UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22468
Ashmore Funds
(Exact name of registrant as specified in charter)
c/o Ashmore Investment Advisors Limited
61 Aldwych
London WC2B 4AE
England
(Address of principal executive offices) (Zip code)
Corporation Service Company
84 State Street
Boston, MA 20109
(Name and address of agent for service)
Registrant’s telephone number, including area code: 011-44-20-3077-6000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2015
Item 1. Reports to Stockholders.
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SEMI ANNUAL FINANCIAL STATEMENTS
April 30, 2015
ASHMORE FUNDS
Ashmore Investment Management (US) Corporation is the Distributor for the Ashmore Funds.
This material is authorized for use only when preceded or accompanied by the current Ashmore Fund’s prospectuses. Investors should consider the investment objectives, principal 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 MANAGER’S REPORT
For the period November 1, 2014 to April 30, 2015
Overview
The six months to April 30, 2015 ended with all Emerging Markets (EM) asset classes delivering strong recent performance on the back of stimulus measures announced by China and the rebound in commodity prices, led by oil.
In the last quarter of 2014, global macro and global markets extended some of the strong trends established during the previous quarter some of which even accelerated. The first trend to gain momentum in Q4 was the fall in commodity prices and in oil prices in particular. The second theme driving investors’ positions was the growing divergence in economic performance between the US economy and the Eurozone/Japan. This made for a difficult environment for EM bonds and indices posted negative returns across the board: the sovereign JP Morgan EMBI Global Diversified Index was down 0.6% over the quarter, as the strong rally in treasury yields was mitigated by a 53 bps widening in spreads (72 bps for the HY Index); the corporate JP Morgan CEMBI Broad Diversified Index was down 1.2%, with spreads 83 bps wider (161 bps for the HY Index) while the local currency JP Morgan GBI-EM Global Diversified Index was down 5.4% as a 24 bps tightening in average yield was overshadowed by a 6.6% negative currency impact.
During Q1 2015, there was a large divergence in performance between the debt and equity asset classes and relative value opportunities were plentiful. The almost unanimous easing bias among the world’s central banks (Brazil stands out as the only country hiking rates) contrasts with further Federal Open Market Committee (FOMC) guidance towards increased interest rates in 2015. This divergence continued to drive the US dollar stronger, particularly against currencies hit by unexpectedly dovish central bank decisions. EM FX declined versus the US dollar, even though all EM currencies bar the BRL declined by much less than the average G7 currency as the US dollar Index moved 9% higher in the quarter. After a difficult start, the USD-denominated segment of EM fixed income performed well; the JP Morgan EMBI GD was up 2.0% as Investment Grade (IG) rose 2.5% and HY gained 1.0%, while Corporates outperformed with the JP Morgan CEMBI BD rising 2.4% (IG up 2.4% and HY up 2.3%). Local currencies continued to struggle in the strong US dollar environment with the JP Morgan GBI-EM GD down 4.0% in spite of the positive return from local bonds, which were up 2.5% in local currency terms. The JP Morgan ELMI+ Index declined 2.4%, with negative 3.7% returns from FX and positive 1.3% returns from carry.
EM fixed income assets outperformed during April 2015 with high yield (HY) bonds recovering a significant part of the poor performance posted in the second half of 2014, buoyed particularly by the ‘pull to par’ effect in countries that are perceived to be exposed to commodity prices. The JP Morgan EMBI Global Diversified Index rose 1.6% in April, with IG bonds up 0.4% and HY bonds surging 3.5%. HY sovereign spreads tightened 59 bps from 639 bps to 580 bps over US treasuries. The JP Morgan CEMBI Broad Diversified Index rose 1.7% in April, with IG up 0.8% and HY gaining 3.4%. HY corporate bond spreads tightened by 58 bps to 551 bps over US treasuries. Currencies performed better on the back of the sharp correction of the USD, with the JP Morgan ELMI+ Index up 3.1% and the JP Morgan GBI-EM Global Diversified Index up 2.9%.
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 (that is, 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 underperformed its benchmark. The Fund’s top contributors for the period were gains from positions in Russia, United Arab Emirates and Venezuela. The strong rally in oil prices recently has led to further gains for the Russian ruble, a move that helped to alleviate pressure on Russian credits. Ukraine, China and Czech Republic were the largest detractors from performance.
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EM corporate credit continued to perform well in April, further reducing the valuation gap with developed market credits. EM credit had reached historically cheap levels in December and January and in our opinion a correction was due. The revaluation of EM credit that started in February continued in March and April. While the valuation gap has narrowed, we believe that EM credits still have some way to go, especially in the HY part of the universe. EM HY corporates now trade at 220 bps above US HY credit while EM IG corporates trade at 60 bps above US IG. While EM IG is looking fairly priced at those levels, the spread differential in EM HY credit still looks attractive. We believe that the spread pickup and the more attractive credit fundamentals in EM will be an important driver of inflows into EM credit in 2015.
Issuance picked up in April, reaching USD 40.5bn for the month, almost double the issuance during March. Despite the increase, issuance ytd is trailing last year by 16%. The majority of the issuance in April came from Asia (64%), with Europe, Middle East and Africa (EMEA) coming second at 18%. Latin America continues to lag behind with only 16% of new issues. Latin American new issuance ytd is lagging last year by 40%. IG issuance continues to enjoy the lion’s share, with IG credits providing 92% of new supply and HY credits only 8%. We expect 2015 issuance levels to be slightly lower compared to 2014, but to remain elevated at around USD 300-320bn. We believe that Asia will most likely remain the main contributor (Asia was responsible for 53% of supply in 2014) but Eastern Europe will probably see a decline as Russia and Ukraine struggle to return to the market.
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 creditworthiness.
EM currencies are not only supported by stronger growth, more robust fundamentals and higher interest rates than developed markets, but we believe 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.
Over the period, the Fund’s institutional class outperformed its benchmark. The Fund’s top contributors for the period were gains from positions in Poland, Nigeria and Malaysia. Brazil, Uruguay and Chile were the largest detractors from performance.
In Poland, there has been a strong rebound in economic conditions. Despite this, the PLN is likely to suffer from the recent downturn in EUR yields, which have declined to multi-year lows within the region, pushing the EUR and its satellite currencies lower versus the USD. The growth and rates differentials with the EUR, however, suggest that the PLN has the potential to outperform against the EUR in the medium term.
In Brazil, the currency was up 6.0% in April, erasing part of the underperformance during the first quarter of the year. Foreign investor demand for Brazilian assets improved, with inflows observed in both equity and fixed income markets amidst a favourable environment for HY bonds and a potential rebound of commodity prices. Iron ore prices rebounded 6.1% during April, contributing to a small improvement in the country’s terms of trade. The political environment improved markedly after President Dilma Rousseff appointed the vice-president Michel Temer, from the main coalition party (PMDB), to be the government’s political coordinator. A better relationship with the PMDB, which already holds the majority of the seats and the leading chair of both the lower house and the senate, bodes well for the approval of the bills needed for the implementation of the government’s fiscal consolidation plan. Inflation remained under pressure with CPI reaching 8.13% in March and expectations for 2016 still around 100 bps higher than the 4.5% target. The central bank responded by hiking interest rates 50 bps to 13.25% and signalling a continuation of the cycle which has already accumulated 600 bps of rates increases.
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Ashmore Emerging Markets Currency Fund
The Ashmore Emerging Markets Currency Fund (“the 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 EM compared to developed markets. Putting aside periods of market dislocation, when we believe 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 EM. 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 – none more so than in the United States, which 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.
Over the period, the Fund’s institutional class outperformed its benchmark. The best performing EM currencies over the period were the Russian ruble, Czech koruna and Colombian peso. The Brazilian real, Uruguayan peso and Chilean peso were the largest detractors from performance.
The JP Morgan ELMI+ Index rose 3.1% in April, aided by poor economic data in the US which is likely to postpone the inception of the Fed fund rates hiking cycle. Continuous monetary stimulus in China supporting commodity prices also provided a strong platform for high yielding bonds from commodity exporters. The ELMI+ Eastern Europe Index outperformed, rising 7.4% led by a 14.2% rebound by the Russian Index and also lifted by a strong rebound of eastern European currencies. The low-beta ELMI+ Asia Index underperformed, rising 1.6% on the back of poor performance from Thailand and India. The best performing currencies were the RUB, COP and BRL, up 12.8%, 9.1% and 6.0% respectively, whereas the TRY, INR and THB underperformed, declining 2.8%, 1.5% and 1.4% respectively. The off-benchmark UYU declined 2.4%, lagging the rebound of the BRL.
The RUB was the best performing currency in EM for the quarter to 30 April, boosted by the strong performance of oil as Brent contracts rose 21%. Furthermore, the continuing ceasefire in eastern Ukraine, and a combination of local and foreign investor demand for Russian assets, also contributed to the strong RUB performance. Economic data continued to deteriorate as expected, with the unemployment rate in Russia inching up to 5.9% and CPI inflation reaching 16.9% year on year. The strong performance of the RUB allowed for a decline in inflation expectations, sanctioning the central bank’s 150 bps policy rate cut to 12.5%. Local currency RUB bonds exited the JP Morgan GBI-EM IG sub-Index in the 30 April rebalance.
Ashmore Emerging Markets Debt Fund
The Ashmore Emerging Markets Debt Fund (“the Fund”) seeks to achieve its objective by investing principally in debt instruments of, and derivative instruments related to, sovereign, quasi-sovereign and corporate issuers of EM countries, which may be denominated in any currency, including the local currency of the issuer. The Fund typically invests at least 50% of its net assets in debt instruments of sovereign or quasi-sovereign issuers denominated in hard currencies (that is, the US dollar or any currency of a nation in the G7).
Over the period, the Fund’s institutional class underperformed its benchmark. Among the Fund’s best performing positions were Mexico, Hungary and Belarus. Ukraine, Brazil and Venezuela were the main detractors from performance.
The sovereign external debt market posted strong performance in April and rose by 1.69%. Index spreads finished 29 bps lower at 340 bps. The IG sub-Index underperformed, rising 0.39% as spreads tightened by 14 bps but 10 year US Treasury yields widened 11 bps. The HY sub-Index posted a strong return of 3.49% as HY sovereign spreads tightened 59 bps to 580 bps. Venezuela led the Index, rising 26.6%, Ukraine gained 21.1% and Ecuador rose 10.3%. In the IG space Kazakhstan, Azerbaijan and Brazil were the best performing markets, returning 8.4%, 5.2% and 2.1% respectively. The underperforming countries were Morocco, Uruguay and Lithuania, down 1.9%, 1.1% and 0.7% respectively. Russia exited the IG Index at the end of March and has been performing strongly since. The Russian Index rose 2.7% in April.
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In Mexico, over the long term we expect a stronger MXN based on stable macro-economic performance and long-term benefits (investments, productivity and growth) resulting from the recent wave of structural reforms. More recently, the poor performance of the US economy and relatively weak data in the Mexican economy have undermined the MXN position. We believe the MXN is likely to outperform other EM currencies but it will not totally decouple from the asset class. Ukrainian sovereign (and especially quasi-sovereign) bonds were standout performers in April. The rally was driven by positive developments surrounding the debt restructuring negotiations for Ukreximbank, where creditors were offered attractive terms (higher coupon and no principal haircut) to agree to a temporary extension of the maturity of bonds due last month. Investors are hopeful that a similar template could be achieved in the restructuring of the sovereign debt and have been pricing a lower probability of principal default, pushing prices sharply higher. Brazil Index spreads tightened 34 bps in April, helped by the significant rebound of the BRL over the month, but also by the release of audited and non-qualified financial statements by Petrobras. The results announcement was well received and removed the risk of technical default associated with some of the oil giant’s bond covenants, which also reduces the risk of imminent credit rating downgrade by the main rating agencies.
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’s institutional class underperformed its benchmark. Local currency was the main contributor to relative performance with corporate debt as the largest detractor. Among the Fund’s best performing positions were Venezuela, United Arab Emirates and Turkey. Ukraine, Brazil and Argentina were the main detractors from performance.
Recently, Venezuelan bonds have rallied sharply in sympathy with high Brent and Venezuela crude oil prices. The long-end of the curve outperformed the front-end as global investors chased the rally. Despite the lack of FX and other economic reforms, ability to pay is improving as the government takes measures to improve its US dollar liquidity position, including swapping gold to USD, selling Petrocaribe receivables and borrowing money from PDVSA’s subsidiaries such as CITGO. In the short term, we believe the markets will trade the positive of the opposition will take power of the assembly later this year. In Argentina, the economy continues to deteriorate with industrial production contracting by 2.1% year on year in January. Official inflation numbers reported a 20.9% year on year increase in January; a strong divergence from the CPI of the City of Buenos Aires, which was reported by INDEC to have declined from 38.1% to 34.2%. Attention is focused on presidential elections in October and the ability of the country to finance its US dollar needs until then. Allegations brought against Cristina Kirchner by Alberto Nisman were dismissed. The prosecutor died mysteriously in his apartment one day before congressional hearings when the case was due to be heard.
Ashmore Emerging Markets Equity Fund
The Ashmore Emerging Markets Equity Fund (“the Fund”) seeks to achieve its objective by investing principally in equity securities and equity-related investments of EM issuers, which may be denominated in any currency, including the local currency of the issuer.
EM equities finished the six months ended April 30, 2015 on a positive note, with the MSCI EM Net Index up 3.9%. While general investor sentiment remains weak, it improved somewhat during the latter part of the period with the Index up almost 10% for the three months ended April 30, 2015.
Top performing countries included China, which gained almost 30% during the period. Chinese stocks have responded positively to successive rate cuts as the government seeks to stimulate growth as well as improve liquidity in the financial markets. Both the H and A share markets (Hong Kong and Shanghai) saw strong performance during the period. Also leading market returns were Hungary (23%), Philippines (8%) and Taiwan (7%). In contrast, Greece suffered (-35%) as developments around its debt repayments weighed on markets, as did Colombia (-25%) and Brazil (-15%). Despite posting a positive April return of 17%, Brazil, the fallen angel amongst the BRICS (alongside Russia) continued to struggle during the period through the fallout of the Petrobras scandal. At the sector level, Information Technology (+9%), Financials (+8%) and Industrials (+7%) topped returns, while Energy (-5%), Utilities (-2%) and Consumer Staples (-2%) declined overall.
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The Fund lagged its benchmark for the period, with country allocation adding value and stock selection underperforming. On a country basis, the portfolio’s overweight in China added by far the most value. We see continued progress on reform and stimulus, and compelling valuations even after the sharp rally in early April. Our holdings in China are focused on financials and cyclical recovery stories. Also adding value was our lack of exposure in Malaysia and underweight in Mexico. Detracting most over the period was our exposure in Russia and non-Index exposure in Argentina.
In terms of security selection, our holdings in India and Indonesia added the most value. The portfolio is overweight in India, where reform momentum is positive, and Indonesia, where lower energy prices have allowed for the removal of energy subsidies and reduced interest rates, and President Jokowi is pursuing market friendly policies. Contributing in India were Axis Bank, and Adani Ports and Special Economic Zone. Positions in South Korea and Brazil detracted from performance. In the former, our exposure to LG Display detracted most as did our lack of exposure to Samsung Electronics. We believe that selected IT names will benefit from; increased discretionary income, as consumers save on energy costs; and growing demand for tech products, as technology becomes embedded in a growing array of goods and services. Although LG Display underperformed during the period, we have confidence in its earnings outlook long term. Cosan, an energy holding in Brazil, underperformed as the market reacted negatively to the re-election of President Dilma Rousseff, the drop in oil prices and currency weakness in Brazil.
Although EM remains an unpopular asset class, we believe sentiment may be turning. With compelling valuations relative to the rest of the world, economies poised for a cyclical recovery, and risk premiums falling, EM equities are showing signs of life. Although aggregate valuations are mid-range, the dispersion amongst markets is very high. South Africa, Mexico, and Southeast Asia look overpriced, while North Asia, Russia, Brazil and Turkey look relatively cheap. In addition, weak EM currencies are stabilising or in some cases strengthening after sharp corrections against the USD. Although rising US interest rates pose some risk to the asset class, we believe that; low inflation will allow rates to remain low in EM, improving fiscal and current account deficits will mitigate the impact of outflows, and cyclical recoveries as we move into 2016 will translate into an improved earnings environment.
Ashmore Emerging Markets Small-Cap Equity Fund
The Ashmore Emerging Markets Small-Cap Equity Fund (“the Fund”) seeks to achieve its objective by investing principally in equity securities and equity-related investments of small-capitalization EM issuers, which may be denominated in any currency, including the local currency of the issuer.
EM small-cap stocks were up during the six month period ended April 30, 2015, with the MSCI EM Small Cap Index (Net) gaining 8.1%. Double digit returns in the top performing markets of China (+29%), Korea (+20%) and Taiwan (+11%) helped, although declines in Brazil (-29%), Egypt (-22%) and Colombia (-16%) were among the laggards. The strong US dollar also influenced market performance. With the noticeable exceptions of the Russian ruble, Chinese renminbi, Taiwan dollar and Middle Eastern currencies, EM currencies weakened across the board, increasing optimism on export growth while inflation levels remain low. The strong Chinese currency reflects the government’s pursuit of a strong RMB policy, aimed at attracting inflows and preventing an increased burden in the USD borrowings at the state-owned enterprise level. With extraordinary FX reserve levels, the government maintains its ability to determine currency levels. At the sector level, Health Care (+17%), Information Technology (+13%) and Materials (+13%) led gains, while Energy (-16%) was the sole underperformer.
The Fund performed in line with its benchmark (the MSCI EM Small Cap Net) with country allocation adding the most value and stock selection underperforming. On a country basis, the Fund’s allocation to China, and a lack of exposure to Malaysia, South Africa and Thailand added the most value, while the overweight in Brazil and underweight in South Korea detracted most. On a security selection basis, the holdings in India and Indonesia were the top performers, with the exposures in Brazil and Mexico losing most ground. PI Industries, which manufactures crop protection products in India as well as exporting R&D services and custom manufacturing for global agrichemicals players, led returns for the India portfolio. We have since exited from the name as we believe valuations became stretched. Overall, our holdings in China added the most value led by Noah Holdings (asset manager), Sunac China Holdings (real estate) and Shenzhen Investment (financials). In Brazil, the ongoing corruption scandal at Petrobas and general decline in economic activity plagued the market during this period. In the end, we believe the corruption scandal, which has spread well beyond Petrobras itself, may lead to improved corporate governance more broadly in the market. The portfolio’s exposure is primarily to
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Brazilian multinationals with operations in Mexico and the US, which should benefit from stronger US demand. Nevertheless, those companies (Tupy and Iochpe Maxion), which are auto parts manufacturers, have been sold down with the Brazilian market. We believe that earnings should drive a price recovery and that both companies will do well over time, as they are globally competitive. Tereos, a sugar/ethanol company suffered as investors feared that ethanol prices would come under pressure as international gas and oil prices fell. However, the government confirmed in January that domestic energy prices would remain stable in spite of a drop in international prices.
The portfolio’s largest country active weight remains in China. We are focused on financials (mainly asset management and brokers) and cyclicals (consumer discretionary and IT names).
Since the end of Q4 2014, we have added to Taiwanese technology companies. We view the Taiwanese currency as relatively stable and the technology component manufacturers in the Fund as beneficiaries of a stronger USD, if US consumer demand for imports grows Taiwanese manufacturers should be competitive. We also believe that low energy prices should lead to increased consumer spending on tech devices and that increasing usage of these in cars and other goods will stimulate demand in coming years. We also find tech companies selling at compelling valuations with high dividend yields, especially in Taiwan, as investors have expressed short-term views in stock selection.
We took some profits in India following the strong run in Q4 2014, and remain underweight there. Our largest active weight is in financials, which we believe will be early beneficiaries of lower rates and a pickup in industrial activity. We believe the economy is on a positive growth trajectory with anticipated pickup in government spending and lower interest rates, which should support industrial investment and consumer demand. We have added exposure to industrials, consumer discretionary and interest rate sensitive names as a result.
We continue to invest where we see the best opportunities over the medium and long term based on a careful assessment of the investment opportunity, including valuations and business models. Although we are carefully positioned in markets benefitting from a strengthening USD and/or with strong currencies, we are also focused on the sharp deterioration in energy and USD sensitive markets in the past six months and have selectively added to oversold opportunities. Many companies are trading at trough levels seen in 2009. Although the market conditions differ today – for example many countries had resources to stimulate their economies in 2009 – valuation low points have again been reached in certain stocks and careful review is required to identify those that represent the best investment opportunities.
Ashmore Emerging Markets Frontier Equity Fund
The Ashmore Emerging Markets Frontier Equity Fund (“the Fund”) seeks to achieve its objective by investing principally in equity securities and equity-related investments of Frontier EM issuers, which may be denominated in any currency, including the local currency of the issuer.
Frontier Markets gave back some of their gains from the prior period, ending the reporting period down 7.9%. Markets such as Kenya (+11%), a beneficiary of lower oil prices, Argentina (+10%) and Pakistan (+5%) topped returns, while declines in Ukraine (-33%), Serbia (-28%) and Kazakhstan (-27%) were notable.
The Fund outperformed its benchmark during the period. Stock selection added value but country allocation detracted. The lack of exposure in a declining Ukraine added the most value on an overall basis. Also adding overall was our allocation in Pakistan. We have been adding exposure to Pakistan, our top allocation, which is a beneficiary of lower oil prices and a recipient of increasing foreign direct investment (FDI) flows and which has been enjoying an improving economic environment with GDP growth expected at 4.5% in 2016. Our exposure is mostly in cement companies (Maple Leaf and DG Khan) as well as in the fertilizer business, Engro Corp. Also adding value was exposure in Kuwait. We have increased our underweight here as, despite having a strong fiscal buffer, policy makers in the country tend to favour pro-cyclical adjustments. The outlook appears to be heading toward unnecessary austerity, further exacerbating economic headwinds.
The Fund’s exposure to Philippines detracted the most from performance. The country is a beneficiary of lower oil prices and the reduced pressure on government finances and current accounts should be key if investors start to worry about the impact of investment flows on vulnerable currencies once US interest rates begin to rise.
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Valuations remain elevated for the Philippines when viewed at a high level, so aggregate returns for the market risk look disappointing if value investors become sufficiently confident to move funds into areas harder hit by the sharp oil price declines. We hold predominantly consumer-related names, including real estate companies Belle Corp, Century Properties, and Melco Crown Philippines Resorts. Belle and Melco Crown, for example, continue to tap into the growing tourist arrivals from mainland China.
We maintain overweight exposures to Pakistan, Philippines, Indonesia and United Arab Emirates, while our underweight positions include Nigeria and Kuwait which are based on relative valuations.
Ashmore Emerging Markets Short Duration Fund
The Ashmore Emerging Markets Short Duration Fund (“the Fund”) seeks to achieve its objective by investing principally in short-term debt instruments of, and derivative instruments related to, sovereign, quasi-sovereign and corporate issuers of EM countries denominated exclusively in hard currencies (that is, the US dollar or any currency of a nation in the G7). The Fund normally seeks to maintain weighted average portfolio duration of between 1 and 3 years. The Fund has no restrictions on individual security duration.
Over the period, the Fund’s institutional class underperformed its benchmark. The Fund’s top contributors for the period were gains from positions in Venezuela, Russia and South Korea. China, Nigeria and Ukraine were the worst detractors from performance.
After a good first quarter, the second quarter started with a strong rally in all riskier assets. April was a particularly good month for EM credit, with spreads in the JP Morgan CEMBI BD Index tightening by 32 bps, and high yield (HY) credits tightening by significantly more (71 bps). Short duration bonds performed well in the month, but slightly underperformed the broader Index. The JP Morgan CEMBI BD 1-3 year Index finished the month up 1.30%, compared to the broad Index return of 1.71%. The Fund performed better than the Index, outperforming both the short maturity and broad indices. US Treasury yields started to widen in April, in line with the overall return in risk appetite. The US yield curve steepened during the month with 5 year rates widening by 5 bps, 10 year rates widening 11 bps and 30 year rates widening 20 bps. Despite the move in US treasuries, the spread compression was so significant that long dated bonds still outperformed. Riskier assets were in demand as the strong technical position and attractive valuations attracted an increasing number of investors back to the asset class. EM HY credit was the star performer in April, with significant spread tightening across most HY credits.
Recently, Venezuela has been the strongest contributor with PDVSA bonds trading higher, on the back of stronger oil prices and better local political dynamics at home. Nigerian credits were recently affected by weaker oil prices, especially credits in the oil exploration and production sector.
We expect the recovery in EM credit markets to continue but at a slower pace over the next few months. We believe there are favourable conditions for more moderate spread tightening and a potential steepening of the US yield curve, which would help short duration bonds to outperform the broad Index.
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IMPORTANT INFORMATION ABOUT THE FUNDS
Ashmore Investment Advisors 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 Advisors Limited as of the date indicated and are subject to change at any time based upon economic, market, or other conditions and Ashmore Investment Advisors 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.
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.
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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 November 1, 2014 or the inception date (if later), through April 30, 2015.
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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11
12
13
14
15
16
17
18
19
ASHMORE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | |
| | | Ashmore
Emerging Markets
Corporate Debt
Fund | | | Ashmore
Emerging Markets
Local Currency
Bond Fund | | | Ashmore
Emerging Markets
Currency Fund | |
ASSETS: | | | | | | | | | | | | |
Investments in securities, at value | | $ | 269,843,333 | | | $ | 61,941,303 | | | $ | 1,269,832 | |
Investments in fully funded total return swaps, at value | | | — | | | | 3,606,428 | | | | — | |
Deposit held at broker | | | — | | | | 64,202 | | | | — | |
Cash | | | 12,909,143 | | | | 24,532,305 | | | | 7,741,577 | |
Foreign currency, at value | | | 182,419 | | | | 247,534 | | | | 104,028 | |
Due from broker for reverse repurchase agreement | | | — | | | | — | | | | — | |
Unrealized appreciation on forward foreign currency exchange contracts | | | 13,089 | | | | 1,880,906 | | | | 374,381 | |
Unrealized appreciation on interest rate swap contracts | | | — | | | | 111,629 | | | | — | |
Receivable for securities and currencies sold | | | 6,264,850 | | | | 495,010 | | | | 3,627 | |
Receivable for when-issued securities | | | — | | | | — | | | | — | |
Receivable for fund shares sold | | | 6,752,097 | | | | 65,626 | | | | — | |
Receivable from Investment Manager | | | 34,488 | | | | 18,430 | | | | 10,235 | |
Interest and dividends receivable | | | 5,588,033 | | | | 1,310,865 | | | | 21,465 | |
Other assets | | | 33,609 | | | | 25,467 | | | | 25,071 | |
Total Assets | | | 301,621,061 | | | | 94,299,705 | | | | 9,550,216 | |
LIABILITIES: | | | | | | | | | | | | |
Reverse repurchase agreements at cost | | | — | | | | — | | | | — | |
Unrealized depreciation on forward foreign currency exchange contracts | | | 1,024,344 | | | | 922,017 | | | | 217,429 | |
Unrealized depreciation on centrally cleared swap contracts | | | — | | | | 2,802 | | | | — | |
Unrealized depreciation on interest rate swap contracts | | | — | | | | 110,151 | | | | — | |
Payable for variation margin on centrally cleared swap contracts | | | — | | | | 1,550 | | | | — | |
Payable for securities and currencies purchased | | | 4,120,405 | | | | 1,016,901 | | | | 78,334 | |
Payable for fund units redeemed | | | 89,003 | | | | 629,803 | | | | 100,000 | |
Distributions payable | | | 135,412 | | | | 17,592 | | | | 367 | |
Investment Manager fee payable | | | 261,288 | | | | 71,166 | | | | 6,356 | |
Trustees’ fees payable | | | 5,819 | | | | 4,687 | | | | 3,144 | |
Deferred foreign capital gains taxes payable | | | — | | | | — | | | | — | |
Other liabilities | | | 63,966 | | | | 67,756 | | | | 59,068 | |
Total Liabilities | | | 5,700,237 | | | | 2,844,425 | | | | 464,698 | |
Net Assets | | $ | 295,920,824 | | | $ | 91,455,280 | | | $ | 9,085,518 | |
NET ASSETS: | | | | | | | | | | | | |
Paid in capital | | $ | 328,909,565 | | | $ | 109,664,330 | | | $ | 9,826,648 | |
Undistributed (distributions in excess of) net investment income (loss) | | | 1,116,779 | | | | (173,195) | | | | 52,123 | |
Accumulated net realized gain (loss) | | | (11,289,690) | | | | (8,885,781) | | | | (764,273) | |
Net unrealized appreciation (depreciation) | | | (22,815,830) | | | | (9,150,074) | | | | (28,980) | |
Net Assets | | $ | 295,920,824 | | | $ | 91,455,280 | | | $ | 9,085,518 | |
| | | | |
Net Assets: | | | | | | | | | | | | |
Class A | | $ | 4,214,328 | | | $ | 808,181 | | | $ | 875 | |
Class C | | | 1,716,540 | | | | 55,986 | | | | 849 | |
Institutional Class | | | 289,989,956 | | | | 90,591,113 | | | | 9,083,794 | |
| | | | |
Shares Issued and Outstanding (no par value, unlimited shares authorized): | | | | | | | | | | | | |
Class A | | | 496,779 | | | | 106,435 | | | | 111 | |
Class C | | | 202,354 | | | | 7,386 | | | | 111 | |
Institutional Class | | | 32,859,188 | | | | 11,526,120 | | | | 1,154,723 | |
| | | | |
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding): | | | | | | | | | | | | |
Class A | | $ | 8.48 | | | $ | 7.59 | | | $ | 7.86 | |
Class C | | | 8.48 | | | | 7.58 | | | | 7.66 | |
Institutional Class | | | 8.83 | | | | 7.86 | | | | 7.87 | |
| | | | |
Cost of Investments in securities | | $ | 291,649,579 | | | $ | 71,732,654 | | | $ | 1,455,169 | |
Cost of Investments in fully funded total return swaps | | $ | — | | | $ | 3,917,166 | | | $ | — | |
Cost of foreign currency held | | $ | 182,076 | | | $ | 247,545 | | | $ | 104,572 | |
See accompanying notes to the financial statements.
20
| | | | | | | | | | | | | | | | | | | | | | |
Ashmore Emerging Markets Debt Fund | | | Ashmore
Emerging Markets
Total Return Fund | | | Ashmore
Emerging Markets
Equity Fund | | | Ashmore
Emerging Markets
Small-Cap Equity Fund | | | Ashmore
Emerging Markets
Frontier Equity Fund | | | Ashmore
Emerging Markets
Short Duration Fund | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 5,496,879 | | | $ | 730,641,452 | | | $ | 9,510,427 | | | $ | 49,612,316 | | | $ | 24,675,482 | | | $ | 25,917,641 | |
| | — | | | | 11,046,996 | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 189,635 | | | | 30,045,714 | | | | 36,415 | | | | 2,238,435 | | | | 142,015 | | | | 34,085 | |
| | 2,233 | | | | 1,472,300 | | | | 52,681 | | | | 34,747 | | | | 11,688 | | | | — | |
| | 206,100 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 4,644 | | | | 8,025,957 | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 4,812 | | | | 55,860,163 | | | | — | | | | 31 | | | | 1,174,361 | | | | 650,000 | |
| | — | | | | — | | | | — | | | | — | | | | 34,181 | | | | — | |
| | — | | | | 6,005,815 | | | | — | | | | 2,108 | | | | — | | | | — | |
| | 9,101 | | | | 54,401 | | | | 18,616 | | | | 30,523 | | | | 14,780 | | | | 16,775 | |
| | 90,536 | | | | 14,088,295 | | | | 2,909 | | | | 62,342 | | | | 81,159 | | | | 473,280 | |
| | 23,740 | | | | 53,898 | | | | 17,080 | | | | 11,794 | | | | 33,444 | | | | 43,526 | |
| | 6,027,680 | | | | 857,294,991 | | | | 9,638,128 | | | | 51,992,296 | | | | 26,167,110 | | | | 27,135,307 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 427,770 | | | | 776,196 | | | | — | | | | — | | | | — | | | | — | |
| | 21,695 | | | | 5,200,955 | | | | — | | | | — | | | | — | | | | 21,954 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | 247,337 | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 1,837 | | | | 61,692,450 | | | | 73,555 | | | | 267,824 | | | | — | | | | 643,465 | |
| | — | | | | 764,672 | | | | — | | | | 661 | | | | 155,959 | | | | — | |
| | 1,822 | | | | 292,587 | | | | — | | | | — | | | | — | | | | 10,111 | |
| | 4,029 | | | | 616,757 | | | | 8,822 | | | | 59,049 | | | | 33,810 | | | | 13,922 | |
| | 2,776 | | | | 26,180 | | | | 416 | | | | 1,154 | | | | — | | | | 6,879 | |
| | — | | | | — | | | | — | | | | — | | | | 51,225 | | | | — | |
| | 56,991 | | | | 169,371 | | | | 67,701 | | | | 107,185 | | | | 44,732 | | | | 50,400 | |
| | 516,920 | | | | 69,786,505 | | | | 150,494 | | | | 435,873 | | | | 285,726 | | | | 746,731 | |
| $ | 5,510,760 | | | $ | 787,508,486 | | | $ | 9,487,634 | | | $ | 51,556,423 | | | $ | 25,881,384 | | | $ | 26,388,576 | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 6,611,383 | | | $ | 909,437,108 | | | $ | 10,612,291 | | | $ | 48,992,003 | | | $ | 26,393,435 | | | $ | 27,204,433 | |
| | (13,981) | | | | 648,911 | | | | (8,055) | | | | (126,482) | | | | 99,355 | | | | 22,865 | |
| | (897,927) | | | | (84,728,066) | | | | (1,483,394) | | | | (775,567) | | | | (437,115) | | | | (331,207) | |
| | (188,715) | | | | (37,849,467) | | | | 366,792 | | | | 3,466,469 | | | | (174,291) | | | | (507,515) | |
| $ | 5,510,760 | | | $ | 787,508,486 | | | $ | 9,487,634 | | | $ | 51,556,423 | | | $ | 25,881,384 | | | $ | 26,388,576 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 3,550 | | | $ | 2,640,488 | | | $ | 30,504 | | | $ | 268,824 | | | $ | 154,733 | | | $ | 242,038 | |
| | 1,176 | | | | 562,975 | | | | 1,068 | | | | 92,062 | | | | 2,523 | | | | — | |
| | | | | | |
| | 5,506,034 | | | | 784,305,023 | | | | 9,456,062 | | | | 51,195,537 | | | | 25,724,128 | | | | 26,146,538 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 422 | | | | 319,647 | | | | 3,282 | | | | 27,972 | | | | 18,145 | | | | 24,744 | |
| | 141 | | | | 68,230 | | | | 102 | | | | 8,996 | | | | 298 | | | | — | |
| | 659,564 | | | | 93,549,581 | | | | 1,057,032 | | | | 4,234,186 | | | | 2,672,273 | | | | 2,720,191 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| $ | 8.41 | | | $ | 8.26 | | | $ | 9.30 | | | $ | 9.61 | | | $ | 8.53 | | | $ | 9.78 | |
| | 8.37 | | | | 8.25 | | | | 10.48 | | | | 10.23 | | | | 8.46 | | | | — | |
| | 8.35 | | | | 8.38 | | | | 8.95 | | | | 12.09 | | | | 9.63 | | | | 9.61 | |
| | | | | | |
| $ | 5,668,719 | | | $ | 769,119,934 | | | $ | 9,143,587 | | | $ | 46,145,526 | | | $ | 24,798,502 | | | $ | 26,403,318 | |
| $ | — | | | $ | 13,028,473 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| $ | 2,099 | | | $ | 1,468,831 | | | $ | 52,907 | | | $ | 34,878 | | | $ | 11,721 | | | $ | — | |
See accompanying notes to the financial statements.
21
ASHMORE FUNDS
STATEMENTS OF OPERATIONS
For the Six Month Period Ended April 30, 2015 (Unaudited)
| | | | | | | | | | | | |
| | | Ashmore
Emerging Markets
Corporate Debt
Fund | | | Ashmore
Emerging Markets
Local Currency
Bond Fund | | | Ashmore
Emerging Markets
Currency Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | |
Interest, net of foreign tax withholdings* | | $ | 13,662,265 | | | $ | 2,284,862 | | | $ | 80,500 | |
Dividends, net of foreign tax withholdings* | | | — | | | | — | | | | — | |
Total Income | | | 13,662,265 | | | | 2,284,862 | | | | 80,500 | |
EXPENSES: | | | | | | | | | | | | |
Investment Manager fees | | | 1,648,563 | | | | 430,360 | | | | 38,481 | |
Administration fees | | | 28,659 | | | | 9,053 | | | | 905 | |
Custody fees | | | 24,317 | | | | 42,282 | | | | 7,981 | |
Professional fees | | | 48,596 | | | | 39,073 | | | | 35,644 | |
Trustees’ fees | | | 28,617 | | | | 6,392 | | | | — | |
Offering expenses and registration fees | | | 48,295 | | | | 27,112 | | | | 21,052 | |
Insurance fees | | | 6,300 | | | | 3,862 | | | | 5,075 | |
Printing fees | | | 8,388 | | | | 5,806 | | | | 5,744 | |
Distribution fees - Class A | | | 3,320 | | | | 1,027 | | | | 1 | |
Distribution fees - Class C | | | 3,920 | | | | 558 | | | | 4 | |
Other | | | 13,888 | | | | 7,898 | | | | 3,068 | |
Total Expenses | | | 1,862,863 | | | | 573,423 | | | | 117,955 | |
Less expenses reimbursed by the Investment Manager | | | (184,171) | | | | (132,322) | | | | (78,563) | |
Net Expenses | | | 1,678,692 | | | | 441,101 | | | | 39,392 | |
Net Investment Income | | | 11,983,573 | | | | 1,843,761 | | | | 41,108 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | |
NET REALIZED GAIN (LOSS) ON: | | | | | | | | | | | | |
Investments in securities | | | (12,042,375) | | | | (3,440,298) | | | | (262,866) | |
Forward foreign currency exchange contracts | | | 2,275,192 | | | | 39,711 | | | | 196,968 | |
Interest rate swap contracts | | | — | | | | (123,314) | | | | 3,354 | |
Foreign exchange transactions | | | 303,580 | | | | (3,247,935) | | | | (468,925) | |
Net Realized Gain (Loss) | | | (9,463,603) | | | | (6,771,836) | | | | (531,469) | |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: | | | | | | | | | | | | |
Investments in securities (net of the change in deferred foreign capital gains taxes of $-, $-, $-, $-, $-, $-, $-, $51,281, $-) | | | (5,142,230) | | | | (4,166,329) | | | | (71,268) | |
Forward foreign currency exchange contracts | | | (1,164,708) | | | | 854,839 | | | | 193,642 | |
Investments in fully funded total return swaps | | | — | | | | (97,603) | | | | — | |
Interest rate swap contracts | | | — | | | | (189,932) | | | | — | |
Foreign exchange translations | | | 33,247 | | | | 17,422 | | | | 806 | |
Change in Net Unrealized Appreciation (Depreciation) | | | (6,273,691) | | | | (3,581,603) | | | | 123,180 | |
Net Realized and Unrealized Gains (Losses) | | | (15,737,294) | | | | (10,353,439) | | | | (408,289) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | (3,753,721) | | | $ | (8,509,678) | | | $ | (367,181) | |
* Foreign Tax Withholdings | | $ | 114 | | | $ | 9,246 | | | $ | 203 | |
| 1 | The Fund commenced investment operations on June 24, 2014. |
See accompanying notes to the financial statements.
22
| | | | | | | | | | | | | | | | | | | | | | |
Ashmore
Emerging Markets
Debt Fund | | | Ashmore
Emerging Markets
Total Return Fund | | | Ashmore
Emerging Markets
Equity Fund | | | Ashmore
Emerging Markets
Small-Cap Equity Fund | | | Ashmore
Emerging Markets
Frontier Equity Fund | | | Ashmore
Emerging Markets
Short Duration
Fund1 | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 190,367 | | | $ | 30,402,702 | | | $ | — | | | $ | — | | | $ | 51,528 | | | $ | 917,888 | |
| | — | | | | — | | | | 46,188 | | | | 254,111 | | | | 367,575 | | | | — | |
| | 190,367 | | | | 30,402,702 | | | | 46,188 | | | | 254,111 | | | | 419,103 | | | | 917,888 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 23,921 | | | | 4,345,962 | | | | 53,095 | | | | 346,430 | | | | 120,419 | | | | 79,965 | |
| | 531 | | | | 86,871 | | | | 923 | | | | 4,616 | | | | 1,603 | | | | 2,461 | |
| | 746 | | | | 165,588 | | | | 38,875 | | | | 93,076 | | | | 16,972 | | | | 2,016 | |
| | 35,763 | | | | 76,947 | | | | 33,696 | | | | 35,064 | | | | 33,426 | | | | 31,612 | |
| | — | | | | 69,195 | | | | 636 | | | | 3,429 | | | | 530 | | | | — | |
| | 22,292 | | | | 88,316 | | | | 21,547 | | | | 25,365 | | | | 22,826 | | | | 55,022 | |
| | 5,194 | | | | — | | | | 6,095 | | | | 5,609 | | | | 6,164 | | | | 3,969 | |
| | 5,745 | | | | 6,386 | | | | 5,746 | | | | 5,761 | | | | 5,744 | | | | 5,580 | |
| | 13 | | | | 5,772 | | | | 36 | | | | 372 | | | | 134 | | | | 269 | |
| | 6 | | | | 3,670 | | | | 5 | | | | 387 | | | | 7 | | | | — | |
| | 1,102 | | | | 32,776 | | | | 5,860 | | | | 8,014 | | | | 2,244 | | | | 1,081 | |
| | 95,313 | | | | 4,881,483 | | | | 166,514 | | | | 528,123 | | | | 210,069 | | | | 181,975 | |
| | (70,841) | | | | (438,516) | | | | (112,639) | | | | (176,302) | | | | (87,840) | | | | (99,252) | |
| | 24,472 | | | | 4,442,967 | | | | 53,875 | | | | 351,821 | | | | 122,229 | | | | 82,723 | |
| | 165,895 | | | | 25,959,735 | | | | (7,687) | | | | (97,710) | | | | 296,874 | | | | 835,165 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | (100,578) | | | | (54,743,707) | | | | (330,470) | | | | (730,868) | | | | (393,736) | | | | (426,734) | |
| | 41,215 | | | | 4,277,667 | | | | 6 | | | | 621 | | | | — | | | | 183,736 | |
| | — | | | | (121,737) | | | | — | | | | — | | | | — | | | | — | |
| | 17,486 | | | | (17,263,940) | | | | (5,254) | | | | (18,380) | | | | (42,901) | | | | (13,709) | |
| | (41,877) | | | | (67,851,717) | | | | (335,718) | | | | (748,627) | | | | (436,637) | | | | (256,707) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | (149,449) | | | | 1,937,290 | | | | 390,064 | | | | 4,345,111 | | | | (286,500) | | | | (135,378) | |
| | (20,913) | | | | 3,958,810 | | | | — | | | | — | | | | — | | | | (29,444) | |
| | — | | | | 810,492 | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | (328,040) | | | | — | | | | — | | | | — | | | | — | |
| | 1,072 | | | | 269,110 | | | | (68) | | | | 2,054 | | | | 187 | | | | 1,112 | |
| | (169,290) | | | | 6,647,662 | | | | 389,996 | | | | 4,347,165 | | | | (286,313) | | | | (163,710) | |
| | (211,167) | | | | (61,204,055) | | | | 54,278 | | | | 3,598,538 | | | | (722,950) | | | | (420,417) | |
| $ | (45,272) | | | $ | (35,244,320) | | | $ | 46,591 | | | $ | 3,500,828 | | | $ | (426,076) | | | $ | 414,748 | |
| $ | — | | | $ | 22,478 | | | $ | 6,557 | | | $ | 32,126 | | | $ | 39,699 | | | $ | 35 | |
See accompanying notes to the financial statements.
23
ASHMORE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Month Period Ended April 30, 2015 (Unaudited) and the Fiscal Year October 31, 2014
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ashmore Emerging Markets Corporate Debt Fund | | | | | Ashmore Emerging Markets Local Currency Bond Fund | | | | | Ashmore Emerging Markets Currency Fund | |
| | | | | | | | | | | | |
| | | | 2015 | | | | | | 2014 | | | | | | 2015 | | | | | | 2014 | | | | | | 2015 | | | | | | 2014 | |
OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 11,983,573 | | | | | $ | 16,880,215 | | | | | $ | 1,843,761 | | | | | $ | 3,783,934 | | | | | $ | 41,108 | | | | | $ | 95,250 | |
Net realized gain (loss) | | | (9,463,603) | | | | | | 2,712,763 | | | | | | (6,771,836) | | | | | | (6,099,890) | | | | | | (531,469) | | | | | | (1,134,286) | |
Net change in unrealized appreciation (depreciation) | | | (6,273,691) | | | | | | (13,844,692) | | | | | | (3,581,603) | | | | | | (1,725,484) | | | | | | 123,180 | | | | | | 209,917 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (3,753,721) | | | | | | 5,748,286 | | | | | | (8,509,678) | | | | | | (4,041,440) | | | | | | (367,181) | | | | | | (829,119) | |
| | | | | | | | | | | | |
DISTRIBUTIONS TO CLASS A SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (110,153) | | | | | | (321,596) | | | | | | (15,054) | | | | | | — | | | | | | (3) | | | | | | — | |
From net realized gain | | | (33,181) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (59) | |
Tax return of capital | | | — | | | | | | — | | | | | | — | | | | | | (62,760) | | | | | | — | | | | | | (5) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions to Class A Shareholders | | | (143,334) | | | | | | (321,596) | | | | | | (15,054) | | | | | | (62,760) | | | | | | (3) | | | | | | (64) | |
| | | | | | | | | | | | |
DISTRIBUTIONS TO CLASS C SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (30,405) | | | | | | (12,291) | | | | | | (1,614) | | | | | | — | | | | | | (1) | | | | | | — | |
From net realized gain | | | (5,981) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (60) | |
Tax return of capital | | | — | | | | | | — | | | | | | — | | | | | | (5,740) | | | | | | — | | | | | | (2) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions to Class C Shareholders | | | (36,386) | | | | | | (12,291) | | | | | | (1,614) | | | | | | (5,740) | | | | | | (1) | | | | | | (62) | |
| | | | | | | | | | | | |
DISTRIBUTIONS TO INSTITUTIONAL CLASS SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (11,780,276) | | | | | | (16,331,560) | | | | | | (1,762,135) | | | | | | — | | | | | | (41,014) | | | | | | — | |
From net realized gain | | | (3,450,595) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (621,904) | |
Tax return of capital | | | — | | | | | | — | | | | | | — | | | | | | (3,812,854) | | | | | | — | | | | | | (97,215) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions to Institutional Class Shareholders | | | (15,230,871) | | | | | | (16,331,560) | | | | | | (1,762,135) | | | | | | (3,812,854) | | | | | | (41,014) | | | | | | (719,119) | |
FUND SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from Class A share transactions | | | 2,570,705 | | | | | | (1,191,492) | | | | | | 478 | | | | | | (1,082,599) | | | | | | 3 | | | | | | 63 | |
Net increase (decrease) in net assets resulting from Class C share transactions | | | 1,261,647 | | | | | | 280,805 | | | | | | (78,257) | | | | | | 33,307 | | | | | | 1 | | | | | | 58 | |
Net increase (decrease) in net assets resulting from Institutional Class share transactions | | | (55,646,754) | | | | | | 192,159,009 | | | | | | (585,307) | | | | | | 26,615,002 | | | | | | (124,859) | | | | | | (24,481,009) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions | | | (51,814,402) | | | | | | 191,248,322 | | | | | | (663,086) | | | | | | 25,565,710 | | | | | | (124,855) | | | | | | (24,480,888) | |
Total Increase (Decrease) in Net Assets | | | (70,978,714) | | | | | | 180,331,161 | | | | | | (10,951,567) | | | | | | 17,642,916 | | | | | | (533,054) | | | | | | (26,029,252) | |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets at the Beginning of the Period | | | 366,899,538 | | | | | | 186,568,377 | | | | | | 102,406,847 | | | | | | 84,763,931 | | | | | | 9,618,572 | | | | | | 35,647,824 | |
Net Assets at the End of the Period | | $ | 295,920,824 | | | | | $ | 366,899,538 | | | | | $ | 91,455,280 | | | | | $ | 102,406,847 | | | | | $ | 9,085,518 | | | | | $ | 9,618,572 | |
Undistributed (Distributions in Excess of) Net Investment Income (Loss) | | $ | 1,116,779 | | | | | $ | 1,054,040 | | | | | $ | (173,195) | | | | | $ | (238,153) | | | | | $ | 52,123 | | | | | $ | 52,033 | |
| 1 | The Fund commenced investment operations on November 5, 2013. |
| 2 | The Fund commenced investment operations on June 24, 2014. |
See accompanying notes to the financial statements.
