.11
Panama (Rep of) 6.700%, 01/26/2036			609,000		720,142		0.11
Panama (Rep of) 4.300%, 04/29/2053			110,000		89,760		0.01
					2,205,519		0.33
Paraguay (Cost $1,885,442)
Paraguay (Rep of) 4.625%, 01/25/2023			480,000		453,600		0.07
Telefonica Celular del Paraguay S.A. 6.750%, 12/13/2022			1,350,000		1,363,500		0.20
					1,817,100		0.27
Peru (Cost $6,657,456)
Peru (Rep of) 8.600%, 08/12/2017	PEN		1,400,000		578,493		0.09
Peru (Rep of) 7.125%, 03/30/2019			225,000		274,050		0.04
Peru (Rep of) 7.840%, 08/12/2020	PEN		1,800,000		755,169		0.11
Peru (Rep of) 7.350%, 07/21/2025			721,000		929,369		0.14

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Peru - (continued)
Peru (Rep of) 8.200%, 08/12/2026	PEN		2,129,000	$	950,534		0.14
Peru (Rep of) 6.950%, 08/12/2031	PEN		1,030,000		400,300		0.06
Peru (Rep of) 8.750%, 11/21/2033			1,072,000		1,562,976		0.23
Peru (Rep of) 6.900%, 08/12/2037	PEN		1,472,000		568,363		0.08
Peru (Rep of) 6.850%, 02/12/2042	PEN		466,000		177,174		0.03
					6,196,428		0.92
Philippines (Cost $7,744,541)
Petron Corp. 7.000%, 11/10/2017	PHP		19,000,000		434,709		0.07
Philippines (Rep of) 8.375%, 06/17/2019			180,000		232,200		0.03
Philippines (Rep of) 4.000%, 01/15/2021			708,000		754,905		0.11
Philippines (Rep of) 3.900%, 11/26/2022	PHP		17,000,000		413,099		0.06
Philippines (Rep of) 10.625%, 03/16/2025			334,000		527,720		0.08
Philippines (Rep of) 5.500%, 03/30/2026			620,000		709,900		0.11
Philippines (Rep of) 9.500%, 02/02/2030			1,010,000		1,547,825		0.23
Philippines (Rep of) 7.750%, 01/14/2031			620,000		833,900		0.12
Philippines (Rep of) 6.250%, 01/14/2036	PHP		22,000,000		582,967		0.09
Power Sector Assets & Liabilities Management Corp. 7.250%, 05/27/2019			520,000		629,200		0.09
Power Sector Assets & Liabilities Management Corp. 7.390%, 12/02/2024			622,000		782,165		0.12
					7,448,590		1.11
Poland (Cost $30,227,666)
Eileme 2 AB 11.625%, 01/31/2020			2,400,000		2,802,000		0.42
Eileme 2 AB 11.750%, 01/31/2020	EUR		475,000		761,986		0.11
Poland (Rep of) 5.000%, 04/25/2016	PLN		16,014,000		5,440,502		0.81
Poland (Rep of) 3.000%, 08/24/2016	PLN		10,246,561		3,497,537		0.52
Poland (Rep of) 4.750%, 04/25/2017	PLN		13,805,000		4,701,323		0.70
Poland (Rep of) 6.375%, 07/15/2019			858,000		1,011,582		0.15
Poland (Rep of) 5.000%, 03/23/2022			313,000		342,344		0.05
Poland (Rep of) 5.750%, 09/23/2022	PLN		25,890,000		9,402,634		1.40
Poland (Rep of) 3.000%, 03/17/2023			399,000		372,267		0.06
Poland (Rep of) 2.750%, 08/25/2023	PLN		2,038,467		698,986		0.10
Poland (Rep of) 5.750%, 04/25/2029	PLN		980,000		359,956		0.05
Polish Television Holding B.V. 11.000%, 01/15/2021⁽⁶⁾	EUR		1,100,000		1,579,552		0.23
					30,970,669		4.60
Qatar (Cost $1,333,773)
Qatar (Rep of) 6.400%, 01/20/2040			590,000		691,775		0.10
Qatar (Rep of) 5.750%, 01/20/2042			488,000		531,920		0.08
					1,223,695		0.18
Romania (Cost $6,351,499)
Romania (Rep of) 5.850%, 07/28/2014	RON		5,290,000		1,650,531		0.24
Romania (Rep of) 5.900%, 07/26/2017	RON		1,460,000		473,169		0.07
Romania (Rep of) 5.600%, 11/28/2018	RON		200,000		64,262		0.01
Romania (Rep of) 5.750%, 04/29/2020	RON		800,000		257,365		0.04
Romania (Rep of) 6.750%, 02/07/2022			1,998,000		2,307,690		0.34
Romania (Rep of) 5.850%, 04/26/2023	RON		520,000		169,629		0.03
Romania (Rep of) 4.375%, 08/22/2023			1,604,000		1,569,915		0.23
					6,492,561		0.96
Russian Federation (Cost $88,490,434)
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.500%, 09/26/2019			1,600,000		1,704,000		0.25
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.750%, 04/28/2021			1,700,000		1,848,750		0.27

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Russian Federation - (continued)
Brunswick Rail Finance Ltd. 6.500%, 11/01/2017			1,650,000	$	1,691,250		0.25
CEDC Finance Corp. International, Inc. , FRN 8.000%, 04/30/2018			3,223,103		3,012,902		0.45
CEDC Finance Corp. International, Inc. 10.000%, 04/30/2018⁽⁶⁾			774,617		681,510		0.10
Credit Bank of Moscow Via CBOM Finance PLC 7.700%, 02/01/2018			2,600,000		2,704,000		0.40
Far East Capital Ltd. S.A. 8.000%, 05/02/2018			3,650,000		3,303,250		0.49
Far East Capital Ltd. S.A. 8.750%, 05/02/2020			1,350,000		1,218,375		0.18
Mobile Telesystems OJSC 8.150%, 11/03/2020	RUB		15,250,000		480,742		0.07
MTS International Funding Ltd. 8.625%, 06/22/2020			4,400,000		5,302,000		0.79
Promsvyazbank OJSC Via PSB Finance S.A. 8.500%, 04/25/2017			1,200,000		1,296,000		0.19
Promsvyazbank OJSC Via PSB Finance S.A. 10.200%, 11/06/2019			2,050,000		2,203,750		0.33
Russian Agricultural Bank OJSC Via RSHB Capital S.A. 7.750%, 05/29/2018			510,000		576,351		0.09
Russian Federal Bond - OFZ 6.900%, 08/03/2016	RUB		96,715,000		3,061,816		0.45
Russian Federal Bond - OFZ 7.400%, 04/19/2017	RUB		149,305,000		4,785,842		0.71
Russian Federal Bond - OFZ 7.400%, 06/14/2017	RUB		155,079,000		4,973,340		0.74
Russian Federal Bond - OFZ 6.200%, 01/31/2018	RUB		95,512,000		2,933,493		0.44
Russian Federal Bond - OFZ 7.500%, 03/15/2018	RUB		30,136,000		972,561		0.14
Russian Federal Bond - OFZ 7.500%, 02/27/2019	RUB		158,616,000		5,123,864		0.76
Russian Federal Bond - OFZ 6.800%, 12/11/2019	RUB		106,229,000		3,309,021		0.49
Russian Federal Bond - OFZ 6.400%, 05/27/2020	RUB		19,260,000		585,750		0.09
Russian Federal Bond - OFZ 7.600%, 04/14/2021	RUB		113,664,000		3,677,070		0.55
Russian Federal Bond - OFZ 7.600%, 07/20/2022	RUB		24,587,000		794,248		0.12
Russian Federal Bond - OFZ 7.000%, 01/25/2023	RUB		24,021,000		745,255		0.11
Russian Federal Bond - OFZ 7.000%, 08/16/2023	RUB		10,072,000		310,444		0.05
Russian Federal Bond - OFZ 8.150%, 02/03/2027	RUB		38,219,000		1,263,807		0.19
Russian Federal Bond - OFZ 7.050%, 01/19/2028	RUB		24,684,000		738,502		0.11
Russian Foreign Bond - Eurobond 5.000%, 04/29/2020			400,000		436,000		0.06
Russian Foreign Bond - Eurobond 4.875%, 09/16/2023⁽²⁾			400,000		419,600		0.06
Russian Foreign Bond - Eurobond 12.750%, 06/24/2028			147,000		256,148		0.04
Russian Foreign Bond - Eurobond 7.500%, 03/31/2030			3,939,650		4,688,380		0.70
Russian Foreign Bond - Eurobond 5.625%, 04/04/2042			1,200,000		1,248,000		0.19
Russian Foreign Bond - Eurobond 5.875%, 09/16/2043⁽²⁾			600,000		637,500		0.09
Russian Standard Bank Via Russian Standard Finance S.A. 9.250%, 07/11/2017			2,000,000		2,100,000		0.31
Sibmetinvest OOO 13.500%, 10/10/2019	RUB		23,250,000		753,958		0.11
SUEK Finance 8.250%, 06/26/2020	RUB		25,500,000		787,166		0.12
TMK OAO Via TMK Capital S.A. 7.750%, 01/27/2018			3,400,000		3,561,500		0.53
TMK OAO Via TMK Capital S.A. 6.750%, 04/03/2020			3,720,000		3,636,300		0.54
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748%, 02/02/2021			6,400,000		7,008,000		1.04
VimpelCom Holdings B.V. 9.000%, 02/13/2018	RUB		35,000,000		1,102,251		0.16
Vnesheconombank Via VEB Finance PLC 5.450%, 11/22/2017			317,000		341,884		0.05
Vnesheconombank Via VEB Finance PLC 6.902%, 07/09/2020			1,882,000		2,118,756		0.31

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Russian Federation - (continued)
Vnesheconombank Via VEB Finance PLC 6.800%, 11/22/2025			355,000	$	386,062		0.06
					88,779,398		13.18
Senegal (Cost $680,738)
Senegal (Rep of) 8.750%, 05/13/2021			600,000		658,500		0.10
					658,500		0.10
Serbia (Cost $335,753)
Serbia (Rep of) 7.250%, 09/28/2021			300,000		312,000		0.05
					312,000		0.05
Singapore (Cost $2,429,727)
MMI International Ltd. 8.000%, 03/01/2017			1,300,000		1,306,500		0.19
Olam International Ltd. 6.000%, 10/25/2022	SGD		1,500,000		1,057,723		0.16
					2,364,223		0.35
South Africa (Cost $32,138,093)
Edcon Ltd. 9.500%, 03/01/2018	EUR		1,400,000		1,919,859		0.28
Edcon Pty Ltd. 9.500%, 03/01/2018			2,250,000		2,550,418		0.38
South Africa (Rep of) 8.250%, 09/15/2017	ZAR		50,000,000		5,264,301		0.78
South Africa (Rep of) 8.000%, 12/21/2018	ZAR		39,800,000		4,166,834		0.62
South Africa (Rep of) 6.875%, 05/27/2019			490,000		565,950		0.08
South Africa (Rep of) 5.500%, 03/09/2020			1,529,000		1,658,965		0.25
South Africa (Rep of) 5.875%, 05/30/2022			420,000		459,900		0.07
South Africa (Rep of) 7.750%, 02/28/2023	ZAR		45,500,000		4,575,495		0.68
South Africa (Rep of) 10.500%, 12/21/2026	ZAR		19,800,000		2,367,085		0.35
South Africa (Rep of) 7.000%, 02/28/2031	ZAR		42,100,000		3,576,429		0.53
South Africa (Rep of) 6.250%, 03/31/2036	ZAR		13,540,000		1,010,919		0.15
South Africa (Rep of) 6.500%, 02/28/2041	ZAR		12,500,000		931,428		0.14
South Africa (Rep of) 8.750%, 02/28/2048	ZAR		6,500,000		625,677		0.09
					29,673,260		4.40
Sri Lanka (Cost $1,034,884)
Bank of Ceylon 6.875%, 05/03/2017			200,000		205,000		0.03
Sri Lanka (Rep of) 6.250%, 10/04/2020			560,000		567,700		0.09
Sri Lanka (Rep of) 6.250%, 07/27/2021			220,000		221,100		0.03
					993,800		0.15
Thailand (Cost $8,178,328)
Thailand (Govt of) 3.250%, 06/16/2017	THB		48,300,000		1,556,706		0.23
Thailand (Govt of) 3.875%, 06/13/2019	THB		29,700,000		973,713		0.14
Thailand (Govt of) 1.200%, 07/14/2021	THB		25,152,360		755,209		0.11
Thailand (Govt of) 3.650%, 12/17/2021	THB		42,100,000		1,342,218		0.20
Thailand (Govt of) 3.625%, 06/16/2023	THB		71,900,000		2,261,952		0.34
Thailand (Govt of) 3.580%, 12/17/2027	THB		14,900,000		450,371		0.07
Thailand (Govt of) 1.250%, 03/12/2028	THB		17,970,346		491,317		0.07
					7,831,486		1.16
Turkey (Cost $24,800,879)
Roenesans Holding, FRN 11.650%, 12/18/2015	TRY		610,000		305,879		0.05
Turkey (Rep of) 9.000%, 05/21/2014	TRY		4,119,210		2,174,900		0.32
Turkey (Rep of) 7.000%, 09/26/2016			321,000		357,658		0.05
Turkey (Rep of) 7.500%, 07/14/2017			350,000		400,750		0.06
Turkey (Rep of) 6.750%, 04/03/2018			1,308,000		1,471,500		0.22
Turkey (Rep of) 8.300%, 06/20/2018	TRY		3,000,000		1,507,326		0.22
Turkey (Rep of) 7.000%, 03/11/2019			610,000		696,162		0.10
Turkey (Rep of) 7.500%, 11/07/2019			390,000		459,225		0.07
Turkey (Rep of) 4.000%, 04/01/2020	TRY		2,029,760		1,132,698		0.17
Turkey (Rep of) 5.625%, 03/30/2021			630,000		672,525		0.10

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Turkey - (continued)
Turkey (Rep of) 9.500%, 01/12/2022	TRY		1,750,000	$	922,668		0.14
Turkey (Rep of) 3.000%, 02/23/2022	TRY		9,614,718		5,045,189		0.75
Turkey (Rep of) 8.500%, 09/14/2022	TRY		2,660,000		1,321,838		0.20
Turkey (Rep of) 6.250%, 09/26/2022			290,000		319,725		0.05
Turkey (Rep of) 7.100%, 03/08/2023	TRY		4,100,000		1,858,222		0.28
Turkey (Rep of) 3.250%, 03/23/2023			250,000		219,688		0.03
Turkey (Rep of) 7.375%, 02/05/2025			812,000		950,040		0.14
Turkey (Rep of) 8.000%, 02/14/2034			619,000		765,455		0.11
Turkey (Rep of) 6.875%, 03/17/2036			1,350,000		1,491,750		0.22
Turkey (Rep of) 7.250%, 03/05/2038			305,000		350,750		0.05
Turkey (Rep of) 6.750%, 05/30/2040			487,000		530,830		0.08
Turkey (Rep of) 4.875%, 04/16/2043			250,000		215,938		0.03
					23,170,716		3.44
Ukraine (Cost $34,059,411)
DTEK Finance PLC 7.875%, 04/04/2018			4,293,000		3,863,700		0.57
Ferrexpo Finance PLC 7.875%, 04/07/2016			3,400,000		3,276,750		0.49
Metinvest B.V. 10.250%, 05/20/2015			6,500,000		6,500,000		0.96
MHP S.A. 10.250%, 04/29/2015			2,868,000		2,882,340		0.43
MHP S.A. 8.250%, 04/02/2020			3,550,000		3,044,125		0.45
Mriya Agro Holding PLC 9.450%, 04/19/2018			2,100,000		1,806,000		0.27
National JSC Naftogaz of Ukraine 9.500%, 09/30/2014			1,805,000		1,701,213		0.25
Oschadbank Via SSB #1 PLC 8.250%, 03/10/2016			600,000		516,000		0.08
Oschadbank Via SSB #1 PLC 8.875%, 03/20/2018			400,000		332,000		0.05
Privatbank CJSC Via UK SPV Credit Finance PLC 9.375%, 09/23/2015			600,000		529,500		0.08
Ukraine (Govt of) 6.250%, 06/17/2016			200,000		179,000		0.03
Ukraine (Govt of) 9.250%, 07/24/2017			1,875,000		1,792,969		0.27
Ukraine (Govt of) 7.750%, 09/23/2020			990,000		895,950		0.13
Ukraine (Govt of) 7.950%, 02/23/2021			330,000		299,062		0.04
Ukraine (Govt of) 7.800%, 11/28/2022			1,770,000		1,539,900		0.23
Ukraine Railways via Shortline PLC 9.500%, 05/21/2018			200,000		170,000		0.02
Ukreximbank Via Biz Finance PLC 8.750%, 01/22/2018			1,170,000		979,875		0.14
UKRLANDFARMING PLC 10.875%, 03/26/2018			1,610,000		1,457,050		0.22
					31,765,434		4.71
United Arab Emirates (Cost $21,675,602)
Anka a Sukuk Ltd. 10.000%, 08/25/2016	AED		4,000,000		1,167,983		0.17
Dana Gas Sukuk Ltd. 7.000%, 10/31/2017			1,100,000		1,049,411		0.16
Dana Gas Sukuk Ltd. 9.000%, 10/31/2017			2,000,000		1,910,000		0.28
DP World Ltd. 6.850%, 07/02/2037			3,700,000		3,866,500		0.57
DP World Sukuk Ltd. 6.250%, 07/02/2017			1,550,000		1,701,125		0.25
Dubai DOF Sukuk Ltd. 6.450%, 05/02/2022			200,000		222,500		0.03
Dubai DOF Sukuk Ltd. 3.875%, 01/30/2023			330,000		309,375		0.05
Dubai Holding Commercial Operations MTN Ltd. 4.750%, 01/30/2014	EUR		3,650,000		4,955,788		0.74
Dubai Holding Commercial Operations MTN Ltd. 6.000%, 02/01/2017	GBP		1,650,000		2,724,978		0.41
Emirate of Dubai Government International Bonds 7.750%, 10/05/2020			3,320,000		3,959,100		0.59
Emirate of Dubai Government International Bonds 5.250%, 01/30/2043			250,000		216,562		0.03
					22,083,322		3.28
Uruguay (Cost $5,695,496)
Uruguay (Rep of) 5.000%, 09/14/2018	UYU		20,421,109		1,065,034		0.16