24
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ashmore Emerging Markets Debt Fund | | | Ashmore Emerging Markets Total Return Fund | | | Ashmore Emerging Markets Equity Fund | | | Ashmore Emerging Markets Small-Cap Equity Fund | |
| | | | | | | | |
| | 2015 | | | | 2014 | | | | 2015 | | | | 2014 | | | | 2015 | | | | 2014 | | | | 2015 | | | | 2014 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 165,895 | | | $ | 376,748 | | | $ | 25,959,735 | | | $ | 40,120,493 | | | $ | (7,687 | ) | | $ | 91,008 | | | $ | (97,710 | ) | | $ | 63,398 | |
| | (41,877) | | | | (805,974 | ) | | | (67,851,717 | ) | | | (26,936,733 | ) | | | (335,718 | ) | | | (100,889 | ) | | | (748,627 | ) | | | 1,762,027 | |
| | (169,290) | | | | 470,741 | | | | 6,647,662 | | | | (15,840,058 | ) | | | 389,996 | | | | (370,281 | ) | | | 4,347,165 | | | | (3,548,169 | ) |
| | | | | | | | |
| | (45,272) | | | | 41,515 | | | | (35,244,320 | ) | | | (2,656,298 | ) | | | 46,591 | | | | (380,162 | ) | | | 3,500,828 | | | | (1,722,744 | ) |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (295) | | | | (509 | ) | | | (123,105 | ) | | | (288,037 | ) | | | (71 | ) | | | (255 | ) | | | (621 | ) | | | (353 | ) |
| | — | | | | (244 | ) | | | — | | | | (108,474 | ) | | | — | | | | — | | | | (13,879 | ) | | | (21,546 | ) |
| | — | | | | (5 | ) | | | — | | | | (106,644 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (295) | | | | (758 | ) | | | (123,105 | ) | | | (503,155 | ) | | | (71 | ) | | | (255 | ) | | | (14,500 | ) | | | (21,899 | ) |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (30) | | | | (57 | ) | | | (17,598 | ) | | | (27,681 | ) | | | (2 | ) | | | (8 | ) | | | (139 | ) | | | (59 | ) |
| | — | | | | (175 | ) | | | — | | | | (12,431 | ) | | | — | | | | — | | | | (3,134 | ) | | | (873 | ) |
| | — | | | | (1 | ) | | | — | | | | (10,249 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (30) | | | | (233 | ) | | | (17,598 | ) | | | (50,361 | ) | | | (2 | ) | | | (8 | ) | | | (3,273 | ) | | | (932 | ) |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (164,098) | | | | (375,103 | ) | | | (25,402,142 | ) | | | (29,319,267 | ) | | | (23,079 | ) | | | (85,433 | ) | | | (73,083 | ) | | | (40,881 | ) |
| | — | | | | (821,133 | ) | | | — | | | | (8,728,838 | ) | | | — | | | | — | | | | (1,629,524 | ) | | | (1,986,719 | ) |
| | — | | | | (3,339 | ) | | | — | | | | (10,855,322 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (164,098) | | | | (1,199,575 | ) | | | (25,402,142 | ) | | | (48,903,427 | ) | | | (23,079 | ) | | | (85,433 | ) | | | (1,702,607 | ) | | | (2,027,600 | ) |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (32,804) | | | | 37,063 | | | | (5,143,020 | ) | | | (1,485,743 | ) | | | 628 | | | | 2,329 | | | | (66,508 | ) | | | 81,303 | |
| | 30 | | | | 232 | | | | (386,058 | ) | | | 115,811 | | | | 2 | | | | 8 | | | | 12,232 | | | | 68,695 | |
| | 140,890 | | | | (22,272,165 | ) | | | (135,502,747 | ) | | | 369,085,194 | | | | (871,564 | ) | | | 943,935 | | | | 512,398 | | | | 22,294,208 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 108,116 | | | | (22,234,870 | ) | | | (141,031,825 | ) | | | 367,715,262 | | | | (870,934 | ) | | | 946,272 | | | | 458,122 | | | | 22,444,206 | |
| | (101,579 | ) | | | (23,393,921 | ) | | | (201,818,990 | ) | | | 315,602,021 | | | | (847,495 | ) | | | 480,414 | | | | 2,238,570 | | | | 18,671,031 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5,612,339 | | | | 29,006,260 | | | | 989,327,476 | | | | 673,725,455 | | | | 10,335,129 | | | | 9,854,715 | | | | 49,317,853 | | | | 30,646,822 | |
| $ | 5,510,760 | | | $ | 5,612,339 | | | $ | 787,508,486 | | | $ | 989,327,476 | | | $ | 9,487,634 | | | $ | 10,335,129 | | | $ | 51,556,423 | | | $ | 49,317,853 | |
| $ | (13,981 | ) | | $ | (15,453 | ) | | $ | 648,911 | | | $ | 232,021 | | | $ | (8,055 | ) | | $ | 22,784 | | | $ | (126,482 | ) | | $ | 45,071 | |
See accompanying notes to the financial statements.
25
ASHMORE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Month Period Ended April 30, 2015 (Unaudited) and the Fiscal Year October 31, 2014
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ashmore Emerging Markets Frontier Equity Fund1 | | | | | Ashmore Emerging Markets Short Duration Fund2 | | | |
| | | | | | | | | |
| | | | 2015 | | | | | | 2014 | | | | | | 2015 | | | | | | 2014 | | | |
OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 296,874 | | | | | $ | 59,566 | | | | | $ | 835,165 | | | | | $ | 331,777 | | | |
Net realized gain (loss) | | | (436,637 | ) | | | | | 763,038 | | | | | | (256,707 | ) | | | | | (16,735 | ) | | |
Net change in unrealized appreciation (depreciation) | | | (286,313 | ) | | | | | 112,022 | | | | | | (163,710 | ) | | | | | (343,805 | ) | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (426,076 | ) | | | | | 934,626 | | | | | | 414,748 | | | | | | (28,763 | ) | | |
| | | | | | | | | |
DISTRIBUTIONS TO CLASS A SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (1,816 | ) | | | | | (46 | ) | | | | | (6,971 | ) | | | | | (1,102 | ) | | |
From net realized gain | | | — | | | | | | — | | | | | | (306 | ) | | | | | — | | | |
Tax return of capital | | | (13,571) | | | | | | — | | | | | | — | | | | | | — | | | |
Total Distributions to Class A Shareholders | | | (15,387 | ) | | | | | (46 | ) | | | | | (7,277 | ) | | | | | (1,102 | ) | | |
| | | | | | | | | |
DISTRIBUTIONS TO CLASS C SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (17 | ) | | | | | (5 | ) | | | | | — | | | | | | — | | | |
From net realized gain | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
Tax return of capital | | | (86) | | | | | | — | | | | | | — | | | | | | — | | | |
Total Distributions to Class C Shareholders | | | (103 | ) | | | | | (5 | ) | | | | | — | | | | | | — | | | |
| | | | | | | | | |
DISTRIBUTIONS TO INSTITUTIONAL CLASS SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (157,085 | ) | | | | | (69,402 | ) | | | | | (823,905 | ) | | | | | (331,551 | ) | | |
From net realized gain | | | — | | | | | | — | | | | | | (38,007 | ) | | | | | — | | | |
Tax return of capital | | | (778,573) | | | | | | — | | | | | | — | | | | | | — | | | |
Total Distributions to Institutional Class Shareholders | | | (935,658 | ) | | | | | (69,402 | ) | | | | | (861,912 | ) | | | | | (331,551 | ) | | |
FUND SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from Class A share transactions | | | 155,067 | | | | | | 9,051 | | | | | | 43,872 | | | | | | 200,994 | | | |
Net increase (decrease) in net assets resulting from Class C share transactions | | | 1,662 | | | | | | 4,459 | | | | | | — | | | | | | — | | | |
Net increase (decrease) in net assets resulting from Institutional Class share transactions | | | 19,811,428 | | | | | | 6,411,678 | | | | | | 5,323,739 | | | | | | 21,635,828 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions | | | 19,968,157 | | | | | | 6,425,278 | | | | | | 5,367,611 | | | | | | 21,836,822 | | | |
Total Increase (Decrease) in Net Assets | | | 18,590,933 | | | | | | 7,290,451 | | | | | | 4,913,170 | | | | | | 21,475,406 | | | |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets at the Beginning of the Period | | | 7,290,451 | | | | | | — | | | | | | 21,475,406 | | | | | | — | | | |
Net Assets at the End of the Period | | $ | 25,881,384 | | | | | $ | 7,290,451 | | | | | $ | 26,388,576 | | | | | $ | 21,475,406 | | | |
Undistributed (Distributions in Excess of) Net Investment Income (Loss) | | $ | 99,355 | | | | | $ | (38,601 | ) | | | | $ | 22,865 | | | | | $ | 18,576 | | | |
See accompanying notes to the financial statements.
26
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Corporate Debt Fund
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Class A | | | | | | | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31, 2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20111 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.94 | | | | $9.25 | | | | $9.69 | | | | $9.09 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.34 | | | | 0.55 | 2 | | | 0.51 | 2 | | | 0.67 | 2 | | | 0.32 | 2 |
Net realized and unrealized gain (loss) | | | (0.35) | | | | (0.31) | | | | (0.35) | | | | 0.67 | | | | (0.86) | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.01) | | | | 0.24 | | | | 0.16 | | | | 1.34 | | | | (0.54) | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.34) | | | | (0.55) | | | | (0.52) | | | | (0.69) | | | | (0.37) | |
From net realized gain | | | (0.11) | | | | — | | | | (0.07) | | | | (0.05) | | | | — | |
Tax return of capital | | | — | | | | — | | | | (0.01) | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.45) | | | | (0.55) | | | | (0.60) | | | | (0.74) | | | | (0.37) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $8.48 | | | | $8.94 | | | | $9.25 | | | | $9.69 | | | | $9.09 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return3 | | | 0.14% | | | | 2.53% | | | | 1.63% | | | | 15.54% | | | | (5.44%) | |
| | | | | |
Portfolio turnover rate4 | | | 41% | | | | 82% | | | | 49% | | | | 50% | | | | 22% | |
| | | | | |
Net assets, end of period (in thousands) | | | $4,214 | | | | $1,704 | | | | $2,852 | | | | $485 | | | | $1 | |
| | | | | |
Ratios to average net assets:5 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 1.56% | | | | 1.53% | | | | 1.71% | | | | 2.89% | | | | 4.36% | |
Total expenses after reimbursements | | | 1.44% | | | | 1.45% | | | | 1.45% | | | | 1.45% | | | | 1.45% | |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 8.24% | | | | 5.79% | | | | 5.15% | | | | 5.19% | | | | 4.35% | |
Net investment income after reimbursements | | | 8.36% | | | | 5.87% | | | | 5.41% | | | | 6.63% | | | | 7.26% | |
See accompanying notes to the financial statements.
27
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Corporate Debt Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Class C | |
| | | | | |
| | | Six Months
Ended April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20111 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.95 | | | | $9.25 | | | | $9.70 | | | | $9.09 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.28 | | | | 0.48 | 2 | | | 0.44 | 2 | | | 0.60 | 2 | | | 0.28 | 2 |
Net realized and unrealized gain (loss) | | | (0.33) | | | | (0.30) | | | | (0.36) | | | | 0.68 | | | | (0.86) | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.05) | | | | 0.18 | | | | 0.08 | | | | 1.28 | | | | (0.58) | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.31) | | | | (0.48) | | | | (0.45) | | | | (0.62) | | | | (0.33) | |
From net realized gain | | | (0.11) | | | | — | | | | (0.07) | | | | (0.05) | | | | — | |
Tax return of capital | | | — | | | | — | | | | (0.01) | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.42) | | | | (0.48) | | | | (0.53) | | | | (0.67) | | | | (0.33) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $8.48 | | | | $8.95 | | | | $9.25 | | | | $9.70 | | | | $9.09 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return3 | | | (0.31%) | | | | 1.87% | | | | 0.80% | | | | 14.78% | | | | (5.78%) | |
| | | | | |
Portfolio turnover rate4 | | | 41% | | | | 82% | | | | 49% | | | | 50% | | | | 22% | |
| | | | | |
Net assets, end of period (in thousands) | | | $1,717 | | | | $421 | | | | $150 | | | | $27 | | | | $1 | |
| | | | | |
Ratios to average net assets:5 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 2.32% | | | | 2.28% | | | | 2.46% | | | | 3.60% | | | | 5.12% | |
Total expenses after reimbursements | | | 2.18% | | | | 2.20% | | | | 2.20% | | | | 2.20% | | | | 2.20% | |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 7.66% | | | | 5.15% | | | | 4.42% | | | | 4.73% | | | | 3.59% | |
Net investment income after reimbursements | | | 7.80% | | | | 5.23% | | | | 4.68% | | | | 6.13% | | | | 6.51% | |
See accompanying notes to the financial statements.
28
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Corporate Debt Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20116 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $9.30 | | | | $9.61 | | | | $10.07 | | | | $9.43 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.35 | | | | 0.59 | 2 | | | 0.55 | 2 | | | 0.73 | 2 | | | 0.63 | 2 |
Net realized and unrealized gain (loss) | | | (0.36) | | | | (0.31) | | | | (0.36) | | | | 0.70 | | | | (0.60) | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.01) | | | | 0.28 | | | | 0.19 | | | | 1.43 | | | | 0.03 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.35) | | | | (0.59) | | | | (0.57) | | | | (0.74) | | | | (0.60) | |
From net realized gain | | | (0.11) | | | | — | | | | (0.07) | | | | (0.05) | | | | — | |
Tax return of capital | | | — | | | | — | | | | (0.01) | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | $(0.46) | | | | (0.59) | | | | (0.65) | | | | (0.79) | | | | (0.60) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $8.83 | | | | $9.30 | | | | $9.61 | | | | $10.07 | | | | $9.43 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return3 | | | 0.12% | | | | 2.91% | | | | 1.91% | | | | 15.97% | | | | 0.27% | |
| | | | | |
Portfolio turnover rate4 | | | 41% | | | | 82% | | | | 49% | | | | 50% | | | | 22% | |
| | | | | |
Net assets, end of period (in thousands) | | | $289,990 | | | | $364,775 | | | | $183,567 | | | | $17,651 | | | | $11,824 | |
| | | | | |
Ratios to average net assets:5 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 1.30% | | | | 1.28% | | | | 1.46% | | | | 2.66% | | | | 3.78% | |
Total expenses after reimbursements | | | 1.17% | | | | 1.17% | | | | 1.17% | | | | 1.17% | | | | 1.17% | |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 8.23% | | | | 6.14% | | | | 5.37% | | | | 6.16% | | | | 4.60% | |
Net investment income after reimbursements | | | 8.36% | | | | 6.25% | | | | 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. |
| 3 | 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.
29
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Local Currency Bond Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Class A | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20111 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.44 | | | | $9.13 | | | | $9.83 | | | | $9.43 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.15 | | | | 0.37 | 2 | | | 0.44 | 2 | | | 0.43 | 2 | | | 0.13 | 2 |
Net realized and unrealized gain (loss) | | | (0.86) | | | | (0.66) | | | | (0.74) | | | | 0.31 | | | | (0.48) | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.71) | | | | (0.29) | | | | (0.30) | | | | 0.74 | | | | (0.35) | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.14) | | | | — | | | | (0.22) | | | | (0.34) | | | | (0.13) | |
From net realized gain | | | — | | | | — | | | | (0.01) | | | | — | | | | — | |
Tax return of capital | | | — | | | | (0.40) | | | | (0.17) | | | | — | 3 | | | (0.09) | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.14) | | | | (0.40) | | | | (0.40) | | | | (0.34) | | | | (0.22) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $7.59 | | | | $8.44 | | | | $9.13 | | | | $9.83 | | | | $9.43 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return4 | | | (8.43%) | | | | (3.25%) | | | | (3.21%) | | | | 8.02% | | | | (3.60%) | |
| | | | | |
Portfolio turnover rate5 | | | 45% | | | | 112% | | | | 112% | | | | 101% | | | | 31% | |
| | | | | |
Net assets, end of period (in thousands) | | | $808 | | | | $897 | | | | $2,096 | | | | $413 | | | | $286 | |
| | | | | |
Ratios to average net assets:6 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 1.51% | | | | 1.55% | | | | 1.47% | | | | 1.64% | | | | 1.99% | |
Total expenses after reimbursements | | | 1.24% | | | | 1.25% | | | | 1.25% | | | | 1.25% | | | | 1.25% | |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 3.53% | | | | 4.29% | | | | 4.38% | | | | 3.03% | | | | 2.34% | |
Net investment income after reimbursements | | | 3.80% | | | | 4.59% | | | | 4.60% | | | | 3.42% | | | | 3.08% | |
See accompanying notes to the financial statements.
30
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Local Currency Bond Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Class C | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20111 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.42 | | | | $9.13 | | | | $9.83 | | | | $9.43 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.09 | | | | 0.29 | 2 | | | 0.38 | 2 | | | 0.22 | 2 | | | 0.13 | 2 |
Net realized and unrealized gain (loss) | | | (0.82) | | | | (0.67) | | | | (0.75) | | | | 0.45 | | | | (0.51) | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.73) | | | | (0.38) | | | | (0.37) | | | | 0.67 | | | | (0.38) | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.11) | | | | — | | | | (0.18) | | | | (0.27) | | | | (0.11) | |
From net realized gain | | | — | | | | — | | | | (0.01) | | | | — | | | | — | |
Tax return of capital | | | — | | | | (0.33) | | | | (0.14) | | | | — | 3 | | | (0.08) | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.11) | | | | (0.33) | | | | (0.33) | | | | (0.27) | | | | (0.19) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $7.58 | | | | $8.42 | | | | $9.13 | | | | $9.83 | | | | $9.43 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return4 | | | (8.68%) | | | | (4.18%) | | | | (3.92%) | | | | 7.33% | | | | (4.01%) | |
| | | | | |
Portfolio turnover rate5 | | | 45% | | | | 112% | | | | 112% | | | | 101% | | | | 31% | |
| | | | | |
Net assets, end of period (in thousands) | | | $56 | | | | $147 | | | | $124 | | | | $19 | | | | $1 | |
| | | | | |
Ratios to average net assets:6 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 2.26% | | | | 2.31% | | | | 2.22% | | | | 2.47% | | | | 2.87% | |
Total expenses after reimbursements | | | 1.99% | | | | 2.00% | | | | 2.00% | | | | 2.00% | | | | 2.00% | |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 2.69% | | | | 3.41% | | | | 3.77% | | | | 1.87% | | | | 1.87% | |
Net investment income after reimbursements | | | 2.96% | | | | 3.72% | | | | 3.99% | | | | 2.34% | | | | 2.74% | |
See accompanying notes to the financial statements.
31
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Local Currency Bond Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20117 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.73 | | | | $9.45 | | | | $10.18 | | | | $9.76 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.16 | | | | 0.43 | 2 | | | 0.49 | 2 | | | 0.37 | 2 | | | 0.29 | 2 |
Net realized and unrealized gain (loss) | | | (0.87) | | | | (0.71) | | | | (0.78) | | | | 0.42 | | | | 0.06 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.71) | | | | (0.28) | | | | (0.29) | | | | 0.79 | | | | 0.35 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.16) | | | | — | | | | (0.24) | | | | (0.37) | | | | (0.35) | |
From net realized gain | | | — | | | | — | | | | (0.01) | | | | — | | | | — | |
Tax return of capital | | | — | | | | (0.44) | | | | (0.19) | | | | — | 3 | | | (0.24) | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.16) | | | | (0.44) | | | | (0.44) | | | | (0.37) | | | | (0.59) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $7.86 | | | | $8.73 | | | | $9.45 | | | | $10.18 | | | | $9.76 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return4 | | | (8.20%) | | | | (3.04%) | | | | (3.02%) | | | | 8.39% | | | | 3.35% | |
| | | | | |
Portfolio turnover rate5 | | | 45% | | | | 112% | | | | 112% | | | | 101% | | | | 31% | |
| | | | | |
Net assets, end of period (in thousands) | | | $90,591 | | | | $101,363 | | | | $82,543 | | | | $72,673 | | | | $62,530 | |
| | | | | |
Ratios to average net assets:6 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 1.26% | | | | 1.32% | | | | 1.22% | | | | 1.39% | | | | 1.70% | |
Total expenses after reimbursements | | | 0.97% | | | | 0.97% | | | | 0.97% | | | | 0.97% | | | | 0.97% | |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 3.78% | | | | 4.34% | | | | 4.64% | | | | 3.31% | | | | 2.55% | |
Net investment income after reimbursements | | | 4.07% | | | | 4.69% | | | | 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 | 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. |
| 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 port- folio 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.
32
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Currency Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Class A | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20111 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.21 | | | | $9.15 | | | | $9.51 | | | | $9.38 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.03 | | | | 0.04 | 2 | | | (0.01) | 2 | | | (0.09) | 2 | | | (0.03) | 2 |
Net realized and unrealized gain (loss) | | | (0.35) | | | | (0.36) | | | | (0.05) | | | | 0.22 | | | | (0.57) | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.32) | | | | (0.32) | | | | (0.06) | | | | 0.13 | | | | (0.60) | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.03) | | | | — | | | | — | | | | — | | | | — | |
From net realized gain | | | — | | | | (0.57) | | | | (0.30) | | | | — | | | | (0.02) | |
Tax return of capital | | | — | | | | (0.05) | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.03) | | | | (0.62) | | | | (0.30) | | | | — | | | | (0.02) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $7.86 | | | | $8.21 | | | | $9.15 | | | | $9.51 | | | | $9.38 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return3 | | | (3.82%) | | | | (3.81%) | | | | (0.65%) | | | | 1.50% | | | | (6.12%) | |
| | | | | |
Portfolio turnover rate4 | | | 50% | | | | 178% | | | | 198% | | | | 157% | | | | 37% | |
| | | | | |
Net assets, end of period (in thousands) | | | $1 | | | | $1 | | | | $1 | | | | $1 | | | | $1 | |
| | | | | |
Ratios to average net assets:5 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 2.95% | | | | 2.82% | | | | 1.51% | | | | 1.46% | | | | 2.17% | |
Total expenses after reimbursements | | | 1.14% | | | | 1.15% | | | | 1.15% | | | | 1.15% | | | | 1.15% | |
| | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment loss before reimbursements | | | (1.16%) | | | | (1.16%) | | | | (0.56%) | | | | (1.31%) | | | | (1.60%) | |
Net investment income (loss) after reimbursements | | | 0.65% | | | | 0.51% | | | | (0.20%) | | | | (1.00%) | | | | (0.58%) | |
See accompanying notes to the financial statements.
33
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Currency Fund
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Class C | | | | | | | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20111 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.00 | | | | $8.98 | | | | $9.41 | | | | $9.35 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.00 | 6 | | | (0.02) | 2 | | | (0.08) | 2 | | | (0.17) | 2 | | | (0.06) | 2 |
Net realized and unrealized gain (loss) | | | (0.33) | | | | (0.38) | | | | (0.05) | | | | 0.23 | | | | (0.58) | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.33) | | | | (0.40) | | | | (0.13) | | | | 0.06 | | | | (0.64) | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.01) | | | | — | | | | — | | | | — | | | | — | |
From net realized gain | | | — | | | | (0.57) | | | | (0.30) | | | | — | | | | (0.01) | |
Tax return of capital | | | — | | | | (0.01) | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.01) | | | | (0.58) | | | | (0.30) | | | | — | | | | (0.01) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $7.66 | | | | $8.00 | | | | $8.98 | | | | $9.41 | | | | $9.35 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return3 | | | (4.19%) | | | | (4.59%) | | | | (1.43%) | | | | 0.77% | | | | (6.46%) | |
| | | | | |
Portfolio turnover rate4 | | | 50% | | | | 178% | | | | 198% | | | | 157% | | | | 37% | |
| | | | | |
Net assets, end of period (in thousands) | | | $1 | | | | $1 | | | | $1 | | | | $1 | | | | $1 | |
| | | | | |
Ratios to average net assets:5 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 3.56% | | | | 3.62% | | | | 2.26% | | | | 2.22% | | | | 2.90% | |
Total expenses after reimbursements | | | 1.89% | | | | 1.90% | | | | 1.90% | | | | 1.90% | | | | 1.90% | |
| | | | | |
Net investment loss to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment loss before reimbursements | | | (1.74%) | | | | (1.96%) | | | | (1.30%) | | | | (2.07%) | | | | (2.33%) | |
Net investment loss after reimbursements | | | (0.07%) | | | | (0.24%) | | | | (0.94%) | | | | (1.75%) | | | | (1.33%) | |
See accompanying notes to the financial statements.
34
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Currency Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20117 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.21 | | | | $9.16 | | | | $9.51 | | | | $9.35 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.04 | | | | 0.07 | 2 | | | 0.02 | 2 | | | (0.10) | 2 | | | (0.04) | 2 |
Net realized and unrealized gain (loss) | | | (0.34) | | | | (0.38) | | | | (0.05) | | | | 0.26 | | | | 0.06 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.30) | | | | (0.31) | | | | (0.03) | | | | 0.16 | | | | 0.02 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.04) | | | | — | | | | (0.02) | | | | — | | | | — | |
From net realized gain | | | — | | | | (0.57) | | | | (0.30) | | | | — | | | | (0.67) | |
Tax return of capital | | | — | | | | (0.07) | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.04) | | | | (0.64) | | | | (0.32) | | | | — | | | | (0.67) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $7.87 | | | | $8.21 | | | | $9.16 | | | | $9.51 | | | | $9.35 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return3 | | | (3.71%) | | | | (3.54%) | | | | (0.33%) | | | | 1.71% | | | | (0.12%) | |
| | | | | |
Portfolio turnover rate4 | | | 50% | | | | 178% | | | | 198% | | | | 157% | | | | 37% | |
| | | | | |
Net assets, end of period (in thousands) | | | $9,084 | | | | $9,617 | | | | $35,646 | | | | $68,358 | | | | $23,643 | |
| | | | | |
Ratios to average net assets:5 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 2.61% | | | | 2.47% | | | | 1.26% | | | | 1.32% | | | | 2.03% | |
Total expenses after reimbursements | | | 0.87% | | | | 0.87% | | | | 0.87% | | | | 0.87% | | | | 0.87% | |
| | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment loss before reimbursements | | | (0.83%) | | | | (0.82%) | | | | (0.22%) | | | | (1.05%) | | | | (1.58%) | |
Net investment income (loss) after reimbursements | | | 0.91% | | | | 0.78% | | | | 0.17% | | | | (0.60%) | | | | (0.42%) | |
| 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 | 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 | Amount is less than $0.005 per share. |
| 7 | The Institutional Class commenced investment operations on December 8, 2010. |
See accompanying notes to the financial statements.
35
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Debt Fund1
| | | | | | | | | | | | | | | | | | | | |
| | | Class A | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20112 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.74 | | | | $10.15 | | | | $11.06 | | | | $10.04 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)3 | | | 0.24 | | | | 0.50 | | | | 0.46 | | | | 0.44 | | | | 0.19 | |
Net realized and unrealized gain (loss) | | | (0.33) | | | | 0.20 | | | | (0.88) | | | | 1.03 | | | | 0.04 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.09) | | | | 0.70 | | | | (0.42) | | | | 1.47 | | | | 0.23 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.24) | | | | (0.53) | | | | (0.46) | | | | (0.45) | | | | (0.19) | |
From net realized gain | | | — | | | | (1.58) | | | | (0.03) | | | | — | | | | — | |
Tax return of capital | | | — | | | | 0.00 | 4 | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.24) | | | | (2.11) | | | | (0.49) | | | | (0.45) | | | | (0.19) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $8.41 | | | | $8.74 | | | | $10.15 | | | | $11.06 | | | | $10.04 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return5 | | | (0.98%) | | | | 8.46% | | | | (3.86%) | | | | 15.24% | | | | 2.26% | |
| | | | | |
Portfolio turnover rate6 | | | 11% | | | | 99% | | | | 81% | | | | 30% | | | | 9% | |
| | | | | |
Net assets, end of period (in thousands) | | | $4 | | | | $38 | | | | $2 | | | | $14 | | | | $1 | |
| | | | | |
Ratios to average net assets:7 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 3.91% | | | | 3.79% | | | | 1.66% | | | | 1.93% | | | | 4.61% | |
Total expenses after reimbursements | | | 1.20% | | | | 1.20% | | | | 1.20% | | | | 1.20% | | | | 1.20% | |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 3.05% | | | | 3.23% | | | | 3.75% | | | | 3.62% | | | | 0.57% | |
Net investment income after reimbursements | | | 5.76% | | | | 5.82% | | | | 4.21% | | | | 4.35% | | | | 3.98% | |
See accompanying notes to the financial statements.
36
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Debt Fund1
| | | | | | | | | | | | | | | | | | | | |
| | | Class C | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20112 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.70 | | | | $10.12 | | | | $11.04 | | | | $10.04 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)3 | | | 0.22 | | | | 0.44 | | | | 0.38 | | | | 0.37 | | | | 0.15 | |
Net realized and unrealized gain (loss) | | | (0.33) | | | | 0.17 | | | | (0.89) | | | | 1.01 | | | | 0.05 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.11) | | | | 0.61 | | | | (0.51) | | | | 1.38 | | | | 0.20 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.22) | | | | (0.45) | | | | (0.38) | | | | (0.38) | | | | (0.16) | |
From net realized gain | | | — | | | | (1.58) | | | | (0.03) | | | | — | | | | — | |
Tax return of capital | | | — | | | | 0.00 | 4 | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.22) | | | | (2.03) | | | | (0.41) | | | | (0.38) | | | | (0.16) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $8.37 | | | | $8.70 | | | | $10.12 | | | | $11.04 | | | | $10.04 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return5 | | | (1.25%) | | | | 7.30% | | | | (4.64%) | | | | 14.28% | | | | 1.90% | |
| | | | | |
Portfolio turnover rate6 | | | 11% | | | | 99% | | | | 81% | | | | 30% | | | | 9% | |
| | | | | |
Net assets, end of period (in thousands) | | | $1 | | | | $1 | | | | $1 | | | | $1 | | | | $1 | |
| | | | | |
Ratios to average net assets:7 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 4.60% | | | | 4.90% | | | | 2.41% | | | | 2.73% | | | | 5.35% | |
Total expenses after reimbursements | | | 1.94% | | | | 1.95% | | | | 1.95% | | | | 1.95% | | | | 1.95% | |
| | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | 2.68% | | | | 1.99% | | | | 3.16% | | | | 2.86% | | | | (0.18%) | |
Net investment income after reimbursements | | | 5.34% | | | | 4.94% | | | | 3.62% | | | | 3.64% | | | | 3.22% | |
See accompanying notes to the financial statements.
37
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Debt Fund1
| | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20118 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.68 | | | | $10.08 | | | | $10.99 | | | | $9.99 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)3 | | | 0.26 | | | | 0.52 | | | | 0.48 | | | | 0.48 | | | | 0.40 | |
Net realized and unrealized gain (loss) | | | (0.34) | | | | 0.18 | | | | (0.87) | | | | 1.01 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.08) | | | | 0.70 | | | | (0.39) | | | | 1.49 | | | | 0.40 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.25) | | | | (0.52) | | | | (0.49) | | | | (0.49) | | | | (0.41) | |
From net realized gain | | | — | | | | (1.58) | | | | (0.03) | | | | — | | | | — | |
Tax return of capital | | | — | | | | 0.00 | 4 | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.25) | | | | (2.10) | | | | (0.52) | | | | (0.49) | | | | (0.41) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $8.35 | | | | $8.68 | | | | $10.08 | | | | $10.99 | | | | $9.99 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return5 | | | (0.82%) | | | | 8.41% | | | | (3.64%) | | | | 15.32% | | | | 4.15% | |
| | | | | |
Portfolio turnover rate6 | | | 11% | | | | 99% | | | | 81% | | | | 30% | | | | 9% | |
| | | | | |
Net assets, end of period (in thousands) | | | $5,506 | | | | $5,573 | | | | $29,004 | | | | $35,025 | | | | $30,533 | |
| | | | | |
Ratios to average net assets:7 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 3.59% | | | | 3.43% | | | | 1.41% | | | | 1.63% | | | | 3.63% | |
Total expenses after reimbursements | | | 0.92% | | | | 0.92% | | | | 0.92% | | | | 0.92% | | | | 0.92% | |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 3.58% | | | | 3.20% | | | | 4.08% | | | | 3.95% | | | | 1.74% | |
Net investment income after reimbursements | | | 6.25% | | | | 5.71% | | | | 4.57% | | | | 4.66% | | | | 4.45% | |
| 1 | Formerly the Ashmore Emerging Markets Sovereign Debt 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 | Amount is less than $0.005 per share. |
| 5 | 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. |
| 6 | 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. |
| 7 | Annualized for periods less than one year. |
| 8 | The Institutional Class commenced investment operations on December 8, 2010. |
See accompanying notes to the financial statements.
38
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Total Return Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Class A | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20111 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.75 | | | | $9.30 | | | | $10.05 | | | | $9.37 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.22 | 2 | | | 0.44 | | | | 0.41 | | | | 0.43 | 2 | | | 0.22 | 2 |
Net realized and unrealized gain (loss) | | | (0.48) | | | | (0.42) | | | | (0.57) | | | | 0.68 | | | | (0.66) | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.26) | | | | 0.02 | | | | (0.16) | | | | 1.11 | | | | (0.44) | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.23) | | | | (0.33) | | | | (0.43) | | | | (0.43) | | | | (0.09) | |
From net realized gain | | | — | | | | (0.12) | | | | (0.16) | | | | — | | | | — | |
Tax return of capital | | | — | | | | (0.12) | | | | — | | | | — | | | | (0.10) | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.23) | | | | (0.57) | | | | (0.59) | | | | (0.43) | | | | (0.19) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $8.26 | | | | $8.75 | | | | $9.30 | | | | $10.05 | | | | $9.37 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return3 | | | (2.93%) | | | | 0.17% | | | | (1.70%) | | | | 12.20% | | | | (4.40%) | |
| | | | | |
Portfolio turnover rate4 | | | 64% | | | | 80% | | | | 85% | | | | 83% | | | | 39% | |
| | | | | |
Net assets, end of period (in thousands) | | | $2,640 | | | | $8,351 | | | | $10,344 | | | | $3,263 | | | | $509 | |
| | | | | |
Ratios to average net assets:5 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 1.37% | | | | 1.38% | | | | 1.38% | | | | 1.48% | | | | 1.75% | |
Total expenses after reimbursements | | | 1.30% | | | | 1.30% | | | | 1.30% | | | | 1.30% | | | | 1.30% | |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 5.32% | | | | 4.79% | | | | 4.55% | | | | 3.99% | | | | 4.21% | |
Net investment income after reimbursements | | | 5.39% | | | | 4.87% | | | | 4.63% | | | | 4.17% | | | | 4.66% | |
See accompanying notes to the financial statements.
39
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Total Return Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Class C | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20111 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.74 | | | | $9.29 | | | | $10.05 | | | | $9.36 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.20 | 2 | | | 0.37 | | | | 0.33 | | | | 0.39 | 2 | | | 0.19 | 2 |
Net realized and unrealized gain (loss) | | | (0.49) | | | | (0.42) | | | | (0.57) | | | | 0.66 | | | | (0.66) | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.29) | | | | (0.05) | | | | (0.24) | | | | 1.05 | | | | (0.47) | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.20) | | | | (0.28) | | | | (0.36) | | | | (0.36) | | | | (0.08) | |
From net realized gain | | | — | | | | (0.12) | | | | (0.16) | | | | — | | | | — | |
Tax return of capital | | | — | | | | (0.10) | | | | — | | | | — | | | | (0.09) | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.20) | | | | (0.50) | | | | (0.52) | | | | (0.36) | | | | (0.17) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $8.25 | | | | $8.74 | | | | $9.29 | | | | $10.05 | | | | $9.36 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return3 | | | (3.40%) | | | | (0.45%) | | | | (2.44%) | | | | 11.42% | | | | (4.79%) | |
| | | | | |
Portfolio turnover rate4 | | | 64% | | | | 80% | | | | 85% | | | | 83% | | | | 39% | |
| | | | | |
Net assets, end of period (in thousands) | | | $563 | | | | $1,028 | | | | $969 | | | | $541 | | | | $1 | |
| | | | | |
Ratios to average net assets:5 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 2.12% | | | | 2.13% | | | | 2.13% | | | | 2.21% | | | | 2.82% | |
Total expenses after reimbursements | | | 2.04% | | | | 2.05% | | | | 2.05% | | | | 2.05% | | | | 2.05% | |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 4.79% | | | | 4.04% | | | | 3.83% | | | | 2.62% | | | | 3.32% | |
Net investment income after reimbursements | | | 4.87% | | | | 4.12% | | | | 3.91% | | | | 2.78% | | | | 4.09% | |
See accompanying notes to the financial statements.
40
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Total Return Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20116 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.88 | | | | $9.43 | | | | $10.20 | | | | $9.50 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.25 | 2 | | | 0.46 | | | | 0.45 | | | | 0.44 | 2 | | | 0.46 | 2 |
Net realized and unrealized gain (loss) | | | (0.51) | | | | (0.41) | | | | (0.60) | | | | 0.72 | | | | (0.34) | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.26) | | | | 0.05 | | | | (0.15) | | | | 1.16 | | | | 0.12 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.24) | | | | (0.35) | | | | (0.46) | | | | (0.46) | | | | (0.29) | |
From net realized gain | | | — | | | | (0.12) | | | | (0.16) | | | | — | | | | — | |
Tax return of capital | | | — | | | | (0.13) | | | | — | | | | — | | | | (0.33) | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.24) | | | | (0.60) | | | | (0.62) | | | | (0.46) | | | | (0.62) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $8.38 | | | | $8.88 | | | | $9.43 | | | | $10.20 | | | | $9.50 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return3 | | | (2.84%) | | | | 0.51% | | | | (1.48%) | | | | 12.50% | | | | 1.11% | |
| | | | | |
Portfolio turnover rate4 | | | 64% | | | | 80% | | | | 85% | | | | 83% | | | | 39% | |
| | | | | |
Net assets, end of period (in thousands) | | | $784,305 | | | | $979,949 | | | | $662,412 | | | | $513,956 | | | | $101,947 | |
| | | | | |
Ratios to average net assets:5 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 1.12% | | | | 1.13% | | | | 1.13% | | | | 1.22% | | | | 1.63% | |
Total expenses after reimbursements | | | 1.02% | | | | 1.02% | | | | 1.02% | | | | 1.02% | | | | 1.02% | |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 5.88% | | | | 5.04% | | | | 4.81% | | | | 4.11% | | | | 4.63% | |
Net investment income after reimbursements | | | 5.98% | | | | 5.15% | | | | 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. |
| 3 | 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, 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. |
| 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.
41
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity Fund
| | | | | | | | | | | | | | | | |
| | | Class A | |
| | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Period Ended
October 31,
20121 | |
| | | | |
| | | | |
Net asset value at beginning of period | | | $9.24 | | | | $9.66 | | | | $9.01 | | | | $10.00 | |
| | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02) | | | | 0.06 | | | | 0.08 | 2 | | | 0.08 | 2 |
Net realized and unrealized gain (loss) | | | 0.10 | | | | (0.40) | | | | 0.64 | | | | (0.98) | |
| | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.08 | | | | (0.34) | | | | 0.72 | | | | (0.90) | |
| | | | |
Less distributions: | | | | | | | | | | | | | | | | |
| | | | |
From net investment income | | | (0.02) | | | | (0.08) | | | | (0.06) | | | | (0.09) | |
Tax return of capital | | | — | | | | — | | | | (0.01) | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
Total distributions | | | (0.02) | | | | (0.08) | | | | (0.07) | | | | (0.09) | |
| | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $9.30 | | | | $9.24 | | | | $9.66 | | | | $9.01 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total return3 | | | 0.90% | | | | (3.58%) | | | | 8.11% | | | | (8.94%) | |
| | | | |
Portfolio turnover rate4 | | | 46% | | | | 130% | | | | 92% | | | | 95% | |
| | | | |
Net assets, end of period (in thousands) | | | $31 | | | | $30 | | | | $28 | | | | $1 | |
| | | | |
Ratios to average net assets:5 | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 3.87% | | | | 3.62% | | | | 3.01% | | | | 4.40% | |
Total expenses after reimbursements | | | 1.44% | | | | 1.45% | | | | 1.45% | | | | 1.45% | |
| | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | |
Net investment loss before reimbursements | | | (2.85%) | | | | (1.45%) | | | | (0.70%) | | | | (1.60%) | |
Net investment income (loss) after reimbursements | | | (0.42%) | | | | 0.72% | | | | 0.86% | | | | 1.35% | |
See accompanying notes to the financial statements.
42
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity Fund
| | | | | | | | | | | | | | | | |
| | | Class C | |
| | | | |
| | | Six Months
Ended April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Period Ended
October 31,
20126 | |
| | | | |
| | | | |
Net asset value at beginning of period | | | $10.46 | | | | $11.00 | | | | $10.32 | | | | $10.00 | |
| | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.06) | | | | (0.01) | | | | (0.03) | 2 | | | (0.01) | 2 |
Net realized and unrealized gain (loss) | | | 0.10 | | | | (0.45) | | | | 0.78 | | | | 0.36 | |
| | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.04 | | | | (0.46) | | | | 0.75 | | | | 0.35 | |
| | | | |
Less distributions: | | | | | | | | | | | | | | | | |
| | | | |
From net investment income | | | (0.02) | | | | (0.08) | | | | (0.06) | | | | (0.03) | |
Tax return of capital | | | — | | | | — | | | | (0.01) | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
Total distributions | | | (0.02) | | | | (0.08) | | | | (0.07) | | | | (0.03) | |
| | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $10.48 | | | | $10.46 | | | | $11.00 | | | | $10.32 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total return3 | | | 0.41% | | | | (4.24%) | | | | 7.58% | | | | 3.26% | |
| | | | |
Portfolio turnover rate4 | | | 46% | | | | 130% | | | | 92% | | | | 95% | |
| | | | |
Net assets, end of period (in thousands) | | | $1 | | | | $1 | | | | $1 | | | | $1 | |
| | | | |
Ratios to average net assets:5 | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 4.50% | | | | 4.34% | | | | 3.77% | | | | 5.40% | |
Total expenses after reimbursements | | | 2.19% | | | | 2.20% | | | | 2.20% | | | | 2.20% | |
| | | | |
Net investment loss to average net assets: | | | | | | | | | | | | | | | | |
Net investment loss before reimbursements | | | (3.49%) | | | | (2.25%) | | | | (1.81%) | | | | (3.82%) | |
Net investment loss after reimbursements | | | (1.18%) | | | | (0.11%) | | | | (0.24%) | | | | (0.62%) | |
See accompanying notes to the financial statements.
43
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20117 | |
| | | | |
| | | | | |
Net asset value at beginning of period | | | $8.88 | | | | $9.27 | | | | $8.62 | | | | $8.81 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.01) | | | | 0.08 | | | | 0.07 | 2 | | | 0.09 | 2 | | | 0.05 | 2 |
Net realized and unrealized gain (loss) | | | 0.10 | | | | (0.39) | | | | 0.65 | | | | (0.17) | | | | (1.19) | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.09 | | | | (0.31) | | | | 0.72 | | | | (0.08) | | | | (1.14) | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.02) | | | | (0.08) | | | | (0.06) | | | | (0.10) | | | | (0.05) | |
Tax return of capital | | | — | | | | — | | | | (0.01) | | | | (0.01) | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.02) | | | | (0.08) | | | | (0.07) | | | | (0.11) | | | | (0.05) | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $8.95 | | | | $8.88 | | | | $9.27 | | | | $8.62 | | | | $8.81 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return3 | | | 1.05% | | | | (3.40%) | | | | 8.48% | | | | (0.87%) | | | | (11.37%) | |
| | | | | |
Portfolio turnover rate4 | | | 46% | | | | 130% | | | | 92% | | | | 95% | | | | 75% | |
| | | | | |
Net assets, end of period (in thousands) | | | $9,456 | | | | $10,304 | | | | $9,825 | | | | $8,742 | | | | $8,848 | |
| | | | | |
Ratios to average net assets:5 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 3.61% | | | | 3.37% | | | | 2.76% | | | | 4.09% | | | | 5.34% | |
Total expenses after reimbursements | | | 1.17% | | | | 1.17% | | | | 1.17% | | | | 1.17% | | | | 1.17% | |
| | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment loss before reimbursements | | | (2.61%) | | | | (1.28%) | | | | (0.79%) | | | | (1.84%) | | | | (2.55%) | |
Net investment income (loss) after reimbursements | | | (0.17%) | | | | 0.92% | | | | 0.80% | | | | 1.08% | | | | 1.62% | |
| 1 | Class A commenced investment operations on February 27, 2012. |
| 2 | Per share amounts are based on average number of shares outstanding during the period. |
| 3 | 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 | Class C commenced investment operations on August 24, 2012. |
| 7 | The Institutional Class commenced investment operations on June 22, 2011. |
See accompanying notes to the financial statements.
44
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Small-Cap Equity Fund
| | | | | | | | | | | | | | | | |
| | | Class A | |
| | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Period Ended
October 31,
20121 | |
| | | | |
| | | | |
Net asset value at beginning of period | | | $9.35 | | | | $10.61 | | | | $9.77 | | | | $10.00 | |
| | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.00 | 2 | | | 0.01 | 3 | | | 0.08 | 3 | | | 0.02 | 3 |
Net realized and unrealized gain (loss) | | | 0.67 | | | | (0.42) | | | | 1.31 | | | | (0.20) | |
| | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.67 | | | | (0.41) | | | | 1.39 | | | | (0.18) | |
| | | | |
Less distributions: | | | | | | | | | | | | | | | | |
| | | | |
From net investment income | | | (0.02) | | | | (0.01) | | | | (0.03) | | | | (0.05) | |
From net realized gain | | | (0.39) | | | | (0.84) | | | | (0.52) | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
Total distributions | | | (0.41) | | | | (0.85) | | | | (0.55) | | | | (0.05) | |
| | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $9.61 | | | | $9.35 | | | | $10.61 | | | | $9.77 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total return4 | | | 7.82% | | | | (3.93%) | | | | 14.65% | | | | (1.73%) | |
| | | | |
Portfolio turnover rate5 | | | 42% | | | | 104% | | | | 113% | | | | 94% | |
| | | | |
Net assets, end of period (in thousands) | | | $269 | | | | $332 | | | | $265 | | | | $238 | |
| | | | |
Ratios to average net assets:6 | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 2.52% | | | | 2.53% | | | | 2.35% | | | | 3.43% | |
Total expenses after reimbursements | | | 1.78% | | | | 1.80% | | | | 1.80% | | | | 1.80% | |
| | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | (1.49%) | | | | (0.65%) | | | | 0.25% | | | | (1.15%) | |
Net investment income (loss) after reimbursements | | | (0.75%) | | | | 0.08% | | | | 0.80% | | | | 0.48% | |
See accompanying notes to the financial statements.
45
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Small-Cap Equity Fund
| | | | | | | | | | | | | | | | |
| | | Class C | |
| | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Period Ended
October 31,
20127 | |
| | | | |
| | | | |
Net asset value at beginning of period | | | $9.96 | | | | $11.33 | | | | $10.48 | | | | $10.00 | |
| | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.05) | | | | (0.05) | 3 | | | (0.06) | 3 | | | (0.01) | 3 |
Net realized and unrealized gain (loss) | | | 0.73 | | | | (0.47) | | | | 1.46 | | | | 0.54 | |
| | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.68 | | | | (0.52) | | | | 1.40 | | | | 0.53 | |
| | | | |
Less distributions: | | | | | | | | | | | | | | | | |
| | | | |
From net investment income | | | (0.02) | | | | (0.01) | | | | (0.03) | | | | (0.05) | |
From net realized gain | | | (0.39) | | | | (0.84) | | | | (0.52) | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
Total distributions | | | (0.41) | | | | (0.85) | | | | (0.55) | | | | (0.05) | |
| | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $10.23 | | | | $9.96 | | | | $11.33 | | | | $10.48 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total return4 | | | 7.43% | | | | (4.71%) | | | | 13.93% | | | | 5.17% | |
| | | | |
Portfolio turnover rate5 | | | 42% | | | | 104% | | | | 113% | | | | 94% | |
| | | | |
Net assets, end of period (in thousands) | | | $92 | | | | $77 | | | | $12 | | | | $1 | |
| | | | |
Ratios to average net assets:6 | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 3.28% | | | | 3.60% | | | | 3.10% | | | | 5.12% | |
Total expenses after reimbursements | | | 2.53% | | | | 2.55% | | | | 2.55% | | | | 2.55% | |
| | | | |
Net investment loss to average net assets: | | | | | | | | | | | | | | | | |
Net investment loss before reimbursements | | | (2.13%) | | | | (1.53%) | | | | (1.13%) | | | | (3.35%) | |
Net investment loss after reimbursements | | | (1.38%) | | | | (0.48%) | | | | (0.58%) | | | | (0.78%) | |
See accompanying notes to the financial statements.
46
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Small-Cap Equity Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | | | |
| | | Six Months
Ended
April 30, 2015
(Unaudited) | | | Year Ended
October 31,
2014 | | | Year Ended
October 31,
2013 | | | Year Ended
October 31,
2012 | | | Period Ended
October 31,
20118 | |
| | | | | | | | |
| | | | | |
Net asset value at beginning of period | | | $11.63 | | | | $12.96 | | | | $11.79 | | | | $11.58 | | | | $10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02) | | | | 0.02 | 3 | | | 0.02 | 3 | | | 0.05 | 3 | | | (0.01) | 3 |
Net realized and unrealized gain (loss) | | | 0.89 | | | | (0.50) | | | | 1.70 | | | | 0.25 | | | | 1.59 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.87 | | | | (0.48) | | | | 1.72 | | | | 0.30 | | | | 1.58 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.02) | | | | (0.01) | | | | (0.03) | | | | (0.05) | | | | — | |
From net realized gain | | | (0.39) | | | | (0.84) | | | | (0.52) | | | | (0.04) | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (0.41) | | | | (0.85) | | | | (0.55) | | | | (0.09) | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period | | | $12.09 | | | | $11.63 | | | | $12.96 | | | | $11.79 | | | | $11.58 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return4 | | | 8.01% | | | | (3.74%) | | | | 15.04% | | | | 2.61% | | | | 15.80% | |
| | | | | |
Portfolio turnover rate5 | | | 42% | | | | 104% | | | | 113% | | | | 94% | | | | 20% | |
| | | | | |
Net assets, end of period (in thousands) | | | $51,196 | | | | $48,909 | | | | $30,370 | | | | $13,359 | | | | $11,576 | |
| | | | | |
Ratios to average net assets:6 | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses before reimbursements | | | 2.28% | | | | 2.39% | | | | 2.11% | | | | 3.43% | | | | 15.42% | |
Total expenses after reimbursements | | | 1.52% | | | | 1.52% | | | | 1.52% | | | | 1.52% | | | | 1.52% | |
| | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment loss before reimbursements | | | (1.18%) | | | | (0.70%) | | | | (0.42%) | | | | (1.46%) | | | | (14.76%) | |
Net investment income (loss) after reimbursements | | | (0.42%) | | | | 0.17% | | | | 0.17% | | | | 0.45% | | | | (0.86%) | |
| 1 | Class A commenced investment operations on February 1, 2012. |
| 2 | Per share amounts from net investment loss were less than $(0.01) per share. |
| 3 | Per share amounts are based on average number of shares outstanding during the period. |
| 4 | 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. |
| 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 | Class C commenced investment operations on August 24, 2012. |
| 8 | The Institutional Class commenced investment operations on October 4, 2011. |
See accompanying notes to the financial statements.
47
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Frontier Equity Fund
| | | | | | | | |
| | | Class A | |
| | |
| | | Six Months Ended
April 30, 2015
(Unaudited) | | | Period Ended
October 31,
20141 | |
| | | | |
| | |
Net asset value at beginning of period | | | $ 10.19 | | | | $ 10.00 | |
| | |
Income (loss) from investment operations: | | | | | | | | |
Net investment income (loss) | | | (0.08) | | | | (0.03) | |
Net realized and unrealized gain (loss) | | | (0.61) | | | | 0.27 | |
| | | | | | | | |
Total from investment operations | | | (0.69) | | | | 0.24 | |
| | |
Less distributions: | | | | | | | | |
| | |
From net investment income | | | (0.11) | | | | (0.05) | |
From net realized gain | | | (0.86) | | | | — | |
| | | | | | | | |
| | |
Total distributions | | | (0.97) | | | | (0.05) | |
| | | | | | | | |
Net asset value at end of period | | | $8.53 | | | | $10.19 | |
| | | | | | | | |
| | |
Total return2 | | | (6.55%) | | | | 2.43% | |
| | |
Portfolio turnover rate3 | | | 80% | | | | 157% | |
| | |
Net assets, end of period (in thousands) | | | $155 | | | | $9 | |
| | |
Ratios to average net assets:4 | | | | | | | | |
Total expenses to average net assets: | | | | | | | | |
Total expenses before reimbursements | | | 2.88% | | | | 6.90% | |
Total expenses after reimbursements | | | 1.79% | | | | 1.80% | |
| | |
Net investment income (loss) to average net assets: | | | | | | | | |
Net investment income (loss) before reimbursements | | | 1.43% | | | | (5.89%) | |
Net investment income (loss) after reimbursements | | | 2.52% | | | | (0.79%) | |
See accompanying notes to the financial statements.
48
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Frontier Equity Fund
| | | | | | | | |
| | | Class C | |
| | |
| | | Six Months Ended
April 30, 2015 | | | Period Ended
October 31, | |
| | | (Unaudited) | | | 20141 | |
| | | | |
Net asset value at beginning of period | | | $ 10.15 | | | | $ 10.00 | |
| | |
Income (loss) from investment operations: | | | | | | | | |
Net investment income (loss) | | | (0.20) | | | | (0.83) | |
Net realized and unrealized gain (loss) | | | (0.52) | | | | 1.03 | |
| | | | | | | | |
Total from investment operations | | | (0.72) | | | | 0.20 | |
| | |
Less distributions: | | | | | | | | |
| | |
From net investment income | | | (0.11) | | | | (0.05) | |
From net realized gain | | | (0.86) | | | | — | |
| | | | | | | | |
| | |
Total distributions | | | (0.97) | | | | (0.05) | |
| | | | | | | | |
Net asset value at end of period | | | $8.46 | | | | $10.15 | |
| | | | | | | | |
| | |
Total return2 | | | (6.89%) | | | | 2.02% | |
| | |
Portfolio turnover rate3 | | | 80% | | | | 157% | |
| | |
Net assets, end of period (in thousands) | | | $3 | | | | $1 | |
| | |
Ratios to average net assets:4 | | | | | | | | |
Total expenses to average net assets: | | | | | | | | |
Total expenses before reimbursements | | | 3.67% | | | | 7.71% | |
Total expenses after reimbursements | | | 2.53% | | | | 2.55% | |
| | |
Net investment income (loss) to average net assets: | | | | | | | | |
Net investment income (loss) before reimbursements | | | 1.32% | | | | (6.42%) | |
Net investment income (loss) after reimbursements | | | 2.46% | | | | (1.26%) | |
See accompanying notes to the financial statements.
49
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Frontier Equity Fund
| | | | | | | | |
| | | Institutional Class | |
| | |
| | | Six Months Ended
April 30, 2015 | | | Period Ended
October 31, | |
| | | (Unaudited) | | | 20145 | |
| | | | |
Net asset value at beginning of period | | | $11.35 | | | | $10.00 | |
| | |
Income (loss) from investment operations: | | | | | | | | |
Net investment income (loss) | | | 0.16 | | | | 0.14 | |
Net realized and unrealized gain (loss) | | | (0.91) | | | | 1.32 | |
| | | | | | | | |
Total from investment operations | | | (0.75) | | | | 1.46 | |
| | |
Less distributions: | | | | | | | | |
| | |
From net investment income | | | (0.11) | | | | (0.11) | |
From net realized gain | | | (0.86) | | | | — | |
| | | | | | | | |
| | |
Total distributions | | | (0.97) | | | | (0.11) | |
| | | | | | | | |
Net asset value at end of period | | | $9.63 | | | | $11.35 | |
| | | | | | | | |
| | |
Total return2 | | | (6.38%) | | | | 14.69% | |
| | |
Portfolio turnover rate3 | | | 80% | | | | 157% | |
| | |
Net assets, end of period (in thousands) | | | $25,724 | | | | $7,280 | |
| | |
Ratios to average net assets:4 | | | | | | | | |
Total expenses to average net assets: | | | | | | | | |
Total expenses before reimbursements | | | 2.61% | | | | 6.09% | |
Total expenses after reimbursements | | | 1.52% | | | | 1.52% | |
| | |
Net investment income (loss) to average net assets: | | | | | | | | |
Net investment income (loss) before reimbursements | | | 2.62% | | | | (3.68%) | |
Net investment income after reimbursements | | | 3.71% | | | | 0.89% | |
| 1 | Class A and Class C commenced investment operations on May 7, 2014. |
| 2 | 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. |
| 3 | 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. |
| 4 | Annualized for periods less than one year. |
| 5 | The Institutional Class commenced investment operations on November 5, 2013. |
See accompanying notes to the financial statements.
50
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Short Duration Fund
| | | | | | | | |
| | | Class A | |
| | |
| | | Six Months
Ended
April 30,
2015
(Unaudited) | | | Period Ended
October 31,
20141 | |
| | | | |
| | |
Net asset value at beginning of period | | | $9.99 | | | | $10.00 | |
| | |
Income (loss) from investment operations: | | | | | | | | |
Net investment income (loss) | | | 0.32 | | | | 0.05 | |
Net realized and unrealized gain (loss) | | | (0.21) | | | | (0.01) | |
| | | | | | | | |
Total from investment operations | | | 0.11 | | | | 0.04 | |
| | |
Less distributions: | | | | | | | | |
| | |
From net investment income | | | (0.31) | | | | (0.05) | |
From net realized gain | | | (0.01) | | | | — | |
| | | | | | | | |
| | |
Total distributions | | | (0.32) | | | | (0.05) | |
| | | | | | | | |
Net asset value at end of period | | | $9.78 | | | | $9.99 | |
| | | | | | | | |
| | |
Total return2 | | | 1.26% | | | | 0.45% | |
| | |
Portfolio turnover rate3 | | | 7% | | | | 19% | |
| | |
Net assets, end of period (in thousands) | | | $242 | | | | $201 | |
| | |
Ratios to average net assets:4 | | | | | | | | |
Total expenses to average net assets: | | | | | | | | |
Total expenses before reimbursements | | | 1.72% | | | | 2.93% | |
Total expenses after reimbursements | | | 0.94% | | | | 0.95% | |
| | |
Net investment income to average net assets: | | | | | | | | |
Net investment income before reimbursements | | | 5.72% | | | | 3.35% | |
Net investment income after reimbursements | | | 6.50% | | | | 5.33% | |
See accompanying notes to the financial statements.
51
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Short Duration Fund
| | | | | | | | |
| | | Institutional Class | |
| | |
| | | Six Months
Ended
April 30,
2015
(Unaudited) | | | Period Ended
October 31,
20145 | |
| | | | |
| | |
Net asset value at beginning of period | | | $9.81 | | | | $10.00 | |
| | |
Income (loss) from investment operations: | | | | | | | | |
Net investment income (loss) | | | 0.33 | | | | 0.16 | |
Net realized and unrealized gain (loss) | | | (0.20) | | | | (0.19) | |
| | | | | | | | |
Total from investment operations | | | 0.13 | | | | (0.03) | |
| | |
Less distributions: | | | | | | | | |
| | |
From net investment income | | | (0.32) | | | | (0.16) | |
From net realized gain | | | (0.01) | | | | — | |
| | | | | | | | |
| | |
Total distributions | | | (0.33) | | | | (0.16) | |
| | | | | | | | |
Net asset value at end of period | | | $9.61 | | | | $9.81 | |
| | | | | | | | |
| | |
Total return2 | | | 1.47% | | | | (0.25%) | |
| | |
Portfolio turnover rate3 | | | 7% | | | | 19% | |
| | |
Net assets, end of period (in thousands) | | | $26,147 | | | | $21,275 | |
| | |
Ratios to average net assets:4 | | | | | | | | |
Total expenses to average net assets: | | | | | | | | |
Total expenses before reimbursements | | | 1.48% | | | | 2.94% | |
Total expenses after reimbursements | | | 0.67% | | | | 0.67% | |
| | |
Net investment income to average net assets: | | | | | | | | |
Net investment income before reimbursements | | | 5.98% | | | | 2.58% | |
Net investment income after reimbursements | | | 6.79% | | | | 4.85% | |
| 1 | Class A commenced investment operations on September 23, 2014. |
| 2 | 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. |
| 3 | 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. |
| 4 | Annualized for periods less than one year. |
| 5 | The Institutional Class commenced investment operations on June 24, 2014. |
See accompanying notes to the financial statements.
52
ASHMORE EMERGING MARKETS CORPORATE DEBT FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | | | | | | | | | % of Net | |
| | | Currency(1) | | Par | | | Value | | | Assets | |
Debt Securities | | | | | | | | | | | | | | |
| | | | |
Angola (Cost $873,454) | | | | | | | | | | | | | | |
Puma International Financing S.A. 6.750%, 02/01/2021 | | | | | 850,000 | | | $ | 884,000 | | | | 0.30 | |
| | | | | | | | | 884,000 | | | | 0.30 | |
Bangladesh (Cost $1,461,313) | | | | | | | | | | | | | | |
Banglalink Digital Communications Ltd. 8.625%, 05/06/2019 | | | | | 1,400,000 | | | | 1,456,000 | | | | 0.49 | |
| | | | | | | | | 1,456,000 | | | | 0.49 | |
Barbados (Cost $2,230,617) | | | | | | | | | | | | | | |
Columbus International, Inc. 7.375%, 03/30/2021 | | | | | 2,100,000 | | | | 2,286,375 | | | | 0.77 | |
| | | | | | | | | 2,286,375 | | | | 0.77 | |
Brazil (Cost $17,093,474) | | | | | | | | | | | | | | |
Banco Bradesco S.A. 4.125%, 05/16/2016 | | | | | 200,000 | | | | 206,000 | | | | 0.07 | |
Banco Bradesco S.A. 4.500%, 01/12/2017 | | | | | 200,000 | | | | 208,200 | | | | 0.07 | |
Banco do Brasil S.A. 5.875%, 01/26/2022 | | | | | 260,000 | | | | 261,872 | | | | 0.09 | |
BRF S.A. 5.875%, 06/06/2022 | | | | | 200,000 | | | | 220,000 | | | | 0.08 | |
BRF S.A. 4.750%, 05/22/2024 | | | | | 535,000 | | | | 544,363 | | | | 0.18 | |
Cosan Luxembourg S.A. 9.500%, 03/14/2018 | | BRL | | | 2,650,000 | | | | 745,407 | | | | 0.25 | |
Itau Unibanco Holding S.A. 5.650%, 03/19/2022 | | | | | 380,000 | | | | 396,150 | | | | 0.13 | |
Marfrig Holding Europe B.V. 8.375%, 05/09/2018 | | | | | 1,880,000 | | | | 1,827,924 | | | | 0.62 | |
Marfrig Holding Europe B.V. 6.875%, 06/24/2019 | | | | | 900,000 | | | | 801,000 | | | | 0.27 | |
Marfrig Overseas Ltd. 9.500%, 05/04/2020 | | | | | 1,220,000 | | | | 1,192,550 | | | | 0.40 | |
Minerva Luxembourg S.A. 12.250%, 02/10/2022(2) | | | | | 200,000 | | | | 219,800 | | | | 0.07 | |
Minerva Luxembourg S.A. 7.750%, 01/31/2023 | | | | | 200,000 | | | | 199,500 | | | | 0.07 | |
Odebrecht Drilling Norbe VIII/IX Ltd. 6.350%, 06/30/2021 | | | | | 909,500 | | | | 846,290 | | | | 0.29 | |
Oi S.A. 9.750%, 09/15/2016 | | BRL | | | 1,770,000 | | | | 534,592 | | | | 0.18 | |
Petrobras Global Finance B.V. 5.875%, 03/01/2018 | | | | | 250,000 | | | | 255,600 | | | | 0.09 | |
Petrobras Global Finance B.V., FRN 2.415%, 01/15/2019 | | | | | 550,000 | | | | 508,805 | | | | 0.17 | |
Petrobras Global Finance B.V. 6.250%, 03/17/2024 | | | | | 2,895,000 | | | | 2,876,472 | | | | 0.97 | |
Petrobras Global Finance B.V. 6.875%, 01/20/2040 | | | | | 2,805,000 | | | | 2,638,972 | | | | 0.89 | |
Petrobras Global Finance B.V. 6.750%, 01/27/2041 | | | | | 240,000 | | | | 221,386 | | | | 0.08 | |
Petrobras Global Finance B.V. 7.250%, 03/17/2044 | | | | | 120,000 | | | | 117,870 | | | | 0.04 | |
QGOG Atlantic / Alaskan Rigs Ltd 5.250%, 07/30/2018 | | | | | 424,720 | | | | 386,495 | | | | 0.13 | |
QGOG Constellation S.A. 6.250%, 11/09/2019 | | | | | 2,334,000 | | | | 1,686,315 | | | | 0.57 | |
Vale Overseas Ltd. 4.375%, 01/11/2022 | | | | | 250,000 | | | | 241,415 | | | | 0.08 | |
| | | | | | | | | 17,136,978 | | | | 5.79 | |
Chile (Cost $5,788,835) | | | | | | | | | | | | | | |
Automotores Gildemeister S.A. 8.250%, 05/24/2021 | | | | | 1,565,000 | | | | 641,650 | | | | 0.22 | |
Automotores Gildemeister S.A. 6.750%, 01/15/2023 | | | | | 730,000 | | | | 299,300 | | | | 0.10 | |
Banco de Credito e Inversiones 4.000%, 02/11/2023 | | | | | 200,000 | | | | 204,441 | | | | 0.07 | |
Cencosud S.A. 5.500%, 01/20/2021 | | | | | 150,000 | | | | 160,168 | | | | 0.05 | |
E.CL S.A. 5.625%, 01/15/2021 | | | | | 200,000 | | | | 222,518 | | | | 0.08 | |
Empresa Electrica Guacolda S.A. 4.560%, 04/30/2025(3)(4) | | | | | 400,000 | | | | 398,284 | | | | 0.13 | |
Inversiones Alsacia S.A. 8.000%, 08/18/2018(5) | | | | | 1,150,000 | | | | — | | | | — | |
Inversiones CMPC S.A. 4.375%, 05/15/2023 | | | | | 200,000 | | | | 205,000 | | | | 0.07 | |
Telefonica Chile S.A. 3.875%, 10/12/2022 | | | | | 495,000 | | | | 502,396 | | | | 0.17 | |
VTR Finance B.V. 6.875%, 01/15/2024 | | | | | 2,370,000 | | | | 2,452,239 | | | | 0.83 | |
| | | | | | | | | 5,085,996 | | | | 1.72 | |
China (Cost $27,211,796) | | | | | | | | | | | | | | |
Agile Property Holdings Ltd. 9.875%, 03/20/2017 | | | | | 400,000 | | | | 416,000 | | | | 0.14 | |
Agile Property Holdings Ltd. 8.875%, 04/28/2017 | | | | | 532,000 | | | | 542,363 | | | | 0.18 | |
Alibaba Group Holding Ltd. 3.125%, 11/28/2021 | | | | | 250,000 | | | | 249,990 | | | | 0.08 | |
Baidu, Inc. 3.500%, 11/28/2022 | | | | | 400,000 | | | | 404,802 | | | | 0.14 | |
See accompanying notes to the financial statements.
53
ASHMORE EMERGING MARKETS CORPORATE DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | | | | | | | | | % of Net | |
| | | Currency(1) | | Par | | | Value | | | Assets | |
China - (continued) | | | | | | | | | | | | | | |
Bestgain Real Estate Ltd. 2.625%, 03/13/2018 | | | | | 400,000 | | | $ | 393,569 | | | | 0.13 | |
Central China Real Estate Ltd. 6.500%, 06/04/2018 | | | | | 395,000 | | | | 383,505 | | | | 0.13 | |
China CITIC Bank International Ltd. 6.875%, 06/24/2020 | | | | | 605,000 | | | | 679,657 | | | | 0.23 | |
China Forestry Holdings Co. Ltd. 10.250%, 11/17/2015(6) | | | | | 60,000 | | | | 6,015 | | | | — | |
China Hongqiao Group Ltd. 7.625%, 06/26/2017 | | | | | 985,000 | | | | 1,002,016 | | | | 0.34 | |
China Hongqiao Group Ltd. 6.875%, 05/03/2018 | | | | | 550,000 | | | | 549,760 | | | | 0.19 | |
China Overseas Finance Cayman III Ltd. 3.375%, 10/29/2018 | | | | | 325,000 | | | | 330,316 | | | | 0.11 | |
China Overseas Finance Cayman V Ltd. 3.950%, 11/15/2022 | | | | | 300,000 | | | | 300,046 | | | | 0.10 | |
China Railway Resources Huitung Ltd. 3.850%, 02/05/2023 | | | | | 200,000 | | | | 204,082 | | | | 0.07 | |
China SCE Property Holdings Ltd. 11.500%, 11/14/2017 | | | | | 1,950,000 | | | | 1,959,750 | | | | 0.66 | |
CIFI Holdings Group Co. Ltd. 12.250%, 04/15/2018 | | | | | 876,000 | | | | 963,600 | | | | 0.33 | |
Emerald Plantation Holdings Ltd. 6.000%, (100% Cash), 01/30/2020,(2)(7) | | | | | 66,885 | | | | 63,206 | | | | 0.02 | |
ENN Energy Holdings Ltd. 6.000%, 05/13/2021 | | | | | 410,000 | | | | 459,485 | | | | 0.16 | |
Far East Energy Bermuda Ltd. 13.000%, 01/15/2016(3)(4)(7) | | | | | 263,125 | | | | 263,125 | | | | 0.09 | |
Favor Sea Ltd. 11.750%, 02/04/2019 | | | | | 1,000,000 | | | | 975,000 | | | | 0.33 | |
Franshion Brilliant Ltd. 5.750%, 03/19/2019 | | | | | 595,000 | | | | 635,162 | | | | 0.21 | |
Hyva Global B.V. 8.625%, 03/24/2016 | | | | | 1,055,000 | | | | 1,024,405 | | | | 0.35 | |
Kaisa Group Holdings Ltd. 8.875%, 03/19/2018(6) | | | | | 2,795,000 | | | | 1,565,200 | | | | 0.53 | |
Kaisa Group Holdings Ltd. 9.000%, 06/06/2019 | | | | | 1,190,000 | | | | 620,288 | | | | 0.21 | |
Kaisa Group Holdings Ltd. 10.250%, 01/08/2020 | | | | | 1,775,000 | | | | 994,000 | | | | 0.34 | |
KWG Property Holding Ltd. 8.975%, 01/14/2019 | | | | | 1,030,000 | | | | 1,024,850 | | | | 0.35 | |
MIE Holdings Corp. 6.875%, 02/06/2018 | | | | | 400,000 | | | | 309,688 | | | | 0.10 | |
MIE Holdings Corp. 7.500%, 04/25/2019 | | | | | 2,045,000 | | | | 1,492,850 | | | | 0.50 | |
Sino-Forest Corp. 5.000%, 08/01/2013(3)(4)(5) | | | | | 21,000 | | | | — | | | | — | |
Sino-Forest Corp. 10.250%, 07/28/2014(3)(4)(5) | | | | | 82,000 | | | | — | | | | — | |
Sino-Forest Corp. 4.250%, 12/15/2016(3)(4)(5) | | | | | 113,000 | | | | — | | | | — | |
Sino-Forest Corp. 6.250%, 10/21/2017(3)(4)(5) | | | | | 252,000 | | | | — | | | | — | |
Sunac China Holdings Ltd. 9.375%, 04/05/2018 | | | | | 1,660,000 | | | | 1,680,750 | | | | 0.57 | |
Tencent Holdings Ltd. 3.375%, 05/02/2019 | | | | | 320,000 | | | | 329,312 | | | | 0.11 | |
Times Property Holdings Ltd. 12.625%, 03/21/2019 | | | | | 885,000 | | | | 937,111 | | | | 0.32 | |
Trillion Chance Ltd. 8.500%, 01/10/2019 | | | | | 1,075,000 | | | | 1,032,077 | | | | 0.35 | |
Wanda Properties Overseas Ltd. 4.875%, 11/21/2018 | | | | | 243,000 | | | | 249,401 | | | | 0.08 | |
Yingde Gases Investment Ltd. 8.125%, 04/22/2018 | | | | | 1,200,000 | | | | 1,125,408 | | | | 0.38 | |
Yuzhou Properties Co. Ltd. 8.750%, 10/04/2018 | | | | | 570,000 | | | | 567,150 | | | | 0.19 | |
Yuzhou Properties Co. Ltd. 8.625%, 01/24/2019 | | | | | 1,595,000 | | | | 1,579,002 | | | | 0.53 | |
| | | | | | | | | 25,312,941 | | | | 8.55 | |
Colombia (Cost $15,907,010) | | | | | | | | | | | | | | |
Banco Davivienda S.A. 2.950%, 01/29/2018 | | | | | 400,000 | | | | 402,000 | | | | 0.14 | |
Banco de Bogota S.A. 5.000%, 01/15/2017 | | | | | 235,000 | | | | 246,162 | | | | 0.08 | |
Bancolombia S.A. 5.950%, 06/03/2021 | | | | | 460,000 | | | | 509,082 | | | | 0.17 | |
BBVA Colombia S.A. 4.875%, 04/21/2025(3)(4) | | | | | 400,000 | | | | 403,500 | | | | 0.14 | |
Ecopetrol S.A. 7.625%, 07/23/2019 | | | | | 320,000 | | | | 380,128 | | | | 0.13 | |
Emgesa S.A. ESP 8.750%, 01/25/2021 | | COP | | | 1,220,000,000 | | | | 553,968 | | | | 0.19 | |
Empresa de Telecomunicaciones de Bogota 7.000%, 01/17/2023 | | COP | | | 1,000,000,000 | | | | 399,664 | | | | 0.13 | |
Empresas Publicas de Medellin ESP 8.375%, 02/01/2021 | | COP | | | 1,258,000,000 | | | | 559,234 | | | | 0.19 | |
Millicom International Cellular S.A. 4.750%, 05/22/2020 | | | | | 600,000 | | | | 591,000 | | | | 0.20 | |
Millicom International Cellular S.A. 6.625%, 10/15/2021 | | | | | 1,125,000 | | | | 1,196,719 | | | | 0.40 | |
Millicom International Cellular S.A. 6.000%, 03/15/2025 | | | | | 1,100,000 | | | | 1,113,750 | | | | 0.38 | |
Pacific Rubiales Energy Corp. 5.375%, 01/26/2019 | | | | | 765,000 | | | | 598,766 | | | | 0.20 | |
See accompanying notes to the financial statements.
54
ASHMORE EMERGING MARKETS CORPORATE DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | | | | | | | | | % of Net | |
| | | Currency(1) | | Par | | | Value | | | Assets | |
Colombia - (continued) | | | | | | | | | | | | | | |
Pacific Rubiales Energy Corp. 7.250%, 12/12/2021 | | | | | 2,775,000 | | | $ | 2,192,250 | | | | 0.74 | |
Pacific Rubiales Energy Corp. 5.125%, 03/28/2023 | | | | | 1,360,000 | | | | 962,200 | | | | 0.33 | |
Pacific Rubiales Energy Corp. 5.625%, 01/19/2025 | | | | | 4,750,000 | | | | 3,325,000 | | | | 1.12 | |
Transportadora de Gas Internacional S.A. ESP 5.700%, 03/20/2022 | | | | | 605,000 | | | | 641,300 | | | | 0.22 | |
| | | | | | | | | 14,074,723 | | | | 4.76 | |
Czech Republic (Cost $2,170,021) | | | | | | | | | | | | | | |
EP Energy A.S. 5.875%, 11/01/2019 | | EUR | | | 430,000 | | | | 553,638 | | | | 0.19 | |
New World Resources N.V. 8.000%, 04/07/2020(7) | | EUR | | | 1,301,822 | | | | 928,212 | | | | 0.31 | |
New World Resources N.V. 4.000%, 10/07/2020(7) | | EUR | | | 600,644 | | | | 87,676 | | | | 0.03 | |
| | | | | | | | | 1,569,526 | | | | 0.53 | |
Dominican Republic (Cost $1,140,506) | | | | | | | | | | | | | | |
Aeropuertos Dominicanos Siglo XXI S.A., FRN 9.750%, 11/13/2019 | | | | | 1,175,000 | | | | 1,159,020 | | | | 0.39 | |
| | | | | | | | | 1,159,020 | | | | 0.39 | |
Guatemala (Cost $2,141,911) | | | | | | | | | | | | | | |
Comcel Trust via Comunicaciones Celulares S.A. 6.875%, 02/06/2024 | | | | | 2,000,000 | | | | 2,145,000 | | | | 0.72 | |
| | | | | | | | | 2,145,000 | | | | 0.72 | |
Hong Kong (Cost $1,480,801) | | | | | | | | | | | | | | |
CFG Investment S.A.C. 9.750%, 07/30/2019 | | | | | 600,000 | | | | 574,560 | | | | 0.20 | |
Hutchison Whampoa International 14 Ltd. 3.625%, 10/31/2024 | | | | | 240,000 | | | | 244,134 | | | | 0.08 | |
LS Finance 2022 Ltd 4.250%, 10/16/2022 | | | | | 200,000 | | | | 204,486 | | | | 0.07 | |
PCCW-HKT Capital No 5 Ltd. 3.750%, 03/08/2023 | | | | | 245,000 | | | | 247,449 | | | | 0.08 | |
Wharf Finance Ltd. 6.125%, 11/06/2017 | | | | | 200,000 | | | | 218,686 | | | | 0.07 | |
| | | | | | | | | 1,489,315 | | | | 0.50 | |
India (Cost $4,596,472) | | | | | | | | | | | | | | |
Bharti Airtel International Netherlands B.V. 5.125%, 03/11/2023 | | | | | 750,000 | | | | 812,625 | | | | 0.27 | |
ICICI Bank Ltd. 4.750%, 11/25/2016 | | | | | 600,000 | | | | 626,286 | | | | 0.21 | |
Reliance Holding USA, Inc. 4.500%, 10/19/2020 | | | | | 250,000 | | | | 267,081 | | | | 0.09 | |
Reliance Holding USA, Inc. 5.400%, 02/14/2022 | | | | | 500,000 | | | | 551,256 | | | | 0.19 | |
State Bank of India 4.125%, 08/01/2017 | | | | | 320,000 | | | | 333,963 | | | | 0.11 | |
Vedanta Resources PLC 9.500%, 07/18/2018 | | | | | 285,000 | | | | 295,688 | | | | 0.10 | |
Vedanta Resources PLC 8.250%, 06/07/2021 | | | | | 750,000 | | | | 746,250 | | | | 0.25 | |
Vedanta Resources PLC 7.125%, 05/31/2023 | | | | | 1,015,000 | | | | 936,338 | | | | 0.32 | |
| | | | | | | | | 4,569,487 | | | | 1.54 | |
Indonesia (Cost $5,131,505) | | | | | | | | | | | | | | |
Berau Capital Resources Pte Ltd. 12.500%, 07/08/2015 | | | | | 149,000 | | | | 81,056 | | | | 0.03 | |
Berau Coal Energy Tbk PT 7.250%, 03/13/2017 | | | | | 3,635,000 | | | | 1,890,200 | | | | 0.64 | |
Enercoal Resources Pte Ltd. 6.000%, 04/07/2018 | | | | | 500,000 | | | | 75,000 | | | | 0.02 | |
Golden Legacy Pte Ltd. 9.000%, 04/24/2019 | | | | | 400,000 | | | | 403,000 | | | | 0.14 | |
Indo Energy Finance II B.V. 6.375%, 01/24/2023 | | | | | 2,400,000 | | | | 1,572,000 | | | | 0.53 | |
| | | | | | | | | 4,021,256 | | | | 1.36 | |
Israel (Cost $1,206,437) | | | | | | | | | | | | | | |
Israel Electric Corp. Ltd. 5.625%, 06/21/2018 | | | | | 365,000 | | | | 394,657 | | | | 0.13 | |
Israel Electric Corp. Ltd. 7.250%, 01/15/2019 | | | | | 270,000 | | | | 309,150 | | | | 0.10 | |
Israel Electric Corp. Ltd. 9.375%, 01/28/2020 | | | | | 225,000 | | | | 288,000 | | | | 0.10 | |
Israel Electric Corp. Ltd. 5.000%, 11/12/2024(4) | | | | | 245,000 | | | | 260,006 | | | | 0.09 | |
| | | | | | | | | 1,251,813 | | | | 0.42 | |
Jamaica (Cost $11,886,348) | | | | | | | | | | | | | | |
Digicel Group Ltd. 8.875%, 01/15/2015 | | | | | 7,150,000 | | | | 7,374,510 | | | | 2.49 | |
See accompanying notes to the financial statements.
55
ASHMORE EMERGING MARKETS CORPORATE DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | | | | | | | | | % of Net | |
| | | Currency(1) | | Par | | | Value | | | Assets | |
Jamaica - (continued) | | | | | | | | | | | | | | |
Digicel Group Ltd. 7.125%, 04/01/2022 | | | | | 1,750,000 | | | $ | 1,657,031 | | | | 0.56 | |
Digicel Ltd. 6.000%, 04/15/2021 | | | | | 2,700,000 | | | | 2,620,917 | | | | 0.89 | |
| | | | | | | | | 11,652,458 | | | | 3.94 | |
Kazakhstan (Cost $17,837,597) | | | | | | | | | | | | | | |
Development Bank of Kazakhstan JSC 4.125%, 12/10/2022 | | | | | 800,000 | | | | 738,320 | | | | 0.25 | |
Halyk Savings Bank of Kazakhstan JSC 7.250%, 01/28/2021 | | | | | 950,000 | | | | 970,425 | | | | 0.33 | |
Kaspi Bank JSC 9.875%, 10/28/2016 | | | | | 1,170,000 | | | | 1,164,150 | | | | 0.39 | |
KazAgro National Management Holding JSC 3.255%, 05/22/2019 | | EUR | | | 675,000 | | | | 711,690 | | | | 0.24 | |
KazAgro National Management Holding JSC 4.625%, 05/24/2023 | | | | | 410,000 | | | | 381,964 | | | | 0.13 | |
Kazkommertsbank JSC 8.000%, 11/03/2015 | | | | | 1,475,000 | | | | 1,467,655 | | | | 0.50 | |
Kazkommertsbank JSC 7.500%, 11/29/2016 | | | | | 1,650,000 | | | | 1,640,050 | | | | 0.55 | |
Kazkommertsbank JSC 6.875%, 02/13/2017 | | EUR | | | 2,100,000 | | | | 2,357,985 | | | | 0.80 | |
Kazkommertsbank JSC 8.500%, 05/11/2018 | | | | | 2,025,000 | | | | 1,956,150 | | | | 0.66 | |
Kazkommertsbank JSC 5.500%, 12/21/2022 | | | | | 2,469,647 | | | | 1,862,707 | | | | 0.63 | |
KazMunayGas National Co. JSC 6.000%, 11/07/2044 | | | | | 400,000 | | | | 366,000 | | | | 0.12 | |
Nostrum Oil & Gas Finance B.V. 6.375%, 02/14/2019 | | | | | 1,630,000 | | | | 1,552,575 | | | | 0.53 | |
Zhaikmunai LLP 7.125%, 11/13/2019 | | | | | 2,290,000 | | | | 2,158,325 | | | | 0.73 | |
| | | | | | | | | 17,327,996 | | | | 5.86 | |
Kuwait (Cost $1,169,333) | | | | | | | | | | | | | | |
Kuwait Projects Co. 9.375%, 07/15/2020 | | | | | 940,000 | | | | 1,202,025 | | | | 0.41 | |
| | | | | | | | | 1,202,025 | | | | 0.41 | |
Lithuania (Cost $1,776,960) | | | | | | | | | | | | | | |
Bite Finance International B.V., FRN 7.548%, 02/15/2018 | | EUR | | | 1,365,000 | | | | 1,502,036 | | | | 0.51 | |
| | | | | | | | | 1,502,036 | | | | 0.51 | |
Malaysia (Cost $398,741) | | | | | | | | | | | | | | |
Malayan Banking Bhd., FRN 3.250%, 09/20/2022 | | | | | 400,000 | | | | 403,653 | | | | 0.14 | |
| | | | | | | | | 403,653 | | | | 0.14 | |
Mexico (Cost $21,347,245) | | | | | | | | | | | | | | |
Alfa S.A.B. de C.V. 6.875%, 03/25/2044 | | | | | 400,000 | | | | 447,940 | | | | 0.15 | |
Alpek S.A.B. de C.V. 4.500%, 11/20/2022 | | | | | 200,000 | | | | 207,250 | | | | 0.07 | |
America Movil S.A.B. de C.V., FRN 1.268%, 09/12/2016 | | | | | 300,000 | | | | 301,194 | | | | 0.10 | |
America Movil S.A.B. de C.V. 5.000%, 03/30/2020 | | | | | 175,000 | | | | 197,050 | | | | 0.07 | |
Banco Inbursa S.A. Institucion de Banca Multiple 4.125%, 06/06/2024 | | | | | 690,000 | | | | 686,550 | | | | 0.23 | |
BBVA Bancomer S.A. 4.500%, 03/10/2016 | | | | | 725,000 | | | | 744,938 | | | | 0.25 | |
CEMEX Espana S.A. 9.875%, 04/30/2019 | | | | | 950,000 | | | | 1,049,161 | | | | 0.36 | |
Cemex Finance LLC 9.375%, 10/12/2022 | | | | | 3,350,000 | | | | 3,813,975 | | | | 1.29 | |
Cemex S.A.B. de C.V. 5.875%, 03/25/2019 | | | | | 655,000 | | | | 675,960 | | | | 0.23 | |
Cemex S.A.B. de C.V. 6.500%, 12/10/2019 | | | | | 1,270,000 | | | | 1,362,075 | | | | 0.46 | |
Cemex S.A.B. de C.V. 7.250%, 01/15/2021 | | | | | 450,000 | | | | 487,125 | | | | 0.17 | |
Cemex S.A.B. de C.V. 5.700%, 01/11/2025 | | | | | 480,000 | | | | 481,056 | | | | 0.16 | |
Comision Federal de Electricidad 4.875%, 05/26/2021 | | | | | 200,000 | | | | 215,400 | | | | 0.07 | |
Corp. GEO S.A.B. de C.V. 9.250%, 06/30/2020(6) | | | | | 100,000 | | | | 2,000 | | | | — | |
Corp. GEO S.A.B. de C.V. 8.875%, 03/27/2022(6) | | | | | 200,000 | | | | 4,000 | | | | — | |
El Puerto de Liverpool S.A.B. de C.V. 3.950%, 10/02/2024 | | | | | 600,000 | | | | 603,000 | | | | 0.20 | |
Empresas ICA S.A.B. de C.V. 8.900%, 02/04/2021 | | | | | 2,442,000 | | | | 2,252,013 | | | | 0.76 | |
Empresas ICA S.A.B. de C.V. 8.875%, 05/29/2024 | | | | | 2,985,000 | | | | 2,604,412 | | | | 0.88 | |
Fresnillo PLC 5.500%, 11/13/2023 | | | | | 500,000 | | | | 537,350 | | | | 0.18 | |
Gruma S.A.B. de C.V. 4.875%, 12/01/2024 | | | | | 500,000 | | | | 531,500 | | | | 0.18 | |
Grupo Televisa S.A.B. 6.625%, 03/18/2025 | | | | | 570,000 | | | | 709,650 | | | | 0.24 | |
See accompanying notes to the financial statements.
56
ASHMORE EMERGING MARKETS CORPORATE DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | | | | | | | | | % of Net | |
| | | Currency(1) | | Par | | | Value | | | Assets | |
Mexico - (continued) | | | | | | | | | | | | | | |
Grupo Televisa S.A.B. 7.250%, 05/14/2043 | | MXN | | | 17,140,000 | | | $ | 969,840 | | | | 0.33 | |
Mexichem S.A.B. de C.V. 4.875%, 09/19/2022 | | | | | 275,000 | | | | 291,500 | | | | 0.10 | |
Mexichem S.A.B. de C.V. 5.875%, 09/17/2044 | | | | | 230,000 | | | | 226,550 | | | | 0.08 | |
Mexico Generadora de Energia S. de rl 5.500%, 12/06/2032 | | | | | 300,000 | | | | 305,100 | | | | 0.10 | |
Red de Carreteras de Occidente S.A.P.I.B. de C.V. 9.000%, 06/10/2028 | | MXN | | | 19,930,000 | | | | 1,262,993 | | | | 0.43 | |
| | | | | | | | | 20,969,582 | | | | 7.09 | |
Mongolia (Cost $7,326,198) | | | | | | | | | | | | | | |
Mongolian Mining Corp. 8.875%, 03/29/2017 | | | | | 8,510,000 | | | | 6,510,150 | | | | 2.20 | |
Trade & Development Bank of Mongolia LLC 8.500%, 09/20/2015 | | | | | 970,000 | | | | 971,215 | | | | 0.33 | |
| | | | | | | | | 7,481,365 | | | | 2.53 | |
Morocco (Cost $493,836) | | | | | | | | | | | | | | |
OCP S.A. 4.500%, 10/22/2025(4) | | | | | 500,000 | | | | 483,125 | | | | 0.16 | |
| | | | | | | | | 483,125 | | | | 0.16 | |
Nigeria (Cost $11,409,997) | | | | | | | | | | | | | | |
Access Bank PLC, FRN 9.250%, 06/24/2021 | | | | | 1,925,000 | | | | 1,829,135 | | | | 0.62 | |
FBN Finance Co. B.V., FRN 8.250%, 08/07/2020 | | | | | 2,400,000 | | | | 2,286,000 | | | | 0.77 | |
FBN Finance Co. B.V., FRN 8.000%, 07/23/2021 | | | | | 2,826,000 | | | | 2,635,245 | | | | 0.89 | |
Sea Trucks Group Ltd. 9.000%, 03/26/2018(4) | | | | | 3,800,000 | | | | 3,002,000 | | | | 1.02 | |
Seven Energy Ltd. 10.250%, 10/11/2021 | | | | | 1,700,000 | | | | 1,364,590 | | | | 0.46 | |
| | | | | | | | | 11,116,970 | | | | 3.76 | |
Peru (Cost $3,410,030) | | | | | | | | | | | | | | |
Abengoa Transmision Sur S.A. 6.875%, 04/30/2043 | | | | | 200,000 | | | | 225,560 | | | | 0.07 | |
Banco de Credito del Peru 5.375%, 09/16/2020 | | | | | 180,000 | | | | 199,800 | | | | 0.07 | |
Banco de Credito del Peru 4.250%, 04/01/2023 | | | | | 250,000 | | | | 256,875 | | | | 0.09 | |
Banco Internacional del Peru S.A.A. 5.750%, 10/07/2020 | | | | | 290,000 | | | | 319,725 | | | | 0.11 | |
BBVA Banco Continental S.A. 3.250%, 04/08/2018 | | | | | 250,000 | | | | 259,000 | | | | 0.09 | |
BBVA Banco Continental S.A., FRN 5.250%, 09/22/2029 | | | | | 300,000 | | | | 309,750 | | | | 0.10 | |
Minsur S.A. 6.250%, 02/07/2024 | | | | | 450,000 | | | | 501,750 | | | | 0.17 | |
Southern Copper Corp. 3.500%, 11/08/2022 | | | | | 200,000 | | | | 197,696 | | | | 0.07 | |
Southern Copper Corp. 7.500%, 07/27/2035 | | | | | 175,000 | | | | 200,988 | | | | 0.07 | |
Southern Copper Corp. 5.250%, 11/08/2042 | | | | | 195,000 | | | | 179,267 | | | | 0.06 | |
Southern Copper Corp. 5.875%, 04/23/2045 | | | | | 400,000 | | | | 393,320 | | | | 0.13 | |
Transportadora de Gas del Peru S.A. 4.250%, 04/30/2028 | | | | | 400,000 | | | | 405,800 | | | | 0.14 | |
| | | | | | | | | 3,449,531 | | | | 1.17 | |
Poland (Cost $752,524) | | | | | | | | | | | | | | |
Powszechna Kasa Oszczednosci Bank Polski S.A. via PKO Finance A.B. 4.630%, 09/26/2022 | | | | | 740,000 | | | | 789,950 | | | | 0.27 | |
| | | | | | | | | 789,950 | | | | 0.27 | |
Qatar (Cost $1,480,644) | | | | | | | | | | | | | | |
CBQ Finance Ltd. 7.500%, 11/18/2019 | | | | | 470,000 | | | | 562,214 | | | | 0.19 | |
Nakilat, Inc. 6.067%, 12/31/2033 | | | | | 360,000 | | | | 421,650 | | | | 0.14 | |
Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.298%, 09/30/2020 | | | | | 206,172 | | | | 222,150 | | | | 0.07 | |
Ras Laffan Liquefied Natural Gas Co. Ltd. III 5.838%, 09/30/2027 | | | | | 250,000 | | | | 288,125 | | | | 0.10 | |
| | | | | | | | | 1,494,139 | | | | 0.50 | |
Russian Federation (Cost $47,460,220) | | | | | | | | | | | | | | |
Alfa Bank OJSC Via Alfa Bond Issuance PLC 8.625%, 04/26/2016 | | RUB | | | 50,400,000 | | | | 930,702 | | | | 0.31 | |
See accompanying notes to the financial statements.
57
ASHMORE EMERGING MARKETS CORPORATE DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Russian Federation - (continued) | | | | | | | | | | | | | | |
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.500%, 09/26/2019 | | | | | 2,800,000 | | | $ | 2,695,000 | | | | 0.91 | |
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.750%, 04/28/2021 | | | | | 1,100,000 | | | | 1,087,075 | | | | 0.37 | |
Brunswick Rail Finance Ltd. 6.500%, 11/01/2017 | | | | | 1,900,000 | | | | 1,140,000 | | | | 0.39 | |
CEDC Finance Corp. International, Inc, FRN 10.000%, 04/30/2018 | | | | | 2,220,127 | | | | 2,086,919 | | | | 0.70 | |
CEDC Finance Corp. International, Inc. 10.000%, 04/30/2018(7) | | | | | 2,292,213 | | | | 1,467,016 | | | | 0.50 | |
Credit Bank of Moscow Via CBOM Finance PLC 7.700%, 02/01/2018 | | | | | 2,090,000 | | | | 2,048,869 | | | | 0.69 | |
Far East Capital Ltd. S.A. 8.000%, 05/02/2018 | | | | | 3,090,000 | | | | 1,591,350 | | | | 0.54 | |
Far East Capital Ltd. S.A. 8.750%, 05/02/2020 | | | | | 2,420,000 | | | | 1,222,100 | | | | 0.41 | |
Gazprom Neft OAO Via GPN Capital S.A. 4.375%, 09/19/2022 | | | | | 650,000 | | | | 550,875 | | | | 0.19 | |
Gazprom OAO Via Gaz Capital S.A. 4.300%, 11/12/2015 | | | | | 700,000 | | | | 700,875 | | | | 0.24 | |
Gazprom OAO Via Gaz Capital S.A. 8.625%, 04/28/2034 | | | | | 50,000 | | | | 56,875 | | | | 0.02 | |
Lukoil International Finance B.V. 6.125%, 11/09/2020 | | | | | 750,000 | | | | 753,000 | | | | 0.25 | |
Metalloinvest Finance Ltd. 5.625%, 04/17/2020 | | | | | 2,222,000 | | | | 2,015,105 | | | | 0.68 | |
Mobile Telesystems OJSC via MTS International Funding Ltd. 8.625%, 06/22/2020 | | | | | 450,000 | | | | 488,808 | | | | 0.16 | |
Novatek OAO via Novatek Finance Ltd. 5.326%, 02/03/2016 | | | | | 200,000 | | | | 201,648 | | | | 0.07 | |
Polyus Gold International Ltd. 5.625%, 04/29/2020 | | | | | 2,215,000 | | | | 2,080,993 | | | | 0.70 | |
Rosneft Oil Co. via Rosneft International Finance Ltd. 3.149%, 03/06/2017 | | | | | 600,000 | | | | 570,000 | | | | 0.19 | |
Rosneft Oil Co. via Rosneft International Finance Ltd. 4.199%, 03/06/2022 | | | | | 2,340,000 | | | | 1,989,000 | | | | 0.67 | |
Russian Standard Bank Via Russian Standard Finance S.A. 9.250%, 07/11/2017 | | | | | 1,890,000 | | | | 1,880,852 | | | | 0.64 | |
Russian Standard Bank Via Russian Standard Finance S.A. 13.000%, 04/10/2020 | | | | | 1,710,000 | | | | 1,094,400 | | | | 0.37 | |
Sistema JSFC via Sistema International Funding S.A. 6.950%, 05/17/2019 | | | | | 1,955,000 | | | | 1,842,099 | | | | 0.62 | |
Tinkoff Credit Systems Via TCS Finance Ltd. 14.000%, 06/06/2018 | | | | | 850,000 | | | | 850,000 | | | | 0.29 | |
TMK OAO Via TMK Capital S.A. 7.750%, 01/27/2018 | | | | | 1,900,000 | | | | 1,808,800 | | | | 0.61 | |
TMK OAO Via TMK Capital S.A. 6.750%, 04/03/2020 | | | | | 1,250,000 | | | | 1,063,750 | | | | 0.36 | |
VEB-Leasing Via VEB Leasing Investment Ltd. 5.125%, 05/27/2016 | | | | | 200,000 | | | | 198,500 | | | | 0.07 | |
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748%, 02/02/2021 | | | | | 2,000,000 | | | | 2,012,960 | | | | 0.68 | |
VimpelCom Holdings B.V. 9.000%, 02/13/2018 | | RUB | | | 69,597,000 | | | | 1,208,253 | | | | 0.41 | |
VimpelCom Holdings B.V. 7.504%, 03/01/2022 | | | | | 2,190,000 | | | | 2,168,100 | | | | 0.73 | |
Vnesheconombank Via VEB Finance PLC 4.224%, 11/21/2018 | | | | | 1,630,000 | | | | 1,471,075 | | | | 0.50 | |
Vnesheconombank Via VEB Finance PLC 6.902%, 07/09/2020 | | | | | 2,895,000 | | | | 2,771,963 | | | | 0.94 | |
Vnesheconombank Via VEB Finance PLC 6.025%, 07/05/2022 | | | | | 1,230,000 | | | | 1,116,225 | | | | 0.38 | |
See accompanying notes to the financial statements.