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Par		Value		% of Net Assets
Uruguay - (continued)
Uruguay (Rep of) 4.500%, 08/14/2024			539,374	$	556,904		0.08
Uruguay (Rep of) 4.250%, 04/05/2027	UYU		7,462,865		373,699		0.06
Uruguay (Rep of) 4.375%, 12/15/2028	UYU		17,933,203		922,269		0.14
Uruguay (Rep of) 7.875%, 01/15/2033⁽⁶⁾			751,000		982,683		0.15
Uruguay (Rep of) 7.625%, 03/21/2036			595,000		763,087		0.11
Uruguay (Rep of) 3.700%, 06/26/2037	UYU		7,869,025		371,173		0.05
Uruguay (Rep of) 4.125%, 11/20/2045			446,300		368,198		0.05
Uruguay Notas del Tesoro 9.000%, 01/27/2014	UYU		100,000		4,588		—
Uruguay Notas del Tesoro 3.250%, 01/27/2019	UYU		262,940		12,804		—
					5,420,439		0.80
Venezuela (Cost $10,428,927)
Petroleos de Venezuela S.A. 5.250%, 04/12/2017			435,000		349,088		0.05
Petroleos de Venezuela S.A. 12.750%, 02/17/2022			230,000		227,700		0.03
Petroleos de Venezuela S.A. 5.375%, 04/12/2027			1,215,000		747,225		0.11
Petroleos de Venezuela S.A. 5.500%, 04/12/2037			264,000		155,100		0.02
Venezuela (Rep of) 8.500%, 10/08/2014			484,000		478,676		0.07
Venezuela (Rep of) 5.750%, 02/26/2016			280,000		249,200		0.04
Venezuela (Rep of) 7.750%, 10/13/2019			470,000		385,400		0.06
Venezuela (Rep of) 6.000%, 12/09/2020			385,000		281,050		0.04
Venezuela (Rep of) 12.750%, 08/23/2022			956,000		963,170		0.14
Venezuela (Rep of) 9.000%, 05/07/2023			520,000		422,500		0.06
Venezuela (Rep of) 8.250%, 10/13/2024			423,000		322,538		0.05
Venezuela (Rep of) 7.650%, 04/21/2025			315,000		230,422		0.04
Venezuela (Rep of) 11.750%, 10/21/2026			2,337,000		2,161,725		0.32
Venezuela (Rep of) 9.250%, 09/15/2027			409,000		337,425		0.05
Venezuela (Rep of) 9.250%, 05/07/2028			720,000		572,400		0.09
Venezuela (Rep of) 11.950%, 08/05/2031			1,985,200		1,836,310		0.27
					9,719,929		1.44
Vietnam (Cost $1,280,324)
Vietnam (Rep of) 6.875%, 01/15/2016			520,000		561,600		0.08
Vietnam (Rep of) 6.750%, 01/29/2020			643,000		703,281		0.11
					1,264,881		0.19
Zambia (Cost $301,178)
Zambia (Rep of) 5.375%, 09/20/2022			300,000		270,750		0.04
					270,750		0.04
Total Debt Securities (Cost $590,387,028)					564,993,467		83.86

	Currency⁽¹⁾	Shares		Value		% of Net Assets
Equity Securities

China (Cost $ — )
Emerald Plantation Holdings Ltd.			308,246	$	46,237		0.01
					46,237		0.01
Kazakhstan (Cost $624,700)
BTA Bank JSC GDR (Registered)			34,532		27,971		—
					27,971		—
Total Equity Securities (Cost $624,700)					74,208		0.01

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Number of Contracts		Value		% of Net Assets
Purchased Options

United States (Premiums Paid $189,973)
Euro Volatility Quoted American Style Options, Exp. 11/08/2013, Strike Price $1.26	EUR		9,400,000	$	128		—

Total Purchased Options (Premiums Paid $189,973)					128		—

	Currency⁽¹⁾	Par		Value		% of Net Assets
Warrants

(Cost $27,482)
Far East Energy Bermuda Ltd., Exp. 08/23/2014, Strike Price $11.92			1,308,684	$	134,794		0.02

Total Warrants (Cost $27,482)					134,794		0.02

	Currency⁽¹⁾	Par		Value		% of Net Assets
Short-Term Investments

Abnajesh, Time Deposit 0.110%, 11/01/2013			25,000,000	$	25,000,000		3.71
Riyad Bank London, Time Deposit 0.120%, 11/06/2013			25,000,000		25,000,000		3.71
United Kingdom, Time Deposit 0.120%, 11/07/2013			25,000,000		25,000,000		3.71
Total Short-Term Investments (Cost $75,000,000)					75,000,000		11.13

Total Investments in Securities (Cost $666,229,183)					640,202,597		95.02

Fully Funded Total Return Swaps

Indonesia (Cost $9,079,300)
Indonesia (Rep of) 12.800% 06/15/2021	IDR		15,700,000,000		1,817,565		0.27
Indonesia (Rep of) 11.000% 09/15/2025	IDR		1,200,000,000		132,269		0.02
Indonesia (Rep of) 8.375% 09/15/2026	IDR		9,100,000,000		843,100		0.13
Indonesia (Rep of) 7.000% 05/15/2027	IDR		10,400,000,000		857,870		0.13
Indonesia (Rep of) 10.500% 08/15/2030	IDR		26,950,000,000		2,917,366		0.43
Indonesia (Rep of) 9.500% 07/15/2031	IDR		2,120,000,000		212,284		0.03
					6,780,454		1.01
Total Fully Funded Total Return Swaps (Cost $9,079,300)					6,780,454		1.01

Total Investments (Total Cost $675,308,483)					646,983,051		96.03

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					26,742,404		3.97
Net Assets				$	673,725,455		100.00

⁽¹⁾	Par values are stated in United States Dollars unless otherwise noted below.

⁽²⁾	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.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

⁽³⁾	Zero coupon bond reflects effective yield on the date of purchase.

⁽⁴⁾	Security determined to be illiquid by the Investment Manager.

⁽⁵⁾	Issuer has defaulted on terms of debt obligation.

⁽⁶⁾	Security is payment in-kind bond.

⁽⁷⁾	Security has been deemed worthless and is a Level 3 investment.

Percentages shown are based on net assets.

At October 31, 2013, the Ashmore Emerging Markets Total Return Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/04/2013	Barclays Wholesale GTS	Brazilian Real		1,270,965	United States Dollar		571,400		$(4,602)
11/04/2013	Barclays Wholesale GTS	Brazilian Real		592,731	United States Dollar		270,000		(5,666)
11/04/2013	Barclays Wholesale GTS	Brazilian Real		7,417,310	United States Dollar		3,420,000		(112,186)
11/04/2013	Citibank London	Brazilian Real		366,537	United States Dollar		163,414		47
11/04/2013	Goldman Sachs International Ltd. London	Brazilian Real		1,322,096	United States Dollar		582,307		7,294
11/04/2013	Goldman Sachs International Ltd. London	Brazilian Real		806,607	United States Dollar		358,568		1,146
11/04/2013	Goldman Sachs International Ltd. London	Brazilian Real		5,188,072	United States Dollar		2,339,604		(25,938)
11/04/2013	Goldman Sachs International Ltd. London	Brazilian Real		7,637,795	United States Dollar		3,490,000		(83,858)
11/04/2013	HSBC Bank PLC	Brazilian Real		456,136	United States Dollar		205,838		(2,420)
11/04/2013	HSBC Bank PLC	Brazilian Real		9,508,155	United States Dollar		4,329,702		(89,457)
11/04/2013	Barclays Wholesale GTS	United States Dollar		2,894,112	Brazilian Real		6,346,788		63,706
11/04/2013	Barclays Wholesale GTS	United States Dollar		2,451,717	Brazilian Real		5,380,293		52,328
11/04/2013	Barclays Wholesale GTS	United States Dollar		286,067	Brazilian Real		633,525		3,541
11/04/2013	Chase Manhattan Bank London	United States Dollar		217,128	Brazilian Real		481,763		2,281
11/04/2013	Deutsche Bank London	United States Dollar		932,457	Brazilian Real		2,098,494		(3,385)
11/04/2013	Goldman Sachs International Ltd. London	United States Dollar		4,765,708	Brazilian Real		10,432,134		113,406
11/04/2013	Standard Chartered London	United States Dollar		4,129,828	Brazilian Real		9,193,409		29,946
11/12/2013	Chase Manhattan Bank London	Argentine Peso		6,289,500	United States Dollar		1,025,852		18,861
11/15/2013	Goldman Sachs International Ltd. London	Malaysian Ringgit		8,500,000	United States Dollar		2,618,285		61,464
11/15/2013	Chase Manhattan Bank London	Malaysian Ringgit		1,200,000	United States Dollar		378,728		(411)
11/15/2013	Deutsche Bank London	United States Dollar		643,754	Malaysian Ringgit		2,030,400		3,641
11/29/2013	Barclays Wholesale GTS	Chilean Peso		192,171,696	United States Dollar		383,576		(10,115)
11/29/2013	Chase Manhattan Bank London	Chilean Peso		232,405,906	United States Dollar		462,730		(11,079)
11/29/2013	Citibank London	Chilean Peso		678,798,774	United States Dollar		1,345,755		(26,597)
11/29/2013	Deutsche Bank London	Chilean Peso		345,531,469	United States Dollar		687,488		(15,992)
11/29/2013	Deutsche Bank London	Chilean Peso		404,392,500	United States Dollar		810,000		(24,115)
11/29/2013	Goldman Sachs International Ltd. London	Chilean Peso		396,426,150	United States Dollar		788,672		(18,269)
11/29/2013	Standard Chartered London	Chilean Peso		544,233,025	United States Dollar		1,083,374		(25,727)
11/29/2013	Union Bank of Switzerland - London	Chilean Peso		129,476,551	United States Dollar		255,862		(4,241)
11/29/2013	Chase Manhattan Bank London	Chinese Yuan Renminbi		6,620,000	United States Dollar		1,079,406		(1,556)
11/29/2013	Goldman Sachs International Ltd. London	Chinese Yuan Renminbi		10,976,760	United States Dollar		1,789,495		(2,288)
11/29/2013	Standard Chartered London	Chinese Yuan Renminbi		70,508,079	United States Dollar		11,489,389		(9,454)
11/29/2013	Citibank London	Colombian Peso		1,020,033,765	United States Dollar		539,415		(1,827)
11/29/2013	Deutsche Bank London	Colombian Peso		902,211,152	United States Dollar		477,108		(1,616)
11/29/2013	Deutsche Bank London	Colombian Peso		1,431,080,000	United States Dollar		760,000		(5,778)
11/29/2013	Bank of America	Czech Koruna		1,888,842	United States Dollar		99,243		166
11/29/2013	Barclays Wholesale GTS	Czech Koruna		20,050,202	United States Dollar		1,046,707		8,533
11/29/2013	Barclays Wholesale GTS	Czech Koruna		9,796,579	United States Dollar		520,226		(4,633)
11/29/2013	Deutsche Bank London	Czech Koruna		19,014,280	United States Dollar		1,010,000		(9,280)
11/29/2013	Deutsche Bank London	Czech Koruna		18,887,357	United States Dollar		1,004,966		(10,926)
11/29/2013	Standard Chartered London	Czech Koruna		1,991,261	United States Dollar		105,094		(295)
11/29/2013	Barclays Wholesale GTS	Hungarian Forint		23,518,444	United States Dollar		105,470		2,343
11/29/2013	Barclays Wholesale GTS	Hungarian Forint		161,572,355	United States Dollar		741,402		(724)
11/29/2013	Barclays Wholesale GTS	Hungarian Forint		86,931,410	United States Dollar		403,001		(4,491)
11/29/2013	Deutsche Bank London	Hungarian Forint		61,204,780	United States Dollar		280,000		574