58
ASHMORE EMERGING MARKETS CORPORATE DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net Assets | |
Russian Federation - (continued) | | | | | | | | | | | | | | |
Vnesheconombank Via VEB Finance PLC 5.942%, 11/21/2023 | | | | | 1,250,000 | | | $ | 1,106,250 | | | | 0.37 | |
| | | | | | | | | 44,269,437 | | | | 14.96 | |
Saudi Arabia (Cost $301,137) | | | | | | | | | | | | | | |
SABIC Capital II B.V. 2.625%, 10/03/2018 | | | | | 300,000 | | | | 305,250 | | | | 0.10 | |
| | | | | | | | | 305,250 | | | | 0.10 | |
Singapore (Cost $463,672) | | | | | | | | | | | | | | |
SingTel Group Treasury Pte Ltd. 2.375%, 09/08/2017 | | | | | 255,000 | | | | 260,463 | | | | 0.09 | |
United Overseas Bank Ltd., FRN 2.875%, 10/17/2022 | | | | | 200,000 | | | | 203,620 | | | | 0.07 | |
| | | | | | | | | 464,083 | | | | 0.16 | |
South Africa (Cost $8,041,990) | | | | | | | | | | | | | | |
AngloGold Ashanti Holdings PLC 8.500%, 07/30/2020 | | | | | 505,000 | | | | 555,500 | | | | 0.19 | |
Edcon Holdings Ltd. 13.375%, 06/30/2019 | | EUR | | | 1,680,000 | | | | 471,786 | | | | 0.16 | |
Edcon Ltd. 9.500%, 03/01/2018 | | EUR | | | 3,156,000 | | | | 2,860,596 | | | | 0.97 | |
ICBC Standard Bank PLC 8.125%, 12/02/2019 | | | | | 685,000 | | | | 781,928 | | | | 0.26 | |
MTN Mauritius Investments Ltd. 4.755%, 11/11/2024 | | | | | 720,000 | | | | 739,915 | | | | 0.25 | |
| | | | | | | | | 5,409,725 | | | | 1.83 | |
South Korea (Cost $1,174,771) | | | | | | | | | | | | | | |
Korea Gas Corp. 2.875%, 07/29/2018 | | | | | 305,000 | | | | 314,551 | | | | 0.11 | |
Shinhan Bank 1.875%, 07/30/2018 | | | | | 300,000 | | | | 298,822 | | | | 0.10 | |
SK Innovation Co. Ltd. 3.625%, 08/14/2018 | | | | | 200,000 | | | | 207,339 | | | | 0.07 | |
Woori Bank 2.875%, 10/02/2018 | | | | | 350,000 | | | | 360,041 | | | | 0.12 | |
| | | | | | | | | 1,180,753 | | | | 0.40 | |
Thailand (Cost $1,351,297) | | | | | | | | | | | | | | |
Bangkok Bank PCL 3.875%, 09/27/2022 | | | | | 300,000 | | | | 313,316 | | | | 0.10 | |
PTT Global Chemical PCL 4.250%, 09/19/2022 | | | | | 510,000 | | | | 535,422 | | | | 0.18 | |
Siam Commercial Bank Ltd. 3.375%, 09/19/2017 | | | | | 505,000 | | | | 520,658 | | | | 0.18 | |
| | | | | | | | | 1,369,396 | | | | 0.46 | |
Turkey (Cost $6,761,171) | | | | | | | | | | | | | | |
Akbank TAS 7.500%, 02/05/2018 | | TRY | | | 1,680,000 | | | | 567,144 | | | | 0.19 | |
Akbank TAS 4.000%, 01/24/2020 | | | | | 300,000 | | | | 291,672 | | | | 0.10 | |
Akbank TAS 5.125%, 03/31/2025(4) | | | | | 300,000 | | | | 293,250 | | | | 0.10 | |
KOC Holding A.S. 3.500%, 04/24/2020 | | | | | 600,000 | | | | 585,000 | | | | 0.20 | |
Tupras Turkiye Petrol Rafinerileri A.S. 4.125%, 05/02/2018 | | | | | 740,000 | | | | 742,516 | | | | 0.25 | |
Turk Telekomunikasyon A.S. 4.875%, 06/19/2024 | | | | | 245,000 | | | | 245,029 | | | | 0.08 | |
Turkiye Garanti Bankasi A.S. 7.375%, 03/07/2018 | | TRY | | | 1,720,000 | | | | 576,369 | | | | 0.20 | |
Turkiye Garanti Bankasi A.S. 4.750%, 10/17/2019 | | | | | 555,000 | | | | 559,468 | | | | 0.19 | |
Turkiye Garanti Bankasi A.S. 6.250%, 04/20/2021 | | | | | 200,000 | | | | 213,500 | | | | 0.07 | |
Turkiye Is Bankasi 5.500%, 04/21/2019 | | | | | 375,000 | | | | 388,275 | | | | 0.13 | |
Turkiye Is Bankasi 5.000%, 04/30/2020 | | | | | 300,000 | | | | 301,512 | | | | 0.10 | |
Turkiye Is Bankasi 6.000%, 10/24/2022 | | | | | 990,000 | | | | 981,338 | | | | 0.33 | |
Yuksel Insaat A.S. 9.500%, 11/10/2015 | | | | | 900,000 | | | | 576,180 | | | | 0.20 | |
| | | | | | | | | 6,321,253 | | | | 2.14 | |
Ukraine (Cost $26,545,525) | | | | | | | | | | | | | | |
Avangardco Investments Public Ltd. 10.000%, 10/29/2015 | | | | | 2,120,000 | | | | 932,800 | | | | 0.31 | |
Commercial Bank Privatbank JSC Via Standard Bank 5.799%, 02/09/2016 | | | | | 720,000 | | | | 216,000 | | | | 0.07 | |
DTEK Finance PLC 10.375%, 03/28/2018 | | | | | 1,140,000 | | | | 712,500 | | | | 0.24 | |
DTEK Finance PLC 7.875%, 04/04/2018 | | | | | 5,800,000 | | | | 2,610,000 | | | | 0.88 | |
Ferrexpo Finance PLC 7.875%, 04/07/2016 | | | | | 833,000 | | | | 678,895 | | | | 0.23 | |
Ferrexpo Finance PLC 10.375%, 04/07/2019 | | | | | 1,872,000 | | | | 1,478,880 | | | | 0.50 | |
Metinvest B.V. 10.500%, 11/28/2017 | | | | | 2,500,000 | | | | 1,500,000 | | | | 0.51 | |
Metinvest B.V. 8.750%, 02/14/2018 | | | | | 4,400,000 | | | | 2,596,000 | | | | 0.88 | |
See accompanying notes to the financial statements.
59
ASHMORE EMERGING MARKETS CORPORATE DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Ukraine - (continued) | | | | | | | | | | | | | | |
MHP S.A. 8.250%, 04/02/2020 | | | | | 4,340,000 | | | $ | 3,472,000 | | | | 1.17 | |
Mriya Agro Holding PLC 9.450%, 04/19/2018(6) | | | | | 2,000,000 | | | | 200,000 | | | | 0.07 | |
NTRP Via Interpipe Ltd. 10.250%, 08/02/2017 | | | | | 200,000 | | | | 49,200 | | | | 0.02 | |
Oschadbank Via SSB #1 PLC 8.875%, 03/20/2018 | | | | | 755,000 | | | | 491,883 | | | | 0.17 | |
Privatbank CJSC Via UK SPV Credit Finance PLC 9.375%, 09/23/2015 | | | | | 545,000 | | | | 332,450 | | | | 0.11 | |
Ukrlandfarming PLC 10.875%, 03/26/2018 | | | | | 4,445,000 | | | | 2,222,500 | | | | 0.75 | |
| | | | | | | | | 17,493,108 | | | | 5.91 | |
United Arab Emirates (Cost $11,606,306) | | | | | | | | | | | | | | |
Abu Dhabi National Energy Co. PJSC 2.500%, 01/12/2018 | | | | | 415,000 | | | | 422,263 | | | | 0.14 | |
Abu Dhabi National Energy Co. PJSC 5.875%, 12/13/2021 | | | | | 270,000 | | | | 319,275 | | | | 0.11 | |
ADCB Finance Cayman Ltd. 4.500%, 03/06/2023 | | | | | 235,000 | | | | 243,519 | | | | 0.08 | |
ADCB Finance Cayman Ltd., FRN 3.125%, 05/28/2023 | | | | | 400,000 | | | | 398,500 | | | | 0.14 | |
Dana Gas Sukuk Ltd. 9.000%, 10/31/2017 | | | | | 516,150 | | | | 412,920 | | | | 0.14 | |
DP World Ltd. 6.850%, 07/02/2037 | | | | | 1,150,000 | | | | 1,293,474 | | | | 0.44 | |
DP World Sukuk Ltd. 6.250%, 07/02/2017 | | | | | 690,000 | | | | 746,338 | | | | 0.25 | |
Dubai Electricity & Water Authority 6.375%, 10/21/2016 | | | | | 200,000 | | | | 214,000 | | | | 0.07 | |
Dubai Electricity & Water Authority 7.375%, 10/21/2020 | | | | | 285,000 | | | | 349,339 | | | | 0.12 | |
Dubai Holding Commercial Operations MTN Ltd. 6.000%, 02/01/2017 | | GBP | | | 1,750,000 | | | | 2,759,853 | | | | 0.93 | |
Emaar Sukuk Ltd. 6.400%, 07/18/2019 | | | | | 500,000 | | | | 566,250 | | | | 0.19 | |
EMG Sukuk Ltd. 4.564%, 06/18/2024 | | | | | 650,000 | | | | 683,878 | | | | 0.23 | |
Emirates NBD PJSC 3.250%, 11/19/2019 | | | | | 500,000 | | | | 505,625 | | | | 0.17 | |
Emirates Telecommunications Corp. 3.500%, 06/18/2024 | | | | | 650,000 | | | | 684,125 | | | | 0.23 | |
MAF Global Securities Ltd. 5.250%, 07/05/2019 | | | | | 545,000 | | | | 596,775 | | | | 0.20 | |
MAF Global Securities Ltd. 4.750%, 05/07/2024 | | | | | 440,000 | | | | 463,804 | | | | 0.16 | |
Sukuk Funding No. 3 Ltd. 4.348%, 12/03/2018 | | | | | 750,000 | | | | 791,737 | | | | 0.27 | |
| | | | | | | | | 11,451,675 | | | | 3.87 | |
Venezuela (Cost $9,104,642) | | | | | | | | | | | | | | |
Petroleos de Venezuela S.A. 5.000%, 10/28/2015 | | | | | 922,018 | | | | 904,500 | | | | 0.30 | |
Petroleos de Venezuela S.A. 5.125%, 10/28/2016 | | | | | 3,080,000 | | | | 2,263,800 | | | | 0.76 | |
Petroleos de Venezuela S.A. 8.500%, 11/02/2017 | | | | | 6,030,000 | | | | 4,664,205 | | | | 1.58 | |
Petroleos de Venezuela S.A. 9.750%, 05/17/2035 | | | | | 5,260,000 | | | | 2,566,354 | | | | 0.87 | |
| | | | | | | | | 10,398,859 | | | | 3.51 | |
Vietnam (Cost $1,306,193) | | | | | | | | | | | | | | |
Vingroup JSC 11.625%, 05/07/2018 | | | | | 1,205,000 | | | | 1,305,937 | | | | 0.44 | |
| | | | | | | | | 1,305,937 | | | | 0.44 | |
Total Debt Securities (Cost $281,840,529) | | | | | | | | | 260,284,736 | | | | 87.96 | |
| | | | |
Bank Loans | | | | | | | | | | | | | | |
| | | | |
China (Cost $12,670) | | | | | | | | | | | | | | |
Far East Energy Bermuda Ltd. 25.000%, 06/01/2015 | | | | | 5,000 | | | | 5,000 | | | | — | |
Far East Energy Bermuda Ltd. 20.000%, 10/08/2015 | | | | | 7,698 | | | | 7,698 | | | | 0.01 | |
Far East Energy Bermuda Ltd. 20.000%, 10/08/2015(5) | | | | | 10,414 | | | | — | | | | — | |
| | | | | | | | | 12,698 | | | | 0.01 | |
Czech Republic (Cost $569,811) | | | | | | | | | | | | | | |
New World Resources N.V. 4.081%, 10/07/2016(2) | | EUR | | | 449,999 | | | | 505,282 | | | | 0.17 | |
| | | | | | | | | 505,282 | | | | 0.17 | |
United Arab Emirates (Cost $7,452,231) | | | | | | | | | | | | | | |
DP World Ltd. 2.500%, 09/30/2018(2) | | | | | 6,301,469 | | | | 5,356,249 | | | | 1.81 | |
DP World Ltd. 3.000%, 09/30/2018(2) | | | | | 1,489,802 | | | | 1,266,332 | | | | 0.43 | |
Dubai Drydocks World LLC, FRN 4.273%, 10/18/2017 | | | | | 1,083,574 | | | | 834,352 | | | | 0.28 | |
See accompanying notes to the financial statements.
60
ASHMORE EMERGING MARKETS CORPORATE DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
United Arab Emirates - (continued) | | | | | | | | | | | | | | |
Dubai Drydocks World LLC 1.000%, 10/18/2027 | | | | | 1,796,723 | | | $ | 296,459 | | | | 0.10 | |
| | | | | | | | | 7,753,392 | | | | 2.62 | |
Total Bank Loans (Cost $8,034,712) | | | | | | | | | 8,271,372 | | | | 2.80 | |
| | | | |
| | | | | Shares | | | Value | | | % of Net
Assets | |
Equity Securities | | | | | | | | | | | | | | |
| | | | |
China (Cost $ — ) | | | | | | | | | | | | | | |
Emerald Plantation Holdings Ltd.(2) | | | | | 78,275 | | | $ | 26,613 | | | | 0.01 | |
| | | | | | | | | 26,613 | | | | 0.01 | |
Czech Republic (Cost $1,093,253) | | | | | | | | | | | | | | |
New World Resources N.V.(3)(4)(5) | | EUR | | | 101,612 | | | | — | | | | — | |
New World Resources PLC, Class A | | GBP | | | 36,580,138 | | | | 412,987 | | | | 0.14 | |
| | | | | | | | | 412,987 | | | | 0.14 | |
Russian Federation (Cost $677,159) | | | | | | | | | | | | | | |
Petropavlovsk PLC | | GBP | | | 8,743,016 | | | | 844,447 | | | | 0.28 | |
| | | | | | | | | 844,447 | | | | 0.28 | |
Total Equity Securities (Cost $1,770,412) | | | | | | | | | 1,284,047 | | | | 0.43 | |
| | | | |
| | | | | Number
of
Warrants | | | Value | | | % of Net Assets | |
Warrants | | | | | | | | | | | | | | |
| | | | |
China (Cost $3,926) | | | | | | | | | | | | | | |
Far East Energy Bermuda Ltd., Exp. 12/31/2017,
Strike Price $11.92(3)(4) | | | | | 186,955 | | | $ | 3,178 | | | | — | |
| | | | |
Total Warrants (Cost $3,926) | | | | | | | | | 3,178 | | | | — | |
| | | | |
Total Investments (Total Cost $291,649,579) | | | | | | | | | 269,843,333 | | | | 91.19 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | 26,077,491 | | | | 8.81 | |
| | | | |
Net Assets | | | | | | | | $ | 295,920,824 | | | | 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) | Restricted security that has been deemed illiquid. At April 30, 2015, the value of these restricted illiquid securities amounted to $1,068,087 or 0.4% of net assets. Additional information on each restricted illiquid security is as follows: |
| | | | | | | | | | |
| | | ACQUISITION | | |
| | | AND | | |
| | | ENFORCEABLE | | |
| SECURITY | | DATE | | ACQUISITION COST |
BBVA Colombia S.A., 4.875%, 04/21/2025 | | 04/16/2015 | | | $ | 399,656 | |
Empresa Electrica Guacolda S.A., 4.560%, 04/30/2025 | | 04/23/2015 | | | | 399,776 | |
Far East Energy Bermuda Ltd., 13.000%, 01/15/2016 | | 01/14/2013-01/05/2015 | | | | 259,981 | |
Far East Energy Bermuda Ltd., Exp. 12/31/2017, Strike Price $11.92 | | 01/14/2013 | | | | 3,926 | |
See accompanying notes to the financial statements.
61
ASHMORE EMERGING MARKETS CORPORATE DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | |
| | | ACQUISITION | | |
| | | AND | | |
| | | ENFORCEABLE | | |
| SECURITY | | DATE | | ACQUISITION COST |
New World Resources N.V. | | 10/07/2014 | | $ — |
Sino-Forest Corp., 5.000%, 08/01/2013 | | 01/31/2013 | | — |
Sino-Forest Corp., 10.250%, 07/28/2014 | | 01/31/2013 | | — |
Sino-Forest Corp., 4.250%, 12/15/2016 | | 01/31/2013 | | — |
Sino-Forest Corp., 6.250%, 10/21/2017 | | 01/31/2013 | | — |
| (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 has been deemed worthless and is a Level 3 investment. (6) Issuer has defaulted on terms of debt obligation. |
| (7) | Security is a payment in-kind bond, unless otherwise noted in the description of the security. |
Percentages shown are based on net assets.
At April 30, 2015, 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) | |
05/05/2015 | | BNP Paribas | | Brazilian Real | | | 25,160 | | | United States Dollar | | | 8,694 | | | | $(358) | |
05/05/2015 | | HSBC Bank | | Brazilian Real | | | 4,242,240 | | | United States Dollar | | | 1,440,000 | | | | (34,548) | |
05/05/2015 | | Goldman Sachs | | United States Dollar | | | 661,963 | | | Brazilian Real | | | 2,126,657 | | | | (42,597) | |
05/05/2015 | | HSBC Bank | | United States Dollar | | | 113,411 | | | Brazilian Real | | | 364,899 | | | | (7,480) | |
05/05/2015 | | Morgan Stanley | | United States Dollar | | | 554,155 | | | Brazilian Real | | | 1,775,844 | | | | (34,182) | |
05/22/2015 | | BNP Paribas | | United States Dollar | | | 238,153 | | | British Pound | | | 157,283 | | | | (3,237) | |
05/22/2015 | | BNP Paribas | | United States Dollar | | | 3,613,009 | | | British Pound | | | 2,468,525 | | | | (175,561) | |
05/22/2015 | | JP Morgan | | United States Dollar | | | 9,501,246 | | | Euro | | | 9,006,133 | | | | (614,263) | |
05/22/2015 | | Merrill Lynch | | United States Dollar | | | 144,195 | | | Euro | | | 135,300 | | | | (7,772) | |
07/31/2015 | | HSBC Bank | | Chilean Peso | | | 559,500 | | | United States Dollar | | | 897 | | | | 10 | |
07/31/2015 | | JP Morgan | | Colombian Peso | | | 1,965,325,492 | | | United States Dollar | | | 804,143 | | | | 13,079 | |
07/31/2015 | | JP Morgan | | United States Dollar | | | 591,518 | | | Colombian Peso | | | 1,478,795,719 | | | | (23,394) | |
07/31/2015 | | JP Morgan | | United States Dollar | | | 867,536 | | | Colombian Peso | | | 2,185,974,912 | | | | (41,436) | |
07/31/2015 | | HSBC Bank | | United States Dollar | | | 1,266,793 | | | Mexican Peso | | | 19,679,876 | | | | (7,479) | |
07/31/2015 | | Merrill Lynch | | United States Dollar | | | 1,108,662 | | | Mexican Peso | | | 17,249,124 | | | | (8,218) | |
07/31/2015 | | Deutsche Bank | | United States Dollar | | | 1,135,159 | | | Turkish Lira | | | 3,181,965 | | | | (23,819) | |
| | | | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | | | | $(1,011,255) | |
| | | | | | | | | | | | | | | | | | |
See accompanying notes to the financial statements.
62
ASHMORE EMERGING MARKETS CORPORATE DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
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 April 30, 2015:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Debt Securities | | | | | | | | | | | | | | | | |
Corporate Bonds | | $ | — | | | $ | 251,760,369 | | | $ | — | | | $ | 251,760,369 | |
Corporate Convertible Bonds | | | — | | | | 1,629,693 | | | | — | | | | 1,629,693 | |
Government Agencies | | | — | | | | 3,693,550 | | | | — | | | | 3,693,550 | |
Financial Certificates | | | — | | | | 3,201,124 | | | | — | | | | 3,201,124 | |
| | | | | | | | | | | | | | | | |
Total Debt Securities | | | — | | | | 260,284,736 | | | | — | | | | 260,284,736 | |
Bank Loans | | | | | | | | | | | | | | | | |
China | | | — | | | | — | | | | 12,698 | | | | 12,698 | |
Czech Republic | | | — | | | | — | | | | 505,282 | | | | 505,282 | |
United Arab Emirates | | | — | | | | 7,753,392 | | | | — | | | | 7,753,392 | |
| | | | | | | | | | | | | | | | |
Total Bank Loans | | | — | | | | 7,753,392 | | | | 517,980 | | | | 8,271,372 | |
Common Stock | | | — | | | | 1,284,047 | | | | — | | | | 1,284,047 | |
Warrants | | | — | | | | 3,178 | | | | — | | | | 3,178 | |
Total Investments | | $ | — | | | $ | 269,325,353 | | | $ | 517,980 | | | $ | 269,843,333 | |
| | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 13,089 | | | $ | — | | | $ | 13,089 | |
Liabilities: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | — | | | | (1,024,344) | | | | — | | | | (1,024,344) | |
Total Other Financial Instruments | | $ | — | | | $ | (1,011,255) | | | $ | — | | | $ | (1,011,255) | |
The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2015, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2014. 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 reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Category and Subcategory | | Beginning Balance at 10/31/2014 | | | Purchases | | | Sales | | | Change in Unrealized Appreciation/ (Depreciation) | | | Amortization | | | Transfer into Level 3 | | | Transfer out of Level 3 | | | Ending Balance at 4/30/2015 | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
China | | $ | — | | | $ | 12,636 | | | $ | — | | | $ | 28 | | | $ | 34 | | | $ | — | | | $ | — | | | $ | 12,698 | |
Czech Republic | | | 563,916 | | | | — | | | | — | | | | (58,634 | ) | | | — | | | | — | | | | — | | | | 505,282 | |
Total | | $ | 563,916 | | | $ | 12,636 | | | $ | — | | | $ | (58,606 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | 517,980 | |
See accompanying notes to the financial statements.
63
ASHMORE EMERGING MARKETS CORPORATE DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
See the table on “Quantitative information about Fair Value measurement” for information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2015.
| | | | | | | | |
| Quantitative Information about Level 3 Fair Value Measurements |
| | | Fair Value at
04/30/2015 | | Valuation
Technique | | Unobservable
Input | | Actual |
Bank Loans | | $517,980 | | At cost plus
accrued interest | | Loan Terms | | N/A |
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2015:
| | |
| | | Derivatives Not Accounted
for as Hedging Instruments |
| | Foreign Exchange |
Assets: | | |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | $ 13,089 |
| |
Liabilities: | | |
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | $ (1,024,344) |
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2015:
| | | | | |
| | | 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 | | $ 2,275,192 |
| |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | |
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | $ (1,164,708) |
* See note 10 in the Notes to the Financial Statements for additional information.
At April 30, 2015, 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 | | $ | 293,099,547 | |
Gross tax appreciation of investments | | | 6,034,328 | |
Gross tax depreciation of investments | | | (29,290,542) | |
Net tax depreciation of investments | | $ | (23,256,214) | |
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.
64
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Debt Securities | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $5,247,571) | | | | | | | | | | | | | | |
Brazil Letras do Tesouro Nacional 9.836%, 01/01/2018(2) | | BRL | | | 70,000 | | | $ | 16,703 | | | | 0.02 | |
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2023 | | BRL | | | 11,783,000 | | | | 3,408,967 | | | | 3.72 | |
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2025 | | BRL | | | 2,291,000 | | | | 648,249 | | | | 0.71 | |
| | | | | | | | | 4,073,919 | | | | 4.45 | |
Chile (Cost $229,160) | | | | | | | | | | | | | | |
Bonos de la Tesoreria de la Republica en pesos 6.000%, 01/01/2020 | | CLP | | | 20,000,000 | | | | 35,337 | | | | 0.04 | |
Chile (Rep of) 5.500%, 08/05/2020 | | CLP | | | 81,000,000 | | | | 141,864 | | | | 0.15 | |
| | | | | | | | | 177,201 | | | | 0.19 | |
Colombia (Cost $6,689,655) | | | | | | | | | | | | | | |
Colombia (Rep of) 12.000%, 10/22/2015 | | COP | | | 585,000,000 | | | | 253,225 | | | | 0.28 | |
Colombia (Rep of) 7.750%, 04/14/2021 | | COP | | | 1,286,000,000 | | | | 606,828 | | | | 0.66 | |
Colombia (Rep of) 4.375%, 03/21/2023 | | COP | | | 369,000,000 | | | | 144,068 | | | | 0.16 | |
Colombian TES 7.250%, 06/15/2016 | | COP | | | 81,600,000 | | | | 35,148 | | | | 0.04 | |
Colombian TES 7.000%, 09/11/2019 | | COP | | | 856,400,000 | | | | 379,806 | | | | 0.41 | |
Colombian TES 10.000%, 07/24/2024 | | COP | | | 4,178,300,000 | | | | 2,140,889 | | | | 2.34 | |
Colombian TES 7.500%, 08/26/2026 | | COP | | | 2,358,600,000 | | | | 1,025,145 | | | | 1.12 | |
Colombian TES 6.000%, 04/28/2028 | | COP | | | 2,836,900,000 | | | | 1,061,964 | | | | 1.16 | |
| | | | | | | | | 5,647,073 | | | | 6.17 | |
Hungary (Cost $2,413,557) | | | | | | | | | | | | | | |
Hungary (Rep of) 6.750%, 02/24/2017 | | HUF | | | 59,910,000 | | | | 240,794 | | | | 0.26 | |
Hungary (Rep of) 6.750%, 11/24/2017 | | HUF | | | 197,900,000 | | | | 820,002 | | | | 0.90 | |
Hungary (Rep of) 6.500%, 06/24/2019 | | HUF | | | 78,810,000 | | | | 333,220 | | | | 0.36 | |
Hungary (Rep of) 7.000%, 06/24/2022 | | HUF | | | 88,190,000 | | | | 400,014 | | | | 0.44 | |
Hungary (Rep of) 6.000%, 11/24/2023 | | HUF | | | 99,280,000 | | | | 436,851 | | | | 0.48 | |
| | | | | | | | | 2,230,881 | | | | 2.44 | |
Indonesia (Cost $3,910,878) | | | | | | | | | | | | | | |
Indonesia (Rep of) 7.875%, 04/15/2019 | | IDR | | | 9,616,000,000 | | | | 749,228 | | | | 0.82 | |
Indonesia (Rep of) 11.000%, 11/15/2020 | | IDR | | | 1,200,000,000 | | | | 106,330 | | | | 0.12 | |
Indonesia (Rep of) 8.375%, 03/15/2024 | | IDR | | | 9,445,000,000 | | | | 759,826 | | | | 0.83 | |
Indonesia (Rep of) 7.000%, 05/15/2027 | | IDR | | | 422,000,000 | | | | 30,395 | | | | 0.03 | |
Indonesia (Rep of) 9.000%, 03/15/2029 | | IDR | | | 14,608,000,000 | | | | 1,233,260 | | | | 1.35 | |
Indonesia (Rep of) 8.250%, 06/15/2032 | | IDR | | | 1,145,000,000 | | | | 89,631 | | | | 0.10 | |
Indonesia (Rep of) 6.625%, 05/15/2033 | | IDR | | | 7,211,000,000 | | | | 478,237 | | | | 0.52 | |
Indonesia (Rep of) 8.375%, 03/15/2034 | | IDR | | | 2,546,000,000 | | | | 202,551 | | | | 0.22 | |
| | | | | | | | | 3,649,458 | | | | 3.99 | |
Malaysia (Cost $5,974,453) | | | | | | | | | | | | | | |
Malaysia (Rep of) 3.394%, 03/15/2017 | | MYR | | | 1,651,000 | | | | 464,326 | | | | 0.51 | |
Malaysia (Rep of) 3.580%, 09/28/2018 | | MYR | | | 1,895,000 | | | | 534,323 | | | | 0.58 | |
Malaysia (Rep of) 3.654%, 10/31/2019 | | MYR | | | 1,195,000 | | | | 336,549 | | | | 0.37 | |
Malaysia (Rep of) 4.378%, 11/29/2019 | | MYR | | | 751,000 | | | | 217,739 | | | | 0.24 | |
Malaysia (Rep of) 3.492%, 03/31/2020 | | MYR | | | 2,824,000 | | | | 787,194 | | | | 0.86 | |
Malaysia (Rep of) 3.659%, 10/15/2020 | | MYR | | | 1,043,000 | | | | 293,789 | | | | 0.32 | |
Malaysia (Rep of) 4.160%, 07/15/2021 | | MYR | | | 845,000 | | | | 242,725 | | | | 0.27 | |
Malaysia (Rep of) 4.048%, 09/30/2021 | | MYR | | | 646,000 | | | | 184,157 | | | | 0.20 | |
Malaysia (Rep of) 3.795%, 09/30/2022 | | MYR | | | 614,000 | | | | 172,935 | | | | 0.19 | |
Malaysia (Rep of) 3.480%, 03/15/2023 | | MYR | | | 441,000 | | | | 120,732 | | | | 0.13 | |
Malaysia (Rep of) 4.181%, 07/15/2024 | | MYR | | | 438,000 | | | | 125,838 | | | | 0.14 | |
See accompanying notes to the financial statements.
65
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net Assets | |
Malaysia - (continued) | | | | | | | | | | | | | | |
Malaysia (Rep of) 3.955%, 09/15/2025 | | MYR | | | 2,351,000 | | | $ | 665,444 | | | | 0.73 | |
Malaysia (Rep of) 4.392%, 04/15/2026 | | MYR | | | 770,000 | | | | 223,823 | | | | 0.25 | |
Malaysia (Rep of) 4.498%, 04/15/2030 | | MYR | | | 630,000 | | | | 185,809 | | | | 0.20 | |
Malaysia (Rep of) 4.935%, 09/30/2043 | | MYR | | | 669,000 | | | | 198,363 | | | | 0.22 | |
Malaysia Government Investment Issue 4.194%, 07/15/2022 | | MYR | | | 1,320,000 | | | | 378,735 | | | | 0.41 | |
Malaysia Government Investment Issue 3.990%, 10/15/2025 | | MYR | | | 1,705,000 | | | | 479,835 | | | | 0.52 | |
| | | | | | | | | 5,612,316 | | | | 6.14 | |
Mexico (Cost $6,930,067) | | | | | | | | | | | | | | |
Mexican Bonos 6.500%, 06/09/2022 | | MXN | | | 15,210,000 | | | | 1,035,919 | | | | 1.13 | |
Mexican Bonos 8.000%, 12/07/2023 | | MXN | | | 10,160,000 | | | | 755,340 | | | | 0.83 | |
Mexican Bonos 10.000%, 12/05/2024 | | MXN | | | 33,610,000 | | | | 2,837,250 | | | | 3.10 | |
Mexican Bonos 7.500%, 06/03/2027 | | MXN | | | 11,810,000 | | | | 856,019 | | | | 0.94 | |
Mexican Udibonos 4.000%, 11/15/2040 | | MXN | | | 2,300,000 | | | | 872,494 | | | | 0.95 | |
Petroleos Mexicanos 7.190%, 09/12/2024 | | MXN | | | 2,540,000 | | | | 160,592 | | | | 0.18 | |
| | | | | | | | | 6,517,614 | | | | 7.13 | |
Peru (Cost $1,292,323) | | | | | | | | | | | | | | |
Peru (Rep of) 5.700%, 08/12/2024 | | PEN | | | 880,000 | | | | 277,257 | | | | 0.30 | |
Peru (Rep of) 8.200%, 08/12/2026 | | PEN | | | 1,315,000 | | | | 490,708 | | | | 0.54 | |
Peru (Rep of) 6.950%, 08/12/2031 | | PEN | | | 164,000 | | | | 54,195 | | | | 0.06 | |
Peru (Rep of) 6.900%, 08/12/2037 | | PEN | | | 824,000 | | | | 267,501 | | | | 0.29 | |
Peru (Rep of) 6.850%, 02/12/2042 | | PEN | | | 174,000 | | | | 55,396 | | | | 0.06 | |
| | | | | | | | | 1,145,057 | | | | 1.25 | |
Philippines (Cost $660,573) | | | | | | | | | | | | | | |
Philippines (Rep of) 4.950%, 01/15/2021 | | PHP | | | 5,000,000 | | | | 120,284 | | | | 0.13 | |
Philippines (Rep of) 3.900%, 11/26/2022 | | PHP | | | 10,000,000 | | | | 227,038 | | | | 0.25 | |
Philippines (Rep of) 6.250%, 01/14/2036 | | PHP | | | 10,000,000 | | | | 263,081 | | | | 0.29 | |
| | | | | | | | | 610,403 | | | | 0.67 | |
Poland (Cost $3,776,694) | | | | | | | | | | | | | | |
Poland (Rep of) 3.000%, 08/24/2016 | | PLN | | | 537,000 | | | | 194,366 | | | | 0.21 | |
Poland (Rep of) 4.750%, 04/25/2017 | | PLN | | | 653,000 | | | | 192,117 | | | | 0.21 | |
Poland (Rep of) 3.250%, 07/25/2019 | | PLN | | | 1,729,000 | | | | 501,575 | | | | 0.55 | |
Poland (Rep of) 5.750%, 09/23/2022 | | PLN | | | 7,359,000 | | | | 2,493,578 | | | | 2.72 | |
Poland (Rep of) 2.750%, 08/25/2023 | | PLN | | | 324,000 | | | | 117,890 | | | | 0.13 | |
Poland (Rep of) 4.000%, 10/25/2023 | | PLN | | | 140,000 | | | | 43,102 | | | | 0.05 | |
| | | | | | | | | 3,542,628 | | | | 3.87 | |
Romania (Cost $927,558) | | | | | | | | | | | | | | |
Romania (Rep of) 5.900%, 07/26/2017 | | RON | | | 880,000 | | | | 243,324 | | | | 0.27 | |
Romania (Rep of) 5.600%, 11/28/2018 | | RON | | | 170,000 | | | | 48,323 | | | | 0.05 | |
Romania (Rep of) 4.750%, 06/24/2019 | | RON | | | 160,000 | | | | 44,482 | | | | 0.05 | |
Romania (Rep of) 5.750%, 04/29/2020 | | RON | | | 1,140,000 | | | | 332,936 | | | | 0.36 | |
Romania (Rep of) 5.950%, 06/11/2021 | | RON | | | 600,000 | | | | 178,751 | | | | 0.20 | |
| | | | | | | | | 847,816 | | | | 0.93 | |
Russian Federation (Cost $6,813,565) | | | | | | | | | | | | | | |
Russian Federal Bond - OFZ 6.900%, 08/03/2016 | | RUB | | | 8,387,000 | | | | 155,563 | | | | 0.17 | |
Russian Federal Bond - OFZ 7.400%, 04/19/2017 | | RUB | | | 21,057,000 | | | | 386,311 | | | | 0.42 | |
Russian Federal Bond - OFZ 7.400%, 06/14/2017 | | RUB | | | 19,923,000 | | | | 364,539 | | | | 0.40 | |
Russian Federal Bond - OFZ 6.200%, 01/31/2018 | | RUB | | | 19,442,000 | | | | 336,111 | | | | 0.37 | |
Russian Federal Bond - OFZ 7.500%, 03/15/2018 | | RUB | | | 32,707,000 | | | | 584,802 | | | | 0.64 | |
Russian Federal Bond - OFZ 7.500%, 02/27/2019 | | RUB | | | 7,572,000 | | | | 131,933 | | | | 0.14 | |
Russian Federal Bond - OFZ 6.700%, 05/15/2019 | | RUB | | | 8,249,000 | | | | 138,764 | | | | 0.15 | |
Russian Federal Bond - OFZ 6.800%, 12/11/2019 | | RUB | | | 15,809,000 | | | | 263,944 | | | | 0.29 | |
See accompanying notes to the financial statements.
66
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Russian Federation - (continued) | | | | | | | | | | | | | | |
Russian Federal Bond - OFZ 6.400%, 05/27/2020 | | RUB | | | 13,630,000 | | | $ | 220,287 | | | | 0.24 | |
Russian Federal Bond - OFZ 7.600%, 04/14/2021 | | RUB | | | 38,786,000 | | | | 655,846 | | | | 0.72 | |
Russian Federal Bond - OFZ 7.600%, 07/20/2022 | | RUB | | | 6,577,000 | | | | 108,595 | | | | 0.12 | |
Russian Federal Bond - OFZ 7.000%, 01/25/2023 | | RUB | | | 18,338,000 | | | | 290,147 | | | | 0.32 | |
Russian Federal Bond - OFZ 7.000%, 08/16/2023 | | RUB | | | 12,603,000 | | | | 196,500 | | | | 0.21 | |
Russian Federal Bond - OFZ 8.150%, 02/03/2027 | | RUB | | | 28,083,000 | | | | 466,142 | | | | 0.51 | |
Russian Federal Bond - OFZ 7.050%, 01/19/2028 | | RUB | | | 11,551,000 | | | | 171,572 | | | | 0.19 | |
| | | | | | | | | 4,471,056 | | | | 4.89 | |
South Africa (Cost $11,467,423) | | | | | | | | | | | | | | |
South Africa (Rep of) 8.000%, 12/21/2018 | | ZAR | | | 10,420,000 | | | | 896,928 | | | | 0.98 | |
South Africa (Rep of) 7.750%, 02/28/2023 | | ZAR | | | 19,160,000 | | | | 1,608,337 | | | | 1.76 | |
South Africa (Rep of) 10.500%, 12/21/2026 | | ZAR | | | 20,700,000 | | | | 2,071,174 | | | | 2.27 | |
South Africa (Rep of) 8.000%, 01/31/2030 | | ZAR | | | 6,990,000 | | | | 568,190 | | | | 0.62 | |
South Africa (Rep of) 7.000%, 02/28/2031 | | ZAR | | | 25,000,000 | | | | 1,840,286 | | | | 2.01 | |
South Africa (Rep of) 8.250%, 03/31/2032 | | ZAR | | | 9,420,000 | | | | 776,914 | | | | 0.85 | |
South Africa (Rep of) 6.250%, 03/31/2036 | | ZAR | | | 9,660,000 | | | | 632,161 | | | | 0.69 | |
South Africa (Rep of) 8.500%, 01/31/2037 | | ZAR | | | 6,640,000 | | | | 552,981 | | | | 0.61 | |
South Africa (Rep of) 6.500%, 02/28/2041 | | ZAR | | | 5,020,000 | | | | 331,635 | | | | 0.36 | |
South Africa (Rep of) 8.750%, 02/28/2048 | | ZAR | | | 11,160,000 | | | | 950,588 | | | | 1.04 | |
Transnet SOC Ltd. 9.500%, 05/13/2021 | | ZAR | | | 2,200,000 | | | | 185,073 | | | | 0.20 | |
| | | | | | | | | 10,414,267 | | | | 11.39 | |
Thailand (Cost $4,407,634) | | | | | | | | | | | | | | |
Thailand (Rep of) 3.875%, 06/13/2019 | | THB | | | 30,711,000 | | | | 1,002,851 | | | | 1.10 | |
Thailand (Rep of) 1.200%, 07/14/2021 | | THB | | | 17,400,000 | | | | 543,331 | | | | 0.59 | |
Thailand (Rep of) 3.650%, 12/17/2021 | | THB | | | 23,732,000 | | | | 780,355 | | | | 0.85 | |
Thailand (Rep of) 3.625%, 06/16/2023 | | THB | | | 17,052,000 | | | | 563,135 | | | | 0.62 | |
Thailand (Rep of) 3.850%, 12/12/2025 | | THB | | | 20,534,000 | | | | 700,679 | | | | 0.77 | |
Thailand (Rep of) 1.250%, 03/12/2028 | | THB | | | 10,000,000 | | | | 282,863 | | | | 0.31 | |
Thailand (Rep of) 4.675%, 06/29/2044 | | THB | | | 13,800,000 | | | | 503,427 | | | | 0.55 | |
| | | | | | | | | 4,376,641 | | | | 4.79 | |
Turkey (Cost $9,314,871) | | | | | | | | | | | | | | |
Turkey (Rep of) 10.700%, 02/24/2016 | | TRY | | | 890,000 | | | | 334,175 | | | | 0.37 | |
Turkey (Rep of) 8.200%, 07/13/2016 | | TRY | | | 1,276,000 | | | | 468,104 | | | | 0.51 | |
Turkey (Rep of) 8.300%, 06/20/2018 | | TRY | | | 2,042,000 | | | | 741,128 | | | | 0.81 | |
Turkey (Rep of) 10.400%, 03/27/2019 | | TRY | | | 1,464,000 | | | | 565,584 | | | | 0.62 | |
Turkey (Rep of) 9.500%, 01/12/2022 | | TRY | | | 1,277,000 | | | | 482,590 | | | | 0.53 | |
Turkey (Rep of) 3.000%, 02/23/2022 | | TRY | | | 1,657,000 | | | | 808,264 | | | | 0.88 | |
Turkey (Rep of) 8.500%, 09/14/2022 | | TRY | | | 1,575,000 | | | | 567,963 | | | | 0.62 | |
Turkey (Rep of) 7.100%, 03/08/2023 | | TRY | | | 3,245,000 | | | | 1,069,687 | | | | 1.17 | |
Turkey (Rep of) 8.800%, 09/27/2023 | | TRY | | | 2,190,000 | | | | 799,760 | | | | 0.87 | |
Turkey (Rep of) 10.400%, 03/20/2024 | | TRY | | | 864,000 | | | | 347,527 | | | | 0.38 | |
Turkey (Rep of) 9.000%, 07/24/2024 | | TRY | | | 3,264,000 | | | | 1,215,176 | | | | 1.33 | |
| | | | | | | | | 7,399,958 | | | | 8.09 | |
Uruguay (Cost $1,676,672) | | | | | | | | | | | | | | |
Uruguay (Rep of) 5.000%, 09/14/2018(3) | | UYU | | | 5,200,000 | | | | 392,369 | | | | 0.43 | |
Uruguay (Rep of) 4.250%, 04/05/2027 | | UYU | | | 1,929,000 | | | | 133,679 | | | | 0.15 | |
Uruguay (Rep of) 4.375%, 12/15/2028 | | UYU | | | 7,500,000 | | | | 377,690 | | | | 0.41 | |
Uruguay (Rep of) 3.700%, 06/26/2037 | | UYU | | | 3,970,000 | | | | 243,768 | | | | 0.27 | |
Uruguay Notas del Tesoro 3.250%, 01/27/2019 | | UYU | | | 700,000 | | | | 77,509 | | | | 0.08 | |
| | | | | | | | | 1,225,015 | | | | 1.34 | |
Total Debt Securities (Cost $71,732,654) | | | | | | | | | 61,941,303 | | | | 67.73 | |
| | | | |
Total Investments in Securities (Cost $71,732,654) | | | | | | | | | 61,941,303 | | | | 67.73 | |
See accompanying notes to the financial statements.
67
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net Assets | |
Fully Funded Total Return Swaps | | | | | | | | | | | | | | |
| | | | |
Indonesia (Cost $3,917,166) | | | | | | | | | | | | | | |
Indonesia (Rep of), Issued by ANZ Banking Corp., 8.375%, 03/15/2024 | | IDR | | | 10,500,000,000 | | | $ | 844,698 | | | | 0.92 | |
Indonesia (Rep of), Issued by ANZ Banking Corp., 10.500%, 08/15/2030 | | IDR | | | 600,000,000 | | | | 56,312 | | | | 0.06 | |
Indonesia (Rep of), Issued by ANZ Banking Corp., 8.375%, 03/15/2034 | | IDR | | | 5,610,000,000 | | | | 446,312 | | | | 0.49 | |
Indonesia (Rep of), Issued by ANZ Banking Corp., 7.875%, 04/15/2019 | | IDR | | | 1,456,000,000 | | | | 113,444 | | | | 0.13 | |
Indonesia (Rep of), Issued by Deutsche Bank, 8.375%, 03/15/2034 | | IDR | | | 6,412,000,000 | | | | 510,116 | | | | 0.56 | |
Indonesia (Rep of), Issued by HSBC, 10.500%, 08/15/2030 | | IDR | | | 2,180,000,000 | | | | 204,598 | | | | 0.22 | |
Indonesia (Rep of), Issued by HSBC, 8.250%, 06/15/2032 | | IDR | | | 30,000,000 | | | | 2,348 | | | | — | |
Indonesia (Rep of), Issued by Standard Chartered, 8.375%, 03/15/2024 | | IDR | | | 2,600,000,000 | | | | 209,163 | | | | 0.23 | |
Indonesia (Rep of), Issued by Standard Chartered, 7.000%, 05/15/2027 | | IDR | | | 10,198,000,000 | | | | 734,525 | | | | 0.80 | |
Indonesia (Rep of), Issued by Standard Chartered, 10.500%, 08/15/2030 | | IDR | | | 1,064,000,000 | | | | 99,859 | | | | 0.11 | |
Indonesia (Rep of), Issued by Standard Chartered, 8.375%, 03/15/2034 | | IDR | | | 4,840,000,000 | | | | 385,053 | | | | 0.42 | |
| | | | | | | | | 3,606,428 | | | | 3.94 | |
Total Fully Funded Total Return Swaps (Cost $3,917,166) | | | | | | | | | 3,606,428 | | | | 3.94 | |
| | | | |
Total Investments (Total Cost $75,649,820) | | | | | | | | | 65,547,731 | | | | 71.67 | |
| | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | 25,907,549 | | | | 28.33 | |
| | | | |
Net Assets | | | | | | | | $ | 91,455,280 | | | | 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.
68
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
At April 30, 2015, 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) | |
05/04/2015 | | Standard Chartered | | Chinese Offshore Yuan | | | 7,307,150.00 | | | United States Dollar | | | 1,113,895.00 | | | | $62,560 | |
05/04/2015 | | Standard Chartered | | Chinese Offshore Yuan | | | 1,413,570 | | | United States Dollar | | | 213,337 | | | | 14,249 | |
05/04/2015 | | Standard Chartered | | United States Dollar | | | 1,340,000 | | | Chinese Offshore Yuan | | | 8,720,720 | | | | (64,040) | |
05/05/2015 | | Deutsche Bank | | Brazilian Real | | | 3,121,729 | | | United States Dollar | | | 980,000 | | | | 54,227 | |
05/05/2015 | | Goldman Sachs | | Brazilian Real | | | 7,251,529 | | | United States Dollar | | | 2,257,180 | | | | 145,248 | |
05/05/2015 | | HSBC Bank | | Brazilian Real | | | 2,963,375 | | | United States Dollar | | | 920,000 | | | | 61,765 | |
05/05/2015 | | HSBC Bank | | Brazilian Real | | | 1,244,243 | | | United States Dollar | | | 386,711 | | | | 25,506 | |
05/05/2015 | | HSBC Bank | | Brazilian Real | | | 5,450,100 | | | United States Dollar | | | 1,850,000 | | | | (44,384) | |
05/05/2015 | | Morgan Stanley | | Brazilian Real | | | 6,055,318 | | | United States Dollar | | | 1,889,571 | | | | 116,553 | |
05/05/2015 | | HSBC Bank | | United States Dollar | | | 1,975,983 | | | Brazilian Real | | | 5,772,833 | | | | 63,446 | |
05/05/2015 | | Morgan Stanley | | United States Dollar | | | 5,085,037 | | | Brazilian Real | | | 14,708,470 | | | | 212,128 | |
05/05/2015 | | Santander | | United States Dollar | | | 1,929,429 | | | Brazilian Real | | | 5,604,991 | | | | 72,498 | |
05/18/2015 | | Citibank | | Russian Ruble | | | 39,847,273 | | | United States Dollar | | | 590,000 | | | | 178,063 | |
05/18/2015 | | Citibank | | United States Dollar | | | 240,000 | | | Russian Ruble | | | 14,263,200 | | | | (34,926) | |
05/18/2015 | | HSBC Bank | | United States Dollar | | | 450,825 | | | Russian Ruble | | | 23,272,054 | | | | 2,252 | |
05/19/2015 | | Credit Suisse | | Peruvian Neuvo Sol | | | 1,093,750 | | | United States Dollar | | | 350,000 | | | | (1,698) | |
05/19/2015 | | Deutsche Bank | | Peruvian Neuvo Sol | | | 1,090,600 | | | United States Dollar | | | 350,000 | | | | (2,701) | |
05/19/2015 | | Standard Chartered | | Peruvian Neuvo Sol | | | 1,085,000 | | | United States Dollar | | | 346,093 | | | | (577) | |
05/19/2015 | | Morgan Stanley | | United States Dollar | | | 535,151 | | | Peruvian Neuvo Sol | | | 1,679,625 | | | | 278 | |
05/19/2015 | | Standard Chartered | | United States Dollar | | | 524,849 | | | Peruvian Neuvo Sol | | | 1,652,067 | | | | (1,248) | |
05/29/2015 | | Citibank | | Indian Rupee | | | 17,276,590 | | | United States Dollar | | | 272,824 | | | | (2,951) | |
05/29/2015 | | Citibank | | Indian Rupee | | | 17,084,959 | | | United States Dollar | | | 270,910 | | | | (4,031) | |
05/29/2015 | | Deutsche Bank | | Indian Rupee | | | 609,670 | | | United States Dollar | | | 9,618 | | | | (94) | |
05/29/2015 | | Merrill Lynch | | Indian Rupee | | | 13,705,181 | | | United States Dollar | | | 217,854 | | | | (3,769) | |
05/29/2015 | | Standard Chartered | | Indian Rupee | | | 20,856,388 | | | United States Dollar | | | 328,318 | | | | (2,526) | |
05/29/2015 | | Deutsche Bank | | Malaysian Ringgit | | | 3,012,670 | | | United States Dollar | | | 828,909 | | | | 13,106 | |
05/29/2015 | | UBS | | Malaysian Ringgit | | | 4,781,400 | | | United States Dollar | | | 1,317,553 | | | | 18,806 | |
05/29/2015 | | Morgan Stanley | | Polish Zloty | | | 5,188,763 | | | United States Dollar | | | 1,401,346 | | | | 38,572 | |
05/29/2015 | | Morgan Stanley | | Russian Ruble | | | 8,403,465 | | | United States Dollar | | | 133,952 | | | | 27,315 | |
05/29/2015 | | Morgan Stanley | | Russian Ruble | | | 15,294,600 | | | United States Dollar | | | 290,000 | | | | 3,511 | |
05/29/2015 | | ANZ | | Thai Baht | | | 25,631,790 | | | United States Dollar | | | 782,889 | | | | (6,095) | |
05/29/2015 | | Deutsche Bank | | Thai Baht | | | 7,781,889 | | | United States Dollar | | | 238,051 | | | | (2,214) | |
05/29/2015 | | Standard Chartered | | United States Dollar | | | 2,293,164 | | | Euro | | | 2,146,572 | | | | (118,049) | |
05/29/2015 | | BNP Paribas | | United States Dollar | | | 1,089,098 | | | Indian Rupee | | | 68,934,465 | | | | 12,292 | |
05/29/2015 | | Deutsche Bank | | United States Dollar | | | 454,900 | | | Indian Rupee | | | 28,781,523 | | | | 5,312 | |
05/29/2015 | | Barclays | | United States Dollar | | | 55,880 | | | Russian Ruble | | | 2,962,478 | | | | (972) | |
05/29/2015 | | Credit Suisse | | United States Dollar | | | 1,015,270 | | | Russian Ruble | | | 52,952,422 | | | | (914) | |
06/02/2015 | | HSBC Bank | | Brazilian Real | | | 5,772,833 | | | United States Dollar | | | 1,957,457 | | | | (64,143) | |
06/02/2015 | | Morgan Stanley | | Brazilian Real | | | 14,708,470 | | | United States Dollar | | | 5,037,061 | | | | (213,130) | |
06/02/2015 | | Santander | | Brazilian Real | | | 5,604,991 | | | United States Dollar | | | 1,911,270 | | | | (73,003) | |
06/02/2015 | | Morgan Stanley | | United States Dollar | | | 140,000 | | | Brazilian Real | | | 411,180 | | | | 5,145 | |
06/02/2015 | | Santander | | United States Dollar | | | 610,000 | | | Brazilian Real | | | 1,821,460 | | | | 12,616 | |
06/30/2015 | | Deutsche Bank | | Hungarian Forint | | | 316,756,106 | | | United States Dollar | | | 1,147,192 | | | | 21,997 | |
06/30/2015 | | Merrill Lynch | | Indian Rupee | | | 28,183,200 | | | United States Dollar | | | 445,408 | | | | (7,860) | |
06/30/2015 | | ANZ | | Indonesian Rupiah | | | 3,816,400,000 | | | United States Dollar | | | 290,000 | | | | (622) | |
06/30/2015 | | HSBC Bank | | Indonesian Rupiah | | | 3,428,100,000 | | | United States Dollar | | | 260,000 | | | | (64) | |
06/30/2015 | | ANZ | | Malaysian Ringgit | | | 4,993,900 | | | United States Dollar | | | 1,341,220 | | | | 51,280 | |
06/30/2015 | | Standard Chartered | | Malaysian Ringgit | | | 534,675 | | | United States Dollar | | | 150,000 | | | | (911) | |
06/30/2015 | | HSBC Bank | | Polish Zloty | | | 3,083,990 | | | United States Dollar | | | 811,683 | | | | 43,204 | |
06/30/2015 | | JP Morgan | | Polish Zloty | | | 3,083,990 | | | United States Dollar | | | 800,101 | | | | 54,787 | |
06/30/2015 | | Morgan Stanley | | Russian Ruble | | | 6,374,400 | | | United States Dollar | | | 99,522 | | | | 21,348 | |
06/30/2015 | | Barclays | | Thai Baht | | | 7,523,300 | | | United States Dollar | | | 230,000 | | | | (2,209) | |
06/30/2015 | | BNP Paribas | | Thai Baht | | | 30,849,263 | | | United States Dollar | | | 948,916 | | | | (14,860) | |
See accompanying notes to the financial statements.