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/29/2013	Deutsche Bank London	Hungarian Forint		161,761,781	United States Dollar		741,402		$145
11/29/2013	Deutsche Bank London	Hungarian Forint		178,008,127	United States Dollar		817,074		(1,051)
11/29/2013	HSBC Bank PLC	Hungarian Forint		51,958,373	United States Dollar		232,892		5,295
11/29/2013	HSBC Bank PLC	Hungarian Forint		68,399,262	United States Dollar		308,589		4,966
11/29/2013	HSBC Bank PLC	Hungarian Forint		280,046,000	United States Dollar		1,300,000		(16,216)
11/29/2013	HSBC Bank PLC	Hungarian Forint		910,831,950	United States Dollar		4,221,505		(46,077)
11/29/2013	Citibank London	Indian Rupee		288,771,050	United States Dollar		4,661,357		(56,195)
11/29/2013	Deutsche Bank London	Indian Rupee		43,594,773	United States Dollar		706,446		(11,220)
11/29/2013	Deutsche Bank London	Indian Rupee		80,896,200	United States Dollar		1,304,567		(14,479)
11/29/2013	Goldman Sachs International Ltd. London	Indian Rupee		69,675,800	United States Dollar		1,123,622		(12,471)
11/29/2013	HSBC Bank PLC	Indian Rupee		19,683,000	United States Dollar		316,091		(2,198)
11/29/2013	Union Bank of Switzerland - London	Indian Rupee		295,000,000	United States Dollar		4,754,997		(50,499)
11/29/2013	Deutsche Bank London	Indonesian Rupiah		18,100,020,019	United States Dollar		1,585,635		41,322
11/29/2013	Standard Chartered London	Indonesian Rupiah		3,853,500,000	United States Dollar		350,000		(3,620)
11/29/2013	Union Bank of Switzerland - London	Indonesian Rupiah		25,490,915,103	United States Dollar		2,235,065		56,237
11/29/2013	Bank of America	Israeli Shekel		399,838	United States Dollar		112,366		964
11/29/2013	Bank of America	Israeli Shekel		3,569,481	United States Dollar		973,679		38,054
11/29/2013	Barclays Wholesale GTS	Israeli Shekel		788,677	United States Dollar		223,998		(455)
11/29/2013	Union Bank of Switzerland - London	Israeli Shekel		768,456	United States Dollar		216,572		1,239
11/29/2013	Barclays Wholesale GTS	Malaysian Ringgit		4,000,000	United States Dollar		1,243,124		11,821
11/29/2013	Barclays Wholesale GTS	Malaysian Ringgit		5,375,890	United States Dollar		1,690,000		(3,388)
11/29/2013	BNP Paribas	Malaysian Ringgit		4,624,461	United States Dollar		1,437,552		13,309
11/29/2013	BNP Paribas	Malaysian Ringgit		2,586,801	United States Dollar		811,826		(252)
11/29/2013	Chase Manhattan Bank London	Malaysian Ringgit		9,370,000	United States Dollar		2,926,753		12,956
11/29/2013	Chase Manhattan Bank London	Malaysian Ringgit		4,000,000	United States Dollar		1,243,085		11,860
11/29/2013	Deutsche Bank London	Malaysian Ringgit		1,771,280	United States Dollar		560,000		(4,285)
11/29/2013	Barclays Wholesale GTS	Mexican Peso		12,705,586	United States Dollar		971,533		46
11/29/2013	Barclays Wholesale GTS	Mexican Peso		2,281,429	United States Dollar		175,180		(722)
11/29/2013	Barclays Wholesale GTS	Mexican Peso		8,257,000	United States Dollar		642,868		(11,467)
11/29/2013	Chase Manhattan Bank London	Mexican Peso		42,336,279	United States Dollar		3,177,057		60,340
11/29/2013	Chase Manhattan Bank London	Mexican Peso		33,020,582	United States Dollar		2,553,618		(28,580)
11/29/2013	Citibank London	Mexican Peso		11,356,371	United States Dollar		870,000		(1,594)
11/29/2013	Citibank London	Mexican Peso		16,619,747	United States Dollar		1,280,000		(9,111)
11/29/2013	Deutsche Bank London	Mexican Peso		53,403,160	United States Dollar		4,064,353		19,312
11/29/2013	Deutsche Bank London	Mexican Peso		8,255,808	United States Dollar		637,884		(6,573)
11/29/2013	Citibank London	Peruvian Neuevo Sol		1,571,973	United States Dollar		563,633		1,087
11/29/2013	CSFB Global Foreign Exchange London	Peruvian Neuevo Sol		5,237,655	United States Dollar		1,871,928		9,662
11/29/2013	CSFB Global Foreign Exchange London	Peruvian Neuevo Sol		4,285,750	United States Dollar		1,550,000		(10,375)
11/29/2013	Deutsche Bank London	Peruvian Neuevo Sol		2,633,039	United States Dollar		940,371		5,529
11/29/2013	HSBC Bank PLC	Peruvian Neuevo Sol		2,692,720	United States Dollar		970,000		(2,659)
11/29/2013	Barclays Wholesale GTS	Philippine Peso		38,441,776	United States Dollar		893,372		(5,212)
11/29/2013	Goldman Sachs International Ltd. London	Philippine Peso		9,908,400	United States Dollar		230,632		(1,708)
11/29/2013	Bank of America	Polish Zloty		3,562,160	United States Dollar		1,120,000		34,299
11/29/2013	Barclays Wholesale GTS	Polish Zloty		3,074,332	United States Dollar		942,629		53,591
11/29/2013	Barclays Wholesale GTS	Polish Zloty		1,707,211	United States Dollar		543,358		9,854
11/29/2013	Barclays Wholesale GTS	Polish Zloty		1,695,373	United States Dollar		541,505		7,872
11/29/2013	Barclays Wholesale GTS	Polish Zloty		3,812,354	United States Dollar		1,230,000		5,373
11/29/2013	Barclays Wholesale GTS	Polish Zloty		743,994	United States Dollar		240,000		1,087
11/29/2013	Barclays Wholesale GTS	Polish Zloty		1,295,611	United States Dollar		420,000		(164)
11/29/2013	HSBC Bank PLC	Polish Zloty		5,165,589	United States Dollar		1,668,499		5,382
11/29/2013	HSBC Bank PLC	Polish Zloty		6,194,027	United States Dollar		2,020,000		(12,859)
11/29/2013	Morgan Stanley & Co. International	Polish Zloty		5,045,331	United States Dollar		1,660,000		(25,088)
11/29/2013	Barclays Wholesale GTS	Romanian Leu		1,557,018	United States Dollar		473,747		2,194
11/29/2013	Deutsche Bank London	Romanian Leu		2,572,514	United States Dollar		790,000		(3,648)
11/29/2013	Goldman Sachs International Ltd. London	Romanian Leu		2,547,118	United States Dollar		780,050		(1,462)
11/29/2013	HSBC Bank PLC	Romanian Leu		6,811,900	United States Dollar		2,095,776		(13,552)
11/29/2013	Union Bank of Switzerland - London	Romanian Leu		699,979	United States Dollar		211,544		2,422
11/29/2013	Bank of America	Russian Ruble		39,464,243	United States Dollar		1,239,182		(15,972)
11/29/2013	Deutsche Bank London	Russian Ruble		31,850,222	United States Dollar		975,006		$12,205

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/29/2013	Deutsche Bank London	Russian Ruble		37,392,919	United States Dollar		1,146,846		12,163
11/29/2013	Goldman Sachs International Ltd. London	Russian Ruble		151,695,391	United States Dollar		4,663,963		37,899
11/29/2013	Goldman Sachs International Ltd. London	Russian Ruble		91,056,000	United States Dollar		2,800,000		22,319
11/29/2013	Deutsche Bank London	Singapore Dollar		1,187,117	United States Dollar		952,457		3,215
11/29/2013	Deutsche Bank London	Singapore Dollar		422,750	United States Dollar		340,000		329
11/29/2013	Deutsche Bank London	Singapore Dollar		1,823,535	United States Dollar		1,469,739		(1,728)
11/29/2013	HSBC Bank PLC	Singapore Dollar		399,723	United States Dollar		318,573		3,218
11/29/2013	Morgan Stanley & Co. International	Singapore Dollar		13,263,348	United States Dollar		10,681,088		(3,617)
11/29/2013	Barclays Wholesale GTS	South African Rand		3,743,472	United States Dollar		378,580		(7,208)
11/29/2013	Barclays Wholesale GTS	South African Rand		20,139,492	United States Dollar		2,040,000		(42,058)
11/29/2013	Deutsche Bank London	South African Rand		3,352,945	United States Dollar		331,972		658
11/29/2013	Deutsche Bank London	South African Rand		4,701,549	United States Dollar		470,000		(3,582)
11/29/2013	HSBC Bank PLC	South African Rand		4,884,319	United States Dollar		479,185		5,364
11/29/2013	Union Bank of Switzerland - London	South African Rand		8,590,079	United States Dollar		854,991		(2,811)
11/29/2013	Union Bank of Switzerland - London	South African Rand		8,589,997	United States Dollar		854,991		(2,819)
11/29/2013	Barclays Wholesale GTS	Thai Baht		78,170,000	United States Dollar		2,485,533		21,379
11/29/2013	Barclays Wholesale GTS	Thai Baht		23,000,000	United States Dollar		732,111		5,499
11/29/2013	Citibank London	Thai Baht		32,000,000	United States Dollar		1,015,486		10,754
11/29/2013	Deutsche Bank London	Thai Baht		14,414,100	United States Dollar		460,000		2,260
11/29/2013	Deutsche Bank London	Thai Baht		14,748,698	United States Dollar		470,973		2,018
11/29/2013	HSBC Bank PLC	Thai Baht		44,559,600	United States Dollar		1,420,000		9,026
11/29/2013	HSBC Bank PLC	Thai Baht		15,000,000	United States Dollar		477,935		3,115
11/29/2013	Bank of America	Turkish Lira		609,366	United States Dollar		299,028		4,654
11/29/2013	Bank of America	Turkish Lira		610,184	United States Dollar		297,221		6,869
11/29/2013	Citibank London	Turkish Lira		1,133,583	United States Dollar		559,104		5,826
11/29/2013	Citibank London	Turkish Lira		2,376,549	United States Dollar		1,190,000		(5,629)
11/29/2013	Goldman Sachs International Ltd. London	Turkish Lira		2,328,619	United States Dollar		1,160,000		485
11/29/2013	HSBC Bank PLC	Turkish Lira		3,746,464	United States Dollar		1,880,000		(12,921)
11/29/2013	Morgan Stanley & Co. International	Turkish Lira		10,098,680	United States Dollar		5,070,000		(37,247)
11/29/2013	Barclays Wholesale GTS	United States Dollar		238,689	Chilean Peso		118,962,500		7,501
11/29/2013	Citibank London	United States Dollar		1,451,852	Colombian Peso		2,744,871,291		5,222
11/29/2013	HSBC Bank PLC	United States Dollar		1,332,161	Colombian Peso		2,513,653,778		7,390
11/29/2013	HSBC Bank PLC	United States Dollar		1,415,012	Hungarian Forint		321,108,644		(57,011)
11/29/2013	Morgan Stanley & Co. International	United States Dollar		6,525,612	Hungarian Forint		1,398,340,839		115,351
11/29/2013	ANZ Banking Corp. Melbourne	United States Dollar		287,105	Indonesian Rupiah		3,108,200,000		7,718
11/29/2013	Deutsche Bank London	United States Dollar		2,655,678	Indonesian Rupiah		29,000,000,000		48,955
11/29/2013	HSBC Bank PLC	United States Dollar		264,719	Indonesian Rupiah		2,900,000,000		4,047
11/29/2013	Bank of America	United States Dollar		320,000	Israeli Shekel		1,132,002		(854)
11/29/2013	HSBC Bank PLC	United States Dollar		3,325,231	Mexican Peso		43,081,693		30,834
11/29/2013	Deutsche Bank London	United States Dollar		375,478	Peruvian Neuevo Sol		1,045,068		45
11/29/2013	Deutsche Bank London	United States Dollar		493,657	Peruvian Neuevo Sol		1,376,070		(686)
11/29/2013	Barclays Wholesale GTS	United States Dollar		1,770,000	Polish Zloty		5,557,446		(30,860)
11/29/2013	Deutsche Bank London	United States Dollar		3,824,089	Polish Zloty		11,707,242		30,420
11/29/2013	Deutsche Bank London	United States Dollar		3,230,000	Polish Zloty		10,150,679		(59,273)
11/29/2013	Barclays Wholesale GTS	United States Dollar		1,423,950	Romanian Leu		4,726,516		(20,825)
11/29/2013	Barclays Wholesale GTS	United States Dollar		1,002,476	Russian Ruble		32,180,984		5,013
11/29/2013	Barclays Wholesale GTS	United States Dollar		4,965,386	Russian Ruble		161,419,746		(37,886)
11/29/2013	Deutsche Bank London	United States Dollar		604,641	Russian Ruble		19,282,014		6,987
11/29/2013	Goldman Sachs International Ltd. London	United States Dollar		935,316	Russian Ruble		30,021,765		4,779
11/29/2013	Morgan Stanley & Co. International	United States Dollar		4,624,101	Russian Ruble		148,468,310		22,264
11/29/2013	Barclays Wholesale GTS	United States Dollar		1,634,389	South African Rand		16,177,185		29,528
11/29/2013	Goldman Sachs International Ltd. London	United States Dollar		3,652,740	South African Rand		36,255,276		56,029
11/29/2013	HSBC Bank PLC	United States Dollar		501,668	South African Rand		4,966,411		8,974
11/29/2013	HSBC Bank PLC	United States Dollar		540,506	South African Rand		5,342,256		10,527
11/29/2013	HSBC Bank PLC	United States Dollar		539,258	South African Rand		5,331,540		10,342
11/29/2013	Goldman Sachs International Ltd. London	United States Dollar		1,089,096	Thai Baht		34,012,469		(1,684)
11/29/2013	Deutsche Bank London	United States Dollar		758,242	Turkish Lira		1,512,389		4,531
11/29/2013	Deutsche Bank London	United States Dollar		297,452	Turkish Lira		605,698		(4,402)
11/29/2013	Deutsche Bank London	United States Dollar		1,582,014	Turkish Lira		3,204,580		$(15,012)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/29/2013	HSBC Bank PLC	United States Dollar		1,193,873	Turkish Lira		2,419,849		(12,077)
11/29/2013	Citibank London	United States Dollar		1,328,661	Turkish Lira		2,693,860		(13,845)
12/02/2013	Deutsche Bank London	Czech Koruna		21,842,115	United States Dollar		1,171,373		(21,796)
12/02/2013	Barclays Wholesale GTS	Russian Ruble		135,015,121	United States Dollar		4,210,000		(27,780)
12/02/2013	Barclays Wholesale GTS	Russian Ruble		193,924,480	United States Dollar		6,084,039		(77,046)
12/02/2013	Barclays Wholesale GTS	United States Dollar		5,070,000	Russian Ruble		161,986,500		52,316
12/02/2013	Barclays Wholesale GTS	United States Dollar		799,158	Russian Ruble		25,480,344		9,880
12/03/2013	Chase Manhattan Bank London	Argentine Peso		3,299,400	United States Dollar		520,000		9,830
12/03/2013	Union Bank of Switzerland - London	Argentine Peso		3,268,000	United States Dollar		509,312		15,476
12/03/2013	Goldman Sachs International Ltd. London	Brazilian Real		10,432,134	United States Dollar		4,734,025		(113,990)
12/13/2013	ANZ Banking Corp. Melbourne	Indonesian Rupiah		14,000,000,000	United States Dollar		1,262,968		(8,358)
12/13/2013	Union Bank of Switzerland - London	Indonesian Rupiah		14,161,928,443	United States Dollar		1,276,424		(7,303)
12/13/2013	BNP Paribas	Thai Baht		30,000,000	United States Dollar		956,785		4,410
12/13/2013	Chase Manhattan Bank London	Thai Baht		22,838,082	United States Dollar		728,487		3,241
12/13/2013	Citibank London	Thai Baht		36,000,000	United States Dollar		1,147,666		5,768
12/13/2013	Standard Chartered London	Thai Baht		23,313,851	United States Dollar		740,240		6,733
12/13/2013	Union Bank of Switzerland - London	Thai Baht		30,000,000	United States Dollar		955,932		5,264
12/13/2013	Barclays Wholesale GTS	United States Dollar		966,272	Indonesian Rupiah		10,600,000,000		16,353
12/13/2013	HSBC Bank PLC	United States Dollar		404,503	Indonesian Rupiah		4,420,000,000		8,404
12/16/2013	HSBC Bank PLC	Chinese Offshore Yuan		51,923,633	United States Dollar		8,507,643		1,809
12/16/2013	Deutsche Bank London	Thai Baht		7,000,000	United States Dollar		224,719		(486)
12/16/2013	HSBC Bank PLC	Thai Baht		57,572,370	United States Dollar		1,827,114		17,122
12/16/2013	HSBC Bank PLC	United States Dollar		594,059	Chinese Offshore Yuan		3,630,000		(839)
12/16/2013	HSBC Bank PLC	United States Dollar		310,000	Chinese Offshore Yuan		1,900,300		(1,429)
12/16/2013	HSBC Bank PLC	United States Dollar		850,884	Chinese Offshore Yuan		5,213,792		(3,573)
12/16/2013	HSBC Bank PLC	United States Dollar		1,154,286	Chinese Offshore Yuan		7,070,000		(4,374)
12/16/2013	HSBC Bank PLC	United States Dollar		452,305	Chinese Offshore Yuan		2,787,782		(4,568)
12/16/2013	HSBC Bank PLC	United States Dollar		5,030,000	Chinese Offshore Yuan		31,321,760		(103,135)
12/17/2013	Deutsche Bank London	Taiwan Dollar		20,630,000	United States Dollar		705,420		(4,218)
12/17/2013	Goldman Sachs International Ltd. London	Taiwan Dollar		32,922,400	United States Dollar		1,124,783		(5,769)
12/17/2013	Goldman Sachs International Ltd. London	Taiwan Dollar		264,371,732	United States Dollar		9,030,631		(44,784)
12/17/2013	Union Bank of Switzerland - London	Taiwan Dollar		7,302,500	United States Dollar		250,000		(1,792)
01/03/2014	Morgan Stanley & Co. International	Brazilian Real		6,039,270	United States Dollar		2,720,000		(64,254)
01/21/2014	Deutsche Bank London	United States Dollar		2,337,890	British Pound		1,463,898		(7,814)
01/21/2014	Deutsche Bank London	United States Dollar		12,517,416	Euro		9,228,356		(13,966)
01/21/2014	Union Bank of Switzerland - London	United States Dollar		259,322	Euro		188,539		3,301
01/31/2014	Barclays Wholesale GTS	Czech Koruna		58,529,947	United States Dollar		3,129,325		(47,465)
01/31/2014	Union Bank of Switzerland - London	Czech Koruna		32,786,600	United States Dollar		1,760,000		(33,641)
01/31/2014	Deutsche Bank London	Hungarian Forint		283,105,493	United States Dollar		1,327,264		(34,606)
01/31/2014	Bank of America	Mexican Peso		53,833,968	United States Dollar		4,080,000		16,085
01/31/2014	Deutsche Bank London	Mexican Peso		45,890,180	United States Dollar		3,560,000		(68,337)
01/31/2014	Standard Chartered London	Mexican Peso		62,772,968	United States Dollar		4,828,727		(52,497)
01/31/2014	Morgan Stanley & Co. International	Peruvian Neuevo Sol		3,896,901	United States Dollar		1,395,488		(4,508)
01/31/2014	Barclays Wholesale GTS	Romanian Leu		4,014,907	United States Dollar		1,238,672		(15,592)
01/31/2014	Barclays Wholesale GTS	United States Dollar		3,620,050	Polish Zloty		11,024,609		61,332
01/31/2014	Deutsche Bank London	United States Dollar		479,320	Russian Ruble		15,553,935		2,423
02/28/2014	Chase Manhattan Bank London	Mexican Peso		54,313,872	United States Dollar		4,130,332		(6,702)
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		38,604,157	United States Dollar		5,775,607		454,154
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		174,251	United States Dollar		26,573		1,547
04/13/2015	HSBC Bank PLC	United States Dollar		93,434	Chinese Offshore Yuan		612,369		(5,387)
04/13/2015	HSBC Bank PLC	United States Dollar		550,000	Chinese Offshore Yuan		3,554,650		(23,633)
04/13/2015	HSBC Bank PLC	United States Dollar		550,000	Chinese Offshore Yuan		3,565,925		(25,453)
04/13/2015	HSBC Bank PLC	United States Dollar		2,050,000	Chinese Offshore Yuan		13,449,435		(120,408)
04/13/2015	HSBC Bank PLC	United States Dollar		2,710,000	Chinese Offshore Yuan		17,596,030		(129,566)
05/04/2015	Standard Chartered London	Chinese Offshore Yuan		105,616,865	United States Dollar		16,100,132		933,612
05/04/2015	Standard Chartered London	Chinese Offshore Yuan		6,222,535	United States Dollar		939,109		64,453
05/04/2015	Standard Chartered London	United States Dollar		1,100,000	Chinese Offshore Yuan		7,158,800		(54,561)
05/04/2015	Standard Chartered London	United States Dollar		3,400,000	Chinese Offshore Yuan		22,343,100		(203,465)
05/04/2015	Standard Chartered London	United States Dollar		12,500,000	Chinese Offshore Yuan		82,337,500		$(779,280)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