69
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | | | | | |
Settlement
Date | | Counterparty | | Currency Buy | | Currency Buy Amount (Local Currency) | | | Currency Sell | | Currency Sell Amount (Local Currency) | | | Unrealized Gain/(Loss) | |
06/30/2015 | | Morgan Stanley | | Thai Baht | | | 20,604,500 | | | United States Dollar | | | 633,400 | | | | $(9,536) | |
06/30/2015 | | ANZ | | United States Dollar | | | 145,800 | | | Indonesian Rupiah | | | 1,931,124,798 | | | | (627) | |
06/30/2015 | | Barclays | | United States Dollar | | | 146,447 | | | Philippine Peso | | | 6,499,320 | | | | 1,170 | |
06/30/2015 | | Barclays | | United States Dollar | | | 55,880 | | | Russian Ruble | | | 2,962,478 | | | | (294) | |
06/30/2015 | | Barclays | | United States Dollar | | | 1,620,472 | | | Singapore Dollar | | | 2,155,633 | | | | (6,836) | |
06/30/2015 | | BNP Paribas | | United States Dollar | | | 2,277,814 | | | Singapore Dollar | | | 3,106,596 | | | | (67,386) | |
06/30/2015 | | Merrill Lynch | | United States Dollar | | | 70,000 | | | Singapore Dollar | | | 92,949 | | | | (168) | |
07/17/2015 | | Standard Chartered | | Chinese Offshore Yuan | | | 4,780,030 | | | United States Dollar | | | 719,234 | | | | 45,306 | |
07/17/2015 | | Standard Chartered | | Chinese Offshore Yuan | | | 125,800 | | | United States Dollar | | | 19,129 | | | | 992 | |
07/17/2015 | | Standard Chartered | | United States Dollar | | | 740,000 | | | Chinese Offshore Yuan | | | 4,905,830 | | | | (44,661) | |
07/31/2015 | | BNP Paribas | | Chilean Peso | | | 287,311,000 | | | United States Dollar | | | 470,000 | | | | (4,351) | |
07/31/2015 | | Santander | | Chilean Peso | | | 562,134,780 | | | United States Dollar | | | 905,719 | | | | 5,340 | |
07/31/2015 | | Credit Suisse | | Colombian Peso | | | 2,023,616,000 | | | United States Dollar | | | 803,820 | | | | 37,640 | |
07/31/2015 | | Credit Suisse | | Colombian Peso | | | 762,066,084 | | | United States Dollar | | | 311,811 | | | | 5,071 | |
07/31/2015 | | JP Morgan | | Colombian Peso | | | 2,987,435,850 | | | United States Dollar | | | 1,185,608 | | | | 56,628 | |
07/31/2015 | | JP Morgan | | Colombian Peso | | | 2,020,978,064 | | | United States Dollar | | | 808,391 | | | | 31,972 | |
07/31/2015 | | HSBC Bank | | Hungarian Forint | | | 308,947,654 | | | United States Dollar | | | 1,101,653 | | | | 38,043 | |
07/31/2015 | | Merrill Lynch | | Hungarian Forint | | | 16,603,794 | | | United States Dollar | | | 60,000 | | | | 1,251 | |
07/31/2015 | | BNP Paribas | | Mexican Peso | | | 3,697,382 | | | United States Dollar | | | 240,000 | | | | (595) | |
07/31/2015 | | Merrill Lynch | | Mexican Peso | | | 23,466,062 | | | United States Dollar | | | 1,508,247 | | | | 11,180 | |
07/31/2015 | | Standard Chartered | | Mexican Peso | | | 3,547,451 | | | United States Dollar | | | 230,000 | | | | (303) | |
07/31/2015 | | UBS | | Mexican Peso | | | 26,772,906 | | | United States Dollar | | | 1,726,171 | | | | 7,375 | |
07/31/2015 | | Citibank | | Peruvian Neuvo Sol | | | 158,180 | | | United States Dollar | | | 50,000 | | | | (257) | |
07/31/2015 | | Goldman Sachs | | Peruvian Neuvo Sol | | | 1,625,874 | | | United States Dollar | | | 511,522 | | | | (236) | |
07/31/2015 | | HSBC Bank | | Polish Zloty | | | 8,610,776 | | | United States Dollar | | | 2,323,406 | | | | 61,071 | |
07/31/2015 | | Merrill Lynch | | Polish Zloty | | | 478,647 | | | United States Dollar | | | 130,000 | | | | 2,546 | |
07/31/2015 | | Merrill Lynch | | Romanian Leu | | | 324,552 | | | United States Dollar | | | 80,000 | | | | 2,225 | |
07/31/2015 | | Morgan Stanley | | Romanian Leu | | | 5,602,730 | | | United States Dollar | | | 1,353,971 | | | | 65,467 | |
07/31/2015 | | Barclays | | South African Rand | | | 6,017,981 | | | United States Dollar | | | 498,000 | | | | 66 | |
07/31/2015 | | Citibank | | South African Rand | | | 4,226,436 | | | United States Dollar | | | 347,346 | | | | 2,447 | |
07/31/2015 | | JP Morgan | | South African Rand | | | 303,383 | | | United States Dollar | | | 24,491 | | | | 618 | |
07/31/2015 | | Merrill Lynch | | South African Rand | | | 1,365,045 | | | United States Dollar | | | 112,000 | | | | 975 | |
07/31/2015 | | Merrill Lynch | | South African Rand | | | 721,070 | | | United States Dollar | | | 60,000 | | | | (322) | |
07/31/2015 | | Deutsche Bank | | Turkish Lira | | | 2,329,168 | | | United States Dollar | | | 830,926 | | | | 17,435 | |
07/31/2015 | | UBS | | Turkish Lira | | | 358,081 | | | United States Dollar | | | 130,000 | | | | 425 | |
07/31/2015 | | HSBC Bank | | United States Dollar | | | 82,517 | | | Chilean Peso | | | 51,478,159 | | | | (914) | |
07/31/2015 | | Deutsche Bank | | United States Dollar | | | 279,940 | | | Mexican Peso | | | 4,328,995 | | | | (362) | |
07/31/2015 | | Goldman Sachs | | United States Dollar | | | 246,228 | | | South African Rand | | | 2,947,306 | | | | 2,300 | |
07/31/2015 | | JP Morgan | | United States Dollar | | | 407,602 | | | South African Rand | | | 5,049,209 | | | | (10,286) | |
11/30/2015 | | BNP Paribas | | United States Dollar | | | 725,848 | | | Singapore Dollar | | | 985,520 | | | | (16,126) | |
03/06/2017 | | HSBC Bank | | Chinese Offshore Yuan | | | 5,017,910 | | | United States Dollar | | | 788,298 | | | | (17,951) | |
03/06/2017 | | HSBC Bank | | Chinese Offshore Yuan | | | 10,100,000 | | | United States Dollar | | | 1,584,687 | | | | (34,141) | |
03/06/2017 | | HSBC Bank | | United States Dollar | | | 1,810,000 | | | Chinese Offshore Yuan | | | 11,296,210 | | | | 75,813 | |
03/06/2017 | | HSBC Bank | | United States Dollar | | | 600,000 | | | Chinese Offshore Yuan | | | 3,821,700 | | | | 13,295 | |
03/20/2017 | | Standard Chartered | | Chinese Offshore Yuan | | | 11,312,741 | | | United States Dollar | | | 1,773,852 | | | | (38,674) | |
03/20/2017 | | Standard Chartered | | United States Dollar | | | 1,267,821 | | | Chinese Offshore Yuan | | | 7,998,680 | | | | 40,962 | |
03/20/2017 | | Standard Chartered | | United States Dollar | | | 523,548 | | | Chinese Offshore Yuan | | | 3,314,060 | | | | 15,229 | |
| | | | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | | | | $958,889 | |
| | | | | | | | | | | | | | | | | | |
See accompanying notes to the financial statements.
70
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
At April 30, 2015, 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 | | 11.705% | | BRL | | | 1,168,797 | | | | 01/04/2021 | | | $ | (16,052) | | | HSBC |
Brazil CETIP Interbank Deposit Rate | | 11.250% | | BRL | | | 2,320,998 | | | | 01/04/2021 | | | | (52,433) | | | HSBC |
Brazil CETIP Interbank Deposit Rate | | 12.240% | | BRL | | | 2,032,076 | | | | 01/04/2021 | | | | (9,488) | | | Morgan
Stanley |
Brazil CETIP Interbank Deposit Rate | | 12.765% | | BRL | | | 2,706,396 | | | | 01/04/2021 | | | | 11,962 | | | HSBC |
Brazil CETIP Interbank Deposit Rate | | 12.673% | | BRL | | | 2,725,641 | | | | 01/04/2021 | | | | 7,685 | | | HSBC |
Brazil CETIP Interbank Deposit Rate | | 12.860% | | BRL | | | 2,048,861 | | | | 01/04/2021 | | | | 12,383 | | | HSBC |
Brazil CETIP Interbank Deposit Rate | | 12.170% | | BRL | | | 2,444,981 | | | | 01/04/2021 | | | | (13,781) | | | HSBC |
Brazil CETIP Interbank Deposit Rate | | 13.270% | | BRL | | | 17,002,963 | | | | 01/02/2017 | | | | (12,697) | | | HSBC |
MYR-KLIBOR-BNM 3 Month | | 3.725% | | MYR | | | 1,300,000 | | | | 04/09/2023 | | | | (5,700) | | | Barclays
Capital |
WIBOR Poland 6 Month | | 3.655% | | PLN | | | 1,800,000 | | | | 02/26/2019 | | | | 31,927 | | | HSBC |
WIBOR Poland 6 Month | | 3.560% | | PLN | | | 800,000 | | | | 04/01/2019 | | | | 13,327 | | | HSBC |
WIBOR Poland 6 Month | | 3.570% | | PLN | | | 1,000,000 | | | | 04/03/2019 | | | | 16,722 | | | HSBC |
WIBOR Poland 6 Month | | 3.865% | | PLN | | | 550,000 | | | | 02/22/2023 | | | | 17,623 | | | HSBC |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 1,478 | | | |
| | | | | | | | | | | | | | | | | | |
At April 30, 2015, the Ashmore Emerging Markets Local Currency Bond Fund had the following centrally cleared swap contracts outstanding:
| | | | | | | | | | | | | | | | |
Pay Rate Index/ Pay Rate | | Receive Rate/
Receive Rate Index | | Notional Amount | | | Expiration Date | | | Variable Margin Payables | | Counterparty |
| | | | | | |
3.250% | | WIBOR Poland 6 Month | | PLN | | | 250,000 | | | | 12/07/2017 | | | $(2,802) | | HSBC |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $(2,802) | | |
| | | | | | | | | | | | | | | | |
See accompanying notes to the financial statements.
71
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
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 April 30, 2015:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Debt Securities | | | | | | | | | | | | | | | | |
Corporate Bonds | | $ | — | | | $ | 345,665 | | | $ | — | | | $ | 345,665 | |
Financial Certificates | | | — | | | | 378,735 | | | | — | | | | 378,735 | |
Government Bonds | | | — | | | | 57,172,680 | | | | — | | | | 57,172,680 | |
Index Linked Government Bonds | | | — | | | | 4,044,223 | | | | — | | | | 4,044,223 | |
| | | | | | | | | | | | | | | | |
Total Debt Securities | | | — | | | | 61,941,303 | | | | — | | | | 61,941,303 | |
Fully Funded Total Return Swaps | | | — | | | | 3,606,428 | | | | — | | | | 3,606,428 | |
Total Investments | | $ | — | | | $ | 65,547,731 | | | $ | — | | | $ | 65,547,731 | |
| | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 1,880,906 | | | $ | — | | | $ | 1,880,906 | |
Interest Rate Swap Contracts | | | — | | | | 111,629 | | | | — | | | | 111,629 | |
Liabilities: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | — | | | | (922,017) | | | | — | | | | (922,017) | |
Interest Rate Swap Contracts | | | — | | | | (110,151) | | | | — | | | | (110,151) | |
Centrally Cleared Swap Contracts | | | — | | | | (2,802) | | | | — | | | | (2,802) | |
Total Other Financial Instruments | | $ | — | | | $ | 957,565 | | | $ | — | | | $ | 957,565 | |
The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2015, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2014. 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 April 30, 2015:
| | | | | | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign Exchange | | | Interest Rate | |
Assets: | | | | | | | | |
Unrealized Appreciation on Interest Rate Swap Contracts | | $ | — | | | $ | 111,629 | |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | 1,880,906 | | | | — | |
| | | | |
| | $ | 1,880,906 | | | $ | 111,629 | |
| | | | |
| | |
Liabilities: | | | | | | | | |
Unrealized Depreciation on Interest Rate Swap Contracts | | $ | — | | | $ | (110,151) | |
Variable Margin Payables on Centrally Cleared Swap Contracts | | | — | | | | (2,802) | |
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | | (922,017) | | | | — | |
| | | | |
| | $ | (922,017) | | | $ | (112,953) | |
| | | | |
See accompanying notes to the financial statements.
72
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2015:
| | | | | | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign Exchange | | | Interest Rate | |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | $ | 39,711 | | | $ | — | |
Net Realized Loss on Interest Rate Swap Contracts | | | — | | | | (123,314 | ) |
| | | | |
| | $ | 39,711 | | | $ | (123,314 | ) |
| | | | |
| | |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | | | | | | | |
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | $ | 854,839 | | | $ | — | |
Net Change in Unrealized Depreciation on Interest Rate Swap Contracts | | | — | | | | (189,932 | ) |
| | | | |
| | $ | 854,839 | | | $ | (189,932 | ) |
| | | | |
| * | See note 10 in the Notes to the Financial Statements for additional information. |
At April 30, 2015, 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 | | $ | 76,045,701 | |
Gross tax appreciation of investments | | | 127,331 | |
Gross tax depreciation of investments | | | (10,625,301) | |
Net tax depreciation of investments | | $ | (10,497,970) | |
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.
73
ASHMORE EMERGING MARKETS CURRENCY FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Debt Securities | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $931,955) | | | | | | | | | | | | | | |
Brazil Letras do Tesouro Nacional 11.774%, 04/01/2016(2) | | BRL | | | 1,000 | | | $ | 295 | | | | — | |
Brazil Letras do Tesouro Nacional 9.863%, 01/01/2017(2) | | BRL | | | 590,000 | | | | 158,504 | | | | 1.75 | |
Brazil Letras do Tesouro Nacional 9.730%, 01/01/2018(2) | | BRL | | | 1,612,000 | | | | 384,651 | | | | 4.23 | |
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2021 | | BRL | | | 956,000 | | | | 283,164 | | | | 3.12 | |
| | | | | | | | | 826,614 | | | | 9.10 | |
Colombia (Cost $145,003) | | | | | | | | | | | | | | |
Colombia (Rep of) 12.000%, 10/22/2015 | | COP | | | 75,000,000 | | | | 32,465 | | | | 0.36 | |
Colombian TES 8.000%, 10/28/2015 | | COP | | | 155,700,000 | | | | 66,368 | | | | 0.73 | |
Colombian TES 6.000%, 04/28/2028 | | COP | | | 60,000,000 | | | | 22,460 | | | | 0.25 | |
| | | | | | | | | 121,293 | | | | 1.34 | |
Romania (Cost $134,055) | | | | | | | | | | | | | | |
Romania (Rep of) 5.800%, 10/26/2015 | | RON | | | 360,000 | | | | 93,273 | | | | 1.03 | |
Romania (Rep of) 5.900%, 07/26/2017 | | RON | | | 90,000 | | | | 24,885 | | | | 0.27 | |
Romania (Rep of) 5.600%, 11/28/2018 | | RON | | | 30,000 | | | | 8,528 | | | | 0.09 | |
| | | | | | | | | 126,686 | | | | 1.39 | |
Turkey (Cost $93,691) | | | | | | | | | | | | | | |
Turkey (Rep of) 10.700%, 02/24/2016 | | TRY | | | 90,000 | | | | 33,793 | | | | 0.37 | |
Turkey (Rep of) 8.200%, 07/13/2016 | | TRY | | | 120,000 | | | | 44,022 | | | | 0.49 | |
| | | | | | | | | 77,815 | | | | 0.86 | |
Uruguay (Cost $150,465) | | | | | | | | | | | | | | |
Uruguay (Rep of) 5.000%, 09/14/2018(3) | | UYU | | | 50,000 | | | | 3,773 | | | | 0.04 | |
Uruguay (Rep of) 4.250%, 04/05/2027 | | UYU | | | 1,640,000 | | | | 113,651 | | | | 1.25 | |
| | | | | | | | | 117,424 | | | | 1.29 | |
Total Debt Securities (Cost $1,455,169) | | | | | | | | | 1,269,832 | | | | 13.98 | |
| | | | |
Total Investments (Total Cost $1,455,169) | | | | | | | | | 1,269,832 | | | | 13.98 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | 7,815,686 | | | | 86.02 | |
| | | | |
Net Assets | | | | | | | | $ | 9,085,518 | | | | 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.
74
ASHMORE EMERGING MARKETS CURRENCY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
At April 30, 2015, 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) | |
05/04/2015 | | Standard Chartered | | Chinese Offshore Yuan | | | 7,614,360 | | | United States Dollar | | | 1,160,726 | | | $ | 65,190 | |
05/04/2015 | | Standard Chartered | | United States Dollar | | | 1,170,000 | | | Chinese Offshore Yuan | | | 7,614,360 | | | | (55,916 | ) |
05/05/2015 | | Deutsche Bank | | Brazilian Real | | | 350,398 | | | United States Dollar | | | 110,000 | | | | 6,087 | |
05/05/2015 | | HSBC Bank | | Brazilian Real | | | 84,433 | | | United States Dollar | | | 28,901 | | | | (928 | ) |
05/05/2015 | | HSBC Bank | | Brazilian Real | | | 589,200 | | | United States Dollar | | | 200,000 | | | | (4,798 | ) |
05/05/2015 | | Morgan Stanley | | Brazilian Real | | | 215,126 | | | United States Dollar | | | 74,374 | | | | (3,103 | ) |
05/05/2015 | | Santander | | Brazilian Real | | | 81,978 | | | United States Dollar | | | 28,220 | | | | (1,060 | ) |
05/05/2015 | | Goldman Sachs | | United States Dollar | | | 199,939 | | | Brazilian Real | | | 642,335 | | | | (12,866 | ) |
05/05/2015 | | HSBC Bank | | United States Dollar | | | 10,000 | | | Brazilian Real | | | 32,211 | | | | (671 | ) |
05/05/2015 | | HSBC Bank | | United States Dollar | | | 34,255 | | | Brazilian Real | | | 110,214 | | | | (2,259 | ) |
05/05/2015 | | Morgan Stanley | | United States Dollar | | | 167,377 | | | Brazilian Real | | | 536,376 | | | | (10,324 | ) |
05/18/2015 | | Citibank | | Russian Ruble | | | 3,376,888 | | | United States Dollar | | | 50,000 | | | | 15,090 | |
05/18/2015 | | HSBC Bank | | Russian Ruble | | | 23,441,870 | | | United States Dollar | | | 454,115 | | | | (2,269 | ) |
05/18/2015 | | Citibank | | United States Dollar | | | 10,000 | | | Russian Ruble | | | 594,300 | | | | (1,455 | ) |
05/19/2015 | | Credit Suisse | | Peruvian Neuvo Sol | | | 104,166 | | | United States Dollar | | | 33,333 | | | | (162 | ) |
05/19/2015 | | Deutsche Bank | | Peruvian Neuvo Sol | | | 103,866 | | | United States Dollar | | | 33,333 | | | | (257 | ) |
05/19/2015 | | Standard Chartered | | Peruvian Neuvo Sol | | | 103,335 | | | United States Dollar | | | 32,962 | | | | (55 | ) |
05/19/2015 | | Morgan Stanley | | United States Dollar | | | 45,438 | | | Peruvian Neuvo Sol | | | 142,612 | | | | 24 | |
05/19/2015 | | Standard Chartered | | United States Dollar | | | 44,562 | | | Peruvian Neuvo Sol | | | 140,268 | | | | (106 | ) |
05/29/2015 | | HSBC Bank | | Chinese Yuan Renminbi | | | 2,394,255 | | | United States Dollar | | | 387,608 | | | | 2,511 | |
05/29/2015 | | Citibank | | Indian Rupee | | | 19,368,776 | | | United States Dollar | | | 305,863 | | | | (3,309 | ) |
05/29/2015 | | Citibank | | Indian Rupee | | | 19,153,938 | | | United States Dollar | | | 303,717 | | | | (4,519 | ) |
05/29/2015 | | Merrill Lynch | | Indian Rupee | | | 15,364,871 | | | United States Dollar | | | 244,236 | | | | (4,225 | ) |
05/29/2015 | | Deutsche Bank | | Malaysian Ringgit | | | 323,953 | | | United States Dollar | | | 89,133 | | | | 1,409 | |
05/29/2015 | | UBS | | Malaysian Ringgit | | | 513,900 | | | United States Dollar | | | 141,609 | | | | 2,021 | |
05/29/2015 | | Morgan Stanley | | Polish Zloty | | | 139,278 | | | United States Dollar | | | 37,615 | | | | 1,035 | |
05/29/2015 | | HSBC Bank | | Russian Ruble | | | 269,776 | | | United States Dollar | | | 5,190 | | | | (13 | ) |
05/29/2015 | | Morgan Stanley | | Russian Ruble | | | 8,401,058 | | | United States Dollar | | | 133,913 | | | | 27,307 | |
05/29/2015 | | ANZ | | Thai Baht | | | 2,833,024 | | | United States Dollar | | | 86,531 | | | | (674 | ) |
05/29/2015 | | Deutsche Bank | | Thai Baht | | | 860,116 | | | United States Dollar | | | 26,311 | | | | (245 | ) |
05/29/2015 | | Standard Chartered | | United States Dollar | | | 225,639 | | | Euro | | | 211,214 | | | | (11,616 | ) |
05/29/2015 | | BNP Paribas | | United States Dollar | | | 110,828 | | | Indian Rupee | | | 7,014,878 | | | | 1,251 | |
05/29/2015 | | Deutsche Bank | | United States Dollar | | | 48,140 | | | Indian Rupee | | | 3,045,818 | | | | 562 | |
05/29/2015 | | BNP Paribas | | United States Dollar | | | 13,320 | | | Polish Zloty | | | 47,805 | | | | 54 | |
05/29/2015 | | Credit Suisse | | United States Dollar | | | 102,840 | | | Russian Ruble | | | 5,363,723 | | | | (93 | ) |
06/02/2015 | | HSBC Bank | | United States Dollar | | | 28,630 | | | Brazilian Real | | | 84,433 | | | | 938 | |
06/02/2015 | | Morgan Stanley | | United States Dollar | | | 73,672 | | | Brazilian Real | | | 215,126 | | | | 3,117 | |
06/02/2015 | | Santander | | United States Dollar | | | 27,954 | | | Brazilian Real | | | 81,978 | | | | 1,068 | |
06/30/2015 | | UBS | | Chinese Yuan Renminbi | | | 3,393,758 | | | United States Dollar | | | 549,819 | | | | 1,883 | |
06/30/2015 | | Deutsche Bank | | Hungarian Forint | | | 26,563,446 | | | United States Dollar | | | 96,204 | | | | 1,845 | |
06/30/2015 | | Merrill Lynch | | Indian Rupee | | | 3,352,800 | | | United States Dollar | | | 52,988 | | | | (935 | ) |
06/30/2015 | | ANZ | | Indonesian Rupiah | | | 3,892,501,157 | | | United States Dollar | | | 293,885 | | | | 1,264 | |
06/30/2015 | | JP Morgan | | Korean Won | | | 1,004,084,493 | | | United States Dollar | | | 915,801 | | | | 14,699 | |
06/30/2015 | | ANZ | | Malaysian Ringgit | | | 536,800 | | | United States Dollar | | | 144,169 | | | | 5,512 | |
06/30/2015 | | Barclays | | Philippine Peso | | | 5,085,034 | | | United States Dollar | | | 114,579 | | | | (915 | ) |
06/30/2015 | | HSBC Bank | | Polish Zloty | | | 299,616 | | | United States Dollar | | | 78,857 | | | | 4,197 | |
06/30/2015 | | JP Morgan | | Polish Zloty | | | 299,616 | | | United States Dollar | | | 77,732 | | | | 5,323 | |
06/30/2015 | | Morgan Stanley | | Russian Ruble | | | 14,913,188 | | | United States Dollar | | | 232,837 | | | | 49,945 | |
06/30/2015 | | Merrill Lynch | | Singapore Dollar | | | 352,328 | | | United States Dollar | | | 260,059 | | | | 5,917 | |
06/30/2015 | | BNP Paribas | | Taiwan Dollar | | | 17,277,406 | | | United States Dollar | | | 553,320 | | | | 11,088 | |
06/30/2015 | | BNP Paribas | | Thai Baht | | | 6,634,200 | | | United States Dollar | | | 204,066 | | | | (3,196 | ) |
06/30/2015 | | Morgan Stanley | | Thai Baht | | | 4,431,200 | | | United States Dollar | | | 136,219 | | | | (2,051 | ) |
07/17/2015 | | Standard Chartered | | Chinese Offshore Yuan | | | 7,141,600 | | | United States Dollar | | | 1,074,571 | | | | 67,690 | |
07/17/2015 | | Standard Chartered | | Chinese Offshore Yuan | | | 1,410,455 | | | United States Dollar | | | 214,469 | | | | 11,126 | |
07/17/2015 | | Standard Chartered | | United States Dollar | | | 1,290,000 | | | Chinese Offshore Yuan | | | 8,552,055 | | | | (77,855 | ) |
07/31/2015 | | BNP Paribas | | Chilean Peso | | | 30,565,000 | | | United States Dollar | | | 50,000 | | | | (463 | ) |
See accompanying notes to the financial statements.
75
ASHMORE EMERGING MARKETS CURRENCY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | | | | | |
Settlement Date | | Counterparty | | Currency Buy | | Currency Buy
Amount
(Local
Currency) | | | Currency Sell | | Currency Sell
Amount
(Local
Currency) | | | Unrealized Gain/(Loss) | |
07/31/2015 | | HSBC Bank | | Chilean Peso | | | 91,214,887 | | | United States Dollar | | | 146,213 | | | $ | 1,620 | |
07/31/2015 | | Santander | | Chilean Peso | | | 56,213,478 | | | United States Dollar | | | 90,572 | | | | 534 | |
07/31/2015 | | Credit Suisse | | Colombian Peso | | | 227,656,800 | | | United States Dollar | | | 90,430 | | | | 4,235 | |
07/31/2015 | | Credit Suisse | | Colombian Peso | | | 53,479,608 | | | United States Dollar | | | 21,882 | | | | 356 | |
07/31/2015 | | JP Morgan | | Colombian Peso | | | 114,267,595 | | | United States Dollar | | | 45,349 | | | | 2,166 | |
07/31/2015 | | JP Morgan | | Colombian Peso | | | 77,301,176 | | | United States Dollar | | | 30,920 | | | | 1,223 | |
07/31/2015 | | Barclays | | Czech Koruna | | | 6,935,076 | | | United States Dollar | | | 272,209 | | | | 11,846 | |
07/31/2015 | | HSBC Bank | | Hungarian Forint | | | 25,908,623 | | | United States Dollar | | | 92,386 | | | | 3,190 | |
07/31/2015 | | BNP Paribas | | Israeli Shekel | | | 530,215 | | | United States Dollar | | | 134,994 | | | | 2,389 | |
07/31/2015 | | Merrill Lynch | | Mexican Peso | | | 5,505,555 | | | United States Dollar | | | 353,862 | | | | 2,623 | |
07/31/2015 | | UBS | | Mexican Peso | | | 6,281,399 | | | United States Dollar | | | 404,990 | | | | 1,730 | |
07/31/2015 | | Goldman Sachs | | Peruvian Neuvo Sol | | | 221,383 | | | United States Dollar | | | 69,650 | | | | (32 | ) |
07/31/2015 | | HSBC Bank | | Polish Zloty | | | 636,811 | | | United States Dollar | | | 171,828 | | | | 4,517 | |
07/31/2015 | | Barclays | | South African Rand | | | 688,805 | | | United States Dollar | | | 57,000 | | | | 8 | |
07/31/2015 | | Citibank | | South African Rand | | | 362,266 | | | United States Dollar | | | 29,773 | | | | 210 | |
07/31/2015 | | JP Morgan | | South African Rand | | | 3,348,787 | | | United States Dollar | | | 270,334 | | | | 6,822 | |
07/31/2015 | | Merrill Lynch | | South African Rand | | | 158,443 | | | United States Dollar | | | 13,000 | | | | 113 | |
07/31/2015 | | Deutsche Bank | | Turkish Lira | | | 658,671 | | | United States Dollar | | | 234,980 | | | | 4,931 | |
07/31/2015 | | Morgan Stanley | | United States Dollar | | | 14,909 | | | Romanian Leu | | | 61,694 | | | | (721 | ) |
03/06/2017 | | HSBC Bank | | Chinese Offshore Yuan | | | 80,322 | | | United States Dollar | | | 12,618 | | | | (287 | ) |
03/06/2017 | | HSBC Bank | | Chinese Offshore Yuan | | | 1,430,000 | | | United States Dollar | | | 224,367 | | | | (4,834 | ) |
03/06/2017 | | HSBC Bank | | United States Dollar | | | 242,000 | | | Chinese Offshore Yuan | | | 1,510,322 | | | | 10,136 | |
03/20/2017 | | Standard Chartered | | Chinese Offshore Yuan | | | 1,525,903 | | | United States Dollar | | | 239,264 | | | | (5,217 | ) |
03/20/2017 | | Standard Chartered | | United States Dollar | | | 171,008 | | | Chinese Offshore Yuan | | | 1,078,891 | | | | 5,525 | |
03/20/2017 | | Standard Chartered | | United States Dollar | | | 70,618 | | | Chinese Offshore Yuan | | | 447,012 | | | | 2,054 | |
| | | | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | | | $ | 156,952 | |
| | | | | | | | | | | | | | | | | | |
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 Currency Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2015:
| | | | | | | | | | | | | | | | | | | | |
| | | Level 1 | | Level 2 | | Level 3 | | Total |
Investments | | | | | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Government Bonds | | | $ | — | | | | $ | 1,152,408 | | | | $ | — | | | | $ | 1,152,408 | |
Index Linked Government Bonds | | | | — | | | | | 117,424 | | | | | — | | | | | 117,424 | |
Total Investments | | | $ | — | | | | $ | 1,269,832 | | | | $ | — | | | | $ | 1,269,832 | |
Other Financial Instruments | | | | | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | $ | — | | | | $ | 374,381 | | | | $ | — | | | | $ | 374,381 | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | | — | | | | | (217,429 | ) | | | | — | | | | | (217,429 | ) |
Total Other Financial Instruments | | | $ | — | | | | $ | 156,952 | | | | $ | — | | | | $ | 156,952 | |
The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2015, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2014. 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.
See accompanying notes to the financial statements.
76
ASHMORE EMERGING MARKETS CURRENCY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2015:
| | |
| | | Derivatives Not Accounted
for as Hedging Instruments |
| | | Foreign Exchange |
Assets: | | |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | $374,381 |
| | |
Liabilities: | | |
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | $217,429 |
| | |
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2015:
| | | | | | | | | | |
| | | Derivatives Not Accounted
for as Hedging Instruments |
| | | Foreign
Exchange | | Interest Rate |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | | | | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | | $ | 196,968 | | | | $ | — | |
Net Realized Gain on Interest Rate Swap Contracts | | | | — | | | | | 3,354 | |
| | | | | |
| | | $ | 196,968 | | | | $ | 3,354 | |
| | | | | |
| | |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | | | | | | | | | |
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | $ | 193,642 | | | | $ | — | |
| | | | | |
| * | See note 10 in the Notes to the Financial Statements for additional information. |
At April 30, 2015, 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 | | | $1,455,578 | |
Gross tax appreciation of investments | | | 860 | |
Gross tax depreciation of investments | | | (186,606) | |
Net tax depreciation of investments | | | $(185,746) | |
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.
77
ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Debt Securities | | | | | | | | | | | | | | |
| | | | |
Argentina (Cost $33,101) | | | | | | | | | | | | | | |
Argentina (Rep of) 8.750%, 06/02/2017(2) | | | | | 1,009 | | | $ | 984 | | | | 0.02 | |
Argentina (Rep of) 8.280%, 12/31/2033(2) | | | | | 5,408 | | | | 5,376 | | | | 0.09 | |
Argentina (Rep of), FRN 2.500%, 12/31/2038(2) | | | | | 55,232 | | | | 31,896 | | | | 0.58 | |
| | | | | | | | | 38,256 | | | | 0.69 | |
Azerbaijan (Cost $51,739) | | | | | | | | | | | | | | |
State Oil Co. of the Azerbaijan Republic 5.450%, 02/09/2017 | | | | | 50,000 | | | | 51,745 | | | | 0.94 | |
| | | | | | | | | 51,745 | | | | 0.94 | |
Belarus (Cost $183,350) | | | | | | | | | | | | | | |
Belarus (Rep of) 8.750%, 08/03/2015 | | | | | 70,000 | | | | 67,329 | | | | 1.22 | |
Belarus (Rep of) 8.950%, 01/26/2018(3) | | | | | 130,000 | | | | 118,560 | | | | 2.15 | |
| | | | | | | | | 185,889 | | | | 3.37 | |
Bolivia (Cost $59,543) | | | | | | | | | | | | | | |
Bolivian (Rep of) 4.875%, 10/29/2022 | | | | | 60,000 | | | | 60,675 | | | | 1.10 | |
| | | | | | | | | 60,675 | | | | 1.10 | |
Brazil (Cost $619,467) | | | | | | | | | | | | | | |
Brazil (Fed Rep of) 4.875%, 01/22/2021 | | | | | 50,000 | | | | 53,425 | | | | 0.97 | |
Brazil (Fed Rep of) 4.250%, 01/07/2025 | | | | | 56,000 | | | | 55,222 | | | | 1.00 | |
Brazil (Fed Rep of) 8.250%, 01/20/2034 | | | | | 9,000 | | | | 11,880 | | | | 0.21 | |
Brazil (Fed Rep of) 7.125%, 01/20/2037 | | | | | 32,000 | | | | 38,800 | | | | 0.70 | |
Brazil Letras do Tesouro Nacional 11.547%, 01/01/2016(4) | | BRL | | | 130,000 | | | | 39,582 | | | | 0.72 | |
Brazil Letras do Tesouro Nacional 11.809%, 04/01/2016(4) | | BRL | | | 599,000 | | | | 176,782 | | | | 3.21 | |
Marfrig Holding Europe B.V. 8.375%, 05/09/2018 | | | | | 200,000 | | | | 194,460 | | | | 3.53 | |
Petrobras Global Finance B.V. 6.250%, 03/17/2024 | | | | | 17,000 | | | | 16,891 | | | | 0.31 | |
Petrobras Global Finance B.V. 6.875%, 01/20/2040 | | | | | 15,000 | | | | 14,112 | | | | 0.26 | |
| | | | | | | | | 601,154 | | | | 10.91 | |
Chile (Cost $72,128) | | | | | | | | | | | | | | |
Empresa Nacional del Petroleo 5.250%, 08/10/2020 | | | | | 70,000 | | | | 75,237 | | | | 1.37 | |
| | | | | | | | | 75,237 | | | | 1.37 | |
China (Cost $106,118) | | | | | | | | | | | | | | |
Sinochem Overseas Capital Co. Ltd. 4.500%, 11/12/2020 | | | | | 100,000 | | | | 107,724 | | | | 1.96 | |
| | | | | | | | | 107,724 | | | | 1.96 | |
Colombia (Cost $250,393) | | | | | | | | | | | | | | |
Colombia (Rep of) 11.750%, 02/25/2020 | | | | | 50,000 | | | | 69,075 | | | | 1.26 | |
Colombia (Rep of) 8.125%, 05/21/2024 | | | | | 20,000 | | | | 26,525 | | | | 0.48 | |
Colombia (Rep of) 6.125%, 01/18/2041 | | | | | 100,000 | | | | 117,000 | | | | 2.12 | |
Emgesa S.A. ESP 8.750%, 01/25/2021 | | COP | | | 5,000,000 | | | | 2,270 | | | | 0.04 | |
Empresa de Telecomunicaciones de Bogota 7.000%, 01/17/2023 | | COP | | | 34,000,000 | | | | 13,589 | | | | 0.25 | |
Empresas Publicas de Medellin ESP 8.375%, 02/01/2021 | | COP | | | 30,000,000 | | | | 13,336 | | | | 0.24 | |
| | | | | | | | | 241,795 | | | | 4.39 | |
Costa Rica (Cost $58,316) | | | | | | | | | | | | | | |
Costa Rica (Rep of) 4.375%, 04/30/2025 | | | | | 60,000 | | | | 55,800 | | | | 1.01 | |
| | | | | | | | | 55,800 | | | | 1.01 | |
Croatia (Cost $133,566) | | | | | | | | | | | | | | |
Croatia (Rep of) 6.625%, 07/14/2020 | | | | | 120,000 | | | | 133,613 | | | | 2.42 | |
| | | | | | | | | 133,613 | | | | 2.42 | |
Dominican Republic (Cost $61,325) | | | | | | | | | | | | | | |
Dominican (Rep of) 5.875%, 04/18/2024 | | | | | 60,000 | | | | 63,600 | | | | 1.15 | |
| | | | | | | | | 63,600 | | | | 1.15 | |
See accompanying notes to financial statements.
78
ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net Assets | |
Egypt (Cost $37,229) | | | | | | | | | | | | | | |
Egypt (Rep of) 5.750%, 04/29/2020 | | | | | 40,000 | | | $ | 42,584 | | | | 0.77 | |
| | | | | | | | | 42,584 | | | | 0.77 | |
El Salvador (Cost $30,541) | | | | | | | | | | | | | | |
El Salvador (Rep of) 5.875%, 01/30/2025 | | | | | 30,000 | | | | 29,812 | | | | 0.54 | |
| | | | | | | | | 29,812 | | | | 0.54 | |
Georgia (Cost $31,762) | | | | | | | | | | | | | | |
Georgian Railway JSC 7.750%, 07/11/2022 | | | | | 30,000 | | | | 32,967 | | | | 0.60 | |
| | | | | | | | | 32,967 | | | | 0.60 | |
Hungary (Cost $210,754) | | | | | | | | | | | | | | |
Hungary (Rep of) 4.125%, 02/19/2018 | | | | | 28,000 | | | | 29,225 | | | | 0.53 | |
Hungary (Rep of) 6.250%, 01/29/2020 | | | | | 30,000 | | | | 34,305 | | | | 0.62 | |
Hungary (Rep of) 5.375%, 02/21/2023(3) | | | | | 50,000 | | | | 55,949 | | | | 1.02 | |
Hungary (Rep of) 5.750%, 11/22/2023 | | | | | 40,000 | | | | 45,970 | | | | 0.83 | |
Hungary (Rep of) 5.375%, 03/25/2024 | | | | | 18,000 | | | | 20,225 | | | | 0.37 | |
Hungary (Rep of) 7.625%, 03/29/2041 | | | | | 38,000 | | | | 54,625 | | | | 0.99 | |
| | | | | | | | | 240,299 | | | | 4.36 | |
Indonesia (Cost $240,532) | | | | | | | | | | | | | | |
Indonesia (Rep of) 6.875%, 01/17/2018 | | | | | 30,000 | | | | 33,873 | | | | 0.62 | |
Indonesia (Rep of) 5.875%, 03/13/2020 | | | | | 160,000 | | | | 182,277 | | | | 3.31 | |
Indonesia (Rep of) 7.750%, 01/17/2038 | | | | | 30,000 | | | | 40,967 | | | | 0.74 | |
| | | | | | | | | 257,117 | | | | 4.67 | |
Iraq (Cost $57,747) | | | | | | | | | | | | | | |
Iraq (Rep of) 5.800%, 01/15/2028 | | | | | 70,000 | | | | 60,375 | | | | 1.10 | |
| | | | | | | | | 60,375 | | | | 1.10 | |
Ivory Coast (Cost $113,600) | | | | | | | | | | | | | | |
Ivory Coast (Rep of), FRN 5.750%, 12/31/2032 | | | | | 130,000 | | | | 124,280 | | | | 2.26 | |
| | | | | | | | | 124,280 | | | | 2.26 | |
Kazakhstan (Cost $218,115) | | | | | | | | | | | | | | |
Kazakhstan Temir Zholy Finance B.V. 6.950%, 07/10/2042 | | | | | 57,000 | | | | 58,140 | | | | 1.06 | |
Kazkommertsbank JSC 5.500%, 12/21/2022 | | | | | 9,784 | | | | 7,379 | | | | 0.14 | |
KazMunayGas National Co. JSC 7.000%, 05/05/2020 | | | | | 70,000 | | | | 76,230 | | | | 1.38 | |
KazMunayGas National Co. JSC 4.400%, 04/30/2023 | | | | | 70,000 | | | | 66,325 | | | | 1.20 | |
| | | | | | | | | 208,074 | | | | 3.78 | |
Latvia (Cost $28,823) | | | | | | | | | | | | | | |
Latvia (Rep of) 2.750%, 01/12/2020 | | | | | 30,000 | | | | 30,501 | | | | 0.55 | |
| | | | | | | | | 30,501 | | | | 0.55 | |
Lebanon (Cost $142,245) | | | | | | | | | | | | | | |
Lebanon (Rep of) 4.100%, 06/12/2015 | | | | | 6,000 | | | | 5,973 | | | | 0.11 | |
Lebanon (Rep of) 5.150%, 11/12/2018 | | | | | 10,000 | | | | 10,050 | | | | 0.18 | |
Lebanon (Rep of) 5.450%, 11/28/2019 | | | | | 10,000 | | | | 10,075 | | | | 0.18 | |
Lebanon (Rep of) 6.375%, 03/09/2020 | | | | | 10,000 | | | | 10,458 | | | | 0.19 | |
Lebanon (Rep of) 8.250%, 04/12/2021 | | | | | 14,000 | | | | 15,902 | | | | 0.29 | |
Lebanon (Rep of) 6.100%, 10/04/2022 | | | | | 41,000 | | | | 41,820 | | | | 0.76 | |
Lebanon (Rep of) 6.000%, 01/27/2023 | | | | | 10,000 | | | | 10,164 | | | | 0.19 | |
Lebanon (Rep of) 6.600%, 11/27/2026 | | | | | 40,000 | | | | 41,450 | | | | 0.75 | |
| | | | | | | | | 145,892 | | | | 2.65 | |
Lithuania (Cost $120,626) | | | | | | | | | | | | | | |
Lithuania (Rep of) 7.375%, 02/11/2020 | | | | | 100,000 | | | | 121,400 | | | | 2.20 | |
| | | | | | | | | 121,400 | | | | 2.20 | |
Malaysia (Cost $67,174) | | | | | | | | | | | | | | |
Petronas Capital Ltd. 7.875%, 05/22/2022 | | | | | 50,000 | | | | 65,431 | | | | 1.19 | |
| | | | | | | | | 65,431 | | | | 1.19 | |
See accompanying notes to financial statements.
79
ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2014 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Mexico (Cost $415,186) | | | | | | | | | | | | | | |
Cemex Finance LLC 9.375%, 10/12/2022(3) | | | | | 200,000 | | | $ | 227,700 | | | | 4.13 | |
Empresas ICA S.A.B. de C.V. 8.900%, 02/04/2021 | | | | | 15,000 | | | | 13,833 | | | | 0.25 | |
Mexico (Rep of) 6.750%, 09/27/2034 | | | | | 39,000 | | | | 51,675 | | | | 0.94 | |
Mexico (Rep of) 4.750%, 03/08/2044 | | | | | 14,000 | | | | 14,375 | | | | 0.26 | |
Mexico (Rep of) 5.550%, 01/21/2045 | | | | | 20,000 | | | | 22,850 | | | | 0.41 | |
Mexico (Rep of) 5.750%, 10/12/2110 | | | | | 16,000 | | | | 17,040 | | | | 0.31 | |
Petroleos Mexicanos 6.000%, 03/05/2020 | | | | | 10,000 | | | | 11,340 | | | | 0.21 | |
Petroleos Mexicanos 6.500%, 06/02/2041 | | | | | 16,000 | | | | 17,660 | | | | 0.32 | |
Petroleos Mexicanos 5.500%, 06/27/2044 | | | | | 15,000 | | | | 14,797 | | | | 0.27 | |
Petroleos Mexicanos 5.625%, 01/23/2046 | | | | | 21,000 | | | | 21,044 | | | | 0.38 | |
| | | | | | | | | 412,314 | | | | 7.48 | |
Morocco (Cost $46,516) | | | | | | | | | | | | | | |
Morocco (Rep of) 4.250%, 12/11/2022 | | | | | 50,000 | | | | 51,262 | | | | 0.93 | |
| | | | | | | | | 51,262 | | | | 0.93 | |
Pakistan (Cost $101,257) | | | | | | | | | | | | | | |
Pakistan (Rep of) 7.125%, 03/31/2016 | | | | | 100,000 | | | | 102,750 | | | | 1.86 | |
| | | | | | | | | 102,750 | | | | 1.86 | |
Panama (Cost $68,452) | | | | | | | | | | | | | | |
Panama (Rep of) 8.875%, 09/30/2027 | | | | | 25,000 | | | | 36,312 | | | | 0.66 | |
Panama (Rep of) 9.375%, 04/01/2029 | | | | | 10,000 | | | | 15,213 | | | | 0.28 | |
Panama (Rep of) 6.700%, 01/26/2036 | | | | | 15,000 | | | | 19,388 | | | | 0.35 | |
| | | | | | | | | 70,913 | | | | 1.29 | |
Peru (Cost $108,857) | | | | | | | | | | | | | | |
Peru (Rep of) 8.750%, 11/21/2033 | | | | | 44,000 | | | | 69,410 | | | | 1.26 | |
Peru (Rep of) 5.625%, 11/18/2050 | | | | | 29,000 | | | | 34,872 | | | | 0.63 | |
| | | | | | | | | 104,282 | | | | 1.89 | |
Philippines (Cost $159,396) | | | | | | | | | | | | | | |
Philippines (Rep of) 4.000%, 01/15/2021 | | | | | 50,000 | | | | 54,875 | | | | 1.00 | |
Philippines (Rep of) 10.625%, 03/16/2025 | | | | | 15,000 | | | | 24,412 | | | | 0.44 | |
Philippines (Rep of) 9.500%, 02/02/2030 | | | | | 54,000 | | | | 90,653 | | | | 1.64 | |
| | | | | | | | | 169,940 | | | | 3.08 | |
Poland (Cost $31,619) | | | | | | | | | | | | | | |
Poland (Rep of) 5.000%, 03/23/2022 | | | | | 20,000 | | | | 22,815 | | | | 0.41 | |
Poland (Rep of) 3.000%, 03/17/2023 | | | | | 10,000 | | | | 10,166 | | | | 0.19 | |
| | | | | | | | | 32,981 | | | | 0.60 | |
Romania (Cost $100,028) | | | | | | | | | | | | | | |
Romania (Rep of) 6.750%, 02/07/2022 | | | | | 40,000 | | | | 48,100 | | | | 0.88 | |
Romania (Rep of) 4.375%, 08/22/2023 | | | | | 50,000 | | | | 53,000 | | | | 0.96 | |
Romania (Rep of) 6.125%, 01/22/2044 | | | | | 4,000 | | | | 5,003 | | | | 0.09 | |
| | | | | | | | | 106,103 | | | | 1.93 | |
Russian Federation (Cost $217,426) | | | | | | | | | | | | | | |
CEDC Finance Corp. International, Inc., FRN 10.000%, 04/30/2018 | | | | | 10,000 | | | | 9,400 | | | | 0.17 | |
Vnesheconombank Via VEB Finance PLC 5.450%, 11/22/2017(3) | | | | | 100,000 | | | | 97,278 | | | | 1.76 | |
Vnesheconombank Via VEB Finance PLC 6.902%, 07/09/2020 | | | | | 100,000 | | | | 95,750 | | | | 1.74 | |
| | | | | | | | | 202,428 | | | | 3.67 | |
Senegal (Cost $32,440) | | | | | | | | | | | | | | |
Senegal (Rep of) 8.750%, 05/13/2021 | | | | | 30,000 | | | | 33,735 | | | | 0.61 | |
| | | | | | | | | 33,735 | | | | 0.61 | |
See accompanying notes to financial statements.