Settlement

Date

Counterparty

Currency

Buy

Currency

Buy Amount

(Local
Currency)

Currency

Sell

Currency

Sell Amount

(Local
Currency)

Unrealized
Gain/(Loss)

07/17/2015

HSBC Bank PLC

Chinese Offshore Yuan

3,785,666

United States Dollar

564,393

44,863

07/17/2015

Standard Chartered London

Chinese Offshore Yuan

24,998,265

United States Dollar

3,761,400

261,762

07/17/2015

Standard Chartered London

Chinese Offshore Yuan

657,900

United States Dollar

100,038

5,843

07/17/2015

HSBC Bank PLC

United States Dollar

18,198

Chinese Offshore Yuan

119,651

(1,058)

07/17/2015

HSBC Bank PLC

United States Dollar

557,442

Chinese Offshore Yuan

3,666,015

(32,558)

07/17/2015

Standard Chartered London

United States Dollar

3,870,000

Chinese Offshore Yuan

25,656,165

(259,043)

Total

$(301,959)

At October 31, 2013, the Ashmore Emerging Markets Total Return Fund had the following interest rate swap contracts outstanding:

Pay Rate Index/

Pay Rate

Receive Rate/
Receive Rate Index

Notional

Amount

Expiration
Date

Unrealized
Gains/
(Losses)

Counterparty

Brazil CETIP Interbank

Deposit Rate

11.032%

BRL

2,184,520

01/02/2017

$(1,674)

HSBC

Brazil CETIP Interbank

Deposit Rate

10.380%

BRL

3,907,944

01/02/2017

(42,236)

HSBC

Brazil CETIP Interbank

Deposit Rate

10.955%

BRL

7,552,695

07/01/2015

897

HSBC

Brazil CETIP Interbank

Deposit Rate

11.170%

BRL

5,548,566

01/04/2016

755

HSBC

$(42,258)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Total Return Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2013:


	Level 1	Level 2			Level 3	Total
Investments
Assets:
Corporate Bonds	$—	$	237,852,626		$—	$	237,852,626
Government Agencies	—		3,127,333		—		3,127,333
Government Bonds	—		285,492,620		—		285,492,620
Municipal Bonds	—		3,959,100		—		3,959,100
Index Linked Corporate Bonds	—		4,563,366		—		4,563,366
Index Linked Government Bonds	—		22,623,228		—		22,623,228
Common Stock	—		74,208		—		74,208
Purchased Options	—		128		—		128
Warrants	—		134,794		—		134,794
Financial Certificate	—		7,375,194		—		7,375,194
Fully Funded Total Return Swaps	—		6,780,454		—		6,780,454
Short-Term Investments	—		75,000,000		—		75,000,000

Total Investments	$—	$	646,983,051		$—	$	646,983,051


Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts	$—	$	3,377,188		$—	$	3,377,188
Interest Rate Swap Contracts	—		1,652		—		1,652
Liabilities:
Forward Foreign Currency Exchange Contracts	—		(3,679,147	)	—		(3,679,147	)
Interest Rate Swap Contracts	—		(43,910	)	—		(43,910	)

Total Other Financial Instruments	$—	$	(344,217	)	$—	$	(344,217	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2013:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange			Fixed Income/ Interest Rate
Assets:
Unrealized Appreciation on Interest Rate Swap Contracts	$	—		$	1,652
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		3,377,188			—
	$	3,377,188		$	1,652

Liabilities:
Unrealized Depreciation on Interest Rate Swap Contracts	$	—		$	(43,910	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(3,679,147	)		—
	$	(3,679,147	)	$	(43,910	)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2013:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange			Fixed Income/ Interest Rate
Realized Gain/(Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	2,841,808		$	—
Net Realized Loss on Options		—			(344,510	)
Net Realized Loss on Futures Contracts		—			(75,762	)
Net Realized Gain on Interest Rate Swap Contracts		—			783,419
	$	2,841,808		$	363,147

Net Change in Unrealized Appreciation on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(1,284,956	)	$	—
Net Change in Unrealized Depreciation on Interest Rate Swap Contracts		—			(858,265	)
Net Change in Unrealized Depreciation on Options		—			(189,845	)
	$	(1,284,956	)	$	(1,048,110	)


Federal tax cost of investments			$676,189,894
Gross tax appreciation of investments			$6,705,279
Gross tax depreciation of investments			(35,912,122)
Net tax depreciation of investments			$(29,206,843)

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2013


	Currency⁽¹⁾	Shares		Value		% of Net Assets
Common Stock

Brazil (Cost $1,209,329)
ALL - America Latina Logistica S.A.	BRL		9,600	$	34,368		0.35
Braskem S.A. ADR			5,703		100,544		1.02
Estacio Participacoes S.A.	BRL		5,400		41,702		0.42
Gol Linhas Aereas Inteligentes S.A. ADR			9,972		51,555		0.52
Petroleo Brasileiro S.A.	BRL		16,400		143,048		1.45
Petroleo Brasileiro S.A. ADR			20,177		351,685		3.57
Vale S.A.	BRL		5,600		89,367		0.91
Vale S.A. ADR			17,417		278,846		2.83
					1,091,115		11.07
China (Cost $2,033,755)
Anhui Conch Cement Co. Ltd., Class H	HKD		54,000		188,405		1.91
Anton Oilfield Services Group	HKD		82,000		51,825		0.53
Baidu, Inc. ADR			1,164		187,288		1.90
Beijing Enterprises Water Group Ltd.			122,000		54,288		0.55
China Dongxiang Group Co.	HKD		292,000		45,572		0.46
China Merchants Bank Co. Ltd., Class H	HKD		113,508		225,464		2.29
China Minsheng Banking Corp. Ltd., Class H	HKD		145,500		166,838		1.69
China National Building Material Co. Ltd., Class H	HKD		82,000		80,170		0.81
Chow Tai Fook Jewellery Group Ltd.			70,200		116,442		1.18
CITIC Securities Co. Ltd., Class H	HKD		75,000		157,100		1.59
Hollysys Automation Technologies Ltd.			5,011		84,035		0.85
Honghua Group Ltd.	HKD		115,000		35,006		0.36
Industrial & Commercial Bank of China Ltd., Class H	HKD		231,000		161,786		1.64
Intime Retail Group Co. Ltd.			57,000		67,859		0.69
Nine Dragons Paper Holdings Ltd.	HKD		81,000		66,865		0.68
Ping An Insurance Group Co. of China Ltd., Class H	HKD		27,500		216,545		2.20
Shanghai Pharmaceuticals Holding Co. Ltd., Class H	HKD		44,700		92,133		0.94
Shimao Property Holdings Ltd.	HKD		22,000		55,390		0.56
Sohu.com, Inc.			1,200		80,352		0.82
ZTE Corp., Class H	HKD		36,200		78,909		0.80
					2,212,272		22.45
Colombia (Cost $29,435)
Cemex Latam Holdings S.A.⁽²⁾	COP		3,781		28,932		0.29
					28,932		0.29
Czech Republic (Cost $122,302)
Erste Group Bank A.G.	EUR		3,776		133,170		1.35
					133,170		1.35
India (Cost $243,006)
ICICI Bank Ltd. ADR			1,227		45,792		0.46
Infosys Ltd.			2,426		128,723		1.31
Reliance Industries Ltd. GDR⁽²⁾			2,514		75,093		0.76
					249,608		2.53
Indonesia (Cost $70,911)
Indomobil Sukses Internasional Tbk PT	IDR		72,000		32,575		0.33
Timah Persero Tbk PT			170,500		24,503		0.25
					57,078		0.58
Malaysia (Cost $339,228)
DRB-Hicom Bhd.	MYR		84,700		68,178		0.69
Gamuda Bhd.	MYR		38,800		59,880		0.61
Parkson Retail Group Ltd.	HKD		117,000		40,142		0.41
SP Setia Bhd.	MYR		19,800		19,263		0.19

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Shares		Value		% of Net Assets
Malaysia - (continued)
Tenaga Nasional Bhd.	MYR		32,200	$	96,226		0.98
					283,689		2.88
Mexico (Cost $395,750)
Alfa S.A.B. de C.V., Class A	MXN		15,500		42,506		0.43
Cemex S.A.B. de C.V. ADR (Participation Certificate)⁽²⁾			14,689		155,410		1.57
Empresas ICA S.A.B. de C.V. ADR			2,700		20,547		0.21
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.	MXN		11,600		39,537		0.40
Grupo Lala S.A.B. de C.V.	MXN		15,000		33,317		0.34
Ternium S.A. ADR			4,715		122,967		1.25
					414,284		4.20
Peru (Cost $177,148)
Credicorp Ltd.			1,470		200,802		2.04
					200,802		2.04
Philippines (Cost $41,147)
Bloomberry Resorts Corp.			163,100		38,576		0.39
					38,576		0.39
Qatar (Cost $66,164)
Doha Bank QSC			4,300		64,973		0.66
					64,973		0.66
Russian Federation (Cost $906,717)
Aeroflot - Russian Airlines OJSC			88,800		158,934		1.61
Lukoil OAO ADR			3,626		237,866		2.41
NovaTek OAO GDR (Registered)			220		30,910		0.31
Sberbank of Russia ADR			38,237		488,286		4.96
Sistema JSFC GDR (Registered)			3,365		90,182		0.92
					1,006,178		10.21
South Africa (Cost $163,662)
Exxaro Resources Ltd.	ZAR		3,005		46,098		0.47
Imperial Holdings Ltd.	ZAR		2,493		52,971		0.54
Steinhoff International Holdings Ltd.	ZAR		23,815		92,069		0.93
					191,138		1.94
South Korea (Cost $1,916,304)
BS Financial Group, Inc.	KRW		6,140		98,692		1.00
Grand Korea Leisure Co. Ltd.	KRW		2,050		74,791		0.76
Hana Financial Group, Inc.	KRW		3,970		153,074		1.55
Hyundai Development Co.-Engineering & Construction	KRW		3,820		84,989		0.86
Hyundai Mobis Co. Ltd.	KRW		420		118,586		1.21
Hyundai Motor Co.	KRW		2,134		508,981		5.17
Kia Motors Corp.	KRW		2,357		137,098		1.39
Korean Reinsurance Co.	KRW		7,480		83,914		0.85
LG Chem Ltd.	KRW		388		109,551		1.11
LG Display Co. Ltd.	KRW		2,150		50,570		0.51
Lotte Chemical Corp.	KRW		210		43,059		0.44
Samsung Electronics Co. Ltd.	KRW		294		406,043		4.12
Samsung Engineering Co. Ltd.	KRW		836		58,873		0.60
Samsung Heavy Industries Co. Ltd.	KRW		3,270		120,072		1.22
					2,048,293		20.79
Taiwan (Cost $360,474)
China Life Insurance Co. Ltd.	TWD		63,840		62,581		0.64
Evergreen Marine Corp. Taiwan Ltd.	TWD		75,000		44,163		0.45
Formosa Plastics Corp.	TWD		8,320		22,599		0.23
Innolux Corp.	TWD		28,000		11,103		0.11
MediaTek, Inc.	TWD		3,000		41,049		0.42
Shin Kong Financial Holding Co. Ltd.	TWD		269,901		93,704		0.95

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Shares		Value		% of Net Assets
Taiwan - (continued)
Taiwan Semiconductor Manufacturing Co. Ltd.	TWD		21,251	$	79,204		0.80
United Microelectronics Corp.	TWD		36,000		15,256		0.15
Wan Hai Lines Ltd.	TWD		34,000		18,343		0.19
					388,002		3.94
Thailand (Cost $199,270)
Charoen Pokphand Foods PCL (Registered)	THB		37,800		29,511		0.30
Kasikornbank PCL (Registered)	THB		2,200		13,713		0.14
Kasikornbank PCL, NVDR	THB		16,100		98,281		1.00
Thai Beverage PCL	SGD		102,000		44,751		0.45
					186,256		1.89
Turkey (Cost $285,832)
Turk Hava Yollari	TRY		26,654		104,413		1.06
Turkiye Halk Bankasi A/S	TRY		24,017		194,302		1.97
					298,715		3.03
Total Common Stock (Cost $8,560,434)					8,893,081		90.24

Preferred Stock

Brazil (Cost $324,963)
Banco ABC Brasil S.A.	BRL		7,167		44,118		0.44
Cia Energetica de Minas Gerais ADR			5,142		46,124		0.47
Itau Unibanco Holding S.A. ADR			7,931		122,216		1.24
Usinas Siderurgicas de Minas Gerais S.A., Class A	BRL		16,700		88,562		0.90
					301,020		3.05
Total Preferred Stock (Cost $324,963)					301,020		3.05

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Shares		Value		% of Net Assets
Equity-Linked Securities

India (Cost $398,551)
Axis Bank Ltd., Issued by Merrill Lynch International			3,219	$	64,044		0.65
Axis Bank Ltd., Issued by Merrill Lynch International			481		9,570		0.10
Hero Motocorp Ltd., Issued by JP Morgan Structured Products B.V.			1,994		67,437		0.68
Idea Cellular Ltd., Issued by JP Morgan Structured Products B.V.			22,996		64,642		0.66
Jaiprakash Associates Ltd., Issued by Merrill Lynch International			53,701		41,638		0.42
Maruti Suzuki India Ltd., Issued by Merrill Lynch International			2,998		79,820		0.81
Tech Mahindra Ltd., Issued by Citigroup Global Markets			2,554		64,460		0.65
					391,611		3.97
Saudi Arabia (Cost $90,068)
Abdullah Al Othaim Markets, Issued by Credit Suisse			3,844		136,576		1.39
					136,576		1.39
United Arab Emirates (Cost $65,809)
Union National Bank PJSC, Issued by JP Morgan Structured Products B.V.			47,000		64,620		0.66
					64,620		0.66
Total Equity-Linked Securities (Cost $554,428)					592,807		6.02
Total Investments (Total Cost $9,439,825)					9,786,908		99.31
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					67,807		0.69
Net Assets				$	9,854,715		100.00

⁽¹⁾	Par values are stated in United States Dollars unless otherwise noted below.

⁽²⁾	Security determined to be illiquid by the Investment Manager.

Percentages shown are based on net assets.

At October 31, 2013, the industry sectors for the Ashmore Emerging Markets Equity Fund were:


Sector	Percentage of Net Assets
Consumer Discretionary		15.4%
Consumer Staples		1.1
Financials		33.5
Energy		9.9
Health Care		0.9
Industrials		8.9
Information Technology		12.5
Materials		14.2

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


Sector	Percentage of Net Assets

Telecommunication Services		0.9%
Utilities		2.0

Total Investments		99.3
Other Assets Less Liabilities		0.7
Net Assets		100.0%

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity Fund’s investments, as of October 31, 2013.


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Brazil	$	1,091,115	$	—	$	—	$	1,091,115
China		2,212,272		—		—		2,212,272
Colombia		28,932		—		—		28,932
Czech Republic		133,170		—		—		133,170
India		249,608		—		—		249,608
Indonesia		57,078		—		—		57,078
Malaysia		283,689		—		—		283,689
Mexico		414,284		—		—		414,284
Peru		200,802		—		—		200,802
Philippines		38,576		—		—		38,576
Qatar		64,973		—		—		64,973
Russian Federation		1,006,178		—		—		1,006,178
South Africa		191,138		—		—		191,138
South Korea		2,048,293		—		—		2,048,293
Taiwan		388,002		—		—		388,002
Thailand		186,256		—		—		186,256
Turkey		298,715		—		—		298,715
Preferred Stock
Brazil		301,020		—		—		301,020
Equity - Linked Securities
India		—		391,611		—		391,611
Saudi Arabia		—		136,576		—		136,576
United Arab Emirates		—		64,620		—		64,620
Total Investments	$	9,194,101	$	592,807	$	—	$	9,786,908

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

The following is a summary of the fair values of the Fund’s derivative instruments^*:

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2013:


		Derivatives Not Accounted for as Hedging Instruments
		Foreign Exchange
Realized Loss on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts		$ (6,511)

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


Federal tax cost of investments			$9,525,812
Gross tax appreciation of investments			$767,873
Gross tax depreciation of investments			(506,777)
Net tax appreciation of investments			$261,096

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2013


	Currency⁽¹⁾	Shares		Value		% of Net Assets
Common Stock

Brazil (Cost $2,549,410)
Cia de Locacao das Americas	BRL		34,491	$	130,869		0.43
Even Construtora e Incorporadora S.A.	BRL		30,300		112,939		0.37
GAEC Educacao S.A.	BRL		12,000		102,741		0.33
Gol Linhas Aereas Inteligentes S.A. ADR			61,500		317,955		1.04
Iochpe-Maxion S.A.	BRL		56,100		685,912		2.24
Magazine Luiza S.A.	BRL		73,000		309,571		1.01
Mahle-Metal Leve S.A. Industria e Comercio	BRL		24,300		303,614		0.99
Sonae Sierra Brasil S.A.	BRL		26,300		264,150		0.86
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A.	BRL		16,400		253,006		0.83
					2,480,757		8.10
Cambodia (Cost $145,924)
NagaCorp Ltd.	HKD		186,000		171,773		0.56
					171,773		0.56
Chile (Cost $345,545)
Cia Sud Americana de Vapores S.A.	CLP		3,564,829		165,628		0.54
					165,628		0.54
China (Cost $5,425,423)
Anton Oilfield Services Group	HKD		100,000		63,201		0.21
AutoNavi Holdings Ltd. ADR			15,745		243,418		0.79
China Dongxiang Group Co.	HKD		1,651,000		257,669		0.84
China Lodging Group Ltd. ADR			17,198		378,012		1.23
Chinasoft International Ltd.			1,140,000		333,780		1.09
Forgame Holdings Ltd.	HKD		11,100		91,629		0.30
GOME Electrical Appliances Holding Ltd.	HKD		1,146,000		177,377		0.58
Goodbaby International Holdings Ltd.			302,000		149,189		0.49
Hollysys Automation Technologies Ltd.			62,120		1,041,752		3.40
Honghua Group Ltd.	HKD		284,000		86,449		0.28
Intime Retail Group Co. Ltd.			458,500		545,848		1.78
Ju Teng International Holdings Ltd.	HKD		794,000		577,604		1.88
Kingsoft Corp. Ltd.	HKD		112,000		278,230		0.91
Minth Group Ltd.	HKD		118,000		247,172		0.81
Noah Holdings Ltd. ADR			15,800		304,782		0.99
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd., Class H			220,000		191,539		0.62
Shenzhou International Group Holdings Ltd.	HKD		106,000		365,046		1.19
SouFun Holdings Ltd. ADR			15,419		820,753		2.68
SPT Energy Group, Inc.	HKD		304,000		167,429		0.55
Xiao Nan Guo Restaurants Holdings Ltd.	HKD		520,000		107,313		0.35
Zhongsheng Group Holdings Ltd.	HKD		151,000		241,896		0.79
ZTE Corp., Class H	HKD		233,000		507,894		1.66
					7,177,982		23.42
Colombia (Cost $278,762)
Gran Tierra Energy, Inc.			45,600		346,104		1.13
					346,104		1.13
Hong Kong (Cost $640,823)
Comba Telecom Systems Holdings Ltd.	HKD		365,000		120,521		0.39
Pacific Basin Shipping Ltd.	HKD		908,000		649,994		2.12
					770,515		2.51
Indonesia (Cost $662,162)
Adi Sarana Armada Tbk PT	IDR		3,211,500		86,893		0.28

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Shares		Value		% of Net Assets
Indonesia - (continued)
Berlian Laju Tanker Tbk PT⁽²⁾	IDR		4,428,000	$	57,744		0.19
Timah Persero Tbk PT			1,812,000		260,407		0.85
Wismilak Inti Makmur Tbk PT	IDR		1,536,000		107,646		0.35
					512,690		1.67
Malaysia (Cost $1,450,257)
Gamuda Bhd.	MYR		203,000		313,292		1.02
Landmarks Bhd.	MYR		224,500		83,951		0.27
My EG Services Bhd.	MYR		236,100		173,584		0.57
Padini Holdings Bhd.	MYR		226,300		126,935		0.42
Tune Ins Holdings Bhd.	MYR		220,700		128,690		0.42
Wah Seong Corp. Bhd.	MYR		555,201		299,105		0.98
WCT Holdings Bhd.			380,000		295,036		0.96
					1,420,593		4.64
Mexico (Cost $1,341,322)
Cydsa S.A.B. de C.V.	MXN		143,175		192,367		0.63
Empresas ICA S.A.B. de C.V. ADR			66,281		504,398		1.65
Grupo Famsa S.A.B. de C.V., Series A	MXN		135,800		255,212		0.83
Grupo KUO S.A.B. de C.V., Series B			57,313		111,356		0.36
Qualitas Controladora S.A.B. de C.V.	MXN		100,300		236,696		0.77
					1,300,029		4.24
Nigeria (Cost $242,002)
Zenith Bank PLC	NGN		2,035,614		276,115		0.90
					276,115		0.90
Peru (Cost $317,061)
Ferreycorp S.A.A.	PEN		482,885		315,190		1.03
					315,190		1.03
Philippines (Cost $536,182)
Atlas Consolidated Mining & Development			413,100		118,356		0.39
Century Properties Group, Inc.	PHP		2,605,000		109,722		0.36
Filinvest Land, Inc.	PHP		5,802,000		216,182		0.70
					444,260		1.45
Russian Federation (Cost $825,752)
Aeroflot - Russian Airlines OJSC			318,600		570,228		1.86
Luxoft Holding, Inc.			1,100		32,142		0.11
TMK OAO GDR (Registered)			20,916		270,235		0.88
					872,605		2.85
South Korea (Cost $3,982,321)
Basic House (The) Co. Ltd.	KRW		13,380		229,570		0.75
BS Financial Group, Inc.	KRW		21,160		340,116		1.11
Grand Korea Leisure Co. Ltd.	KRW		9,020		329,082		1.07
Hyundai Department Store Co. Ltd.	KRW		4,127		657,519		2.15
Hyundai Development Co.-Engineering & Construction	KRW		12,200		271,431		0.89
Korean Reinsurance Co.	KRW		72,600		814,461		2.66
LG Fashion Corp.	KRW		24,650		755,244		2.46
Modetour Network, Inc.	KRW		10,058		212,396		0.69
Nexen Tire Corp.	KRW		41,171		617,128		2.01
Osstem Implant Co. Ltd.	KRW		5,502		140,565		0.46
					4,367,512		14.25
Taiwan (Cost $4,875,815)
Chicony Electronics Co. Ltd.	TWD		310		771		—
China Life Insurance Co. Ltd.	TWD		674,980		661,666		2.16
Chipbond Technology Corp.	TWD		293,000		592,393		1.93
Chroma ATE, Inc.	TWD		235,000		500,723		1.63
Evergreen Marine Corp. Taiwan Ltd.	TWD		490,000		288,535		0.94

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013


	Currency⁽¹⁾	Shares		Value		% of Net Assets
Taiwan - (continued)
Globe Union Industrial Corp.	TWD		357,000	$	270,975		0.89
Hung Poo Real Estate Development Corp.	TWD		268,000		279,590		0.91
Johnson Health Tech Co. Ltd.	TWD		101,505		289,871		0.95
Kinsus Interconnect Technology Corp.	TWD		161,000		575,401		1.88
Parade Technologies Ltd.	TWD		79,802		597,574		1.95
Tainan Spinning Co. Ltd.	TWD		1,015,465		765,587		2.50
Taiwan Sanyo Electric Co. Ltd.	TWD		101,150		132,895		0.43
TTFB Co. Ltd.	TWD		19,000		186,252		0.61
TXC Corp.	TWD		183,000		226,107		0.74
					5,368,340		17.52
Thailand (Cost $920,211)
Amata Corp. PCL (Registered)	THB		540,800		297,114		0.97
Jasmine International PCL (Registered)	THB		639,300		173,561		0.57
STP & I PCL (Registered)	THB		221,200		144,269		0.47
Supalai PCL (Registered)	THB		412,700		234,692		0.76
					849,636		2.77
Turkey (Cost $575,630)
Turkiye Sinai Kalkinma Bankasi A.S.	TRY		554,653		541,803		1.77
					541,803		1.77
Total Common Stock (Cost $25,114,602)					27,381,532		89.35

Preferred Stock

Brazil (Cost $535,721)
Banco ABC Brasil S.A.	BRL		50,908		313,375		1.02
Randon Participacoes S.A.	BRL		43,700		247,741		0.81
					561,116		1.83
Total Preferred Stock (Cost $535,721)					561,116		1.83

Equity-Linked Securities

India (Cost $1,652,162)
Dewan Housing Finance Corp. Ltd., Issued by Citigroup Global Markets			101,006		250,645		0.82
Dewan Housing Finance Corp. Ltd., Issued by Merrill Lynch International & Co.			22,842		56,682		0.18
HT Media Ltd., Issued by Citigroup Global Markets			127,750		172,433		0.56
KPIT Technologies Ltd., Issued by Merrill Lynch International & Co.			128,316		306,722		1.00
MT Educare Ltd., Issued by Merrill Lynch International & Co.			209,722		343,821		1.12
PI Industries Ltd., Issued by Citigroup Global Markets⁽²⁾			183,760		621,653		2.03
					1,751,956		5.71
Saudi Arabia (Cost $583,627)
Credit Suisse			11,852		421,096		1.37
Fawaz Abdulaziz Alhokair & Co., Issued by Deutsche Bank A.G. London			9,660		318,102		1.04

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

Currency⁽¹⁾

Shares

Value

% of Net
Assets

Saudi Arabia - (continued)

Fawaz Abdulaziz Alhokair & Co., Issued by Merrill Lynch International & Co.

3,600

118,548

0.39

857,746

2.80

Total Equity-Linked Securities (Cost $2,235,789)

2,609,702

8.51

Total Investments (Total Cost $27,886,112)

30,552,350

99.69

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)

94,472

0.31

Net Assets

30,646,822

100.00

⁽¹⁾	Par values are stated in United States Dollars unless otherwise noted below.

⁽²⁾	Security determined to be illiquid by the Investment Manager.

Percentages shown are based on net assets.

At October 31, 2013, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:


Sector	Percentage of Net Assets

Consumer Discretionary		29.2%
Consumer Staples		0.3
Energy		4.0
Financials		18.8
Health Care		1.1
Industrials		18.4
Information Technology		22.9
Materials		4.4
Telecommunication Services		0.6

Total Investments		99.7
Other Assets Less Liabilities		0.3
Net Assets		100.0%

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Small-Cap Equity Fund’s investments, which are carried at fair value, as of October 31, 2013:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Brazil	$	2,480,757	$	—	$	—	$	2,480,757
Cambodia		171,773		—		—		171,773
Chile		165,628		—		—		165,628
China		7,177,982		—		—		7,177,982
Colombia		346,104		—		—		346,104
Hong Kong		770,515		—		—		770,515
Indonesia		454,946		—		57,744		512,690
Malaysia		1,420,593		—		—		1,420,593
Mexico		1,300,029		—		—		1,300,029
Nigeria		276,115		—		—		276,115
Peru		315,190		—		—		315,190
Philippines		444,260		—		—		444,260
Russian Federation		872,605		—		—		872,605
South Korea		4,367,512		—		—		4,367,512
Taiwan		5,368,340		—		—		5,368,340
Thailand		849,636		—		—		849,636
Turkey		541,803		—		—		541,803
Preferred Stock
Brazil		561,116		—		—		561,116
Equity Linked Securities
India		—		1,751,956		—		1,751,956
Saudi Arabia		—		857,746		—		857,746

Total Investments	$	27,884,904	$	2,609,702	$	57,744	$	30,552,350

The following is a reconcilation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ending October 31, 2013:


Category and Subcategory	Beginning Balance at 10/31/2012	Purchases	Sales	Realized Gains	Realized Losses	Change in Unrealized Appreciation/ (Depreciation)	Transfer into Level 3	Transfer out of Level 3	Ending Balance at 10/31/2013

Investments, at value
Common Stock	$67,760	$—	$—	$—	$—	$(10,016)	$—	$—	$57,744

Total	$67,760	$—	$—	$—	$—	$(10,016)	$—	$—	$57,744

See accompanying notes to the financial statements.

100

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2013

See the table on “Quantitative information about Fair Value measurements” for information on the valuation techniques and inputs used to value Level 3 securities at October 31, 2013.


Quantitative Information about Level 3 Fair Value Measurements Ashmore Emerging Markets Small-Cap Equity Fund

	Fair Value at 10/31/2013	Valuation Techniques	Unobservable Input	Actual

Common Stocks	$57,744	Discount from last traded price	Discount Percentage^(a)	25%

^(a)	Represents discount to last publicly traded price reported on applicable market.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. The increase in discount percentage reduced the value of the security.

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

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2013:


		Derivatives Not Accounted for as Hedging Instruments

		Foreign Exchange

Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts		$(1,320)

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


Federal tax cost of investments			$28,005,575
Gross tax appreciation of investments			$4,044,455
Gross tax depreciation of investments			(1,497,680)
Net tax appreciation of investments			$2,546,775

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales.

See accompanying notes to the financial statements.

101

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS

October 31, 2013

1. Organization

Ashmore Funds (the “Trust”) is a Massachusetts business trust organized under the laws of The Commonwealth of Massachusetts on August 6, 2010 (inception date) and is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act” or “1940 Act”), as an open-end investment management company. The Trust includes seven funds as of October 31, 2013, each with its own investment objective. The Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Sovereign Debt Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund (each a “Fund” and collectively, the “Funds”) are separate investment funds of the Trust. Effective February 28, 2013, the Ashmore Emerging Markets Local Currency Fund changed its name to Ashmore Emerging Markets Currency Fund. Each of the Funds, except Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund, are non-diversified. Non-diversified funds may invest a relatively large portion of their net assets in a single issuer or a small number of issuers in comparison to a fund that is “diversified.” Each of the Funds is presented herein.

On December 8, 2010, the Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Sovereign Debt Fund and Ashmore Emerging Markets Total Return Fund commenced investment operations. Effective May 12, 2011, Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Sovereign Debt Fund and Ashmore Emerging Markets Total Return Fund began to offer Class A and C shares (“Retail Shares”). On June 22, 2011, the Ashmore Emerging Markets Equity Fund – Institutional Class commenced investment operations. On October 4, 2011, the Ashmore Emerging Markets Small-Cap Equity Fund – Institutional Class commenced investment operations. On September 30, 2011, the Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund launched Class A and C shares. Class A shares for the Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund were initially offered on February 27, 2012 and February 1, 2012, respectively. Class C shares for the Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund were initially offered on August 24, 2012.

Ashmore Investment Management Limited (“Ashmore” or the “Investment Manager” or “AIML”) serves as investment manager to the Funds. The Investment Manager has retained Ashmore Equities Investment Management (U.S.) LLC (the “Subadviser”) to manage the investment portfolios of Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund. Effective July 1, 2013 the Subadviser changed its name from Ashmore EMM, L.L.C. The Subadviser is responsible for managing the investment of the assets of Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund, subject to the general oversight and supervision of the Investment Manager and the Board of Trustees of the Trust (the “Board”). Ashmore Investment Management (US) Corporation (“AIMUS”) is the principal underwriter of shares of the Funds. AIMUS is an affiliate of the Investment Manager. The Northern Trust Company (“Northern Trust”) serves as the administrator, custodian and transfer agent of the Funds.