80
ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net Assets | |
Serbia (Cost $52,464) | | | | | | | | | | | | | | |
Serbia (Rep of) 7.250%, 09/28/2021 | | | | | 50,000 | | | $ | 57,589 | | | | 1.05 | |
| | | | | | | | | 57,589 | | | | 1.05 | |
South Africa (Cost $84,691) | | | | | | | | | | | | | | |
South Africa (Rep of) 5.500%, 03/09/2020 | | | | | 80,000 | | | | 87,600 | | | | 1.59 | |
| | | | | | | | | 87,600 | | | | 1.59 | |
Sri Lanka (Cost $40,365) | | | | | | | | | | | | | | |
Bank of Ceylon 6.875%, 05/03/2017 | | | | | 40,000 | | | | 41,100 | | | | 0.75 | |
| | | | | | | | | 41,100 | | | | 0.75 | |
Turkey (Cost $186,480) | | | | | | | | | | | | | | |
Turkey (Rep of) 6.750%, 04/03/2018 | | | | | 50,000 | | | | 55,250 | | | | 1.00 | |
Turkey (Rep of) 5.625%, 03/30/2021 | | | | | 40,000 | | | | 43,636 | | | | 0.79 | |
Turkey (Rep of) 7.375%, 02/05/2025 | | | | | 10,000 | | | | 12,288 | | | | 0.22 | |
Turkey (Rep of) 6.750%, 05/30/2040 | | | | | 30,000 | | | | 36,375 | | | | 0.66 | |
Turkey (Rep of) 6.000%, 01/14/2041 | | | | | 40,000 | | | | 44,420 | | | | 0.81 | |
| | | | | | | | | 191,969 | | | | 3.48 | |
Ukraine (Cost $380,331) | | | | | | | | | | | | | | |
MHP S.A. 8.250%, 04/02/2020 | | | | | 200,000 | | | | 160,000 | | | | 2.90 | |
Ukraine (Rep of) 9.250%, 07/24/2017 | | | | | 70,000 | | | | 32,200 | | | | 0.59 | |
Ukraine (Rep of) 7.950%, 02/23/2021 | | | | | 130,000 | | | | 59,496 | | | | 1.08 | |
| | | | | | | | | 251,696 | | | | 4.57 | |
United Arab Emirates (Cost $106,342) | | | | | | | | | | | | | | |
DP World Ltd. 6.850%, 07/02/2037 | | | | | 100,000 | | | | 112,476 | | | | 2.04 | |
| | | | | | | | | 112,476 | | | | 2.04 | |
Uruguay (Cost $88,262) | | | | | | | | | | | | | | |
Uruguay (Rep of) 4.500%, 08/14/2024 | | | | | 12,503 | | | | 13,441 | | | | 0.24 | |
Uruguay (Rep of) 7.875%, 01/15/2033(5) | | | | | 22,000 | | | | 30,690 | | | | 0.56 | |
Uruguay (Rep of) 7.625%, 03/21/2036 | | | | | 16,000 | | | | 22,320 | | | | 0.40 | |
Uruguay (Rep of) 4.125%, 11/20/2045 | | | | | 10,774 | | | | 9,885 | | | | 0.18 | |
Uruguay (Rep of) 5.100%, 06/18/2050 | | | | | 9,000 | | | | 9,162 | | | | 0.17 | |
| | | | | | | | | 85,498 | | | | 1.55 | |
Venezuela (Cost $467,038) | | | | | | | | | | | | | | |
Petroleos de Venezuela S.A. 5.000%, 10/28/2015 | | | | | 41,000 | | | | 40,221 | | | | 0.73 | |
Petroleos de Venezuela S.A. 5.125%, 10/28/2016 | | | | | 19,638 | | | | 14,434 | | | | 0.26 | |
Petroleos de Venezuela S.A. 5.250%, 04/12/2017 | | | | | 10,000 | | | | 5,849 | | | | 0.10 | |
Petroleos de Venezuela S.A. 8.500%, 11/02/2017 | | | | | 68,300 | | | | 52,830 | | | | 0.96 | |
Petroleos de Venezuela S.A. 9.000%, 11/17/2021 | | | | | 26,046 | | | | 12,695 | | | | 0.23 | |
Petroleos de Venezuela S.A. 12.750%, 02/17/2022 | | | | | 15,000 | | | | 8,812 | | | | 0.16 | |
Petroleos de Venezuela S.A. 5.375%, 04/12/2027 | | | | | 12,000 | | | | 4,889 | | | | 0.09 | |
Petroleos de Venezuela S.A. 9.750%, 05/17/2035 | | | | | 53,000 | | | | 25,859 | | | | 0.47 | |
Venezuela (Rep of) 5.750%, 02/26/2016 | | | | | 10,000 | | | | 8,500 | | | | 0.15 | |
Venezuela (Rep of) 7.750%, 10/13/2019 | | | | | 20,000 | | | | 9,250 | | | | 0.17 | |
Venezuela (Rep of) 6.000%, 12/09/2020 | | | | | 10,000 | | | | 4,250 | | | | 0.08 | |
Venezuela (Rep of) 12.750%, 08/23/2022 | | | | | 32,000 | | | | 17,520 | | | | 0.32 | |
Venezuela (Rep of) 9.000%, 05/07/2023 | | | | | 21,000 | | | | 9,555 | | | | 0.17 | |
Venezuela (Rep of) 8.250%, 10/13/2024 | | | | | 25,000 | | | | 10,937 | | | | 0.20 | |
Venezuela (Rep of) 7.650%, 04/21/2025 | | | | | 6,000 | | | | 2,565 | | | | 0.05 | |
Venezuela (Rep of) 11.750%, 10/21/2026 | | | | | 95,500 | | | | 48,466 | | | | 0.88 | |
Venezuela (Rep of) 9.250%, 09/15/2027 | | | | | 21,000 | | | | 10,290 | | | | 0.19 | |
Venezuela (Rep of) 9.250%, 05/07/2028 | | | | | 15,000 | | | | 6,638 | | | | 0.12 | |
Venezuela (Rep of) 11.950%, 08/05/2031 | | | | | 114,900 | | | | 58,025 | | | | 1.05 | |
| | | | | | | | | 351,585 | | | | 6.38 | |
See accompanying notes to financial statements.
81
ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net Assets | |
Vietnam (Cost $53,375) | | | | | | | | | | | | | | |
Vietnam (Rep of) 6.750%, 01/29/2020 | | | | | 50,000 | | | $ | 56,438 | | | | 1.02 | |
| | | | | | | | | 56,438 | | | | 1.02 | |
Total Debt Securities (Cost $5,668,719) | | | | | | | | | 5,496,879 | | | | 99.75 | |
| | | | |
Total Investments (Total Cost $5,668,719) | | | | | | | | | 5,496,879 | | | | 99.75 | |
| | | | |
Assets Less Other Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | 13,881 | | | | 0.25 | |
| | | | |
Net Assets | | | | | | | | $ | 5,510,760 | | | | 100.00 | |
| (1) | Par values are stated in United States Dollars unless otherwise noted below. |
| (2) | Issuer has defaulted on terms of debt obligation. |
| (3) | All or a portion of security is held as collateral for Reverse Repurchase Agreement. |
| (4) | Zero coupon bond reflects effective yield on the date of purchase. |
| (5) | Security is a payment in-kind bond, unless otherwise noted in the description of the security. |
Percentages shown are based on net assets.
At April 30, 2015, the Ashmore Emerging Markets 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) | |
05/05/2015 | | HSBC Bank | | Brazilian Real | | 76,267 | | United States Dollar | | | 26,105 | | | | $ (838) | |
05/05/2015 | | HSBC Bank | | Brazilian Real | | 324,060 | | United States Dollar | | | 110,000 | | | | (2,639) | |
05/05/2015 | | Morgan Stanley | | Brazilian Real | | 194,319 | | United States Dollar | | | 67,180 | | | | (2,803) | |
05/05/2015 | | Santander | | Brazilian Real | | 74,050 | | United States Dollar | | | 25,490 | | | | (958) | |
05/05/2015 | | Goldman Sachs | | United States Dollar | | 103,729 | | Brazilian Real | | | 333,244 | | | | (6,675) | |
05/05/2015 | | HSBC Bank | | United States Dollar | | 17,771 | | Brazilian Real | | | 57,179 | | | | (1,172) | |
05/05/2015 | | Morgan Stanley | | United States Dollar | | 86,835 | | Brazilian Real | | | 278,272 | | | | (5,356) | |
06/02/2015 | | HSBC Bank | | United States Dollar | | 25,861 | | Brazilian Real | | | 76,267 | | | | 847 | |
06/02/2015 | | Morgan Stanley | | United States Dollar | | 66,546 | | Brazilian Real | | | 194,319 | | | | 2,816 | |
06/02/2015 | | Santander | | United States Dollar | | 25,250 | | Brazilian Real | | | 74,050 | | | | 964 | |
07/31/2015 | | HSBC Bank | | Mexican Peso | | 20,388 | | United States Dollar | | | 1,312 | | | | 8 | |
07/31/2015 | | Merrill Lynch | | Mexican Peso | | 17,869 | | United States Dollar | | | 1,149 | | | | 9 | |
07/31/2015 | | JP Morgan | | United States Dollar | | 11,441 | | Colombian Peso | | | 28,603,102 | | | | (453) | |
07/31/2015 | | JP Morgan | | United States Dollar | | 16,780 | | Colombian Peso | | | 42,281,475 | | | | (801) | |
| | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | | $(17,051) | |
| | | | | | | | | | | | | | | | |
See accompanying notes to financial statements.
82
ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
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 Debt Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2015:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Corporate Bonds | | $ | — | | | $ | 1,797,246 | | | $ | — | | | $ | 1,797,246 | |
Government Bonds | | | — | | | | 3,522,851 | | | | — | | | | 3,522,851 | |
Short Term Bills and Notes | | | — | | | | 176,782 | | | | — | | | | 176,782 | |
Total Investments | | $ | — | | | $ | 5,496,879 | | | $ | — | | | $ | 5,496,879 | |
| | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 4,644 | | | $ | — | | | $ | 4,644 | |
Liablities: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | — | | | | (21,695 | ) | | | — | | | | (21,695 | ) |
Total Other Financial Instruments | | $ | — | | | $ | (17,051 | ) | | $ | — | | | $ | (17,051 | ) |
The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2015, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2014. 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 April 30, 2015:
| | |
| | | Derivatives Not Accounted
for as Hedging Instruments |
| | | Foreign |
| | | Exchange |
Assets: | | |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | $ 4,644 |
| | |
| |
Liabilities: | | |
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | $ (21,695) |
| | |
See accompanying notes to financial statements.
83
ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2015:
| | |
| | | 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 | | $ 41,215 |
| | |
| |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | |
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | $ (20,913) |
| | |
* See note 10 in the Notes to the Financial Statements for additional information.
At April 30, 2015, 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 | | $ | 5,712,133 | |
Gross tax appreciation of investments | | | 147,723 | |
Gross tax depreciation of investments | | | (362,977) | |
Net tax depreciation of investments | | $ | (215,254) | |
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 financial statements.
84
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Debt Securities | | | | | | | | | | | | | | |
| | | | |
Angola (Cost $945,231) | | | | | | | | | | | | | | |
Puma International Financing S.A. 6.750%, 02/01/2021 | | | | | 920,000 | | | $ | 956,800 | | | | 0.12 | |
| | | | | | | | | 956,800 | | | | 0.12 | |
Argentina (Cost $7,413,440) | | | | | | | | | | | | | | |
Argentina (Rep of) 8.750%, 06/02/2017(2) | | | | | 92,040 | | | | 89,739 | | | | 0.01 | |
Argentina (Rep of) 8.280%, 12/31/2033(2) | | | | | 367,133 | | | | 364,931 | | | | 0.05 | |
Argentina (Rep of), FRN 2.500%, 12/31/2038(2) | | | | | 4,014,446 | | | | 2,318,342 | | | | 0.29 | |
WPE International Cooperatief UA 10.375%, 09/30/2020(2) | | | | | 5,450,000 | | | | 365,150 | | | | 0.05 | |
| | | | | | | | | 3,138,162 | | | | 0.40 | |
Armenia (Cost $1,561,347) | | | | | | | | | | | | | | |
Armenia (Rep of) 7.150%, 03/26/2025(3) | | | | | 1,600,000 | | | | 1,624,000 | | | | 0.21 | |
| | | | | | | | | 1,624,000 | | | | 0.21 | |
Azerbaijan (Cost $5,535,077) | | | | | | | | | | | | | | |
Azerbaijan (Rep of) 4.750%, 03/18/2024 | | | | | 1,020,000 | | | | 1,063,350 | | | | 0.13 | |
State Oil Co. of the Azerbaijan Republic 6.950%, 03/18/2030 | | | | | 1,240,000 | | | | 1,339,671 | | | | 0.17 | |
State Oil Co. of the Azerbaijan Republic 5.450%, 02/09/2017 | | | | | 1,210,000 | | | | 1,252,229 | | | | 0.16 | |
State Oil Co. of the Azerbaijan Republic 4.750%, 03/13/2023 | | | | | 1,930,000 | | | | 1,871,732 | | | | 0.24 | |
| | | | | | | | | 5,526,982 | | | | 0.70 | |
Bangladesh (Cost $1,380,064) | | | | | | | | | | | | | | |
Banglalink Digital Communications Ltd. 8.625%, 05/06/2019 | | | | | 1,340,000 | | | | 1,393,600 | | | | 0.18 | |
| | | | | | | | | 1,393,600 | | | | 0.18 | |
Barbados (Cost $2,395,365) | | | | | | | | | | | | | | |
Columbus International, Inc. 7.375%, 03/30/2021 | | | | | 2,235,000 | | | | 2,433,356 | | | | 0.31 | |
| | | | | | | | | 2,433,356 | | | | 0.31 | |
Belarus (Cost $11,521,769) | | | | | | | | | | | | | | |
Belarus (Rep of) 8.750%, 08/03/2015 | | | | | 4,757,000 | | | | 4,575,473 | | | | 0.58 | |
Belarus (Rep of) 8.950%, 01/26/2018 | | | | | 7,017,000 | | | | 6,399,504 | | | | 0.81 | |
| | | | | | | | | 10,974,977 | | | | 1.39 | |
Bolivia (Cost $1,298,024) | | | | | | | | | | | | | | |
Bolivian (Rep of) 4.875%, 10/29/2022 | | | | | 430,000 | | | | 434,837 | | | | 0.06 | |
Bolivian (Rep of) 5.950%, 08/22/2023 | | | | | 840,000 | | | | 883,050 | | | | 0.11 | |
| | | | | | | | | 1,317,887 | | | | 0.17 | |
Brazil (Cost $58,942,317) | | | | | | | | | | | | | | |
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/2019 | | | | | 1,990,000 | | | | 2,174,075 | | | | 0.28 | |
Banco Nacional de Desenvolvimento Economico e Social
5.500%, 07/12/2020 | | | | | 180,000 | | | | 190,125 | | | | 0.02 | |
Banco Nacional de Desenvolvimento Economico e Social
5.750%, 09/26/2023 | | | | | 200,000 | | | | 212,600 | | | | 0.03 | |
Brazil (Rep of) 4.875%, 01/22/2021 | | | | | 732,000 | | | | 782,142 | | | | 0.10 | |
Brazil (Rep of) 2.625%, 01/05/2023 | | | | | 880,000 | | | | 803,880 | | | | 0.10 | |
Brazil (Rep of) 8.875%, 04/15/2024 | | | | | 310,000 | | | | 418,500 | | | | 0.05 | |
Brazil (Rep of) 4.250%, 01/07/2025 | | | | | 2,521,000 | | | | 2,485,971 | | | | 0.32 | |
Brazil (Rep of) 8.250%, 01/20/2034 | | | | | 386,000 | | | | 509,520 | | | | 0.06 | |
Brazil (Rep of) 7.125%, 01/20/2037 | | | | | 1,451,000 | | | | 1,759,338 | | | | 0.22 | |
Brazil (Rep of) 5.625%, 01/07/2041 | | | | | 298,000 | | | | 306,940 | | | | 0.04 | |
Brazil (Rep of) 5.000%, 01/27/2045 | | | | | 1,076,000 | | | | 1,008,750 | | | | 0.13 | |
See accompanying notes to the financial statements.
85
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net Assets | |
Brazil - (continued) | | | | | | | | | | | | | | |
Brazil Letras do Tesouro Nacional 9.687%, 01/01/2017(4) | | BRL | | | 22,815,000 | | | $ | 6,129,280 | | | | 0.78 | |
Brazil Letras do Tesouro Nacional 9.736%, 01/01/2018(4) | | BRL | | | 20,034,000 | | | | 4,780,459 | | | | 0.61 | |
Brazil Notas do Tesouro Nacional, Serie F 10.000%, 01/01/2021 | | BRL | | | 32,602,000 | | | | 9,654,689 | | | | 1.23 | |
Brazil Notas do Tesouro Nacional, Serie F 10.000%, 01/01/2023 | | BRL | | | 29,634,000 | | | | 8,574,883 | | | | 1.09 | |
Brazil Notas do Tesouro Nacional, Serie F 10.000%, 01/01/2025 | | BRL | | | 3,410,000 | | | | 965,192 | | | | 0.12 | |
Cosan Luxembourg S.A. 9.500%, 03/14/2018 | | BRL | | | 1,900,000 | | | | 534,443 | | | | 0.07 | |
Marfrig Holding Europe B.V. 8.375%, 05/09/2018 | | | | | 2,695,000 | | | | 2,620,348 | | | | 0.33 | |
Marfrig Holding Europe B.V. 6.875%, 06/24/2019 | | | | | 885,000 | | | | 787,650 | | | | 0.10 | |
Marfrig Overseas Ltd. 9.500%, 05/04/2020 | | | | | 1,100,000 | | | | 1,075,250 | | | | 0.14 | |
Minerva Luxembourg S.A. 12.250%, 02/10/2022 | | | | | 1,400,000 | | | | 1,538,600 | | | | 0.19 | |
Minerva Luxembourg S.A. 7.750%, 01/31/2023 | | | | | 235,000 | | | | 234,411 | | | | 0.03 | |
Odebrecht Drilling Norbe VIII/IX Ltd. 6.350%, 06/30/2021 | | | | | 884,000 | | | | 822,562 | | | | 0.10 | |
Oi S.A. 9.750%, 09/15/2016 | | BRL | | | 1,000,000 | | | | 302,030 | | | | 0.04 | |
Petrobras Global Finance B.V. 5.875%, 03/01/2018 | | | | | 554,000 | | | | 566,410 | | | | 0.07 | |
Petrobras Global Finance B.V. 6.250%, 03/17/2024 | | | | | 2,842,000 | | | | 2,823,811 | | | | 0.36 | |
Petrobras Global Finance B.V. 6.875%, 01/20/2040 | | | | | 2,550,000 | | | | 2,399,066 | | | | 0.30 | |
QGOG Atlantic/Alaskan Rigs Ltd. 5.250%, 07/30/2018 | | | | | 743,260 | | | | 676,367 | | | | 0.09 | |
QGOG Constellation S.A. 6.250%, 11/09/2019 | | | | | 1,095,000 | | | | 791,137 | | | | 0.10 | |
| | | | | | | | | 55,928,429 | | | | 7.10 | |
Chile (Cost $9,878,989) | | | | | | | | | | | | | | |
Automotores Gildemeister S.A. 8.250%, 05/24/2021 | | | | | 1,445,000 | | | | 592,450 | | | | 0.08 | |
Automotores Gildemeister S.A. 6.750%, 01/15/2023 | | | | | 700,000 | | | | 287,000 | | | | 0.04 | |
Banco del Estado de Chile 4.125%, 10/07/2020 | | | | | 740,000 | | | | 785,077 | | | | 0.10 | |
Banco del Estado de Chile 3.875%, 02/08/2022 | | | | | 310,000 | | | | 320,833 | | | | 0.04 | |
Bonos de la Tesoreria de la Republica en pesos 6.000%, 01/01/2020 | | CLP | | | 50,000,000 | | | | 88,341 | | | | 0.01 | |
Chile (Rep of) 5.500%, 08/05/2020 | | CLP | | | 280,000,000 | | | | 490,395 | | | | 0.06 | |
Chile (Rep of) 3.250%, 09/14/2021 | | | | | 590,000 | | | | 629,825 | | | | 0.08 | |
Corp. Nacional del Cobre de Chile 3.750%, 11/04/2020 | | | | | 1,010,000 | | | | 1,064,229 | | | | 0.13 | |
Corp. Nacional del Cobre de Chile 3.875%, 11/03/2021 | | | | | 830,000 | | | | 875,442 | | | | 0.11 | |
Corp. Nacional del Cobre de Chile 4.875%, 11/04/2044 | | | | | 1,532,000 | | | | 1,602,003 | | | | 0.20 | |
Empresa Nacional del Petroleo 5.250%, 08/10/2020 | | | | | 370,000 | | | | 397,682 | | | | 0.05 | |
Inversiones Alsacia S.A. 8.000%, 08/18/2018(5) | | | | | 700,000 | | | | — | | | | — | |
VTR Finance B.V. 6.875%, 01/15/2024 | | | | | 2,100,000 | | | | 2,172,870 | | | | 0.28 | |
| | | | | | | | | 9,306,147 | | | | 1.18 | |
China (Cost $34,967,419) | | | | | | | | | | | | | | |
Agile Property Holdings Ltd. 9.875%, 03/20/2017 | | | | | 800,000 | | | | 832,000 | | | | 0.11 | |
Agile Property Holdings Ltd. 8.875%, 04/28/2017 | | | | | 485,000 | | | | 494,448 | | | | 0.06 | |
Amber Circle Funding Ltd. 3.250%, 12/04/2022 | | | | | 980,000 | | | | 987,531 | | | | 0.13 | |
Central China Real Estate Ltd. 6.500%, 06/04/2018 | | | | | 525,000 | | | | 509,721 | | | | 0.06 | |
China Hongqiao Group Ltd. 7.625%, 06/26/2017 | | | | | 900,000 | | | | 915,548 | | | | 0.12 | |
China Hongqiao Group Ltd. 6.875%, 05/03/2018 | | | | | 500,000 | | | | 499,782 | | | | 0.06 | |
China SCE Property Holdings Ltd. 11.500%, 11/14/2017 | | | | | 2,775,000 | | | | 2,788,875 | | | | 0.35 | |
CIFI Holdings Group Co. Ltd. 12.250%, 04/15/2018 | | | | | 1,506,000 | | | | 1,656,600 | | | | 0.21 | |
Emerald Plantation Holdings Ltd. 6.000%, (100% Cash), 01/30/2020,(6) | | | | | 265,442 | | | | 250,843 | | | | 0.03 | |
Far East Energy Bermuda Ltd. 13.000%, 01/15/2016(3)(6)(7) | | | | | 1,841,888 | | | | 1,841,888 | | | | 0.23 | |
Gemdale International Holding Ltd. 9.150%, 07/26/2015 | | CNY | | | 4,750,000 | | | | 770,868 | | | | 0.10 | |
Hyva Global B.V. 8.625%, 03/24/2016 | | | | | 1,375,000 | | | | 1,335,125 | | | | 0.17 | |
Kaisa Group Holdings Ltd. 8.875%, 03/19/2018(2) | | | | | 2,545,000 | | | | 1,425,200 | | | | 0.18 | |
See accompanying notes to the financial statements.
86
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net Assets | |
China - (continued) | | | | | | | | | | | | | | |
Kaisa Group Holdings Ltd. 9.000%, 06/06/2019 | | | | | 550,000 | | | $ | 286,688 | | | | 0.04 | |
Kaisa Group Holdings Ltd. 10.250%, 01/08/2020 | | | | | 1,285,000 | | | | 719,600 | | | | 0.09 | |
KWG Property Holding Ltd. 8.975%, 01/14/2019 | | | | | 900,000 | | | | 895,500 | | | | 0.11 | |
MIE Holdings Corp. 6.875%, 02/06/2018 | | | | | 310,000 | | | | 240,008 | | | | 0.03 | |
MIE Holdings Corp. 7.500%, 04/25/2019 | | | | | 2,870,000 | | | | 2,095,100 | | | | 0.27 | |
Sinochem Overseas Capital Co. Ltd. 4.500%, 11/12/2020 | | | | | 5,372,000 | | | | 5,786,944 | | | | 0.73 | |
Sinochem Overseas Capital Co. Ltd. 6.300%, 11/12/2040 | | | | | 1,580,000 | | | | 2,024,114 | | | | 0.26 | |
Sino-Forest Corp. 5.000%, 08/01/2013(3)(5)(7) | | | | | 276,000 | | | | — | | | | — | |
Sino-Forest Corp. 10.250%, 07/28/2014(3)(5)(7) | | | | | 256,000 | | | | — | | | | — | |
Sino-Forest Corp. 4.250%, 12/15/2016(3)(5)(7) | | | | | 704,000 | | | | — | | | | — | |
Sino-Forest Corp. 6.250%, 10/21/2017(3)(5)(7) | | | | | 628,000 | | | | — | | | | — | |
Sunac China Holdings Ltd. 9.375%, 04/05/2018 | | | | | 2,140,000 | | | | 2,166,750 | | | | 0.28 | |
Times Property Holdings Ltd. 12.625%, 03/21/2019 | | | | | 915,000 | | | | 968,877 | | | | 0.12 | |
Trillion Chance Ltd. 8.500%, 01/10/2019 | | | | | 1,135,000 | | | | 1,089,682 | | | | 0.14 | |
Yingde Gases Investment Ltd. 8.125%, 04/22/2018 | | | | | 1,160,000 | | | | 1,087,894 | | | | 0.14 | |
Yuzhou Properties Co. Ltd. 8.750%, 10/04/2018 | | | | | 640,000 | | | | 636,800 | | | | 0.08 | |
Yuzhou Properties Co. Ltd. 8.625%, 01/24/2019 | | | | | 1,550,000 | | | | 1,534,454 | | | | 0.20 | |
| | | | | | | | | 33,840,840 | | | | 4.30 | |
Colombia (Cost $50,004,134) | | | | | | | | | | | | | | |
Colombia (Rep of) 12.000%, 10/22/2015 | | COP | | | 1,791,000,000 | | | | 775,258 | | | | 0.10 | |
Colombia (Rep of) 7.375%, 03/18/2019 | | | | | 2,420,000 | | | | 2,859,230 | | | | 0.36 | |
Colombia (Rep of) 11.750%, 02/25/2020 | | | | | 495,000 | | | | 683,843 | | | | 0.09 | |
Colombia (Rep of) 4.000%, 02/26/2024 | | | | | 730,000 | | | | 750,075 | | | | 0.09 | |
Colombia (Rep of) 8.125%, 05/21/2024 | | | | | 488,000 | | | | 647,210 | | | | 0.08 | |
Colombia (Rep of) 9.850%, 06/28/2027 | | COP | | | 1,332,000,000 | | | | 733,103 | | | | 0.09 | |
Colombia (Rep of) 7.375%, 09/18/2037 | | | | | 3,295,000 | | | | 4,390,588 | | | | 0.56 | |
Colombia (Rep of) 6.125%, 01/18/2041 | | | | | 2,312,000 | | | | 2,705,040 | | | | 0.34 | |
Colombia (Rep of) 5.625%, 02/26/2044 | | | | | 2,410,000 | | | | 2,657,025 | | | | 0.34 | |
Colombia (Rep of) 5.000%, 06/15/2045 | | | | | 1,628,000 | | | | 1,644,280 | | | | 0.21 | |
Colombian TES 7.250%, 06/15/2016 | | COP | | | 27,521,400,000 | | | | 11,854,306 | | | | 1.50 | |
Colombian TES 7.000%, 09/11/2019 | | COP | | | 3,336,300,000 | | | | 1,479,620 | | | | 0.19 | |
Colombian TES 10.000%, 07/24/2024 | | COP | | | 2,272,200,000 | | | | 1,164,236 | | | | 0.15 | |
Colombian TES 7.500%, 08/26/2026 | | COP | | | 4,307,500,000 | | | | 1,872,218 | | | | 0.24 | |
Colombian TES 6.000%, 04/28/2028 | | COP | | | 5,606,100,000 | | | | 2,098,585 | | | | 0.27 | |
Emgesa S.A. ESP 8.750%, 01/25/2021 | | COP | | | 818,000,000 | | | | 371,431 | | | | 0.05 | |
Empresa de Telecomunicaciones de Bogota 7.000%, 01/17/2023 | | COP | | | 1,416,000,000 | | | | 565,924 | | | | 0.07 | |
Empresas Publicas de Medellin ESP 8.375%, 02/01/2021 | | COP | | | 1,306,000,000 | | | | 580,572 | | | | 0.07 | |
Millicom International Cellular S.A. 4.750%, 05/22/2020 | | | | | 580,000 | | | | 571,300 | | | | 0.07 | |
Millicom International Cellular S.A. 6.625%, 10/15/2021 | | | | | 1,265,000 | | | | 1,345,644 | | | | 0.17 | |
Millicom International Cellular S.A. 6.000%, 03/15/2025 | | | | | 900,000 | | | | 911,250 | | | | 0.12 | |
Pacific Rubiales Energy Corp. 5.375%, 01/26/2019 | | | | | 700,000 | | | | 547,890 | | | | 0.07 | |
Pacific Rubiales Energy Corp. 7.250%, 12/12/2021 | | | | | 2,665,000 | | | | 2,105,350 | | | | 0.27 | |
Pacific Rubiales Energy Corp. 5.125%, 03/28/2023 | | | | | 1,260,000 | | | | 891,450 | | | | 0.11 | |
Pacific Rubiales Energy Corp. 5.625%, 01/19/2025 | | | | | 4,237,000 | | | | 2,965,900 | | | | 0.38 | |
| | | | | | | | | 47,171,328 | | | | 5.99 | |
Costa Rica (Cost $5,086,877) | | | | | | | | | | | | | | |
Costa Rica (Rep of) 4.250%, 01/26/2023 | | | | | 2,697,000 | | | | 2,562,150 | | | | 0.32 | |
Costa Rica (Rep of) 4.375%, 04/30/2025 | | | | | 650,000 | | | | 604,500 | | | | 0.08 | |
Costa Rica (Rep of) 5.625%, 04/30/2043 | | | | | 1,070,000 | | | | 941,600 | | | | 0.12 | |
Instituto Costarricense de Electricidad 6.950%, 11/10/2021 | | | | | 200,000 | | | | 214,250 | | | | 0.03 | |
See accompanying notes to the financial statements.
87
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net Assets | |
Costa Rica - (continued) | | | | | | | | | | | | | | |
Instituto Costarricense de Electricidad 6.375%, 05/15/2043 | | | | | 900,000 | | | $ | 775,125 | | | | 0.10 | |
| | | | | | | | | 5,097,625 | | | | 0.65 | |
Croatia (Cost $7,179,823) | | | | | | | | | | | | | | |
Croatia (Rep of) 6.250%, 04/27/2017 | | | | | 1,030,000 | | | | 1,091,923 | | | | 0.14 | |
Croatia (Rep of) 6.750%, 11/05/2019 | | | | | 1,610,000 | | | | 1,793,991 | | | | 0.23 | |
Croatia (Rep of) 6.625%, 07/14/2020 | | | | | 3,105,000 | | | | 3,457,231 | | | | 0.44 | |
Croatia (Rep of) 6.375%, 03/24/2021 | | | | | 859,000 | | | | 947,048 | | | | 0.12 | |
| | | | | | | | | 7,290,193 | | | | 0.93 | |
Czech Republic (Cost $1,727,888) | | | | | | | | | | | | | | |
New World Resources N.V. 8.000%, 04/07/2020(6) | | EUR | | | 1,497,423 | | | | 1,067,677 | | | | 0.14 | |
New World Resources N.V. 4.000%, 10/07/2020(6) | | EUR | | | 574,012 | | | | 83,789 | | | | 0.01 | |
| | | | | | | | | 1,151,466 | | | | 0.15 | |
Dominican Republic (Cost $11,558,957) | | | | | | | | | | | | | | |
Aeropuertos Dominicanos Siglo XXI S.A., FRN 9.750%, 11/13/2019 | | | | | 1,230,000 | | | | 1,213,272 | | | | 0.15 | |
Dominican (Rep of) 7.500%, 05/06/2021 | | | | | 2,253,000 | | | | 2,534,625 | | | | 0.32 | |
Dominican (Rep of) 6.600%, 01/28/2024 | | | | | 940,000 | | | | 1,029,300 | | | | 0.13 | |
Dominican (Rep of) 5.875%, 04/18/2024 | | | | | 2,909,000 | | | | 3,083,540 | | | | 0.39 | |
Dominican (Rep of) 5.500%, 01/27/2025 | | | | | 1,410,000 | | | | 1,455,825 | | | | 0.19 | |
Dominican (Rep of) 7.450%, 04/30/2044 | | | | | 830,000 | | | | 933,750 | | | | 0.12 | |
Dominican (Rep of) 6.850%, 01/27/2045 | | | | | 1,400,000 | | | | 1,463,000 | | | | 0.19 | |
| | | | | | | | | 11,713,312 | | | | 1.49 | |
Ecuador (Cost $11,413,846) | | | | | | | | | | | | | | |
Ecuador (Rep of) 9.375%, 12/15/2015 | | | | | 539,000 | | | | 548,432 | | | | 0.07 | |
Ecuador (Rep of) 10.500%, 03/24/2020(3)(7) | | | | | 1,646,000 | | | | 1,777,680 | | | | 0.23 | |
Ecuador (Rep of) 7.950%, 06/20/2024 | | | | | 3,988,000 | | | | 3,888,300 | | | | 0.49 | |
EP PetroEcuador via Noble Sovereign Funding I Ltd., FRN
5.897%, 09/24/2019 | | | | | 5,608,421 | | | | 5,187,790 | | | | 0.66 | |
| | | | | | | | | 11,402,202 | | | | 1.45 | |
Egypt (Cost $2,727,766) | | | | | | | | | | | | | | |
Egypt (Rep of) 5.750%, 04/29/2020 | | | | | 1,780,000 | | | | 1,894,988 | | | | 0.24 | |
Egypt (Rep of) 6.875%, 04/30/2040 | | | | | 895,000 | | | | 928,562 | | | | 0.12 | |
| | | | | | | | | 2,823,550 | | | | 0.36 | |
El Salvador (Cost $4,134,349) | | | | | | | | | | | | | | |
El Salvador (Rep of) 7.375%, 12/01/2019 | | | | | 1,080,000 | | | | 1,182,600 | | | | 0.15 | |
El Salvador (Rep of) 5.875%, 01/30/2025 | | | | | 910,000 | | | | 904,313 | | | | 0.12 | |
El Salvador (Rep of) 6.375%, 01/18/2027 | | | | | 480,000 | | | | 488,400 | | | | 0.06 | |
El Salvador (Rep of) 8.250%, 04/10/2032 | | | | | 515,000 | | | | 592,250 | | | | 0.08 | |
El Salvador (Rep of) 7.650%, 06/15/2035 | | | | | 180,000 | | | | 189,450 | | | | 0.02 | |
El Salvador (Rep of) 7.625%, 02/01/2041 | | | | | 780,000 | | | | 809,250 | | | | 0.10 | |
| | | | | | | | | 4,166,263 | | | | 0.53 | |
Ethiopia (Cost $1,537,770) | | | | | | | | | | | | | | |
Federal Democratic Republic of Ethiopia 6.625%, 12/11/2024 | | | | | 1,560,000 | | | | 1,563,900 | | | | 0.20 | |
| | | | | | | | | 1,563,900 | | | | 0.20 | |
Gabon (Cost $3,995,260) | | | | | | | | | | | | | | |
Gabonese (Rep of) 6.375%, 12/12/2024 | | | | | 3,832,700 | | | | 3,869,111 | | | | 0.49 | |
| | | | | | | | | 3,869,111 | | | | 0.49 | |
Georgia (Cost $2,323,132) | | | | | | | | | | | | | | |
Georgia (Rep of) 6.875%, 04/12/2021 | | | | | 820,000 | | | | 910,200 | | | | 0.12 | |
Georgian Railway JSC 7.750%, 07/11/2022 | | | | | 1,300,000 | | | | 1,428,570 | | | | 0.18 | |
| | | | | | | | | 2,338,770 | | | | 0.30 | |
See accompanying notes to the financial statements.
88
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net Assets | |
Guatemala (Cost $3,199,507) | | | | | | | | | | | | | | |
Comcel Trust via Comunicaciones Celulares S.A. 6.875%, 02/06/2024 | | | | | 1,910,000 | | | $ | 2,048,475 | | | | 0.26 | |
Guatemala (Rep of) 4.875%, 02/13/2028 | | | | | 1,160,000 | | | | 1,196,250 | | | | 0.15 | |
| | | | | | | | | 3,244,725 | | | | 0.41 | |
Hong Kong (Cost $523,016) | | | | | | | | | | | | | | |
CFG Investment S.A.C. 9.750%, 07/30/2019 | | | | | 566,000 | | | | 542,002 | | | | 0.07 | |
| | | | | | | | | 542,002 | | | | 0.07 | |
Hungary (Cost $17,058,409) | | | | | | | | | | | | | | |
Hungary (Rep of) 4.125%, 02/19/2018 | | | | | 1,778,000 | | | | 1,855,787 | | | | 0.24 | |
Hungary (Rep of) 6.250%, 01/29/2020 | | | | | 1,610,000 | | | | 1,841,059 | | | | 0.23 | |
Hungary (Rep of) 5.375%, 02/21/2023 | | | | | 3,210,000 | | | | 3,591,894 | | | | 0.46 | |
Hungary (Rep of) 5.750%, 11/22/2023 | | | | | 3,840,000 | | | | 4,413,120 | | | | 0.56 | |
Hungary (Rep of) 5.375%, 03/25/2024 | | | | | 1,670,000 | | | | 1,876,412 | | | | 0.24 | |
Hungary (Rep of) 7.625%, 03/29/2041 | | | | | 3,306,000 | | | | 4,752,375 | | | | 0.60 | |
| | | | | | | | | 18,330,647 | | | | 2.33 | |
India (Cost $3,519,845) | | | | | | | | | | | | | | |
Export-Import Bank of India 4.000%, 08/07/2017 | | | | | 800,000 | | | | 832,507 | | | | 0.11 | |
Export-Import Bank of India 4.000%, 01/14/2023 | | | | | 1,028,000 | | | | 1,051,671 | | | | 0.13 | |
Vedanta Resources PLC 9.500%, 07/18/2018 | | | | | 393,000 | | | | 407,737 | | | | 0.05 | |
Vedanta Resources PLC 8.250%, 06/07/2021 | | | | | 655,000 | | | | 651,725 | | | | 0.08 | |
Vedanta Resources PLC 7.125%, 05/31/2023 | | | | | 780,000 | | | | 719,550 | | | | 0.09 | |
| | | | | | | | | 3,663,190 | | | | 0.46 | |
Indonesia (Cost $22,225,084) | | | | | | | | | | | | | | |
Berau Capital Resources Pte Ltd. 12.500%, 07/08/2015 | | | | | 194,000 | | | | 105,536 | | | | 0.01 | |
Berau Coal Energy Tbk PT 7.250%, 03/13/2017 | | | | | 2,588,000 | | | | 1,345,760 | | | | 0.17 | |
Enercoal Resources Pte Ltd. 6.000%, 04/07/2018 | | | | | 100,000 | | | | 15,000 | | | | — | |
Golden Legacy Pte Ltd. 9.000%, 04/24/2019 | | | | | 500,000 | | | | 503,750 | | | | 0.06 | |
Indo Energy Finance B.V. 7.000%, 05/07/2018 | | | | | 1,410,000 | | | | 1,170,300 | | | | 0.15 | |
Indo Energy Finance II B.V. 6.375%, 01/24/2023 | | | | | 2,262,000 | | | | 1,481,610 | | | | 0.19 | |
Indonesia (Rep of) 6.875%, 01/17/2018 | | | | | 725,000 | | | | 818,602 | | | | 0.10 | |
Indonesia (Rep of) 11.625%, 03/04/2019 | | | | | 1,240,000 | | | | 1,656,031 | | | | 0.21 | |
Indonesia (Rep of) 7.875%, 04/15/2019 | | IDR | | | 7,700,000,000 | | | | 599,944 | | | | 0.08 | |
Indonesia (Rep of) 5.875%, 03/13/2020 | | | | | 444,000 | | | | 505,818 | | | | 0.06 | |
Indonesia (Rep of) 4.875%, 05/05/2021 | | | | | 670,000 | | | | 732,795 | | | | 0.09 | |
Indonesia (Rep of) 4.125%, 01/15/2025 | | | | | 670,000 | | | | 684,408 | | | | 0.09 | |
Indonesia (Rep of) 7.000%, 05/15/2027 | | IDR | | | 4,902,000,000 | | | | 353,073 | | | | 0.05 | |
Indonesia (Rep of) 8.375%, 03/15/2034 | | IDR | | | 29,620,000,000 | | | | 2,356,461 | | | | 0.30 | |
Indonesia (Rep of) 7.750%, 01/17/2038 | | | | | 280,000 | | | | 382,357 | | | | 0.05 | |
Indonesia (Rep of) 5.125%, 01/15/2045 | | | | | 1,330,000 | | | | 1,378,354 | | | | 0.18 | |
Majapahit Holding B.V. 8.000%, 08/07/2019 | | | | | 1,240,000 | | | | 1,452,412 | | | | 0.18 | |
Majapahit Holding B.V. 7.750%, 01/20/2020 | | | | | 770,000 | | | | 903,918 | | | | 0.11 | |
Pertamina Persero PT 6.000%, 05/03/2042 | | | | | 1,805,000 | | | | 1,811,769 | | | | 0.23 | |
Perusahaan Listrik Negara PT 5.500%, 11/22/2021 | | | | | 2,170,000 | | | | 2,354,450 | | | | 0.30 | |
Perusahaan Penerbit SBSN Indonesia 6.125%, 03/15/2019 | | | | | 890,000 | | | | 1,006,989 | | | | 0.13 | |
| | | | | | | | | 21,619,337 | | | | 2.74 | |
Iraq (Cost $1,964,294) | | | | | | | | | | | | | | |
Iraq (Rep of) 5.800%, 01/15/2028 | | | | | 2,210,000 | | | | 1,906,125 | | | | 0.24 | |
| | | | | | | | | 1,906,125 | | | | 0.24 | |
Ivory Coast (Cost $12,935,717) | | | | | | | | | | | | | | |
Ivory Coast (Rep of) 5.375%, 07/23/2024 | | | | | 1,220,000 | | | | 1,167,333 | | | | 0.15 | |
Ivory Coast (Rep of) 6.375%, 03/03/2028(3) | | | | | 8,000 | | | | 8,020 | | | | — | |
Ivory Coast (Rep of), FRN 5.750%, 12/31/2032 | | | | | 12,314,000 | | | | 11,772,184 | | | | 1.49 | |
| | | | | | | | | 12,947,537 | | | | 1.64 | |
See accompanying notes to the financial statements.
89
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net Assets | |
Jamaica (Cost $11,711,397) | | | | | | | | | | | | | | |
Digicel Group Ltd. 8.875%, 09/30/2020 | | | | | 7,105,000 | | | $ | 7,328,097 | | | | 0.93 | |
Digicel Group Ltd. 7.125%, 04/01/2022 | | | | | 1,600,000 | | | | 1,515,000 | | | | 0.19 | |
Digicel Ltd. 6.000%, 04/15/2021 | | | | | 2,585,000 | | | | 2,509,285 | | | | 0.32 | |
| | | | | | | | | 11,352,382 | | | | 1.44 | |
Kazakhstan (Cost $32,494,916) | | | | | | | | | | | | | | |
Development Bank of Kazakhstan JSC 4.125%, 12/10/2022 | | | | | 4,050,000 | | | | 3,737,745 | | | | 0.47 | |
Halyk Savings Bank of Kazakhstan JSC 7.250%, 05/03/2017 | | | | | 470,000 | | | | 483,094 | | | | 0.06 | |
Halyk Savings Bank of Kazakhstan JSC 7.250%, 01/28/2021 | | | | | 855,000 | | | | 873,382 | | | | 0.11 | |
Kaspi Bank JSC 9.875%, 10/28/2016 | | | | | 600,000 | | | | 597,000 | | | | 0.08 | |
KazAgro National Management Holding JSC 4.625%, 05/24/2023 | | | | | 890,000 | | | | 829,142 | | | | 0.11 | |
Kazakhstan (Rep of) 4.875%, 10/14/2044 | | | | | 420,000 | | | | 390,273 | | | | 0.05 | |
Kazakhstan Temir Zholy Finance B.V. 6.375%, 10/06/2020 | | | | | 246,000 | | | | 259,825 | | | | 0.03 | |
Kazakhstan Temir Zholy Finance B.V. 6.950%, 07/10/2042 | | | | | 1,501,000 | | | | 1,531,020 | | | | 0.19 | |
Kazatomprom Natsionalnaya Atomnaya Kompaniya A.O. 6.250%, 05/20/2015 | | | | | 5,000 | | | | 4,988 | | | | — | |
Kazkommertsbank JSC 8.000%, 11/03/2015 | | | | | 2,650,000 | | | | 2,636,803 | | | | 0.34 | |
Kazkommertsbank JSC 7.500%, 11/29/2016 | | | | | 3,120,000 | | | | 3,101,187 | | | | 0.39 | |
Kazkommertsbank JSC 6.875%, 02/13/2017 | | EUR | | | 1,500,000 | | | | 1,684,275 | | | | 0.21 | |
Kazkommertsbank JSC 8.500%, 05/11/2018 | | | | | 3,150,000 | | | | 3,042,900 | | | | 0.39 | |
Kazkommertsbank JSC 5.500%, 12/21/2022 | | | | | 3,548,408 | | | | 2,676,351 | | | | 0.34 | |
KazMunayGas National Co. JSC 9.125%, 07/02/2018 | | | | | 851,000 | | | | 962,056 | | | | 0.12 | |
KazMunayGas National Co. JSC 7.000%, 05/05/2020 | | | | | 1,250,000 | | | | 1,361,250 | | | | 0.17 | |
KazMunayGas National Co. JSC 6.375%, 04/09/2021 | | | | | 440,000 | | | | 465,630 | | | | 0.06 | |
KazMunayGas National Co. JSC 4.400%, 04/30/2023 | | | | | 2,290,000 | | | | 2,169,775 | | | | 0.28 | |
KazMunayGas National Co. JSC 5.750%, 04/30/2043 | | | | | 1,640,000 | | | | 1,486,494 | | | | 0.19 | |
KazMunayGas National Co. JSC 6.000%, 11/07/2044 | | | | | 300,000 | | | | 274,500 | | | | 0.04 | |
Nostrum Oil & Gas Finance B.V. 6.375%, 02/14/2019 | | | | | 1,465,000 | | | | 1,395,412 | | | | 0.18 | |
Zhaikmunai LLP 7.125%, 11/13/2019 | | | | | 2,450,000 | | | | 2,309,125 | | | | 0.29 | |
| | | | | | | | | 32,272,227 | | | | 4.10 | |
Kenya (Cost $1,044,168) | | | | | | | | | | | | | | |
Kenya (Rep of) 6.875%, 06/24/2024 | | | | | 980,000 | | | | 1,033,900 | | | | 0.13 | |
| | | | | | | | | 1,033,900 | | | | 0.13 | |
Latvia (Cost $1,450,718) | | | | | | | | | | | | | | |
Latvia (Rep of) 2.750%, 01/12/2020 | | | | | 1,480,000 | | | | 1,504,701 | | | | 0.19 | |
| | | | | | | | | 1,504,701 | | | | 0.19 | |
Lebanon (Cost $12,337,256) | | | | | | | | | | | | | | |
Lebanon (Rep of) 5.150%, 11/12/2018 | | | | | 440,000 | | | | 442,200 | | | | 0.06 | |
Lebanon (Rep of) 5.450%, 11/28/2019 | | | | | 890,000 | | | | 896,675 | | | | 0.11 | |
Lebanon (Rep of) 6.375%, 03/09/2020 | | | | | 1,954,000 | | | | 2,043,396 | | | | 0.26 | |
Lebanon (Rep of) 8.250%, 04/12/2021 | | | | | 802,000 | | | | 910,944 | | | | 0.12 | |
Lebanon (Rep of) 6.100%, 10/04/2022 | | | | | 2,557,000 | | | | 2,608,140 | | | | 0.33 | |
Lebanon (Rep of) 6.000%, 01/27/2023 | | | | | 1,890,000 | | | | 1,921,090 | | | | 0.24 | |
Lebanon (Rep of) 6.600%, 11/27/2026 | | | | | 3,522,000 | | | | 3,649,672 | | | | 0.46 | |
| | | | | | | | | 12,472,117 | | | | 1.58 | |
Lithuania (Cost $6,171,797) | | | | | | | | | | | | | | |
Bite Finance International B.V., FRN 7.548%, 02/15/2018 | | EUR | | | 290,000 | | | | 319,114 | | | | 0.04 | |
Lithuania (Rep of) 7.375%, 02/11/2020 | | | | | 2,678,000 | | | | 3,251,092 | | | | 0.41 | |
Lithuania (Rep of) 6.125%, 03/09/2021 | | | | | 520,000 | | | | 614,900 | | | | 0.08 | |
Lithuania (Rep of) 6.625%, 02/01/2022 | | | | | 1,761,000 | | | | 2,170,010 | | | | 0.28 | |
| | | | | | | | | 6,355,116 | | | | 0.81 | |
See accompanying notes to the financial statements.