2. Significant accounting policies

The significant accounting policies adopted and consistently followed in the preparation of the Funds’ financial statements are set out below:

(a) Basis of preparation

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

102

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

October 31, 2013

(b) Use of estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. These financial statements contain all adjustments which are, in the opinion of management of the Trust, necessary to portray a fair statement of the period presented. Such adjustments are normal and recurring in nature. Valuation models used to determine the fair value of unlisted derivative instruments require the use of a number of market based assumptions.

(c) Determination of Net Asset Value

The net asset value (“NAV”) of a Fund’s shares is calculated at the close of regular trading (normally 4:00 p.m. Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open for regular trading.

(d) Investment valuation

For the purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. Market values for securities and other instruments are generally determined on the basis of closing prices or the last reported sales prices on an exchange or other market, or if no sales are reported, based on quotes or other market information obtained from a quotation reporting system, established market makers, or pricing services. Domestic and foreign debt securities where the close of trading does not coincide with the NYSE close and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from independent pricing services are based on information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain debt securities purchased on a delayed delivery basis are marked-to-market daily until settlement. Short-term investments having a maturity of 60 days or less and sufficient credit quality are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. With respect to any portion of a Fund’s assets that are invested in one or more open-ended investment management companies, a Fund’s NAV will be calculated based upon the NAVs of such investments. The prospectuses for these open-end investment management companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

If the Investment Manager believes a non-U.S. (foreign) security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security will be valued at fair value based on procedures approved by the Board. A Fund may determine the fair value of investments based on information provided by pricing services and other third-party vendors, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. The Funds may use fair value pricing more frequently for foreign securities or assets because, amongst other things, many foreign markets close well before the NAV of the Funds’ shares is next calculated. In considering whether fair value pricing is required and in determining fair values, the Investment Manager may, amongst other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine the fair values of non-U.S. securities. Foreign exchanges may permit trading in foreign securities on days when the Trust is not open for business, which may result in the values of a Fund’s portfolio investments being affected when investors are unable to buy, sell or exchange shares of the Fund.

Domestic fixed income and non-U.S. securities are normally priced using data reflecting the earlier closing of the principal markets for those securities, subject to possible fair value adjustments. Information that becomes known to a Fund or its agents after NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or NAV determined earlier that day.

103

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

October 31, 2013

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. Foreign exchange rates are calculated as of 4:00 p.m. Eastern time on each day that the NYSE is open for regular trading. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares of the Funds. Securities and other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods and guidelines for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Investment Manager and the Subadviser, as applicable, the responsibility for applying the valuation methods.

In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the Board’s approved valuation methods, the fair value of the security or asset will be determined in good faith by the Board, generally based upon recommendations provided by the Investment Manager and the Subadviser, as applicable. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to a Fund’s NAV calculation time, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. A Fund may also determine that market quotations are not readily available due to events relating to a single issuer (e.g., corporate actions or announcements) or events relating to multiple issuers (e.g., governmental actions or natural disasters). The Board has delegated to the Investment Manager and the Subadviser, as applicable, the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

The Investment Manager, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of the investment. The Investment Manager may also apply a discount to the last traded price in situations where the last traded price may not represent the fair value of the security, such as if a security’s trading has been suspended on its primary trading market, a security has been de-listed from its primary trading market, a security has not traded for an extended period of time, or a security’s primary trading market is temporarily closed at a time when under normal conditions it would be open. Any such discount is based on a number of factors including but not limited to the circumstances surrounding any potential suspension or de-listing, market and industry conditions, competitor information, and the period of time since the last trading took place.

When a Fund uses fair value pricing to determine the NAV of its shares, securities will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at its direction believe accurately reflects fair value. Fair value pricing may require subjective determinations about the value of a security or asset. While the Funds’ policies are intended to result in a calculation of a Fund’s NAV that fairly reflects security and asset values as of the time of pricing, the Funds cannot ensure that fair values determined by the Board or persons acting at their direction accurately reflects the price that a Fund could obtain for a security or asset if it were to dispose of that security or asset at the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by the Fund for the purpose of calculating the NAV of the Fund’s shares.

104

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

October 31, 2013

(e) Investment transactions, income and expenses

Investment transactions are recorded at the trade date. The Funds determine the gain or loss realized from investment transactions using an identified cost basis method. Interest income is recognized on an accrual basis and includes the amortization of premiums and the accretion of discounts using the effective yield method. Dividend income is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as such information is available and known to Funds’ management.

Expenses are recorded on an accrual basis. Each Fund is charged for those expenses that are directly attributable to that Fund. Certain expenses arising in connection with a class of shares are charged to that class of shares. Expenses incurred which do not specifically relate to an individual Fund are allocated amongst all the Funds in the Trust in proportion to each Fund’s relative net assets.

(f) Fully funded total return swaps

Each Fund is subject to market risk in the normal course of pursuing its investment objectives. Certain Funds enter into fully funded total return swaps (“TRS”) to manage their exposure to the market, certain sectors of the market or a particular security or reference asset, or to create exposure to certain investments to which they would otherwise not be exposed. TRS contracts involve the exchange by a Fund and a counterparty of their respective commitments to pay or receive a net amount based, in part, on the change in the value of a notional amount of a particular security, index or reference asset.

Where a Fund enters into a TRS transaction with a swap counterparty, pursuant to which the Fund makes an initial payment equal to the estimated value of an emerging market debt or equity security, loan or other financial instrument, the TRS is considered an investment for financial statement purposes and is accounted for using the same policies as would apply to the underlying assets it represents. Aside from the market risk of the underlying security, index or reference asset, there is a risk of default by the counterparty to the transaction.

(g) Equity-Linked Securities

Certain Funds may purchase equity-linked securities, also known as participation notes. Equity-linked securities are primarily used by the Funds as an alternate means to efficiently and effectively access what is generally an emerging securities market. A Fund deposits cash with its custodian (or broker) in an amount near or equal to the selling price of the underlying security in exchange for an equity linked security. Upon sale, the Fund receives cash from the broker or custodian, equal to the value of the underlying security. Aside from the market risk and credit risk of the underlying securities, there is a risk of default by the counterparty to the transaction. In the event of insolvency of the counterparty, a Fund might be unable to obtain its expected benefit. In addition, while the Funds will seek to enter into such transactions only with parties that are capable of entering into closing transactions with a Fund, there can be no assurance that a Fund will be able to close out such a transaction with the counterparty or obtain an offsetting position with any counterparty at a time prior to the end of the term of the underlying agreement.

(h) Reverse Repurchase Agreements

Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security that it holds to a financial institution with a simultaneous agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the investment adviser or otherwise cover its obligations under reverse repurchase agreements.

105

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

October 31, 2013

3. Principal risks

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where a risk of potential loss exists due to, amongst other things, changes in the market (market risk), or the failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a summary description of select principal risks, some of which may not apply to a particular Fund. For more information, please see the Funds’ prospectuses.

Counterparty and Third Party Risk

Transactions involving a counterparty to a derivative or other instrument, or a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability to perform in accordance with the terms of the transaction.

Credit Risk

The Funds could lose money if the issuer or guarantor of a debt security or other instrument is unable or unwilling to meet its financial obligations, and the lack of ability, or perceived lack of ability, of the issuer to make timely payments of interest and/or principal will negatively affect the value of the security or instrument.

Currency Management Strategies Risk

Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Funds’ exposure to currencies and currency exchange rates and could result in losses to the Funds if currencies do not perform as the Investment Manager or the Subadviser, as applicable, anticipate.

Currency Risk

Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Funds’ investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies.

Derivatives Risk

Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, and valuation risks, as well as the risk of losing more than the principal amount invested.

Emerging Markets Risk

Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies.

Equity Securities Risk

Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer.

Focused Investment Risk

Focusing a fund’s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund’s shares. A Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries due to the extent that it focuses its investments.

Foreign Investment Risk

Investments in foreign (non-U.S.) issuers, directly or through the use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding taxes. Investing in foreign securities may result in the Funds experiencing more rapid and extreme changes in value than a fund that invests exclusively in the securities of U.S. issuers.

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Geographic Focus Risk

The Funds may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Funds focus their investments.

High Yield Risk

Below investment grade securities and unrated securities of similar credit quality (commonly known as “high yield” securities or “junk bonds”) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments.

Inflation/Deflation Risk

The value of the Funds’ investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy, there may be an adverse effect on the creditworthiness of issuers in whose securities the Funds invest and an increase in the likelihood of issuer defaults.

Interest Rate Risk

Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment.

Issuer Non-Diversification Risk

The Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Sovereign Debt Fund and the Ashmore Emerging Markets Total Return Fund are “non-diversified” and are therefore more susceptible to the risks of focusing investments in a small number of issuers, industries or foreign currencies, as well as the risks of a single economic, political or regulatory occurrence, than funds that are “diversified”.

Issuer Risk

The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Leverage Risk

The use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase the volatility of the Funds’ investment portfolio and magnify the Funds’ investment losses or gains.

Liquidity Risk

Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times.

Market Risk

The value of securities and instruments owned by the Funds may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas.

Over-the-Counter Risk

Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk. The prices paid by the Funds in over-the-counter transactions may include an undisclosed dealer markup.

Small and Mid-Sized Companies Risk

Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk.

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4. Fair value measurements

U.S. GAAP includes a topic which defines fair value as the price that the Fund would receive upon selling an investment in an orderly and timely transaction to a market participant in the principal or most advantageous market of the investment. This topic establishes a three-tier hierarchy to maximize the use of observable market data, minimize the use of unobservable inputs and establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability including assumptions about risk. Such risks include the inherent risk in a particular valuation technique which is used to measure fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•

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

•

Level 2 – Significant observable inputs other than those used in Level 1, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment rates, loss severities, credit risks and default rates) or other market corroborated inputs.

•

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

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agency securities, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued based on evaluations provided by pricing service providers that use broker dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment rates, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs to those described above are typically categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis are marked to market daily until their settlement at the forward settlement date and are typically categorized as Level 2 of the fair value hierarchy.

Common stocks, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are typically categorized as Level 1 of the fair value hierarchy. Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the NYSE. These securities are valued using pricing service providers that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are typically categorized as Level 2 of the fair value hierarchy. Preferred securities, equity linked notes and other equities traded on inactive markets or valued by reference to similar instruments are also typically categorized as Level 2 of the fair value hierarchy.

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Investments in registered open-end investment management companies will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in privately held investment funds will be valued based upon the NAVs of such investments and are categorized as Level 2 of the fair value hierarchy.

Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

Over-the-counter derivative financial instruments, such as foreign currency contracts, options contracts, or swaps agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or pricing service providers. Depending on the product and the terms of the transaction, the value of the financial derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Investments and derivatives classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 instruments may include private equity and real estate investments, certain loan agreements, less-liquid corporate debt securities (including distressed debt instruments) and certain collateralized debt obligations. Also included in this category are options, government and sovereign obligations, government agency securities and corporate bonds for which independent broker prices are used and information relating to the inputs of the price models is currently unavailable.

5. Capital share transactions

Transactions in Class A shares for the year ended October 31, 2013, were as follows:


Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase in Shares			Net Increase in Net Assets
Ashmore Emerging Markets Corporate Debt Fund		710,363	$	6,846,098		13,039	$	123,616		(465,139	)	$	(4,413,161	)		258,263		$	2,556,553

Ashmore Emerging Markets Local Currency Bond Fund		282,350		2,770,330		3,689		35,144		(98,449	)		(962,801	)		187,590			1,842,673
Ashmore Emerging Markets Currency Fund		-		-		3		32		-			-			3			32
Ashmore Emerging Markets Sovereign Debt Fund		2,259		24,335		41		454		(3,441	)		(36,639	)		(1,141	)		(11,850	)
Ashmore Emerging Markets Total Return Fund		1,242,751		12,347,740		39,507		382,927		(494,417	)		(4,782,377	)		787,841			7,948,290

Ashmore Emerging Markets Equity Fund		5,425		50,890		12		109		(2,591	)		(25,666	)		2,846			25,333
Ashmore Emerging Markets Small-Cap Equity Fund		301,343		2,975,565		983		9,486		(301,708	)		(3,091,819	)		618			(106,768	)

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October 31, 2013

Transactions in Class C shares for the year ended October 31, 2013, were as follows:


Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase in Shares			Net Increase in Net Assets
Ashmore Emerging Markets Corporate Debt Fund		13,429	$	128,953		428	$	4,030		(509	)	$	(4,968	)		13,348		$	128,015

Ashmore Emerging Markets Local Currency Bond Fund		37,354		374,200		217		2,102		(25,842	)		(260,049	)		11,729			116,253
Ashmore Emerging Markets Currency Fund		-		-		3		30		-			-			3			30
Ashmore Emerging Markets Sovereign Debt Fund		-		-		5		44		-			-			5			44
Ashmore Emerging Markets Total Return Fund		52,365		527,664		3,504		34,185		(5,454	)		(51,078	)		50,415			510,771

Ashmore Emerging Markets Equity Fund		-		-		1		8		-			-			1			8
Ashmore Emerging Markets Small-Cap Equity Fund		1,845		20,033		9		92		(921	)		(9,647	)		933			10,478
Transactions in Institutional Class shares for the year ended October 31, 2013, were as follows:
Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase in Shares			Net Increase in Net Assets
Ashmore Emerging Markets Corporate Debt Fund		19,928,045	$	194,087,256		94,799	$	939,546		(2,671,353	)	$	(25,988,876	)		17,351,491		$	169,037,926

Ashmore Emerging Markets Local Currency Bond Fund		5,455,443		54,666,867		257,352		2,557,655		(4,120,416	)		(39,937,673	)		1,592,379			17,286,849
Ashmore Emerging Markets Currency Fund		12		107		200,640		1,871,728		(3,496,816	)		(32,641,109	)		(3,296,164	)		(30,769,274	)
Ashmore Emerging Markets Sovereign Debt Fund		686,047		7,600,107		148,479		1,562,404		(1,144,239	)		(12,112,298	)		(309,713	)		(2,949,787	)
Ashmore Emerging Markets Total Return Fund		21,450,753		207,158,741		3,546,577		33,967,541		(5,181,996	)		(51,371,847	)		19,815,334			189,754,435

Ashmore Emerging Markets Equity Fund		38,798		349,904		6,748		55,109		(29	)		(262	)		45,517			404,751
Ashmore Emerging Markets Small-Cap Equity Fund		1,755,330		21,073,021		88,117		1,036,344		(632,637	)		(7,654,032	)		1,210,810			14,455,333

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October 31, 2013

Capital shares

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

6. Investment transactions

For the year ended October 31, 2013, the aggregate costs of purchases and proceeds from sales of investments (including fully funded TRS and excluding short-term investments) for the Funds were as follows:


Fund	Purchases		Sales
Ashmore Emerging Markets Corporate Debt Fund		$202,228,364		$36,463,089
Ashmore Emerging Markets Local Currency Bond Fund		98,473,989		78,162,189
Ashmore Emerging Markets Currency Fund		7,240,707		1,922,993
Ashmore Emerging Markets Sovereign Debt Fund		35,514,176		31,485,166
Ashmore Emerging Markets Total Return Fund		578,925,013		414,858,613
Ashmore Emerging Markets Equity Fund		8,880,026		8,471,583
Ashmore Emerging Markets Small-Cap Equity Fund		43,344,416		30,268,787

7. Federal income taxes

No provision for U.S. federal income taxes has been made since each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute, each year, substantially all of its taxable income and capital gains to its shareholders.