90
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Malaysia (Cost $3,679,206) | | | | | | | | | | | | | | |
Malaysia (Rep of) 4.378%, 11/29/2019 | | MYR | | | 12,000 | | | $ | 3,479 | | | | — | |
Malaysia (Rep of) 3.659%, 10/15/2020 | | MYR | | | 7,000 | | | | 1,972 | | | | — | |
Malaysia (Rep of) 4.935%, 09/30/2043 | | MYR | | | 2,210,000 | | | | 655,279 | | | | 0.09 | |
Petronas Capital Ltd. 5.250%, 08/12/2019 | | | | | 770,000 | | | | 860,089 | | | | 0.11 | |
Petronas Capital Ltd. 7.875%, 05/22/2022 | | | | | 740,000 | | | | 968,382 | | | | 0.12 | |
Wakala Global Sukuk Bhd. 4.646%, 07/06/2021 | | | | | 1,080,000 | | | | 1,196,208 | | | | 0.15 | |
| | | | | | | | | 3,685,409 | | | | 0.47 | |
Mexico (Cost $47,836,797) | | | | | | | | | | | | | | |
CEMEX Espana S.A. 9.875%, 04/30/2019 | | | | | 850,000 | | | | 938,723 | | | | 0.12 | |
Cemex Finance LLC 9.375%, 10/12/2022 | | | | | 3,135,000 | | | | 3,569,198 | | | | 0.45 | |
Cemex S.A.B. de C.V. 5.875%, 03/25/2019 | | | | | 560,000 | | | | 577,920 | | | | 0.07 | |
Cemex S.A.B. de C.V. 6.500%, 12/10/2019 | | | | | 1,520,000 | | | | 1,630,200 | | | | 0.21 | |
Cemex S.A.B. de C.V. 7.250%, 01/15/2021 | | | | | 445,000 | | | | 481,712 | | | | 0.06 | |
Cemex S.A.B. de C.V. 5.700%, 01/11/2025 | | | | | 365,000 | | | | 365,803 | | | | 0.05 | |
Comision Federal de Electricidad 4.875%, 01/15/2024 | | | | | 700,000 | | | | 753,900 | | | | 0.10 | |
Comision Federal de Electricidad 5.750%, 02/14/2042 | | | | | 770,000 | | | | 843,150 | | | | 0.11 | |
Corp. GEO S.A.B. de C.V. 8.875%, 03/27/2022(2) | | | | | 1,400,000 | | | | 28,000 | | | | — | |
Empresas ICA S.A.B. de C.V. 8.375%, 07/24/2017 | | | | | 380,000 | | | | 372,970 | | | | 0.05 | |
Empresas ICA S.A.B. de C.V. 8.900%, 02/04/2021 | | | | | 2,200,000 | | | | 2,028,840 | | | | 0.26 | |
Empresas ICA S.A.B. de C.V. 8.875%, 05/29/2024 | | | | | 2,695,000 | | | | 2,351,388 | | | | 0.30 | |
Grupo Televisa S.A.B. 7.250%, 05/14/2043 | | MXN | | | 5,000,000 | | | | 282,917 | | | | 0.04 | |
Mexican Bonos 6.500%, 06/09/2022 | | MXN | | | 19,980,000 | | | | 1,360,793 | | | | 0.17 | |
Mexican Bonos 8.000%, 12/07/2023 | | MXN | | | 41,110,000 | | | | 3,056,302 | | | | 0.39 | |
Mexican Bonos 10.000%, 12/05/2024 | | MXN | | | 94,310,000 | | | | 7,961,351 | | | | 1.01 | |
Mexican Bonos 7.500%, 06/03/2027 | | MXN | | | 33,100,000 | | | | 2,399,172 | | | | 0.30 | |
Mexico (Rep of) 6.050%, 01/11/2040 | | | | | 382,000 | | | | 462,697 | | | | 0.06 | |
Mexico (Rep of) 4.750%, 03/08/2044 | | | | | 1,900,000 | | | | 1,950,825 | | | | 0.25 | |
Mexico (Rep of) 5.550%, 01/21/2045 | | | | | 1,710,000 | | | | 1,953,675 | | | | 0.25 | |
Mexico (Rep of) 4.600%, 01/23/2046 | | | | | 3,654,000 | | | | 3,640,298 | | | | 0.46 | |
Mexico (Rep of) 5.750%, 10/12/2110 | | | | | 828,000 | | | | 881,820 | | | | 0.11 | |
Mexico (Rep of) 4.000%, 03/15/2115 | | EUR | | | 1,650,000 | | | | 1,850,850 | | | | 0.23 | |
Petroleos Mexicanos 6.000%, 03/05/2020 | | | | | 284,000 | | | | 322,056 | | | | 0.04 | |
Petroleos Mexicanos 7.190%, 09/12/2024 | | MXN | | | 10,270,000 | | | | 649,322 | | | | 0.08 | |
Petroleos Mexicanos 6.500%, 06/02/2041 | | | | | 1,660,000 | | | | 1,832,225 | | | | 0.23 | |
Petroleos Mexicanos 5.500%, 06/27/2044 | | | | | 265,000 | | | | 261,421 | | | | 0.03 | |
Petroleos Mexicanos 5.625%, 01/23/2046 | | | | | 1,720,000 | | | | 1,723,612 | | | | 0.22 | |
Red de Carreteras de Occidente S.A.P.I.B. de C.V. 9.000%, 06/10/2028 | | MXN | | | 16,780,000 | | | | 1,063,373 | | | | 0.14 | |
| | | | | | | | | 45,594,513 | | | | 5.79 | |
Mongolia (Cost $6,635,774) | | | | | | | | | | | | | | |
Mongolian Mining Corp. 8.875%, 03/29/2017 | | | | | 8,600,000 | | | | 6,579,000 | | | | 0.83 | |
Trade & Development Bank of Mongolia LLC 8.500%, 09/20/2015 | | | | | 360,000 | | | | 360,451 | | | | 0.05 | |
| | | | | | | | | 6,939,451 | | | | 0.88 | |
Morocco (Cost $4,290,015) | | | | | | | | | | | | | | |
Morocco (Rep of) 4.250%, 12/11/2022 | | | | | 4,105,000 | | | | 4,208,651 | | | | 0.53 | |
Morocco (Rep of) 5.500%, 12/11/2042 | | | | | 200,000 | | | | 214,460 | | | | 0.03 | |
| | | | | | | | | 4,423,111 | | | | 0.56 | |
Nigeria (Cost $10,952,466) | | | | | | | | | | | | | | |
Access Bank PLC, FRN 9.250%, 06/24/2021 | | | | | 1,700,000 | | | | 1,615,340 | | | | 0.21 | |
Access Finance B.V. 7.250%, 07/25/2017 | | | | | 410,000 | | | | 403,936 | | | | 0.05 | |
FBN Finance Co. B.V., FRN 8.250%, 08/07/2020 | | | | | 2,000,000 | | | | 1,905,000 | | | | 0.24 | |
FBN Finance Co. B.V., FRN 8.000%, 07/23/2021 | | | | | 2,400,000 | | | | 2,238,000 | | | | 0.28 | |
See accompanying notes to the financial statements.
91
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Nigeria - (continued) | | | | | | | | | | | | | | |
GTB Finance B.V. 6.000%, 11/08/2018 | | | | | 940,000 | | | $ | 907,288 | | | | 0.12 | |
Sea Trucks Group Ltd. 9.000%, 03/26/2018(3) | | | | | 3,710,000 | | | | 2,930,900 | | | | 0.37 | |
Seven Energy Ltd. 10.250%, 10/11/2021 | | | | | 1,200,000 | | | | 963,240 | | | | 0.12 | |
| | | | | | | | | 10,963,704 | | | | 1.39 | |
Pakistan (Cost $9,185,530) | | | | | | | | | | | | | | |
Pakistan (Rep of) 7.125%, 03/31/2016 | | | | | 985,000 | | | | 1,012,087 | | | | 0.13 | |
Pakistan (Rep of) 6.875%, 06/01/2017 | | | | | 1,220,000 | | | | 1,271,850 | | | | 0.16 | |
Pakistan (Rep of) 7.250%, 04/15/2019 | | | | | 2,886,000 | | | | 3,043,042 | | | | 0.39 | |
Pakistan (Rep of) 6.750%, 12/03/2019 | | | | | 1,640,000 | | | | 1,688,972 | | | | 0.21 | |
Pakistan (Rep of) 8.250%, 04/15/2024 | | | | | 2,204,000 | | | | 2,402,360 | | | | 0.31 | |
| | | | | | | | | 9,418,311 | | | | 1.20 | |
Panama (Cost $6,494,226) | | | | | | | | | | | | | | |
Panama (Rep of) 4.000%, 09/22/2024 | | | | | 450,000 | | | | 465,750 | | | | 0.06 | |
Panama (Rep of) 7.125%, 01/29/2026 | | | | | 856,000 | | | | 1,108,520 | | | | 0.14 | |
Panama (Rep of) 8.875%, 09/30/2027 | | | | | 867,000 | | | | 1,259,317 | | | | 0.16 | |
Panama (Rep of) 9.375%, 04/01/2029 | | | | | 1,019,000 | | | | 1,550,154 | | | | 0.19 | |
Panama (Rep of) 6.700%, 01/26/2036 | | | | | 912,000 | | | | 1,178,760 | | | | 0.15 | |
Panama (Rep of) 4.300%, 04/29/2053 | | | | | 1,240,000 | | | | 1,171,800 | | | | 0.15 | |
| | | | | | | | | 6,734,301 | | | | 0.85 | |
Paraguay (Cost $817,504) | | | | | | | | | | | | | | |
Paraguay (Rep of) 4.625%, 01/25/2023 | | | | | 810,000 | | | | 834,300 | | | | 0.11 | |
| | | | | | | | | 834,300 | | | | 0.11 | |
Peru (Cost $12,269,964) | | | | | | | | | | | | | | |
Peru (Rep of) 5.700%, 08/12/2024 | | PEN | | | 3,879,000 | | | | 1,222,136 | | | | 0.15 | |
Peru (Rep of) 7.350%, 07/21/2025 | | | | | 2,943,000 | | | | 3,980,408 | | | | 0.51 | |
Peru (Rep of) 8.200%, 08/12/2026 | | PEN | | | 2,032,000 | | | | 758,265 | | | | 0.10 | |
Peru (Rep of) 6.950%, 08/12/2031 | | PEN | | | 667,000 | | | | 220,415 | | | | 0.03 | |
Peru (Rep of) 8.750%, 11/21/2033 | | | | | 1,956,000 | | | | 3,085,590 | | | | 0.39 | |
Peru (Rep of) 5.625%, 11/18/2050 | | | | | 2,570,000 | | | | 3,090,425 | | | | 0.39 | |
| | | | | | | | | 12,357,239 | | | | 1.57 | |
Philippines (Cost $15,380,301) | | | | | | | | | | | | | | |
Philippines (Rep of) 4.000%, 01/15/2021 | | | | | 2,328,000 | | | | 2,554,980 | | | | 0.32 | |
Philippines (Rep of) 4.950%, 01/15/2021 | | PHP | | | 17,000,000 | | | | 408,966 | | | | 0.05 | |
Philippines (Rep of) 3.900%, 11/26/2022 | | PHP | | | 47,000,000 | | | | 1,067,078 | | | | 0.14 | |
Philippines (Rep of) 10.625%, 03/16/2025 | | | | | 637,000 | | | | 1,036,718 | | | | 0.13 | |
Philippines (Rep of) 5.500%, 03/30/2026 | | | | | 1,050,000 | | | | 1,288,875 | | | | 0.16 | |
Philippines (Rep of) 9.500%, 02/02/2030 | | | | | 1,815,000 | | | | 3,046,931 | | | | 0.39 | |
Philippines (Rep of) 7.750%, 01/14/2031 | | | | | 1,560,000 | | | | 2,332,200 | | | | 0.30 | |
Philippines (Rep of) 6.375%, 10/23/2034 | | | | | 1,776,000 | | | | 2,481,960 | | | | 0.31 | |
Philippines (Rep of) 6.250%, 01/14/2036 | | PHP | | | 26,000,000 | | | | 684,011 | | | | 0.09 | |
Power Sector Assets & Liabilities Management Corp. 7.390%, 12/02/2024 | | | | | 932,000 | | | | 1,255,870 | | | | 0.16 | |
| | | | | | | | | 16,157,589 | | | | 2.05 | |
Poland (Cost $2,667,848) | | | | | | | | | | | | | | |
Poland (Rep of) 5.000%, 03/23/2022 | | | | | 1,490,000 | | | | 1,699,717 | | | | 0.21 | |
Poland (Rep of) 3.000%, 03/17/2023 | | | | | 1,060,000 | | | | 1,077,596 | | | | 0.14 | |
| | | | | | | | | 2,777,313 | | | | 0.35 | |
Romania (Cost $8,838,650) | | | | | | | | | | | | | | |
Romania (Rep of) 6.750%, 02/07/2022 | | | | | 4,352,000 | | | | 5,233,280 | | | | 0.67 | |
Romania (Rep of) 4.375%, 08/22/2023 | | | | | 3,430,000 | | | | 3,635,800 | | | | 0.46 | |
Romania (Rep of) 6.125%, 01/22/2044 | | | | | 210,000 | | | | 262,668 | | | | 0.03 | |
| | | | | | | | | 9,131,748 | | | | 1.16 | |
See accompanying notes to the financial statements.
92
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Russian Federation (Cost $67,671,727) | | | | | | | | | | | | | | |
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.875%, 09/25/2017 | | | | | 570,000 | | | $ | 588,525 | | | | 0.07 | |
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.500%, 09/26/2019 | | | | | 2,615,000 | | | | 2,516,938 | | | | 0.32 | |
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.750%, 04/28/2021 | | | | | 1,070,000 | | | | 1,057,427 | | | | 0.13 | |
Brunswick Rail Finance Ltd. 6.500%, 11/01/2017 | | | | | 1,535,000 | | | | 921,000 | | | | 0.12 | |
CEDC Finance Corp. International, Inc., FRN 10.000%, 04/30/2018 | | | | | 2,035,103 | | | | 1,912,997 | | | | 0.24 | |
Credit Bank of Moscow Via CBOM Finance PLC 7.700%, 02/01/2018 | | | | | 2,925,000 | | | | 2,867,436 | | | | 0.36 | |
Evraz Group S.A. 9.500%, 04/24/2018 | | | | | 850,000 | | | | 869,125 | | | | 0.11 | |
Far East Capital Ltd. S.A. 8.000%, 05/02/2018 | | | | | 2,285,000 | | | | 1,176,775 | | | | 0.15 | |
Far East Capital Ltd. S.A. 8.750%, 05/02/2020 | | | | | 1,635,000 | | | | 825,675 | | | | 0.10 | |
Metalloinvest Finance Ltd. 6.500%, 07/21/2016 | | | | | 540,000 | | | | 540,000 | | | | 0.07 | |
Metalloinvest Finance Ltd. 5.625%, 04/17/2020 | | | | | 2,305,000 | | | | 2,090,377 | | | | 0.27 | |
Mobile TeleSystems OJSC 8.150%, 11/03/2020 | | RUB | | | 15,250,000 | | | | 287,991 | | | | 0.04 | |
Polyus Gold International Ltd. 5.625%, 04/29/2020 | | | | | 2,095,000 | | | | 1,968,252 | | | | 0.25 | |
Russian Agricultural Bank OJSC Via RSHB Capital S.A. 7.750%, 05/29/2018 | | | | | 940,000 | | | | 948,742 | | | | 0.12 | |
Russian Federal Bond - OFZ 7.400%, 06/14/2017 | | RUB | | | 47,867,000 | | | | 875,843 | | | | 0.11 | |
Russian Federal Bond - OFZ 6.200%, 01/31/2018 | | RUB | | | 23,489,000 | | | | 406,076 | | | | 0.05 | |
Russian Federal Bond - OFZ 7.500%, 03/15/2018 | | RUB | | | 40,562,000 | | | | 725,249 | | | | 0.09 | |
Russian Federal Bond - OFZ 7.500%, 02/27/2019 | | RUB | | | 40,717,000 | | | | 709,445 | | | | 0.09 | |
Russian Federal Bond - OFZ 6.700%, 05/15/2019 | | RUB | | | 26,385,000 | | | | 443,848 | | | | 0.06 | |
Russian Federal Bond - OFZ 6.800%, 12/11/2019 | | RUB | | | 42,244,000 | | | | 705,297 | | | | 0.09 | |
Russian Federal Bond - OFZ 6.400%, 05/27/2020 | | RUB | | | 26,581,000 | | | | 429,600 | | | | 0.05 | |
Russian Federal Bond - OFZ 7.600%, 04/14/2021 | | RUB | | | 64,704,000 | | | | 1,094,102 | | | | 0.14 | |
Russian Federal Bond - OFZ 7.600%, 07/20/2022 | | RUB | | | 41,780,000 | | | | 689,844 | | | | 0.09 | |
Russian Federal Bond - OFZ 7.000%, 01/25/2023 | | RUB | | | 49,542,000 | | | | 783,862 | | | | 0.10 | |
Russian Federal Bond - OFZ 7.000%, 08/16/2023 | | RUB | | | 23,336,000 | | | | 363,844 | | | | 0.05 | |
Russian Federal Bond - OFZ 8.150%, 02/03/2027 | | RUB | | | 32,557,000 | | | | 540,404 | | | | 0.07 | |
Russian Federal Bond - OFZ 7.050%, 01/19/2028 | | RUB | | | 75,138,000 | | | | 1,116,057 | | | | 0.14 | |
Russian Foreign Bond - Eurobond 5.000%, 04/29/2020 | | | | | 600,000 | | | | 610,500 | | | | 0.08 | |
Russian Foreign Bond - Eurobond, FRN 7.500%, 03/31/2030 | | | | | 1,347,381 | | | | 1,576,072 | | | | 0.20 | |
Russian Foreign Bond - Eurobond 5.875%, 09/16/2043 | | | | | 400,000 | | | | 393,700 | | | | 0.05 | |
Russian Railways via RZD Capital PLC 5.700%, 04/05/2022 | | | | | 3,172,000 | | | | 2,997,540 | | | | 0.38 | |
Russian Standard Bank Via Russian Standard Finance S.A. 9.250%, 07/11/2017 | | | | | 1,505,000 | | | | 1,497,716 | | | | 0.19 | |
Russian Standard Bank Via Russian Standard Finance S.A. 13.000%, 04/10/2020 | | | | | 1,055,000 | | | | 675,200 | | | | 0.09 | |
Sistema JSFC via Sistema International Funding S.A. 6.950%, 05/17/2019 | | | | | 1,955,000 | | | | 1,842,099 | | | | 0.23 | |
SUEK Finance 8.250%, 06/26/2020 | | RUB | | | 25,500,000 | | | | 405,619 | | | | 0.05 | |
TMK OAO Via TMK Capital S.A. 7.750%, 01/27/2018 | | | | | 2,420,000 | | | | 2,303,840 | | | | 0.29 | |
TMK OAO Via TMK Capital S.A. 6.750%, 04/03/2020 | | | | | 1,200,000 | | | | 1,021,200 | | | | 0.13 | |
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748%, 02/02/2021 | | | | | 2,235,000 | | | | 2,249,483 | | | | 0.29 | |
VimpelCom Holdings B.V. 6.255%, 03/01/2017 | | | | | 440,000 | | | | 439,890 | | | | 0.06 | |
See accompanying notes to the financial statements.
93
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Russian Federation - (continued) | | | | | | | | | | | | | | |
VimpelCom Holdings B.V. 9.000%, 02/13/2018 | | RUB | | | 30,000,000 | | | $ | 520,821 | | | | 0.07 | |
VimpelCom Holdings B.V. 7.504%, 03/01/2022 | | | | | 2,411,000 | | | | 2,386,890 | | | | 0.30 | |
Vnesheconombank Via VEB Finance PLC 4.224%, 11/21/2018 | | | | | 2,700,000 | | | | 2,436,750 | | | | 0.31 | |
Vnesheconombank Via VEB Finance PLC 6.902%, 07/09/2020 | | | | | 2,164,000 | | | | 2,072,030 | | | | 0.26 | |
Vnesheconombank Via VEB Finance PLC 5.450%, 11/22/2017 | | | | | 4,617,000 | | | | 4,491,325 | | | | 0.57 | |
Vnesheconombank Via VEB Finance PLC 6.025%, 07/05/2022 | | | | | 2,370,000 | | | | 2,150,775 | | | | 0.27 | |
Vnesheconombank Via VEB Finance PLC 5.942%, 11/21/2023 | | | | | 910,000 | | | | 805,350 | | | | 0.10 | |
Vnesheconombank Via VEB Finance PLC 6.800%, 11/22/2025 | | | | | 2,187,000 | | | | 2,022,975 | | | | 0.26 | |
| | | | | | | | | 60,354,506 | | | | 7.66 | |
Senegal (Cost $881,603) | | | | | | | | | | | | | | |
Senegal (Rep of) 8.750%, 05/13/2021 | | | | | 770,000 | | | | 865,865 | | | | 0.11 | |
| | | | | | | | | 865,865 | | | | 0.11 | |
Serbia (Cost $4,687,211) | | | | | | | | | | | | | | |
Serbia (Rep of) 5.875%, 12/03/2018 | | | | | 770,000 | | | | 812,581 | | | | 0.10 | |
Serbia (Rep of) 4.875%, 02/25/2020 | | | | | 2,130,000 | | | | 2,183,250 | | | | 0.28 | |
Serbia (Rep of) 7.250%, 09/28/2021 | | | | | 1,520,000 | | | | 1,750,721 | | | | 0.22 | |
| | | | | | | | | 4,746,552 | | | | 0.60 | |
South Africa (Cost $31,374,876) | | | | | | | | | | | | | | |
Edcon Ltd. 9.500%, 03/01/2018 | | EUR | | | 3,052,000 | | | | 2,765,826 | | | | 0.35 | |
Sappi Papier Holding GmbH 7.750%, 07/15/2017 | | | | | 530,000 | | | | 575,050 | | | | 0.07 | |
South Africa (Rep of) 6.875%, 05/27/2019 | | | | | 1,420,000 | | | | 1,628,740 | | | | 0.21 | |
South Africa (Rep of) 5.500%, 03/09/2020 | | | | | 3,356,000 | | | | 3,674,820 | | | | 0.46 | |
South Africa (Rep of) 5.875%, 05/30/2022 | | | | | 1,450,000 | | | | 1,631,830 | | | | 0.21 | |
South Africa (Rep of) 7.750%, 02/28/2023 | | ZAR | | | 26,000,000 | | | | 2,182,503 | | | | 0.28 | |
South Africa (Rep of) 10.500%, 12/21/2026 | | ZAR | | | 25,040,000 | | | | 2,505,421 | | | | 0.32 | |
South Africa (Rep of) 8.000%, 01/31/2030 | | ZAR | | | 21,270,000 | | | | 1,728,956 | | | | 0.22 | |
South Africa (Rep of) 7.000%, 02/28/2031 | | ZAR | | | 54,230,000 | | | | 3,991,948 | | | | 0.51 | |
South Africa (Rep of) 8.250%, 03/31/2032 | | ZAR | | | 33,330,000 | | | | 2,748,888 | | | | 0.35 | |
South Africa (Rep of) 6.250%, 03/31/2036 | | ZAR | | | 25,110,000 | | | | 1,643,227 | | | | 0.21 | |
South Africa (Rep of) 8.500%, 01/31/2037 | | ZAR | | | 16,350,000 | | | | 1,361,632 | | | | 0.17 | |
South Africa (Rep of) 8.750%, 02/28/2048 | | ZAR | | | 28,450,000 | | | | 2,423,317 | | | | 0.31 | |
Transnet SOC Ltd. 9.500%, 05/13/2021 | | ZAR | | | 11,660,000 | | | | 980,886 | | | | 0.12 | |
| | | | | | | | | 29,843,044 | | | | 3.79 | |
Sri Lanka (Cost $767,996) | | | | | | | | | | | | | | |
Bank of Ceylon 6.875%, 05/03/2017 | | | | | 740,000 | | | | 760,350 | | | | 0.10 | |
| | | | | | | | | 760,350 | | | | 0.10 | |
Thailand (Cost $1,925,332) | | | | | | | | | | | | | | |
Thailand (Rep of) 1.250%, 03/12/2028 | | THB | | | 32,600,000 | | | | 922,135 | | | | 0.12 | |
Thailand (Rep of) 4.675%, 06/29/2044 | | THB | | | 25,000,000 | | | | 912,005 | | | | 0.11 | |
| | | | | | | | | 1,834,140 | | | | 0.23 | |
Turkey (Cost $30,278,033) | | | | | | | | | | | | | | |
Akbank T.A.S. 7.500%, 02/05/2018 | | TRY | | | 1,235,000 | | | | 416,919 | | | | 0.05 | |
Roenesans Holding A.S., FRN 11.680%, 12/18/2015 | | TRY | | | 610,000 | | | | 226,645 | | | | 0.03 | |
Tupras Turkiye Petrol Rafinerileri A.S. 4.125%, 05/02/2018 | | | | | 910,000 | | | | 913,094 | | | | 0.12 | |
Turkey (Rep of) 7.500%, 07/14/2017 | | | | | 920,000 | | | | 1,016,784 | | | | 0.13 | |
Turkey (Rep of) 6.750%, 04/03/2018 | | | | | 2,978,000 | | | | 3,290,690 | | | | 0.42 | |
See accompanying notes to the financial statements.
94
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Turkey - (continued) | | | | | | | | | | | | | | |
Turkey (Rep of) 7.000%, 03/11/2019 | | | | | 860,000 | | | $ | 972,058 | | | | 0.12 | |
Turkey (Rep of) 10.400%, 03/27/2019 | | TRY | | | 4,763,000 | | | | 1,840,080 | | | | 0.23 | |
Turkey (Rep of) 7.500%, 11/07/2019 | | | | | 790,000 | | | | 918,691 | | | | 0.12 | |
Turkey (Rep of) 5.625%, 03/30/2021 | | | | | 1,170,000 | | | | 1,276,353 | | | | 0.16 | |
Turkey (Rep of) 9.500%, 01/12/2022 | | TRY | | | 3,680,000 | | | | 1,390,706 | | | | 0.18 | |
Turkey (Rep of) 3.000%, 02/23/2022 | | TRY | | | 4,001,940 | | | | 1,952,097 | | | | 0.25 | |
Turkey (Rep of) 6.250%, 09/26/2022 | | | | | 670,000 | | | | 757,100 | | | | 0.10 | |
Turkey (Rep of) 7.100%, 03/08/2023 | | TRY | | | 8,379,600 | | | | 2,762,264 | | | | 0.35 | |
Turkey (Rep of) 8.800%, 09/27/2023 | | TRY | | | 2,712,400 | | | | 990,534 | | | | 0.12 | |
Turkey (Rep of) 10.400%, 03/20/2024 | | TRY | | | 2,382,000 | | | | 958,112 | | | | 0.12 | |
Turkey (Rep of) 5.750%, 03/22/2024 | | | | | 1,100,000 | | | | 1,212,244 | | | | 0.15 | |
Turkey (Rep of) 7.375%, 02/05/2025 | | | | | 1,387,000 | | | | 1,704,276 | | | | 0.22 | |
Turkey (Rep of) 6.875%, 03/17/2036 | | | | | 1,301,000 | | | | 1,583,707 | | | | 0.20 | |
Turkey (Rep of) 6.750%, 05/30/2040 | | | | | 1,157,000 | | | | 1,402,862 | | | | 0.18 | |
Turkey (Rep of) 6.000%, 01/14/2041 | | | | | 800,000 | | | | 888,400 | | | | 0.11 | |
Turkiye Garanti Bankasi A.S. 7.375%, 03/07/2018 | | TRY | | | 1,205,000 | | | | 403,793 | | | | 0.05 | |
Turkiye Is Bankasi 6.000%, 10/24/2022 | | | | | 1,100,000 | | | | 1,090,375 | | | | 0.14 | |
| | | | | | | | | 27,967,784 | | | | 3.55 | |
Ukraine (Cost $37,051,552) | | | | | | | | | | | | | | |
DTEK Finance B.V. 9.500%, 05/02/2015 | | | | | 1,145,000 | | | | 801,500 | | | | 0.10 | |
DTEK Finance PLC 7.875%, 04/04/2018 | | | | | 4,100,000 | | | | 1,845,000 | | | | 0.23 | |
Ferrexpo Finance PLC 7.875%, 04/07/2016 | | | | | 606,000 | | | | 493,890 | | | | 0.06 | |
Ferrexpo Finance PLC 10.375%, 04/07/2019 | | | | | 1,364,000 | | | | 1,077,560 | | | | 0.14 | |
Metinvest B.V. 10.500%, 11/28/2017 | | | | | 1,950,000 | | | | 1,170,000 | | | | 0.15 | |
Metinvest B.V. 8.750%, 02/14/2018 | | | | | 4,140,000 | | | | 2,442,600 | | | | 0.31 | |
MHP S.A. 8.250%, 04/02/2020 | | | | | 4,000,000 | | | | 3,200,000 | | | | 0.41 | |
Mriya Agro Holding PLC 9.450%, 04/19/2018(2) | | | | | 2,050,000 | | | | 205,000 | | | | 0.02 | |
Oschadbank Via SSB #1 PLC 8.250%, 03/10/2016 | | | | | 472,000 | | | | 324,184 | | | | 0.04 | |
Oschadbank Via SSB #1 PLC 8.875%, 03/20/2018 | | | | | 1,770,000 | | | | 1,153,155 | | | | 0.15 | |
Privatbank CJSC Via UK SPV Credit Finance PLC 9.375%, 09/23/2015 | | | | | 595,000 | | | | 362,950 | | | | 0.05 | |
Ukraine (Rep of) 6.250%, 06/17/2016 | | | | | 200,000 | | | | 91,288 | | | | 0.01 | |
Ukraine (Rep of) 9.250%, 07/24/2017 | | | | | 5,284,000 | | | | 2,430,640 | | | | 0.31 | |
Ukraine (Rep of) 7.750%, 09/23/2020 | | | | | 3,085,000 | | | | 1,403,675 | | | | 0.18 | |
Ukraine (Rep of) 7.950%, 02/23/2021(8) | | | | | 1,860,000 | | | | 851,247 | | | | 0.11 | |
Ukraine (Rep of) 7.800%, 11/28/2022 | | | | | 7,910,000 | | | | 3,603,163 | | | | 0.46 | |
Ukraine (Rep of) 7.500%, 04/17/2023 | | | | | 4,157,000 | | | | 1,967,924 | | | | 0.25 | |
Ukreximbank Via Biz Finance PLC 8.750%, 01/22/2018 | | | | | 1,950,000 | | | | 1,294,566 | | | | 0.16 | |
Ukrlandfarming PLC 10.875%, 03/26/2018 | | | | | 3,095,000 | | | | 1,547,500 | | | | 0.20 | |
| | | | | | | | | 26,265,842 | | | | 3.34 | |
United Arab Emirates (Cost $7,623,664) | | | | | | | | | | | | | | |
Dana Gas Sukuk Ltd. 9.000%, 10/31/2017 | | | | | 1,245,060 | | | | 996,048 | | | | 0.13 | |
Dubai Holding Commercial Operations MTN Ltd. 6.000%, 02/01/2017 | | GBP | | | 3,000,000 | | | | 4,731,177 | | | | 0.60 | |
Emirate of Dubai (Rep of) 7.750%, 10/05/2020 | | | | | 549,000 | | | | 682,050 | | | | 0.09 | |
Emirate of Dubai (Rep of) 5.250%, 01/30/2043 | | | | | 720,000 | | | | 676,800 | | | | 0.08 | |
Emirates NBD PJSC 4.625%, 03/28/2017 | | | | | 200,000 | | | | 208,750 | | | | 0.03 | |
| | | | | | | | | 7,294,825 | | | | 0.93 | |
Uruguay (Cost $12,147,436) | | | | | | | | | | | | | | |
Uruguay (Rep of) 5.000%, 09/14/2018 | | UYU | | | 12,120,000 | | | | 914,521 | | | | 0.12 | |
Uruguay (Rep of) 4.500%, 08/14/2024 | | | | | 1,994,374 | | | | 2,143,952 | | | | 0.27 | |
Uruguay (Rep of) 4.250%, 04/05/2027 | | UYU | | | 24,359,000 | | | | 1,688,064 | | | | 0.22 | |
See accompanying notes to the financial statements.
95
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Uruguay - (continued) | | | | | | | | | | | | | | |
Uruguay (Rep of) 7.875%, (100% Cash), 01/15/2033,(6) | | | | | 2,036,000 | | | $ | 2,840,220 | | | | 0.36 | |
Uruguay (Rep of) 7.625%, 03/21/2036 | | | | | 1,104,000 | | | | 1,540,080 | | | | 0.20 | |
Uruguay (Rep of) 3.700%, 06/26/2037 | | UYU | | | 15,937,000 | | | | 978,573 | | | | 0.12 | |
Uruguay (Rep of) 4.125%, 11/20/2045 | | | | | 784,235 | | | | 719,536 | | | | 0.09 | |
Uruguay (Rep of) 5.100%, 06/18/2050 | | | | | 626,000 | | | | 637,270 | | | | 0.08 | |
Uruguay Notas del Tesoro 3.250%, 01/27/2019 | | UYU | | | 100,000 | | | | 11,073 | | | | — | |
| | | | | | | | | 11,473,289 | | | | 1.46 | |
Venezuela (Cost $37,592,320) | | | | | | | | | | | | | | |
Petroleos de Venezuela S.A. 5.000%, 10/28/2015 | | | | | 3,184,000 | | | | 3,123,504 | | | | 0.40 | |
Petroleos de Venezuela S.A. 5.125%, 10/28/2016 | | | | | 3,646,563 | | | | 2,680,224 | | | | 0.34 | |
Petroleos de Venezuela S.A. 5.250%, 04/12/2017 | | | | | 1,060,000 | | | | 619,994 | | | | 0.08 | |
Petroleos de Venezuela S.A. 8.500%, 11/02/2017 | | | | | 10,589,100 | | | | 8,190,669 | | | | 1.04 | |
Petroleos de Venezuela S.A. 9.000%, 11/17/2021 | | | | | 2,089,076 | | | | 1,018,216 | | | | 0.13 | |
Petroleos de Venezuela S.A. 12.750%, 02/17/2022 | | | | | 500,000 | | | | 293,750 | | | | 0.04 | |
Petroleos de Venezuela S.A. 5.375%, 04/12/2027 | | | | | 800,000 | | | | 325,920 | | | | 0.04 | |
Petroleos de Venezuela S.A. 9.750%, 05/17/2035 | | | | | 4,400,147 | | | | 2,146,832 | | | | 0.27 | |
Venezuela (Rep of) 5.750%, 02/26/2016 | | | | | 610,000 | | | | 518,500 | | | | 0.06 | |
Venezuela (Rep of) 7.750%, 10/13/2019 | | | | | 650,000 | | | | 300,625 | | | | 0.04 | |
Venezuela (Rep of) 6.000%, 12/09/2020 | | | | | 655,000 | | | | 278,375 | | | | 0.03 | |
Venezuela (Rep of) 12.750%, 08/23/2022 | | | | | 2,282,000 | | | | 1,249,395 | | | | 0.16 | |
Venezuela (Rep of) 9.000%, 05/07/2023 | | | | | 1,120,000 | | | | 509,600 | | | | 0.06 | |
Venezuela (Rep of) 8.250%, 10/13/2024 | | | | | 2,310,000 | | | | 1,010,625 | | | | 0.13 | |
Venezuela (Rep of) 7.650%, 04/21/2025 | | | | | 670,000 | | | | 286,425 | | | | 0.04 | |
Venezuela (Rep of) 11.750%, 10/21/2026 | | | | | 8,832,200 | | | | 4,482,342 | | | | 0.57 | |
Venezuela (Rep of) 9.250%, 09/15/2027 | | | | | 1,499,000 | | | | 734,510 | | | | 0.09 | |
Venezuela (Rep of) 9.250%, 05/07/2028 | | | | | 2,123,000 | | | | 939,427 | | | | 0.12 | |
Venezuela (Rep of) 11.950%, 08/05/2031 | | | | | 8,693,100 | | | | 4,390,015 | | | | 0.56 | |
| | | | | | | | | 33,098,948 | | | | 4.20 | |
| | | | |
Vietnam (Cost $4,045,742) | | | | | | | | | | | | | | |
Vietnam (Rep of) 6.750%, 01/29/2020 | | | | | 2,421,000 | | | | 2,732,704 | | | | 0.35 | |
Vietnam (Rep of) 4.800%, 11/19/2024 | | | | | 1,322,000 | | | | 1,378,185 | | | | 0.17 | |
| | | | | | | | | 4,110,889 | | | | 0.52 | |
Total Debt Securities (Cost $729,260,741) | | | | | | | | | 689,905,929 | | | | 87.61 | |
| | | | |
Bank Loans | | | | | | | | | | | | | | |
| | | | |
China (Cost $91,233) | | | | | | | | | | | | | | |
Far East Energy Bermuda Ltd. 25.000%, 06/01/2015(9) | | | | | 37,500 | | | | 37,500 | | | | — | |
Far East Energy Bermuda Ltd. 20.000%, 10/08/2015(5) | | | | | 72,902 | | | | — | | | | — | |
Far East Energy Bermuda Ltd. 20.000%, 10/08/2015(9) | | | | | 53,884 | | | | 53,884 | | | | 0.01 | |
| | | | | | | | | 91,384 | | | | 0.01 | |
United Arab Emirates (Cost $6,740,478) | | | | | | | | | | | | | | |
DP World Ltd. 3.000%, 09/30/2018 | | | | | 8,843,632 | | | | 7,517,087 | | | | 0.96 | |
| | | | | | | | | 7,517,087 | | | | 0.96 | |
Total Bank Loans (Cost $6,831,711) | | | | | | | | | 7,608,471 | | | | 0.97 | |
See accompanying notes to the financial statements.
96
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Shares | | | Value | | | % of Net
Assets | |
Equity Securities | | | | | | | | | | | | | | |
| | | | |
China (Cost $ — ) | | | | | | | | | | | | | | |
Emerald Plantation Holdings Ltd. | | | | | 308,246 | | | $ | 104,804 | | | | 0.01 | |
| | | | |
Total Equity Securities (Cost $ — ) | | | | | | | | | 104,804 | | | | 0.01 | |
| | | | |
| | | Currency(1) | | Number of Warrants | | | Value | | | % of Net
Assets | |
Warrants | | | | | | | | | | | | | | |
| | | | |
China (Cost $27,482) | | | | | | | | | | | | | | |
Far East Energy Bermuda Ltd., Exp. 12/31/2017, Strike Price $11.92(3)(7) | | | | | 1,308,684 | | | $ | 22,248 | | | | — | |
| | | | |
Total Warrants (Cost $27,482) | | | | | | | | | 22,248 | | | | — | |
| | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Short-Term Investments | | | | | | | | | | | | | | |
| | | | |
National Bank 0.120%, 05/06/2015 | | | | | 33,000,000 | | | $ | 33,000,000 | | | | 4.19 | |
| | | | |
Total Short-Term Investments (Cost $33,000,000) | | | | | | | | | 33,000,000 | | | | 4.19 | |
| | | | |
Total Investments in Securities (Cost $769,119,934) | | | | | | | | | 730,641,452 | | | | 92.78 | |
| | | | |
Fully Funded Total Return Swaps | | | | | | | | | | | | | | |
| | | | |
Indonesia (Cost $13,028,473) | | | | | | | | | | | | | | |
Indonesia (Rep of), Issued by ANZ Banking Corp., 8.375% 03/15/2014 | | IDR | | | 12,400,000,000 | | | | 997,548 | | | | 0.13 | |
Indonesia (Rep of), Issued by ANZ Banking Corp., 7.875% 04/15/2019 | | IDR | | | 16,000,000,000 | | | | 1,246,636 | | | | 0.16 | |
Indonesia (Rep of), Issued by ANZ Banking Corp., 9.000% 03/15/2029 | | IDR | | | 9,000,000,000 | | | | 759,812 | | | | 0.09 | |
Indonesia (Rep of), Issued by ANZ Banking Corp., 8.375% 03/15/2034 | | IDR | | | 262,000,000 | | | | 20,844 | | | | — | |
Indonesia (Rep of), Issued by HSBC, 8.375% 03/15/2034 | | IDR | | | 3,022,000,000 | | | | 240,420 | | | | 0.03 | |
Indonesia (Rep of), Issued by Standard Chartered, 8.375% 03/15/2024 | | IDR | | | 24,510,000,000 | | | | 1,971,767 | | | | 0.25 | |
Indonesia (Rep of), Issued by Standard Chartered, 7.875% 04/15/2019 | | IDR | | | 19,231,000,000 | | | | 1,498,379 | | | | 0.19 | |
Indonesia (Rep of), Issued by Standard Chartered, 12.800% 06/15/2021 | | IDR | | | 7,200,000,000 | | | | 692,717 | | | | 0.09 | |
Indonesia (Rep of), Issued by Standard Chartered, 11.000% 09/15/2025 | | IDR | | | 5,602,000,000 | | | | 529,802 | | | | 0.07 | |
Indonesia (Rep of), Issued by Standard Chartered, 8.375% 09/15/2026 | | IDR | | | 9,100,000,000 | | | | 730,401 | | | | 0.09 | |
See accompanying notes to the financial statements.
97
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Indonesia - (continued) | | | | | | | | | | | | | | |
Indonesia (Rep of), Issued by Standard Chartered, 7.000% 05/15/2027 | | IDR | | | 2,613,000,000 | | | $ | 188,205 | | | | 0.02 | |
Indonesia (Rep of), Issued by Standard Chartered, 9.000% 03/15/2029 | | IDR | | | 11,300,000,000 | | | | 953,987 | | | | 0.12 | |
Indonesia (Rep of), Issued by Standard Chartered, 10.500% 08/15/2030 | | IDR | | | 10,650,000,000 | | | | 999,528 | | | | 0.13 | |
Indonesia (Rep of), Issued by Standard Chartered, 8.375% 03/15/2034 | | IDR | | | 2,727,000,000 | | | | 216,950 | | | | 0.03 | |
| | | | | | | | | 11,046,996 | | | | 1.40 | |
Total Fully Funded Total Return Swaps (Cost $13,028,473) | | | | | | | | | 11,046,996 | | | | 1.40 | |
| | | | |
Total Investments (Total Cost $782,148,407) | | | | | | | | | 741,688,448 | | | | 94.18 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for
further detail) | | | | | | | | | 45,820,038 | | | | 5.82 | |
| | | | |
Net Assets | | | | | | | | $ | 787,508,486 | | | | 100.00 | |
| (1) | Par values are stated in United States Dollars unless otherwise noted below. |
| (2) | Issuer has defaulted on terms of debt obligation. |
| (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) | Zero coupon bond reflects effective yield on the date of purchase. |
| (5) | Security has been deemed worthless and is a Level 3 investment. |
| (6) | Security is a payment in-kind bond, unless otherwise noted in the description of the security. |
| (7) | Restricted security that has been deemed illiquid. At April 30, 2015, the value of these restricted illiquid securities amounted to $3,641,816 or 0.5% of net assets. Additional information on each restricted illiquid security is as follows: |
| | | | | | |
| SECURITY | | ACQUISITION AND ENFORCEABLE DATE | | ACQUISITION COST | |
Ecuador (Rep of), 10.500%, 03/24/2020 | | 03/19/2015 | | | $1,646,000 | |
Far East Energy Bermuda Ltd., 13.000%, 01/15/2016 | | 01/14/2013-01/05/2015 | | | 1,820,206 | |
Far East Energy Bermuda Ltd., Exp. 12/31/2017, Strike Price $11.92 | | 01/14/2013 | | | 27,482 | |
Sino-Forest Corp., 4.250%-10.250%, 08/01/2013-10/21/2017 | | 01/31/2013 | | | — | |
| (8) | All or a portion of security is held as collateral for Reverse Repurchase Agreement. |
| (9) | Security has been deemed a Level 3 investment. |
Percentages shown are based on net assets.
See accompanying notes to the financial statements.
98
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
At April 30, 2015, 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) | |
05/04/2015 | | Standard Chartered | | Chinese Offshore Yuan | | | 105,615,865 | | | United States Dollar | | | 16,100,132 | | | | $904,235 | |
05/04/2015 | | Standard Chartered | | Chinese Offshore Yuan | | | 6,222,535 | | | United States Dollar | | | 939,109 | | | | 62,722 | |
05/04/2015 | | Standard Chartered | | United States Dollar | | | 1,100,000 | | | Chinese Offshore Yuan | | | 7,158,800 | | | | (52,570) | |
05/04/2015 | | Standard Chartered | | United States Dollar | | | 3,400,000 | | | Chinese Offshore Yuan | | | 22,343,100 | | | | (197,250) | |
05/04/2015 | | Standard Chartered | | United States Dollar | | | 12,500,000 | | | Chinese Offshore Yuan | | | 82,337,500 | | | | (756,378) | |
05/05/2015 | | BNP Paribas | | Brazilian Real | | | 7,660,000 | | | United States Dollar | | | 2,443,225 | | | | 94,529 | |
05/05/2015 | | Deutsche Bank | | Brazilian Real | | | 24,718,999 | | | United States Dollar | | | 7,760,000 | | | | 429,393 | |
05/05/2015 | | HSBC Bank | | Brazilian Real | | | 8,793,494 | | | United States Dollar | | | 2,730,000 | | | | 183,280 | |
05/05/2015 | | HSBC Bank | | Brazilian Real | | | 36,648,240 | | | United States Dollar | | | 12,440,000 | | | | (298,455) | |
05/05/2015 | | Deutsche Bank | | United States Dollar | | | 3,824,891 | | | Brazilian Real | | | 11,631,493 | | | | (28,617) | |
05/05/2015 | | Goldman Sachs | | United States Dollar | | | 2,403,700 | | | Brazilian Real | | | 7,722,247 | | | | (154,677) | |
05/05/2015 | | HSBC Bank | | United States Dollar | | | 2,490,415 | | | Brazilian Real | | | 7,275,748 | | | | 79,963 | |
05/05/2015 | | HSBC Bank | | United States Dollar | | | 411,814 | | | Brazilian Real | | | 1,325,010 | | | | (27,162) | |
05/05/2015 | | HSBC Bank | | United States Dollar | | | 3,797,691 | | | Brazilian Real | | | 11,631,493 | | | | (55,817) | |
05/05/2015 | | HSBC Bank | | United States Dollar | | | 1,920,000 | | | Brazilian Real | | | 6,184,435 | | | | (128,900) | |
05/05/2015 | | Morgan Stanley | | United States Dollar | | | 6,408,889 | | | Brazilian Real | | | 18,537,712 | | | | 267,354 | |
05/05/2015 | | Morgan Stanley | | United States Dollar | | | 2,012,228 | | | Brazilian Real | | | 6,448,386 | | | | (124,119) | |
05/05/2015 | | Santander | | United States Dollar | | | 2,431,741 | | | Brazilian Real | | | 7,064,209 | | | | 91,372 | |
05/18/2015 | | Citibank | | Russian Ruble | | | 138,452,388 | | | United States Dollar | | | 2,050,000 | | | | 618,693 | |
05/18/2015 | | Citibank | | United States Dollar | | | 1,260,000 | | | Russian Ruble | | | 74,881,800 | | | | (183,359) | |
05/18/2015 | | HSBC Bank | | United States Dollar | | | 680,344 | | | Russian Ruble | | | 35,120,063 | | | | 3,399 | |
05/19/2015 | | Credit Suisse | | Peruvian Neuvo Sol | | | 4,843,750 | | | United States Dollar | | | 1,550,000 | | | | (7,518) | |
05/19/2015 | | Deutsche Bank | | Peruvian Neuvo Sol | | | 4,829,800 | | | United States Dollar | | | 1,550,000 | | | | (11,960) | |
05/19/2015 | | Standard Chartered | | Peruvian Neuvo Sol | | | 4,805,000 | | | United States Dollar | | | 1,532,695 | | | | (2,553) | |
05/19/2015 | | Morgan Stanley | | United States Dollar | | | 1,645,841 | | | Peruvian Neuvo Sol | | | 5,165,637 | | | | 855 | |
05/19/2015 | | Standard Chartered | | United States Dollar | | | 1,614,159 | | | Peruvian Neuvo Sol | | | 5,080,888 | | | | (3,839) | |
05/22/2015 | | BNP Paribas | | United States Dollar | | | 1,021,567 | | | British Pound | | | 682,816 | | | | (26,385) | |
05/22/2015 | | BNP Paribas | | United States Dollar | | | 3,828,773 | | | British Pound | | | 2,615,942 | | | | (186,045) | |
05/22/2015 | | Credit Suisse | | United States Dollar | | | 6,441,024 | | | Euro | | | 6,105,381 | | | | (416,418) | |
05/22/2015 | | Merrill Lynch | | United States Dollar | | | 558,330 | | | Euro | | | 529,125 | | | | (35,973) | |
05/22/2015 | | Morgan Stanley | | United States Dollar | | | 129,953 | | | Euro | | | 120,685 | | | | (5,598) | |
05/22/2015 | | Morgan Stanley | | United States Dollar | | | 388,914 | | | Euro | | | 361,178 | | | | (16,754) | |
05/29/2015 | | HSBC Bank | | Chinese Yuan Renminbi | | | 35,201,774 | | | United States Dollar | | | 5,698,846 | | | | 36,924 | |
05/29/2015 | | Citibank | | Indian Rupee | | | 232,689,190 | | | United States Dollar | | | 3,674,523 | | | | (39,750) | |
05/29/2015 | | Citibank | | Indian Rupee | | | 230,108,217 | | | United States Dollar | | | 3,648,747 | | | | (54,290) | |
05/29/2015 | | Merrill Lynch | | Indian Rupee | | | 184,587,779 | | | United States Dollar | | | 2,934,156 | | | | (50,762) | |
05/29/2015 | | Standard Chartered | | Indian Rupee | | | 114,710,137 | | | United States Dollar | | | 1,805,748 | | | | (13,893) | |
05/29/2015 | | Deutsche Bank | | Malaysian Ringgit | | | 17,500,974 | | | United States Dollar | | | 4,815,236 | | | | 76,132 | |
05/29/2015 | | UBS | | Malaysian Ringgit | | | 27,775,300 | | | United States Dollar | | | 7,653,706 | | | | 109,244 | |
05/29/2015 | | Morgan Stanley | | Russian Ruble | | | 162,303,330 | | | United States Dollar | | | 2,587,126 | | | | 527,558 | |
05/29/2015 | | ANZ | | Thai Baht | | | 168,676,600 | | | United States Dollar | | | 5,152,004 | | | | (40,111) | |
05/29/2015 | | Deutsche Bank | | Thai Baht | | | 51,210,726 | | | United States Dollar | | | 1,566,556 | | | | (14,570) | |
05/29/2015 | | Standard Chartered | | United States Dollar | | | 10,127,937 | | | Euro | | | 9,480,504 | | | | (521,371) | |
05/29/2015 | | BNP Paribas | | United States Dollar | | | 1,256,073 | | | Indian Rupee | | | 79,603,600 | | | | 12,607 | |
06/02/2015 | | HSBC Bank | | Brazilian Real | | | 7,275,748 | | | United States Dollar | | | 2,467,066 | | | | (80,842) | |
06/02/2015 | | Morgan Stanley | | Brazilian Real | | | 18,537,712 | | | United States Dollar | | | 6,348,423 | | | | (268,617) | |
06/02/2015 | | Santander | | Brazilian Real | | | 7,064,209 | | | United States Dollar | | | 2,408,855 | | | | (92,009) | |
06/30/2015 | | UBS | | Chinese Yuan Renminbi | | | 48,585,106 | | | United States Dollar | | | 7,871,220 | | | | 26,958 | |
06/30/2015 | | Deutsche Bank | | Hungarian Forint | | | 1,294,682,197 | | | United States Dollar | | | 4,688,934 | | | | 89,909 | |
06/30/2015 | | ANZ | | Indonesian Rupiah | | | 10,231,381,831 | | | United States Dollar | | | 772,471 | | | | 3,323 | |
06/30/2015 | | JP Morgan | | Korean Won | | | 15,197,120,676 | | | United States Dollar | | | 13,860,927 | | | | 222,472 | |
06/30/2015 | | ANZ | | Malaysian Ringgit | | | 29,010,100 | | | United States Dollar | | | 7,791,293 | | | | 297,891 | |
06/30/2015 | | Barclays | | Philippine Peso | | | 3,397,754 | | | United States Dollar | | | 76,560 | | | | (612) | |
06/30/2015 | | HSBC Bank | | Polish Zloty | | | 27,422,966 | | | United States Dollar | | | 7,217,520 | | | | 384,176 | |
06/30/2015 | | JP Morgan | | Polish Zloty | | | 27,422,966 | | | United States Dollar | | | 7,114,533 | | | | 487,164 | |
06/30/2015 | | Morgan Stanley | | Russian Ruble | | | 191,483,024 | | | United States Dollar | | | 2,989,587 | | | | 641,279 | |
See accompanying notes to the financial statements.