For financial reporting purposes the Funds may periodically make reclassifications among components of capital accounts to reflect permanent differences between U.S. GAAP and taxable income. The reclassifications have no impact on the net assets of the Funds. During the year, revisions were also made to previously determined taxable income amounts. As a result, the following reclassifications were made to the Statements of Assets and Liabilities:


Fund	Paid in Capital		Undistributed Net Investment Income			Accumulated Net Realized Gain/Loss			Net Unrealized Appreciation/ Depreciation
Ashmore Emerging Markets Corporate Debt Fund	$	(637)	$	(285,113	)	$	326,270		$	(40,520	)
Ashmore Emerging Markets Local Currency Bond Fund		202,110		(1,873,159	)		2,082,572			(411,523	)
Ashmore Emerging Markets Currency Fund		-		(1,077,593	)		1,077,593			-
Ashmore Emerging Markets Sovereign Debt Fund		-		76			(76	)		-
Ashmore Emerging Markets Total Return Fund		130,575		(3,803,618	)		4,041,338			(368,295	)

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October 31, 2013


Fund	Paid in Capital	Undistributed Net Investment Income		Accumulated Net Realized Gain/Loss		Net Unrealized Appreciation/ Depreciation
Ashmore Emerging Markets Equity Fund	-		(6,049)		6,049		-
Ashmore Emerging Markets Small-Cap Equity Fund	-		21,434		(21,434)		-

At October 31, 2013, the capital loss carryforwards for U.S. federal income tax purposes and their respective years of expiration were as follows:


Fund	October 31, 2019
Ashmore Emerging Markets Currency Fund		$ (4,413	)

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act makes changes to several tax rules affecting the Funds. In general, the provisions of the Act are effective for the Funds’ fiscal year ending October 31, 2013. Although the Act provides several benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all, or a portion of a Fund’s pre-enactment capital loss carryovers may expire without being utilized, due to the fact that post-enactment capital losses are utilized before pre-enactment capital loss carryovers.

The following Funds have available capital loss carryforwards for which there is no expiration date:


Fund	Short-Term Capital Loss Carryforward at October 31, 2013	Long-Term Capital Loss Carryforward at October 31, 2013
Ashmore Emerging Markets Equity Fund	$(942,923)	$ -
Ashmore Emerging Markets Currency Fund	(44,625)	(68,845)

The Funds in the above two tables may offset future capital gains with these capital loss carryforwards.

The Funds are subject to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 740-10, Income Taxes. This standard provides guidance as to how uncertain tax positions should be recognized, measured, presented and disclosed in the Funds’ financial statements. The Funds recognize the tax benefits of uncertain tax positions only where the position is more-likely-than-not (i.e. greater than 50-percent) to be sustained assuming examination by a tax authority based on the technical merits of the position. In evaluating whether a tax position has met the recognition threshold, the Funds must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the Funds’ financial statements. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the statement of operations if the tax positions were deemed not to meet the more-likely-than-not threshold. The Funds analyze all open tax years for all major taxing jurisdictions. Open tax years are those that are open to examination by taxing authorities, as defined by the Statute of Limitations in each jurisdiction. The Funds have no examinations by tax authorities in progress. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Further, Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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October 31, 2013

As of October 31, 2013, the components of distributable taxable earnings, including temporary differences, were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gain		Accumulated Capital Losses and Other		Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		Total Accumulated Earning (Deficit)
Ashmore Emerging Markets Corporate Debt Fund		$ -		$ -		$(218,480)		$(2,688,788)		$(2,907,268)
Ashmore Emerging Markets Local Currency Bond Fund		-		-		(104,274)		(3,924,279)		(4,028,553)
Ashmore Emerging Markets Currency Fund		622,022		-		(143,128)		(467,621)		11,273
Ashmore Emerging Markets Sovereign Debt Fund		13,326		821,553		(35,860)		(534,447)		264,572
Ashmore Emerging Markets Total Return Fund		7,790,206		1,676,596		(653,567)		(28,859,211)		(20,045,976)
Ashmore Emerging Markets Equity Fund		-		-		(943,327)		261,089		(682,238)
Ashmore Emerging Markets Small-Cap Equity Fund		1,549,360		459,778		-		2,548,009		4,557,147

The taxable character of distributions paid during the fiscal year ended October 31, 2013, were as follows:


	Distributions From
Fund	Ordinary Income		Short- Term Capital Gains		Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Ashmore Emerging Markets Corporate Debt Fund		$4,151,090		$ 188,914		$ 94,032		$ 60,526		$4,494,562
Ashmore Emerging Markets Local Currency Bond Fund		1,840,202		170,289		62,101		1,647,588		3,720,180
Ashmore Emerging Markets Currency Fund		1,924,560		-		-		-		1,924,560
Ashmore Emerging Markets Sovereign Debt Fund		1,617,246		64,886		61,828		-		1,743,960
Ashmore Emerging Markets Total Return Fund		32,834,581		2,162,733		177,936		-		35,175,250
Ashmore Emerging Markets Equity Fund		67,868		-		-		6,780		74,648
Ashmore Emerging Markets Small-Cap Equity Fund		18,498		1,154,277		30,847		-		1,203,622

The taxable character of distributions paid during the fiscal year ended October 31, 2012, were as follows:


	Distributions From
Fund	Ordinary Income		Short-Term Capital Gains		Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Ashmore Emerging Markets Corporate Debt Fund		$1,068,991		$ 66,324		$ -		$ -		$1,135,315
Ashmore Emerging Markets Local Currency Bond Fund		1,649,340		758,249		77,545		20,233		2,505,367
Ashmore Emerging Markets Currency Fund		-		-		-		-		-
Ashmore Emerging Markets Sovereign Debt Fund		1,514,004		-		-		-		1,514,004
Ashmore Emerging Markets Total Return Fund		9,666,192		-		-		-		9,666,192
Ashmore Emerging Markets Equity Fund		101,642		-		-		4,929		106,571
Ashmore Emerging Markets Small-Cap Equity Fund		39,065		53,933		-		-		92,998

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October 31, 2013

8. Distributions to shareholders

The Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Sovereign Debt Fund and Ashmore Emerging Markets Total Return Fund declare distributions of their net investment income daily and pay such distributions monthly. The Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund declare and pay distributions of their net investment income at least quarterly.

Distributions of net realized capital gains, if any, are declared and paid at least annually. The Funds may also make a special distribution to comply with federal tax requirements. Income dividends and capital gains distributions determined in accordance with federal income tax regulations may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may change the fiscal period in which income and capital items are recognized for tax and U.S. GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of foreign currency transactions and swap transactions. As a result, income dividends and capital gain distributions declared during a fiscal period for federal tax purposes may differ significantly from the net investment income and realized capital gain reported on each Fund’s financial statements presented under U.S. GAAP. In general, to the extent that any differences which are permanent in nature result in over distributions to shareholders, the amount of the over distribution may be reported as return of capital. Temporary differences do not require reclassification. See note 7 for further details.

9. Derivative instruments and hedging activities

FASB ASC Topic 815-10 (“Topic 815-10”), Disclosures about Derivative Instruments and Hedging Activities, improves financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations.

None of the derivatives held in the Funds have been designated as hedging instruments under Topic 815-10. A discussion of the strategies for these derivatives and their counterparty credit risk can be found below.

In accordance with Topic 815-10, the Funds record their trading-related derivative activities on a fair value basis (as described in Note 4) . Fair values represent the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following disclosures contain information on how and why the Funds use derivative financial instruments; the credit-risk-related contingent features in certain derivative financial instruments; and how derivative financial instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value of these instruments on the Statements of Assets and Liabilities and the realized, and changes in unrealized, gains and losses on the Statements of Operations, are included in tables following each of the Fund’s Schedule of Investments and categorized by type of financial derivative contract.

(a) Options

Each Fund is subject to market risk in the normal course of pursuing its investment objectives. The Funds have entered into options to speculate on the price movements of the financial instrument underlying the option, for use as an economic hedge against certain equity positions held in a Fund’s portfolio holdings or for other investment purposes. Option contracts give a Fund the right, but not the obligation, to buy or sell within a limited time, a financial instrument, commodity or currency at a contracted price that may also be settled in cash, based on differentials between specified indices or prices.

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Options written obligate a Fund to buy or sell within a limited time, a financial instrument, commodity or currency at a contracted price that may also be settled in cash, based on differentials between specified indices or prices. Options written by a Fund may expose a Fund to the market risk of an unfavorable change in the financial instrument underlying the written option.

A Fund is exposed to counterparty risk from the potential that a seller or buyer of an option contract does not sell or purchase the underlying asset as agreed under the terms of the option contract. The maximum risk of loss from counterparty risk to a Fund holding a put or call option is generally the fair value of the contracts and the premiums paid to purchase its open option contracts. The risk of loss on call options sold by the Funds is potentially unlimited. A Fund considers the credit risk of the intermediary counterparties to its option transactions in evaluating potential credit risk.

Gains and losses associated with the valuation of options are recognized at fair value as the net change in unrealized appreciation/(depreciation) on investments in securities in the Statements of Operations. The premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realized gain or loss. The premium on purchased call options exercised is added to the cost of the securities or foreign currency purchased. Premiums paid on the purchase of options that expire unexercised are recorded as realized losses and are reflected in net realized gain/(loss) on investments in securities in the Statements of Operations.

For the year ended October 31, 2013, the Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund and Ashmore Emerging Markets Total Return Fund had average contract notional exposures of $46,468, $27,916, and $158,958, respectively, related to options contracts.

(b) Forward foreign currency exchange contracts

A forward foreign exchange contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time the contract is made. The Funds have entered into forward foreign currency exchange contracts in connection with settling planned purchases or sales of securities, as part of an investment strategy to protect against uncertainty in the level of future foreign exchange rates in the purchase and sale of securities, or to gain exposure to foreign currencies. All forward foreign currency exchange contracts are valued daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts in the Statements of Operations. A Fund records realized gains or losses at the time the forward foreign exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Realized gains or losses, if any, are included in net realized gain/(loss) on forward foreign exchange contracts in the Statements of Operations.

Risks arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments should be considered in light of all related and offsetting transactions. The Funds bear market risk from changes in foreign currency exchange rates and credit risk if the counterparty fails to perform. Further information on the impact of these positions on the Funds’ financial statements can be found in the notes to the schedules of investments.

For the year ended October 31, 2013, the Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Small-Cap Equity Fund and Ashmore Emerging Markets Equity Fund had average contract notional exposures of $2,781,468, $162,978,022, $155,780,676, $420,404,358, $203,166 and $75,844, respectively, related to forward foreign currency exchange contracts.

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October 31, 2013

(c) Futures contracts

Futures contracts obligate the buyer to take and the seller to make delivery at a future date of a specified quantity of a financial instrument or an amount of cash based on the value of securities indices, commodities or the fair value in U.S. dollars of a foreign currency.

The Funds’ participation in the futures markets involves certain risks, including the imperfect correlation between movements in the price of the futures contracts and movements in the price of the underlying securities. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract.

At the time the Funds enter into a futures contract, the Funds deposit and maintain as collateral initial margin with the broker, as required by the exchange on which the transaction is effected. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the fluctuation in the value of the contract. Such receipts or payments are determined by the rules of the futures exchange and are known as variation margin. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed. This amount is included in net realized gain or loss on futures contracts in the Statement of Operations. Any unrealized gains or losses on open futures contracts are included in net change in unrealized appreciation/(depreciation) on futures contracts in the Statement of Operations.

For the year ended October 31, 2013, the Ashmore Emerging Markets Local Currency Bond and Ashmore Emerging Markets Total Return Funds had an average notional long/(short) exposure of $1,120,546 and $1,935,488, respectively, related to futures contracts.

(d) Interest rate swaps

During the reporting period, certain Funds entered into interest rate swaps, which are arrangements between two parties to exchange cash flows based on a notional principal amount, to manage the Funds’ exposure to interest rates. Interest rate swaps are marked to market daily and the change in fair value, if any, is recorded as unrealized gain or loss. Payments made or received are recorded as part of realized gains and losses. Certain Funds could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligations to perform.

Interest rate swaps are recorded at their fair value. The fair value is based on quoted market prices or prices obtained from a third party provider at the date of the Statements of Assets and Liabilities without any deduction for estimated future selling costs. The periodic payments on the swap agreements entered into by the Funds are reflected in the Statement of Operations within net realized gain/(loss) on interest rate swap contracts. Unrealized gains are reported as an asset and unrealized losses are reported as a liability in the Statements of Assets and Liabilities. Changes in the fair value are reflected in the Statements of Operations within net change in unrealized appreciation/(depreciation) on interest rate swap contracts in the period in which they occur.

For the year ended October 31, 2013, the Ashmore Emerging Markets Local Currency Bond and Ashmore Emerging Markets Total Return Funds had average notional exposures of $6,866,090 and $11,039,567, respectively, related to interest rate swap contracts.

10. Related parties

Investment management fees

The Trust has an Investment Management Agreement (the “Agreement”) with the Investment Manager, with whom certain officers and directors of the Trust are affiliated, to furnish investment management services to the

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

October 31, 2013

Funds. Under the terms of the Agreement, the Trust, on behalf of the Funds, compensates the Investment Manager for its investment management services at the following rates, based on each Fund’s average daily net assets:


Fund		Rate
Ashmore Emerging Markets Corporate Debt Fund		1.15%
Ashmore Emerging Markets Local Currency Bond Fund		0.95%
Ashmore Emerging Markets Currency Fund		0.85%
Ashmore Emerging Markets Sovereign Debt Fund		0.90%
Ashmore Emerging Markets Total Return Fund		1.00%
Ashmore Emerging Markets Equity Fund		1.15%
Ashmore Emerging Markets Small-Cap Equity Fund		1.50%

The Investment Manager has contractually agreed to waive its fees or reimburse each Fund for other expenses until February 28, 2014, to the extent that total operating expenses (other than acquired fund fees and expenses, interest expenses, taxes, extraordinary expenses and certain credits and offset arrangements) for each class of shares of each Fund exceed the rates in the table below, based on each Fund’s average daily net assets. The expense limitation arrangement may be terminated by the Board at any time.


Fund	Class A	Class C	Institutional Class
Ashmore Emerging Markets Corporate Debt Fund	1.45%	2.20%	1.17%
Ashmore Emerging Markets Local Currency Bond Fund	1.25%	2.00%	0.97%
Ashmore Emerging Markets Currency Fund	1.15%	1.90%	0.87%
Ashmore Emerging Markets Sovereign Debt Fund	1.20%	1.95%	0.92%
Ashmore Emerging Markets Total Return Fund	1.30%	2.05%	1.02%
Ashmore Emerging Markets Equity Fund	1.45%	2.20%	1.17%
Ashmore Emerging Markets Small-Cap Equity Fund	1.80%	2.55%	1.52%

117

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

October 31, 2013

Any such waiver or reimbursement is subject to the Investment Manager’s right to recover amounts waived or reimbursed to the extent actual fees and expenses for a future fiscal period are less than each Fund’s expense limitation cap, provided, however, that the Investment Manager shall only be entitled to recover such amounts waived or reimbursed during the previous three fiscal years. The total amounts subject to recovery in future years are shown below:


	Expiration Date October 31,
Fund	2014		2015		2016		Total
Ashmore Emerging Markets Corporate Debt Fund	$	288,226	$	209,250	$	223,515	$	720,991
Asmore Emerging Markets Local Currency Bond Fund		317,796		274,477		212,015		804,288
Ashmore Emerging Markets Currency Fund		301,223		258,326		194,284		753,833
Ashmore Emerging Markets Sovereign Debt Fund		284,198		230,499		173,356		688,053
Ashmore Emerging Total Return Fund		314,416		452,094		619,476		1,385,986
Ashmore Emerging Markets Equity Fund		136,121		253,176		147,340		536,637
Ashmore Emerging Markets Small-Cap Equity Fund		111,464		225,857		158,906		496,227

Subadviser fees

For the services provided, the Investment Manager pays the Subadviser at the following rates, based on each Fund’s average daily net assets:


Fund		Institutional Class
Ashmore Emerging Markets Equity Fund		0.92%
Ashmore Emerging Markets Small-Cap Equity Fund		1.20%

Distribution fees

The Funds have adopted Amended Plans of Distribution and Servicing Fees pursuant to Rule 12b- 1 under the 1940 Act (“Distribution and Servicing Fee Plans”). Under the Distribution and Servicing Fee Plans, each of the Funds may pay fees to the distributor on an ongoing basis as compensation for the services the distributor renders and the expenses it bears in connection with the sale and distribution of Fund shares (“distribution fees”) and/or in connection with personal services rendered to Fund shareholders and the maintenance of shareholder accounts (“servicing fees”). Class A and C shares each have a separate 12b-1 Plan. Class A shares pay only servicing fees. Class C shares pay both distribution and servicing fees. The following table lists the maximum annual rates at which the distribution and/or servicing fees may be paid under each 12b-1 Plan (calculated as a percentage of a Fund’s average daily net assets attributable to the particular class of shares):


	Servicing Fee	Distribution Fee
Class A shares	0.25%	None
Class C shares	0.25%	0.75%

Investor Ownership

On November 19, 2010, Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Sovereign Debt Fund and Ashmore Emerging Markets Total Return Fund were seeded. On June 22, 2011, Ashmore Emerging Markets Equity Fund was seeded. On October 4, 2011, Ashmore Emerging Markets Small-Cap Equity Fund was seeded. Each of the Funds was seeded by Ashmore Investments UK Limited, the parent of the Investment Manager. Ashmore Investments UK Limited seeded each Fund with $10 million, except the Ashmore Emerging Markets Total Return Fund, which was seeded with $20 million.

118

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

October 31, 2013

As of October 31, 2013, Ashmore Investments UK Limited owned the following percentages of outstanding shares of each Fund:


Fund		Institutional Class
Ashmore Emerging Markets Equity Fund		65.70%
Ashmore Emerging Markets Small-Cap Equity Fund		61.77%

In addition to the Ashmore Investments UK Limited ownership, shown in the table above, the following Funds had other investors owning greater than 5% of the outstanding shares of such Funds:


Fund	Class	# of Investors Owning > 5% of outstanding Shares	% of Ownership by Investor
			26.78%, 25.53%,
Ashmore Emerging Markets Corporate Debt Fund	Class A	4	5.97%, 5.23%
			20.56%, 17.70%,
			16.16%, 16.03%,
	Class C	7	10.44%, 6.80%, 6.69%
Ashmore Emerging Markets Local Currency Bond Fund	Class A	4	24.11%, 13.14%, 10.41%, 6.75%
			18.75%, 18.23%,
			15.61%, 12.02%,
	Class C	7	9.80%, 7.71%, 5.28%
			35.59%, 28.43%,
	Class I	4	8.12%, 6.15%
Ashmore Emerging Markets Currency Fund	Class A	1	100.00%
	Class C	1	100.00%
	Class I	2	80.14%, 16.28%
Ashmore Emerging Markets Sovereign Debt Fund	Class A	2	75.09%, 24.91%
	Class C	1	100.00%
	Class I	1	99.63%
Ashmore Emerging Markets Total Return Fund	Class A	2	10.34%, 5.56%
		5	21.79%, 10.17%,
	Class C		6.88%, 5.09% 5.04%
			30.40%, 12.02%,
			9.26%, 5.99%, 5.69%,
	Class I	6	5.40%
Ashmore Emerging Markets Equity Fund	Class A	2	49.87%, 39.85%
	Class C	1	100.00%
	Class I	3	65.70%, 16.06%, 9.70%
			41.82%, 20.68%,
Ashmore Emerging Markets Small-Cap Equity Fund	Class A	4	17.00%, 16.52%
	Class C	2	89.76%, 10.24%
			61.77%, 21.42%,
	Class I	3	11.90%

119

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

October 31, 2013

11. Financial instruments with off-balance sheet risk and concentration of credit risk

Derivative financial instruments may result in off-balance sheet market and credit risk. Market risk is the possibility that future changes in market price may make a financial instrument less valuable. If the markets should move against one or more positions that the Funds hold, the Funds could incur losses greater than the unrealized amounts recorded in the Statements of Assets and Liabilities.

Credit risk is the risk that the counterparty will default and fail to fulfill the terms of the agreement.

Derivative risk exposures are discussed in note 9.

12. Recent accounting pronouncements

In June 2013, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-08, Amendments to the Scope, Measurement and Disclosure Requirements (“ASU 2013-08”), modifying Accounting Standards Codification (“ASC”) 946. The modifications were a result of a joint effort by the FASB and the International Accounting Standards Board to develop a consistent approach for determining whether an entity is an investment company for which fair value of investments is the most relevant measurement. ASU 2013-08 requires reporting entities to disclose that it is an investment company and is applying the guidance as set forth in ASC 946, to disclose any changes in, and the reasons for, its status as an investment company and to disclose information related to whether it has provided or is contractually required to provide financial support to any of its investees. The effective date of ASU 2013-08 is for interim and annual periods beginning after December 15, 2013. At this time, the Fund’s management is evaluating the implications of this requirement and the impact it will have on the Fund’s financial statement footnote disclosures, if any.

13. Subsequent events

On November 5, 2013, the Trust launched the Emerging Markets Frontier Equity Fund Institutional Share Class.

Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no identified subsequent events relevant for financial statement adjustment or disclosure, other than the items mentioned above.

120

LOGO

KPMG LLP

Aon Center

Suite 5500

200 E. Randolph Drive

Chicago, IL 60601-6436

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

Ashmore Funds:

We have audited the accompanying statements of assets and liabilities of Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Sovereign Debt Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Equity Fund, and Ashmore Emerging Markets Small-Cap Equity Fund (Funds within Ashmore Funds), including the schedules of investments, as of October 31, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period ended October 31, 2013, and the financial highlights for each of the years or periods in the three-year period ended October 31, 2013. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2013, by correspondence with custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2013, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period ended October 31, 2013, in conformity with U.S. generally accepted accounting principles.

LOGO

Chicago, Illinois

December 23, 2013

KPMG LLP is a Delaware limited liability partnership,

the U.S. member firm of KPMG International Cooperative

(“KPMG International”), a Swiss entity.

ASHMORE FUNDS

SUPPLEMENTAL TAX INFORMATION

October 31, 2013

Capital Gain Distribution (Unaudited)

Pursuant to Section 852 of the Internal Revenue Code, the funds listed below designated the following as long term capital gain dividends for the year ended October 31, 2013:


Fund			Long-Term Capital Gain 15%
Ashmore Emerging Markets Corporate Debt Fund			-
Ashmore Emerging Markets Local Currency Fund			-
Ashmore Emerging Markets Local Currency Bond Fund			22,976
Ashmore Emerging Markets Sovereign Debt Fund			821,553
Ashmore Emerging Markets Total Return Fund			1,676,596
Ashmore Emerging Markets Equity Fund			-
Ashmore Emerging Markets Small Cap Equity Fund			459,778

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ASHMORE FUNDS

FOR MORE INFORMATION

As of October 31, 2013

PORTFOLIO HOLDINGS

The Ashmore Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s Web site at www.sec.gov. You may also review and obtain copies at the SEC’s Public Reference Room in Washington D.C. Information about the Public Reference Room may be obtained by calling 800-SEC-0330.

PROXY VOTING

Ashmore Funds’ Proxy Voting Policies and Procedures and each Fund’s portfolio securities voting record for the most recent 12-month period ended June 30 are available upon request and without charge by visiting the Ashmore Funds’ Web site at www.ashmoregroup.com or the SEC’s Web site at www.sec.gov or by calling 866-876-8294.

123

ASHMORE FUNDS

PRIVACY POLICY

We consider customer privacy to be a fundamental aspect of our relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of our current, prospective and former shareholders’ personal information. To ensure our shareholders’ privacy, we have developed policies that are designed to protect this confidentiality, while allowing shareholders’ needs to be served.

Obtaining Personal Information In the course of providing shareholders with products and services, we may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on our internet web sites.

Respecting Your Privacy As a matter of policy, we do not disclose any personal or account information provided by shareholders or gathered by us to non -affiliated third parties, except as required for our everyday business purposes, such as to process transactions or service a shareholder’s account, or as otherwise permitted by law. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, and gathering shareholder proxies. We may also retain non-affiliated financial services providers to market our shares or products and we may enter into joint-marketing arrangements with them and other financial companies. We may also retain marketing and research service firms to conduct research on shareholder satisfaction. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. We may also provide a shareholder’s personal and account information to their respective brokerage or financial advisory firm, Custodian, and/or to their financial advisor or consultant.

Sharing Information with Third Parties We reserve the right to disclose or report personal information to non-affiliated third parties where we believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect our rights or property or upon reasonable request by any investee entity in which a shareholder has chosen to invest. Of course, we may also share your information with your consent.

Sharing Information with Affiliates We may share shareholder information with our affiliates in connection with our affiliates’ everyday business purposes, such as servicing a shareholder’s account, but our affiliates may not use this information to market products and services to you except in conformance with applicable laws or regulations. The information we share includes information about our experiences and transactions with a shareholder and may include, for example, a shareholder’s participation in one of the Funds or in other investment programs, a shareholder’s ownership of certain types of accounts, or other data about a shareholder’s transactions or accounts. Our affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information We take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, we have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In addition, we have physical, electronic, and procedural safeguards in place to guard a shareholder’s non-public personal information.

Disposal of Confidential Records We will dispose of records, if any, that are knowingly derived from data received from a consumer reporting agency regarding a shareholder that is an individual in a manner that ensures the confidentiality of the data is maintained. Such records include, among other things, copies of consumer reports and notes of conversations with individuals at consumer reporting agencies.

124

ASHMORE FUNDS

OTHER INFORMATION

Administrator, Custodian and Transfer Agent

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

312-630-6000

Investment Manager

Ashmore Investment Management Limited

61 Aldwych

London WC2B 4AE

United Kingdom

44-20-3077-6000

Subadviser for Ashmore Emerging Markets Equity Fund

and Ashmore Emerging Markets Small-Cap Equity Fund

Ashmore Equities Investment Management (U.S.) L.L.C.

1001 19^th Street North, 15^th Floor

Arlington, Virginia 22209

703-243-8800

Distributor

Ashmore Investment Management (US) Corporation

122 East 42^nd Street

New York, New York 10168

212-661-0061

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199

617-951-7000

Independent Trustees’ Counsel

Dechert LLP

One International Place

40^th Floor

100 Oliver Street

Boston, Massachusetts 02110

617-728-7100

125

ASHMORE FUNDS

TRUSTEES AND OFFICERS

Set forth below is information about the Trustees and Officers of the Ashmore Funds. Each Trustee has served in that capacity since he or she was originally elected or appointed to the Board of Trustees. Each Trustee oversees a total of 7 portfolios in the Ashmore Funds. The Ashmore Funds’ Statement of Additional Information contains additional information about the Trustees and is available upon request and without charge by calling 866-876-8294.

INDEPENDENT TRUSTEES


Name, *Address and Age of Independent Trustee**	Positions(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years
Yeelong Balladon (Age 55)	Trustee	Indefinite term; Trustee since inception	Freshfields Bruckhaus Deringer (a law firm) from 1982 to 2009 (Partner from 1999).	7	Non-executive director since August 2010, Jasper Investments Limited; Non-executive director from May 2010 - February 2012, Pacnet Limited.
Michael Chamberlin (Age 64)	Trustee	Indefinite term; Trustee since 2012	Executive Director, Emerging Markets Traders Association.	7	None
George J. Gorman (Age 61)	Trustee; Lead Independent Trustee	Indefinite term; Trustee since inception	George J. Gorman LLC (consulting firm) since December 2010; Ernst & Young LLP (an accounting firm) from July 1974 to July 2009 (Senior Partner from October 1988).	7	Trustee, Bank of America Money Market Funds Series Trust since June 2011.

Affiliates of the Investment Manager may be deemed to control Jasper Investments Limited and Pacnet Limited. Employees and officers of affiliates of the Investment Manager may serve on the Boards of Jasper Investments Limited and Pacnet Limited.

Mr. Chamberlin serves as the Executive Director of the Emerging Markets Traders Association (“EMTA”). Mark Coombs is
Co-Chair of EMTA’s Board of Directors and the Investment Manager is a member of the EMTA. Mr. Coombs is the Investment Manager’s Chief Executive Officer.

126

ASHMORE FUNDS

TRUSTEES AND OFFICERS

INTERESTED TRUSTEES


Name, *Address and Age of Independent Trustee**	Positions(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years
George Grunebaum⁽¹⁾ (Age 50)	Trustee; Chairman of the Trustees; President and Chief Executive Officer	Indefinite term; Trustee since inception	Chief Executive Officer since November 2008, Ashmore Investment Management (US) Corporation; Portfolio Manager since November 2008, Ashmore Investment Manageme nt (US) Corporation.	7	Trustee, AEIM, since May 2011, Director, Ashmore Global Emerging Markets Fund, LTD from July 2006 to December 2012; Director, Ashmore Global Opportunities, Limited from October 2007 to August 2010.
Martin Tully⁽²⁾ (Age 51)	Trustee	Indefinite term; Trustee since inception	A number of senior operational roles with the Ashmore Group plc since 2006, most recently focusing on the development of Ashmore’s overseas subsidiaries. Prior to Ashmore, various senior roles with Rothschild, Citigroup and HSBC.	7	Trustee of The Ashmore Foundation, the charitable arm of the Ashmore Group plc.

^*	Each trustee may be contacted at 61 Aldwych, London WC2B 4AE, United Kingdom.

⁽¹⁾	Mr. Grunebaum is an “interested person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to, among other things, his positions with the Distributor and its affiliates.

⁽²⁾	Mr. Tully is an “interested person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to his position with Ashmore Group plc, the parent company of Ashmore Investment Management Limited, and his interests in Ashmore Group plc.

127

ASHMORE FUNDS

TRUSTEES AND OFFICERS

OFFICERS


Name, Address and Age of Officer**	Positions(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
George Grunebaum (Age 50)	Trustee, President and Chief Executive Officer	Indefinite term; since inception	Chief Executive Officer since November 2008, Ashmore Investment Management (US) Corporation; Portfolio Manager since November 2008, Ashmore Investment Management Limited.
Michael Perman (Age 56)	Secretary	Indefinite term; since inception	Company Secretary since March 2008, Ashmore Group plc.
Alexandra Autrey (Age 37)	Chief Legal Officer	Indefinite term; since inception	Global Head of Legal and Transaction Management, Ashmore Group plc, since January 2012; Deputy Head of Legal and Transaction Management, Ashmore Group plc, May 2008 - January 2012; Legal Counsel, Ashmore Group plc, May 2005 - May 2008.
Christopher Tsutsui (Age 49)	Treasurer and Principal Financial and Accounting Officer	Indefinite term; since inception	Head of Finance, Ashmore Group plc, since July 2012; Board Member, Ashmore Management Company Colombia S.A.S., since September 2011; Chief Financial Officer, Ashmore Investment Management (U.S.) Corporation, from November 2008 to June 2012.
Stephen Hicks (Age 53)	Chief Compliance Officer	Indefinite term; since inception	Group Head of Compliance since June 2010, Ashmore Group plc; Director of Group Compliance from February 2001 to October 2005 and Chief Compliance Officer from October 2005 to May 2010, 3i Group plc (a private equity firm).
Owen Meacham (Age 42)	Assistant Secretary	Indefinite term; since inception	Managing Attorney since May 2012, Senior Corporate Attorney from October 2007 to May 2012, The Northern Trust Company.
Paul Robinson (Age 40)	Assistant Chief Legal Officer	Indefinite term; since June, 2011	Group Deputy Head of Legal and Transaction Management since August 2012, and Lawyer since September 2007, Ashmore Group plc.

^*	Each Officer may be contacted at 61 Aldwych, London WC2B 4AE, United Kingdom.

128

Item 2. Code of Ethics.

(a)

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

(c)	The registrant has not amended its Code of Ethics during the period covered by this report. However, Appendix A to the registrant’s Code of Ethics, which is Code of Ethics of Ashmore Investment Management Limited, was amended during the period covered by this report.

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

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR), serving on its audit committee. George J. Gorman is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

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

Item 4. Principal Accountant Fees and Services.

Item 4(a): Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), independent registered public accounting firm, for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $189,000 in 2013 and $188,300 in 2012.

Item 4(b): Audit-Related Fees

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

Item 4(c): Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for RIC tax compliance and diversification review and tax return review are $41,500 in 2013 and $26,500 in 2012.

Item 4(d): All Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item are NONE.

Item 4(e)(1): Pre-Approval Policies and Procedures

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

Item 4(e)(2): Percentage of Fees Pre-Approved Pursuant to Waiver Provision of Paragraph (c)(7)(i)(C) of

Rule 2-01 of Regulation S-X

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

Item 4(f): Work Performed by Persons Other than the Principal Accountant

Not applicable.

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

The aggregate non-audit fees and services billed by KPMG for services rendered to the registrant and service affiliates for the last two fiscal years were $41,500 for 2013 and $26,500 for 2012.

Item 4(h): Non-Audit Services and Independent Accountant’s Independence

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	The registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the report to shareholders filed under Item 1 of this report on Form N-CSR.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.


(a)(1)		Exhibit 99.CODE: Code of Ethics pursuant to Item 2 of Form N-CSR.

(a)(2)		Exhibit 99.CERT: Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a)(3)		Not applicable.

(b)		Exhibit 99.906 CERT: Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Ashmore Funds


By		/s/ George Grunebaum
		George Grunebaum, President and Chief Executive Officer
		(Principal Executive Officer)

Date: January 3, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By		/s/ George Grunebaum
		George Grunebaum, President and Chief Executive Officer
		(Principal Executive Officer)

Date: January 3, 2014


By		/s/ Chris Tsutsui
		Chris Tsutsui, Treasurer
		(Principal Financial and Accounting Officer)

Date: January 3, 2014

Ashmore Funds N-CSRCertified annual shareholder report (management investment company)