99
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | | | | | |
Settlement
Date | | Counterparty | | Currency Buy | | Currency Buy Amount (Local Currency) | | | Currency Sell | | Currency Sell Amount (Local Currency) | | | Unrealized
Gain/(Loss) | |
06/30/2015 | | BNP Paribas | | Taiwan Dollar | | | 330,156,021 | | | United States Dollar | | | 10,573,451 | | | $ | 211,873 | |
06/30/2015 | | BNP Paribas | | Thai Baht | | | 163,200,684 | | | United States Dollar | | | 5,020,015 | | | | (78,614 | ) |
06/30/2015 | | Morgan Stanley | | Thai Baht | | | 109,003,600 | | | United States Dollar | | | 3,350,864 | | | | (50,446 | ) |
06/30/2015 | | HSBC Bank | | United States Dollar | | | 764,097 | | | Chinese Offshore Yuan | | | 4,762,235 | | | | 1,362 | |
06/30/2015 | | BNP Paribas | | United States Dollar | | | 5,645,146 | | | Singapore Dollar | | | 7,699,132 | | | | (167,004 | ) |
06/30/2015 | | ANZ | | United States Dollar | | | 2,670,000 | | | Taiwan Dollar | | | 81,702,000 | | | | 1,012 | |
07/17/2015 | | HSBC Bank | | Chinese Offshore Yuan | | | 3,785,666 | | | United States Dollar | | | 564,393 | | | | 41,104 | |
07/17/2015 | | Standard Chartered | | Chinese Offshore Yuan | | | 24,998,265 | | | United States Dollar | | | 3,761,400 | | | | 236,938 | |
07/17/2015 | | Standard Chartered | | Chinese Offshore Yuan | | | 657,900 | | | United States Dollar | | | 100,038 | | | | 5,190 | |
07/17/2015 | | HSBC Bank | | United States Dollar | | | 18,198 | | | Chinese Offshore Yuan | | | 119,651 | | | | (940 | ) |
07/17/2015 | | HSBC Bank | | United States Dollar | | | 557,442 | | | Chinese Offshore Yuan | | | 3,666,015 | | | | (28,918 | ) |
07/17/2015 | | Standard Chartered | | United States Dollar | | | 3,870,000 | | | Chinese Offshore Yuan | | | 25,656,165 | | | | (233,566 | ) |
07/31/2015 | | BNP Paribas | | Chilean Peso | | | 2,530,782,000 | | | United States Dollar | | | 4,140,000 | | | | (38,329 | ) |
07/31/2015 | | HSBC Bank | | Chilean Peso | | | 611,939,578 | | | United States Dollar | | | 980,908 | | | | 10,870 | |
07/31/2015 | | Santander | | Chilean Peso | | | 4,921,802,296 | | | United States Dollar | | | 7,930,077 | | | | 46,752 | |
07/31/2015 | | Credit Suisse | | Colombian Peso | | | 20,868,540,000 | | | United States Dollar | | | 8,289,390 | | | | 388,166 | |
07/31/2015 | | Credit Suisse | | Colombian Peso | | | 4,786,302,716 | | | United States Dollar | | | 1,958,389 | | | | 31,851 | |
07/31/2015 | | Barclays | | Czech Koruna | | | 95,447,214 | | | United States Dollar | | | 3,746,407 | | | | 163,039 | |
07/31/2015 | | HSBC Bank | | Hungarian Forint | | | 1,262,766,587 | | | United States Dollar | | | 4,502,805 | | | | 155,492 | |
07/31/2015 | | BNP Paribas | | Israeli Shekel | | | 7,330,218 | | | United States Dollar | | | 1,866,288 | | | | 33,031 | |
07/31/2015 | | Merrill Lynch | | Mexican Peso | | | 89,070,505 | | | United States Dollar | | | 5,724,877 | | | | 42,437 | |
07/31/2015 | | UBS | | Mexican Peso | | | 101,622,347 | | | United States Dollar | | | 6,552,053 | | | | 27,992 | |
07/31/2015 | | HSBC Bank | | Polish Zloty | | | 11,690,700 | | | United States Dollar | | | 3,154,448 | | | | 82,915 | |
07/31/2015 | | Morgan Stanley | | Romanian Leu | | | 19,982,425 | | | United States Dollar | | | 4,829,006 | | | | 233,492 | |
07/31/2015 | | ANZ | | South African Rand | | | 15,862,506 | | | United States Dollar | | | 1,290,000 | | | | 22,829 | |
07/31/2015 | | Barclays | | South African Rand | | | 24,555,298 | | | United States Dollar | | | 2,032,000 | | | | 271 | |
07/31/2015 | | Citibank | | South African Rand | | | 17,026,497 | | | United States Dollar | | | 1,399,308 | | | | 9,857 | |
07/31/2015 | | JP Morgan | | South African Rand | | | 37,849,229 | | | United States Dollar | | | 3,055,413 | | | | 77,104 | |
07/31/2015 | | Merrill Lynch | | South African Rand | | | 5,582,061 | | | United States Dollar | | | 458,000 | | | | 3,988 | |
07/31/2015 | | Deutsche Bank | | Turkish Lira | | | 14,406,032 | | | United States Dollar | | | 5,139,321 | | | | 107,839 | |
07/31/2015 | | JP Morgan | | United States Dollar | | | 3,311,057 | | | Colombian Peso | | | 8,277,642,986 | | | | (130,952 | ) |
07/31/2015 | | JP Morgan | | United States Dollar | | | 4,856,084 | | | Colombian Peso | | | 12,236,118,660 | | | | (231,938 | ) |
07/31/2015 | | Citibank | | United States Dollar | | | 276,721 | | | Peruvian Neuvo Sol | | | 878,588 | | | | 432 | |
03/06/2017 | | HSBC Bank | | Chinese Offshore Yuan | | | 26,500,860 | | | United States Dollar | | | 4,163,202 | | | | (94,806 | ) |
03/06/2017 | | HSBC Bank | | Chinese Offshore Yuan | | | 42,770,000 | | | United States Dollar | | | 6,710,599 | | | | (144,574 | ) |
03/06/2017 | | HSBC Bank | | United States Dollar | | | 4,645,000 | | | Chinese Offshore Yuan | | | 28,989,445 | | | | 194,558 | |
03/06/2017 | | HSBC Bank | | United States Dollar | | | 4,717,450 | | | Chinese Offshore Yuan | | | 30,344,995 | | | | 58,904 | |
03/06/2017 | | HSBC Bank | | United States Dollar | | | 1,560,000 | | | Chinese Offshore Yuan | | | 9,936,420 | | | | 34,567 | |
03/20/2017 | | Standard Chartered | | Chinese Offshore Yuan | | | 30,331,751 | | | United States Dollar | | | 4,756,057 | | | | (103,694 | ) |
03/20/2017 | | Standard Chartered | | United States Dollar | | | 3,399,284 | | | Chinese Offshore Yuan | | | 21,446,083 | | | | 109,828 | |
03/20/2017 | | Standard Chartered | | United States Dollar | | | 1,403,739 | | | Chinese Offshore Yuan | | | 8,885,668 | | | | 40,832 | |
| | | | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | | | $ | 2,825,002 | |
| | | | | | | | | | | | | | | | | | |
See accompanying notes to the financial statements.
100
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
At April 30, 2015, 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 | | 13.270% | | | BRL | | | | 70,036,013 | | | | 01/02/2017 | | | $ | (52,299 | ) | | HSBC |
| | | | | | |
Brazil CETIP Interbank | | | | | | | | | | | | | | | | | | | | |
Deposit Rate | | 12.123% | | | BRL | | | | 6,568,423 | | | | 01/02/2018 | | | | (51,344 | ) | | HSBC |
| | | | | | |
Brazil CETIP Interbank | | | | | | | | | | | | | | | | | | | | |
Deposit Rate | | 11.990% | | | BRL | | | | 9,035,565 | | | | 01/02/2018 | | | | (81,241 | ) | | HSBC |
| | | | | | |
Brazil CETIP Interbank | | | | | | | | | | | | | | | | | | | | |
Deposit Rate | | 12.140% | | | BRL | | | | 8,139,264 | | | | 01/02/2018 | | | | (62,453 | ) | | HSBC |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | (247,337 | ) | | |
| | | | | | | | | | | | | | | | | | | | |
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 April 30, 2015:
| | | | | | | | | | | | | | | | | | | | |
| | | Level 1 | | Level 2 | | Level 3 | | Total |
Investments | | | | | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Debt Securities | | | | | | | | | | | | | | | | | | | | |
Corporate Bonds | | | $ | — | | | | $ | 283,246,178 | | | | $ | — | | | | $ | 283,246,178 | |
Corporate Convertible Bonds | | | | — | | | | | 98,789 | | | | | — | | | | | 98,789 | |
Government Agencies | | | | — | | | | | 9,225,545 | | | | | — | | | | | 9,225,545 | |
Government Bonds | | | | — | | | | | 390,186,904 | | | | | — | | | | | 390,186,904 | |
Municipal Bonds | | | | — | | | | | 682,050 | | | | | — | | | | | 682,050 | |
Index Linked Government Bonds | | | | — | | | | | 6,466,463 | | | | | — | | | | | 6,466,463 | |
| | | | | | | | | | | | | | | | | | | | |
Total Debt Securities | | | | — | | | | | 689,905,929 | | | | | — | | | | | 689,905,929 | |
Common Stock | | | | — | | | | | 104,804 | | | | | — | | | | | 104,804 | |
Bank Loans | | | | — | | | | | 7,517,087 | | | | | 91,384 | | | | | 7,608,471 | |
Warrants | | | | — | | | | | 22,248 | | | | | — | | | | | 22,248 | |
Fully Funded Total Return Swaps | | | | — | | | | | 11,046,996 | | | | | — | | | | | 11,046,996 | |
Short-Term Investments | | | | — | | | | | 33,000,000 | | | | | — | | | | | 33,000,000 | |
Total Investments | | | $ | — | | | | $ | 741,597,064 | | | | $ | 91,384 | | | | $ | 741,688,448 | |
| | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | $ | — | | | | $ | 8,025,957 | | | | $ | — | | | | $ | 8,025,957 | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | | — | | | | | (5,200,955 | ) | | | | — | | | | | (5,200,955 | ) |
Interest Rate Swap Contracts | | | | — | | | | | (247,337 | ) | | | | — | | | | | (247,337 | ) |
Total Other Financial Instruments | | | $ | — | | | | $ | 2,577,665 | | | | $ | — | | | | $ | 2,577,665 | |
See accompanying notes to the financial statements.
101
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2015, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2014. 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 reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| | | | | | | | | | | | | | | | |
Category and Subcategory | | Beginning Balance at 10/31/2014 | | Purchases | | Sales | | Change in
Unrealized
Appreciation/
(Depreciation) | | Amortization | | Transfer into Level 3 | | Transfer out of Level 3 | | Ending
Balance at 4/30/2015 |
Investments, at value | | | | | | | | | | | | | | | | |
China | | $— | | $91,077 | | $— | | $151 | | $156 | | $— | | $— | | $91,384 |
Total | | $— | | $91,077 | | $— | | $151 | | $156 | | $— | | $— | | $91,384 |
See the table on “Quantitative information about Fair Value measurement” for information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2015.
Quantitative Information about Level 3 Fair Value Measurements
| | | | | | | | |
| | | Fair Value at 04/30/2015 | | Valuation
Technique | | Unobservable
Input | | Actual |
Bank Loans | | $91,384 | | At cost plus
accrued interest | | Loan Terms | | N/A |
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2015:
| | | | | | | | |
| | | Derivatives Not Accounted for as Hedging Instruments | |
| | | Foreign
Exchange | | | Interest Rate | |
Assets: | | | | | | | | |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | $ | 8,025,957 | | | $ | — | |
| | $ | 8,025,957 | | | $ | — | |
| | |
Liabilities: | | | | | | | | |
Unrealized Depreciation on Interest Rate Swap Contracts | | $ | — | | | $ | (247,337 | ) |
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | | (5,200,955 | ) | | | — | |
| | $ | (5,200,955 | ) | | $ | (247,337 | ) |
See accompanying notes to the financial statements.
102
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2015:
| | | | | | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign
Exchange | | | Interest Rate | |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | $ | 4,277,667 | | | $ | — | |
Net Realized Loss on Interest Rate Swap Contracts | | | — | | | | (121,737 | ) |
| | $ | 4,277,667 | | | $ | (121,737 | ) |
| | |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | | | | | | | |
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | $ | 3,958,810 | | | $ | — | |
Net Change in Unrealized Depreciation on Interest Rate Swap Contracts | | | — | | | | (328,040 | ) |
| | $ | 3,958,810 | | | $ | (328,040 | ) |
| * | See note 10 in the Notes to the Financial Statements for additional information. |
At April 30, 2015, 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 | | $ | 793,824,834 | |
Gross tax appreciation of investments | | | 10,913,039 | |
Gross tax depreciation of investments | | | (63,049,425 | ) |
Net tax depreciation of investments | | $ | (52,136,386 | ) |
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.
103
ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Shares | | | Value | | | % of Net Assets | |
Common Stock | | | | | | | | | | | | | | |
| | | | |
Argentina (Cost $156,882) | | | | | | | | | | | | | | |
Grupo Financiero Galicia S.A. ADR | | | | | 3,679 | | | $ | 81,085 | | | | 0.85 | |
YPF S.A. ADR | | | | | 2,794 | | | | 85,329 | | | | 0.90 | |
| | | | | | | | | 166,414 | | | | 1.75 | |
Brazil (Cost $606,780) | | | | | | | | | | | | | | |
Cosan Ltd., Class A | | | | | 27,100 | | | | 196,746 | | | | 2.07 | |
Estacio Participacoes S.A. | | BRL | | | 23,600 | | | | 142,558 | | | | 1.50 | |
Iochpe-Maxion S.A. | | BRL | | | 14,700 | | | | 53,668 | | | | 0.57 | |
| | | | | | | | | 392,972 | | | | 4.14 | |
Chile (Cost $98,275) | | | | | | | | | | | | | | |
Banco de Chile ADR | | | | | 1,322 | | | | 92,804 | | | | 0.98 | |
| | | | | | | | | 92,804 | | | | 0.98 | |
China (Cost $2,729,869) | | | | | | | | | | | | | | |
Baidu, Inc. ADR | | | | | 2,095 | | | | 419,587 | | | | 4.42 | |
China CITIC Bank Corp. Ltd., Class H | | HKD | | | 702,000 | | | | 638,045 | | | | 6.72 | |
China Minsheng Banking Corp. Ltd., Class H | | HKD | | | 249,200 | | | | 365,232 | | | | 3.85 | |
China Modern Dairy Holdings Ltd. | | HKD | | | 116,000 | | | | 47,357 | | | | 0.50 | |
China National Building Material Co. Ltd., Class H | | HKD | | | 154,000 | | | | 187,250 | | | | 1.97 | |
CITIC Securities Co. Ltd., Class H | | HKD | | | 21,000 | | | | 93,248 | | | | 0.98 | |
E-House China Holdings Ltd. ADR | | | | | 7,895 | | | | 53,686 | | | | 0.57 | |
Far East Horizon Ltd. | | HKD | | | 48,000 | | | | 50,813 | | | | 0.54 | |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | | HKD | | | 40,000 | | | | 153,228 | | | | 1.62 | |
Haitong Securities Co. Ltd., Class H | | HKD | | | 32,000 | | | | 104,727 | | | | 1.10 | |
Intime Retail Group Co. Ltd. | | HKD | | | 46,500 | | | | 52,043 | | | | 0.55 | |
Ju Teng International Holdings Ltd. | | HKD | | | 292,000 | | | | 183,451 | | | | 1.93 | |
Nine Dragons Paper Holdings Ltd. | | HKD | | | 167,000 | | | | 136,276 | | | | 1.44 | |
Ping An Insurance Group Co. of China Ltd., Class H | | HKD | | | 33,000 | | | | 473,499 | | | | 4.99 | |
Shimao Property Holdings Ltd. | | HKD | | | 83,000 | | | | 196,334 | | | | 2.07 | |
SouFun Holdings Ltd. ADR | | | | | 15,980 | | | | 132,155 | | | | 1.39 | |
Sunac China Holdings Ltd. | | HKD | | | 171,000 | | | | 225,354 | | | | 2.38 | |
| | | | | | | | | 3,512,285 | | | | 37.02 | |
Egypt (Cost $49,130) | | | | | | | | | | | | | | |
Egyptian Financial Group-Hermes Holding Co. GDR | | | | | 9,694 | | | | 35,141 | | | | 0.37 | |
| | | | | | | | | 35,141 | | | | 0.37 | |
Greece (Cost $146,594) | | | | | | | | | | | | | | |
Piraeus Bank S.A. | | EUR | | | 88,489 | | | | 39,073 | | | | 0.41 | |
| | | | | | | | | 39,073 | | | | 0.41 | |
India (Cost $80,329) | | | | | | | | | | | | | | |
ICICI Bank Ltd. ADR | | | | | 9,693 | | | | 105,944 | | | | 1.12 | |
| | | | | | | | | 105,944 | | | | 1.12 | |
Indonesia (Cost $154,692) | | | | | | | | | | | | | | |
Matahari Department Store Tbk PT | | IDR | | | 122,100 | | | | 164,780 | | | | 1.74 | |
| | | | | | | | | 164,780 | | | | 1.74 | |
Mexico (Cost $386,732) | | | | | | | | | | | | | | |
Cemex S.A.B. de C.V. ADR (Participation Certificate) | | | | | 10,589 | | | | 101,869 | | | | 1.08 | |
Grupo Mexico S.A.B. de C.V., Series B | | MXN | | | 28,926 | | | | 89,293 | | | | 0.94 | |
Ternium S.A. ADR | | | | | 7,260 | | | | 153,912 | | | | 1.62 | |
| | | | | | | | | 345,074 | | | | 3.64 | |
Russia (Cost $331,104) | | | | | | | | | | | | | | |
Aeroflot - Russian Airlines OJSC | | | | | 36,000 | | | | 26,663 | | | | 0.28 | |
Novatek OAO GDR (Registered) | | | | | 2,113 | | | | 204,319 | | | | 2.16 | |
See accompanying notes to the financial statements.
104
ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Shares | | | Value | | | % of Net
Assets | |
Russia - (continued) | | | | | | | | | | | | | | |
Sberbank of Russia ADR | | | | | 10,735 | | | $ | 63,749 | | | | 0.67 | |
| | | | | | | | | 294,731 | | | | 3.11 | |
Singapore (Cost $128,618) | | | | | | | | | | | | | | |
Lippo Karawaci Tbk PT | | IDR | | | 1,516,100 | | | | 138,525 | | | | 1.46 | |
| | | | | | | | | 138,525 | | | | 1.46 | |
South Africa (Cost $99,790) | | | | | | | | | | | | | | |
Sasol Ltd. ADR | | | | | 2,388 | | | | 96,117 | | | | 1.01 | |
| | | | | | | | | 96,117 | | | | 1.01 | |
South Korea (Cost $1,361,285) | | | | | | | | | | | | | | |
Hyundai Motor Co. | | KRW | | | 527 | | | | 82,726 | | | | 0.87 | |
Kia Motors Corp. | | KRW | | | 4,082 | | | | 188,113 | | | | 1.98 | |
Korea Electric Power Corp. | | KRW | | | 6,874 | | | | 298,461 | | | | 3.15 | |
Korean Reinsurance Co. | | KRW | | | 9,247 | | | | 102,626 | | | | 1.08 | |
LG Display Co. Ltd. | | KRW | | | 6,902 | | | | 190,740 | | | | 2.01 | |
POSCO | | KRW | | | 350 | | | | 82,818 | | | | 0.88 | |
Samsung Engineering Co. Ltd. | | KRW | | | 1,087 | | | | 39,101 | | | | 0.41 | |
SK Hynix, Inc. | | KRW | | | 5,502 | | | | 235,224 | | | | 2.48 | |
| | | | | | | | | 1,219,809 | | | | 12.86 | |
Taiwan (Cost $1,364,241) | | | | | | | | | | | | | | |
Acer, Inc. | | TWD | | | 285,000 | | | | 186,616 | | | | 1.97 | |
AU Optronics Corp. ADR | | | | | 7,672 | | | | 38,514 | | | | 0.40 | |
Capital Securities Corp. | | TWD | | | 126,000 | | | | 46,587 | | | | 0.49 | |
Casetek Holdings Ltd. | | TWD | | | 20,000 | | | | 121,339 | | | | 1.28 | |
Catcher Technology Co. Ltd. | | TWD | | | 7,000 | | | | 81,969 | | | | 0.86 | |
Evergreen Marine Corp. Taiwan Ltd. | | TWD | | | 173,000 | | | | 117,468 | | | | 1.24 | |
Hon Hai Precision Industry Co. Ltd. | | TWD | | | 66,600 | | | | 199,658 | | | | 2.10 | |
Innolux Corp. | | TWD | | | 288,000 | | | | 148,886 | | | | 1.57 | |
Primax Electronics Ltd. | | TWD | | | 45,000 | | | | 59,413 | | | | 0.63 | |
Shin Kong Financial Holding Co. Ltd. | | TWD | | | 327,000 | | | | 106,026 | | | | 1.12 | |
United Microelectronics Corp. | | TWD | | | 582,000 | | | | 276,367 | | | | 2.91 | |
| | | | | | | | | 1,382,843 | | | | 14.57 | |
Turkey (Cost $237,062) | | | | | | | | | | | | | | |
Turkiye Halk Bankasi A.S. | | TRY | | | 26,354 | | | | 133,425 | | | | 1.40 | |
Yapi ve Kredi Bankasi A.S. | | TRY | | | 46,579 | | | | 72,930 | | | | 0.77 | |
| | | | | | | | | 206,355 | | | | 2.17 | |
Total Common Stock (Cost $7,931,383) | | | | | | | | | 8,192,867 | | | | 86.35 | |
| | | | |
Preferred Stock | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $545,442) | | | | | | | | | | | | | | |
Itau Unibanco Holding S.A. ADR | | | | | 16,661 | | | | 213,594 | | | | 2.25 | |
Petroleo Brasileiro S.A. ADR | | | | | 33,111 | | | | 287,403 | | | | 3.03 | |
| | | | | | | | | 500,997 | | | | 5.28 | |
Colombia (Cost $150,601) | | | | | | | | | | | | | | |
Avianca Holdings S.A. ADR | | | | | 7,065 | | | | 92,269 | | | | 0.97 | |
Bancolombia S.A. ADR | | | | | 1,118 | | | | 50,612 | | | | 0.54 | |
| | | | | | | | | 142,881 | | | | 1.51 | |
See accompanying notes to the financial statements.
105
ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Shares | | | Value | | | % of Net
Assets | |
South Korea (Cost $56,363) | | | | | | | | | | | | | | |
Hyundai Motor Co. Ltd. | | KRW | | | 336 | | | $ | 38,104 | | | | 0.40 | |
| | | | | | | | | 38,104 | | | | 0.40 | |
Total Preferred Stock (Cost $752,406) | | | | | | | | | 681,982 | | | | 7.19 | |
| | | | |
Equity-Linked Securities | | | | | | | | | | | | | | |
| | | | |
India (Cost $459,798) | | | | | | | | | | | | | | |
Adani Ports and Special Economic Zone Ltd., Issued by JP Morgan Structured Products B.V. | | | | | 26,890 | | | | 134,281 | | | | 1.42 | |
Axis Bank Ltd., Issued by Merrill Lynch International & Co. | | | | | 12,371 | | | | 110,376 | | | | 1.16 | |
Bharat Petroleum Corp. Ltd., Issued by JP Morgan Structured Products B.V. | | | | | 6,980 | | | | 84,023 | | | | 0.89 | |
Maruti Suzuki India Ltd., Issued by Merrill Lynch International & Co. | | | | | 1,580 | | | | 92,486 | | | | 0.98 | |
Shriram Transport Finance Co. Ltd., Issued by JP Morgan Structured Products B.V. | | | | | 2,311 | | | | 35,268 | | | | 0.37 | |
Tata Chemicals Ltd., Issued by JP Morgan Structured Products B.V. | | | | | 6,371 | | | | 42,795 | | | | 0.45 | |
Tech Mahindra Ltd., Issued by Citigroup Global Markets Holdings, Inc. | | | | | 13,616 | | | | 133,147 | | | | 1.40 | |
| | | | | | | | | 632,376 | | | | 6.67 | |
Total Equity-Linked Securities (Cost $459,798) | | | | | | | | | 632,376 | | | | 6.67 | |
| | | | | | | | | | | | | | |
| | | Currency(1) | | Number
of
Warrants | | | Value | | | % of Net
Assets | |
Warrants | | | | | | | | | | | | | | |
| | | | |
China (Cost $ — ) | | | | | | | | | | | | | | |
Ju Teng International Holdings Ltd., Exp. 10/14/2016, Strike Price $4.60 | | HKD | | | 36,500 | | | $ | 3,202 | | | | 0.03 | |
| | | | |
Total Warrants (Cost $ — ) | | | | | | | | | 3,202 | | | | 0.03 | |
| | | | |
Total Investments (Total Cost $9,143,587) | | | | | | | | | 9,510,427 | | | | 100.24 | |
| | | | |
Liabilities Less Other Assets (See Statements of Assets and Liabilities for further detail) | | | | | | | | | (22,793 | ) | | | (0.24 | ) |
| | | | |
Net Assets | | | | | | | | $ | 9,487,634 | | | | 100.00 | |
| (1) | Par values are stated in United States Dollars unless otherwise noted below. |
Percentages shown are based on net assets.
See accompanying notes to the financial statements.
106
ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
At April 30, 2015, the industry sectors for the Ashmore Emerging Markets Equity Fund were:
| | | | |
| Sector | | Percentage of
Net Assets | |
Consumer Discretionary | | | 8.0% | |
Consumer Staples | | | 0.5 | |
Energy | | | 10.1 | |
Financials | | | 38.2 | |
Health Care | | | 1.6 | |
Industrials | | | 4.9 | |
Information Technology | | | 25.4 | |
Materials | | | 8.4 | |
Utilities | | | 3.1 | |
Total Investments | | | 100.2 | |
Other Assets Less Liabilities | | | (0.2) | |
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 April 30, 2015.
| | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | Total | |
Investments | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | |
Common Stock | | | | | | | | | | | | | | |
Argentina | | $ | 166,414 | | | $ | — | | | $— | | $ | 166,414 | |
Brazil | | | 392,972 | | | | — | | | — | | | 392,972 | |
Chile | | | 92,804 | | | | — | | | — | | | 92,804 | |
China | | | 605,427 | | | | 2,906,858 | | | — | | | 3,512,285 | |
Egypt | | | 35,141 | | | | — | | | — | | | 35,141 | |
Greece | | | — | | | | 39,073 | | | — | | | 39,073 | |
India | | | 105,944 | | | | — | | | — | | | 105,944 | |
Indonesia | | | — | | | | 164,780 | | | — | | | 164,780 | |
Mexico | | | 345,074 | | | | — | | | — | | | 345,074 | |
Russia | | | 26,663 | | | | 268,068 | | | — | | | 294,731 | |
Singapore | | | — | | | | 138,525 | | | — | | | 138,525 | |
South Africa | | | 96,117 | | | | — | | | — | | | 96,117 | |
South Korea | | | — | | | | 1,219,809 | | | — | | | 1,219,809 | |
Taiwan | | | 38,514 | | | | 1,344,329 | | | — | | | 1,382,843 | |
Turkey | | | — | | | | 206,355 | | | — | | | 206,355 | |
| | | | | | | | | | | | | | |
Total Common Stock | | | 1,905,070 | | | | 6,287,797 | | | — | | | 8,192,867 | |
Preferred Stock | | | | | | | | | | | | | | |
Brazil | | | 500,997 | | | | — | | | — | | | 500,997 | |
Colombia | | | 142,881 | | | | — | | | — | | | 142,881 | |
South Korea | | | — | | | | 38,104 | | | — | | | 38,104 | |
| | | | | | | | | | | | | | |
Total Preferred Stock | | | 643,878 | | | | 38,104 | | | — | | | 681,982 | |
Equity - Linked Securities | | | | | | | | | | | | | | |
India | | | — | | | | 632,376 | | | — | | | 632,376 | |
Warrants | | | | | | | | | | | | | | |
China | | | — | | | | 3,202 | | | — | | | 3,202 | |
Total Investments | | $ | 2,548,948 | | | $ | 6,961,479 | | | $— | | $ | 9,510,427 | |
See accompanying notes to the financial statements.
107
ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2015, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2014. 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*:
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended
April 30, 2015:
| | |
| | | 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 | | $ 6 |
| * | See note 10 in the Notes to the Financial Statements for additional information. |
At April 30, 2015, 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 | | | $9,156,723 | |
Gross tax appreciation of investments | | | 1,118,274 | |
Gross tax depreciation of investments | | | (764,570 | ) |
Net tax appreciation of investments | | | $353,704 | |
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.
108
ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Shares | | | Value | | | % of Net
Assets | |
Common Stock | | | | | | | | | | | | | | |
| | | | |
Argentina (Cost $626,681) | | | | | | | | | | | | | | |
IRSA Inversiones y Representaciones S.A. ADR | | | | | 36,279 | | | $ | 657,375 | | | | 1.27 | |
| | | | | | | | | 657,375 | | | | 1.27 | |
Brazil (Cost $3,569,506) | | | | | | | | | | | | | | |
CVC Brasil Operadora e Agencia de Viagens S.A. | | BRL | | | 40,400 | | | | 232,508 | | | | 0.45 | |
Estacio Participacoes S.A. | | BRL | | | 36,600 | | | | 221,086 | | | | 0.43 | |
GAEC Educacao S.A. | | BRL | | | 74,700 | | | | 500,322 | | | | 0.97 | |
Iochpe-Maxion S.A. | | BRL | | | 112,400 | | | | 410,362 | | | | 0.80 | |
Tereos Internacional S.A. | | BRL | | | 488,692 | | | | 158,953 | | | | 0.31 | |
Tupy S.A. | | BRL | | | 97,700 | | | | 554,497 | | | | 1.07 | |
Wilson Sons Ltd. BDR | | BRL | | | 16,640 | | | | 171,981 | | | | 0.33 | |
| | | | | | | | | 2,249,709 | | | | 4.36 | |
Chile (Cost $579,310) | | | | | | | | | | | | | | |
Cia Sud Americana de Vapores S.A. | | CLP | | | 9,358,634 | | | | 358,494 | | | | 0.70 | |
| | | | | | | | | 358,494 | | | | 0.70 | |
China (Cost $13,477,853) | | | | | | | | | | | | | | |
21Vianet Group, Inc. ADR | | | | | 76,450 | | | | 1,572,577 | | | | 3.05 | |
Anton Oilfield Services Group | | HKD | | | 2,280,000 | | | | 550,051 | | | | 1.07 | |
Boer Power Holdings Ltd. | | HKD | | | 183,000 | | | | 353,074 | | | | 0.68 | |
China Machinery Engineering Corp., Class H | | HKD | | | 1,037,000 | | | | 1,375,263 | | | | 2.67 | |
Chinasoft International Ltd. | | HKD | | | 1,662,000 | | | | 949,695 | | | | 1.84 | |
Far East Horizon Ltd. | | HKD | | | 244,000 | | | | 258,301 | | | | 0.50 | |
Hollysys Automation Technologies Ltd. | | | | | 18,225 | | | | 400,403 | | | | 0.78 | |
iKang Healthcare Group, Inc. ADR | | | | | 30,307 | | | | 530,676 | | | | 1.03 | |
Intime Retail Group Co. Ltd. | | HKD | | | 579,000 | | | | 648,015 | | | | 1.26 | |
Ju Teng International Holdings Ltd. | | HKD | | | 1,896,000 | | | | 1,191,175 | | | | 2.31 | |
Noah Holdings Ltd. ADR | | | | | 77,200 | | | | 2,616,308 | | | | 5.07 | |
Semiconductor Manufacturing International Corp. | | HKD | | | 4,544,000 | | | | 502,540 | | | | 0.97 | |
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd., Class H | | HKD | | | 220,000 | | | | 256,535 | | | | 0.50 | |
Shenzhen Investment Ltd. | | HKD | | | 2,890,000 | | | | 1,588,659 | | | | 3.08 | |
Sinovac Biotech Ltd. | | | | | 29 | | | | 143 | | | | — | |
SouFun Holdings Ltd. ADR | | | | | 154,015 | | | | 1,273,704 | | | | 2.47 | |
Sunac China Holdings Ltd. | | HKD | | | 1,508,000 | | | | 1,987,330 | | | | 3.85 | |
Tarena International, Inc. ADR | | | | | 22,300 | | | | 270,945 | | | | 0.53 | |
Vipshop Holdings Ltd. ADR | | | | | 39,100 | | | | 1,106,139 | | | | 2.15 | |
Xinchen China Power Holdings Ltd. | | HKD | | | 981,000 | | | | 471,727 | | | | 0.92 | |
| | | | | | | | | 17,903,260 | | | | 34.73 | |
Egypt (Cost $400,303) | | | | | | | | | | | | | | |
Egyptian Financial Group-Hermes Holding Co. GDR | | | | | 107,834 | | | | 390,898 | | | | 0.76 | |
| | | | | | | | | 390,898 | | | | 0.76 | |
Hong Kong (Cost $518,018) | | | | | | | | | | | | | | |
Singamas Container Holdings Ltd. | | HKD | | | 2,648,000 | | | | 501,122 | | | | 0.97 | |
| | | | | | | | | 501,122 | | | | 0.97 | |
Indonesia (Cost $1,498,280) | | | | | | | | | | | | | | |
AKR Corporindo Tbk PT | | IDR | | | 72,300 | | | | 28,859 | | | | 0.06 | |
Bank Tabungan Negara Persero Tbk PT | | IDR | | | 5,743,700 | | | | 492,675 | | | | 0.96 | |
Berlian Laju Tanker Tbk PT(2) | | IDR | | | 4,428,000 | | | | 16,739 | | | | 0.03 | |
Ciputra Surya Tbk PT | | IDR | | | 1,941,700 | | | | 440,712 | | | | 0.85 | |
Lippo Karawaci Tbk PT | | IDR | | | 5,125,500 | | | | 468,313 | | | | 0.91 | |
| | | | | | | | | 1,447,298 | | | | 2.81 | |
See accompanying notes to the financial statements.
109
ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Shares | | | Value | | | % of Net
Assets | |
Mexico (Cost $2,198,922) | | | | | | | | | | | | | | |
Credito Real S.A.B. de C.V. SOFOM, E.R. | | MXN | | | 113,172 | | | $ | 279,943 | | | | 0.54 | |
Cydsa S.A.B. de C.V. | | MXN | | | 242,823 | | | | 405,497 | | | | 0.79 | |
Grupo Famsa S.A.B. de C.V., Series A | | MXN | | | 353,326 | | | | 263,233 | | | | 0.51 | |
Grupo Industrial Saltillo S.A.B. de C.V. | | MXN | | | 281,200 | | | | 569,108 | | | | 1.10 | |
Grupo Lamosa S.A.B. de C.V. | | MXN | | | 98,500 | | | | 215,015 | | | | 0.42 | |
PLA Administradora Industrial, S. de R.L. de C.V. | | MXN | | | 108,100 | | | | 213,494 | | | | 0.42 | |
| | | | | | | | | 1,946,290 | | | | 3.78 | |
Philippines (Cost $318,164) | | | | | | | | | | | | | | |
Century Properties Group, Inc. | | PHP | | | 11,119,001 | | | | 227,314 | | | | 0.44 | |
| | | | | | | | | 227,314 | | | | 0.44 | |
Russian Federation (Cost $1,825,067) | | | | | | | | | | | | | | |
Aeroflot - Russian Airlines OJSC | | | | | 373,200 | | | | 276,404 | | | | 0.53 | |
Aeroflot - Russian Airlines OJSC (MIC Exchange) | | RUB | | | 148,400 | | | | 109,564 | | | | 0.21 | |
LSR Group PJSC GDR (Registered) | | | | | 221,748 | | | | 617,923 | | | | 1.20 | |
QIWI PLC ADR | | | | | 11,136 | | | | 302,231 | | | | 0.59 | |
| | | | | | | | | 1,306,122 | | | | 2.53 | |
South Korea (Cost $4,976,831) | | | | | | | | | | | | | | |
Dongsung Finetec Co. Ltd. | | KRW | | | 50,559 | | | | 359,504 | | | | 0.70 | |
Interpark Corp. | | KRW | | | 17,820 | | | | 349,033 | | | | 0.68 | |
Interpark Holdings Corp. | | KRW | | | 62,217 | | | | 517,774 | | | | 1.00 | |
Korean Reinsurance Co. | | KRW | | | 75,706 | | | | 840,209 | | | | 1.63 | |
Modetour Network, Inc. | | KRW | | | 40,526 | | | | 1,381,591 | | | | 2.68 | |
Samchuly Bicycle Co. Ltd. | | KRW | | | 24,578 | | | | 576,420 | | | | 1.12 | |
Soulbrain Co. Ltd. | | KRW | | | 38,106 | | | | 1,472,332 | | | | 2.85 | |
| | | | | | | | | 5,496,863 | | | | 10.66 | |
Taiwan (Cost $10,640,444) | | | | | | | | | | | | | | |
Altek Corp. | | TWD | | | 797,900 | | | | 869,928 | | | | 1.69 | |
Bizlink Holding, Inc. | | TWD | | | 110,000 | | | | 470,899 | | | | 0.91 | |
Capital Securities Corp. | | TWD | | | 1,359,000 | | | | 502,478 | | | | 0.97 | |
Casetek Holdings Ltd. | | TWD | | | 107,000 | | | | 649,165 | | | | 1.26 | |
China Airlines Ltd. | | TWD | | | 910,000 | | | | 483,888 | | | | 0.94 | |
Chipbond Technology Corp. | | TWD | | | 229,000 | | | | 496,589 | | | | 0.96 | |
Evergreen Marine Corp. Taiwan Ltd. | | TWD | | | 775,000 | | | | 526,227 | | | | 1.02 | |
FLEXium Interconnect, Inc. | | TWD | | | 452,000 | | | | 1,603,597 | | | | 3.11 | |
Globalwafers Co. Ltd. | | TWD | | | 141,618 | | | | 438,720 | | | | 0.85 | |
Globe Union Industrial Corp. | | TWD | | | 1,125 | | | | 567 | | | | — | |
Gloria Material Technology Corp. | | TWD | | | 414,000 | | | | 308,885 | | | | 0.60 | |
Innolux Corp. | | TWD | | | 1,970,891 | | | | 1,018,885 | | | | 1.98 | |
Johnson Health Tech Co. Ltd. | | TWD | | | 131,257 | | | | 340,443 | | | | 0.66 | |
Merry Electronics Co. Ltd. | | TWD | | | 185,000 | | | | 424,499 | | | | 0.82 | |
MPI Corp. | | TWD | | | 300,000 | | | | 897,463 | | | | 1.74 | |
On-Bright Electronics, Inc. | | TWD | | | 64,000 | | | | 348,595 | | | | 0.68 | |
Primax Electronics Ltd. | | TWD | | | 531,000 | | | | 701,078 | | | | 1.36 | |
Silicon Motion Technology Corp. ADR | | | | | 16,000 | | | | 468,960 | | | | 0.91 | |
Tainan Spinning Co. Ltd. | | TWD | | | 291,528 | | | | 169,152 | | | | 0.33 | |
Taiwan Paiho Ltd. | | TWD | | | 274,000 | | | | 743,312 | | | | 1.44 | |
| | | | | | | | | 11,463,330 | | | | 22.23 | |
Turkey (Cost $489,748) | | | | | | | | | | | | | | |
Turkiye Sinai Kalkinma Bankasi A.S. | | TRY | | | 575,605 | | | | 434,931 | | | | 0.84 | |
| | | | | | | | | 434,931 | | | | 0.84 | |
See accompanying notes to the financial statements.
110
ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Shares | | | Value | | | % of Net
Assets | |
United Arab Emirates (Cost $450,849) | | | | | | | | | | | | | | |
Al Noor Hospitals Group PLC | | GBP | | | 33,243 | | | $ | 456,625 | | | | 0.89 | |
| | | | | | | | | 456,625 | | | | 0.89 | |
Total Common Stock (Cost $41,569,976) | | | | | | | | | 44,839,631 | | | | 86.97 | |
| | | | |
Preferred Stock | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $613,189) | | | | | | | | | | | | | | |
Banco ABC Brasil S.A. | | BRL | | | 116,326 | | | | 498,052 | | | | 0.97 | |
| | | | | | | | | 498,052 | | | | 0.97 | |
Colombia (Cost $1,710,015) | | | | | | | | | | | | | | |
Avianca Holdings S.A. ADR | | | | | 119,545 | | | | 1,561,258 | | | | 3.03 | |
| | | | | | | | | 1,561,258 | | | | 3.03 | |
Total Preferred Stock (Cost $2,323,204) | | | | | | | | | 2,059,310 | | | | 4.00 | |
| | | | |
Equity-Linked Securities | | | | | | | | | | | | | | |
| | | | |
India (Cost $2,252,346) | | | | | | | | | | | | | | |
Balrampur Chini Mills Ltd., Issued by Merrill Lynch International & Co. | | | | | 453,904 | | | | 328,007 | | | | 0.64 | |
Kotak Mahindra Bank Ltd., Issued by Merill Lynch International & Co. | | | | | 29,267 | | | | 612,659 | | | | 1.19 | |
MT Educare Ltd., Issued by Merrill Lynch International & Co. | | | | | 103,306 | | | | 168,065 | | | | 0.32 | |
PI Industries Ltd., Issued by Citigroup Global Markets | | | | | 60,448 | | | | 624,705 | | | | 1.21 | |
Shriram Transport Finance Co. Ltd., Issued by JP Morgan Structured Products | | | | | 32,205 | | | | 491,474 | | | | 0.95 | |
Tata Chemicals Ltd., Issued by JP Morgan Structured Products | | | | | 69,624 | | | | 467,672 | | | | 0.91 | |
| | | | | | | | | 2,692,582 | | | | 5.22 | |
Total Equity-Linked Securities (Cost $2,252,346) | | | | | | | | | 2,692,582 | | | | 5.22 | |
| | | | |
| | | Currency(1) | | Number of Warrants | | | Value | | | % of Net
Assets | |
Warrants | | | | | | | | | | | | | | |
| | | | |
China (Cost $ — ) | | | | | | | | | | | | | | |
Ju Teng International Holdings Ltd., Exp. 10/14/2016, Strike Price $4.60 | | HKD | | | 237,000 | | | $ | 20,793 | | | | 0.04 | |
| | | | |
Total Warrants (Cost $ — ) | | | | | | | | | 20,793 | | | | 0.04 | |
| | | | |
Total Investments (Total Cost $46,145,526) | | | | | | | | | 49,612,316 | | | | 96.23 | |
| | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | 1,944,107 | | | | 3.77 | |
| | | | |
Net Assets | | | | | | | | $ | 51,556,423 | | | | 100.00 | |
See accompanying notes to the financial statements.
111
ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| (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 April 30, 2015, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:
| | | | |
| Sector | | Percentage of Net Assets | |
Consumer Discretionary | | | 18.2% | |
Consumer Staples | | | 0.9 | |
Energy | | | 1.1 | |
Financials | | | 26.4 | |
Health Care | | | 2.4 | |
Industrials | | | 14.4 | |
Information Technology | | | 25.7 | |
Materials | | | 7.1 | |
Total Investments | | | 96.2 | |
Other Assets Less Liabilities | | | 3.8 | |
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 Small-Cap Equity Fund’s investments, which are carried at fair value as of April 30, 2015:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stock | | | | | | | | | | | | | | | | |
Argentina | | $ | 657,375 | | | $ | — | | | $ | — | | | $ | 657,375 | |
Brazil | | | 2,249,709 | | | | — | | | | — | | | | 2,249,709 | |
Chile | | | 358,494 | | | | — | | | | — | | | | 358,494 | |
China | | | 7,770,895 | | | | 9,182,670 | | | | 949,695 | | | | 17,903,260 | |
Egypt | | | 390,898 | | | | — | | | | — | | | | 390,898 | |
Hong Kong | | | — | | | | 501,122 | | | | — | | | | 501,122 | |
Indonesia | | | — | | | | 1,430,560 | | | | 16,738 | | | | 1,447,298 | |
Mexico | | | 1,946,290 | | | | — | | | | — | | | | 1,946,290 | |
Philippines | | | — | | | | 227,314 | | | | — | | | | 227,314 | |
Russian Federation | | | 578,635 | | | | 727,487 | | | | — | | | | 1,306,122 | |
South Korea | | | — | | | | 5,496,863 | | | | — | | | | 5,496,863 | |
Taiwan | | | 468,960 | | | | 10,994,370 | | | | — | | | | 11,463,330 | |
Turkey | | | — | | | | 434,931 | | | | — | | | | 434,931 | |
United Arab Emirates | | | — | | | | 456,625 | | | | — | | | | 456,625 | |
| | | | | | | | | | | | | | | | |
Total Common Stock | | | 14,421,256 | | | | 29,451,942 | | | | 966,433 | | | | 44,839,631 | |
Preferred Stock | | | | | | | | | | | | | | | | |
Brazil | | | 498,052 | | | | — | | | | — | | | | 498,052 | |
Colombia | | | 1,561,258 | | | | — | | | | — | | | | 1,561,258 | |
| | | | | | | | | | | | | | | | |
Total Preferred Stock | | | 2,059,310 | | | | — | | | | — | | | | 2,059,310 | |
Equity - Linked Securities | | | | | | | | | | | | | | | | |
India | | | — | | | | 2,692,582 | | | | — | | | | 2,692,582 | |
Warrants | | | | | | | | | | | | | | | | |
China | | | — | | | | 20,793 | | | | — | | | | 20,793 | |
Total Investments | | $ | 16,480,566 | | | $ | 32,165,317 | | | $ | 966,433 | | | $
| 49,612,316
|
|
See accompanying notes to the financial statements.
112
ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
The Fund discloses all transfers between levels based on valuations at the end of each reporting period.
At April 30, 2015, the Fund had transfers from Level 2 to Level 1 as disclosed below:
| | | | |
Transfers from Level 2 to Level 1 | | | | |
| Country | | Value | | Reason |
Common Stock | | | | |
Chile | | $358,494 | | Fair value factor was applied |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Category and Subcategory | | Beginning Balance at 10/31/2014 | | Purchases | | Sales | | Realized Gains | | Realized Losses | | Change in Unrealized Appreciation/ (Depreciation) | | Transfer into Level 3 | | Transfer out of Level 3 | | Ending
Balance at 4/30/2015 |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
China | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 949,695 | | | | $ | — | | | | $ | 949,695 | |
Indonesia | | | | 17,954 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (1,216 | ) | | | | — | | | | | — | | | | | 16,738 | |
Total | | | $ | 17,954 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | (1,216 | ) | | | $ | 949,695 | | | | $ | — | | | | $ | 966,433 | |
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 April 30, 2015.
Quantitative Information about Level 3 Fair Value Measurements
| | | | | | | | |
| | | Fair Value at 4/30/2015 | | Valuation Technique | | Unobservable
Input | | Actual |
Common Stocks | | | | | | | | |
China | | $949,695 | | Last traded price(a) | | None | | N/A |
Indonesia | | 16,738 | | Discount from last traded price | | Discount
Percentage(b) | | 75% |
| (a) | Represents a discount to the last publicly traded price reported on applicable market as of 4/28/2015. |
| (b) | Represents a discount of 25% to the 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. An increase in the discount percentage would reduce the value of the associated security.
See accompanying notes to the financial statements.
113
ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
The following is a summary of the fair values of the Fund’s derivative instruments*:
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2015:
| | |
| | | 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 | | $621 |
| | |
| * | See note 10 in the Notes to the Financial Statements for additional information. |
At April 30, 2015, 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 | | | $ 46,199,820 | |
Gross tax appreciation of investments | | | 8,126,269 | |
Gross tax depreciation of investments | | | (4,713,773) | |
Net tax appreciation of investments | | | $3,412,496 | |
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.
114
ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Shares | | | Value | | | % of Net
Assets | |
Common Stock | | | | | | | | | | | | | | |
| | | | |
Argentina (Cost $3,257,113) | | | | | | | | | | | | | | |
Banco Macro S.A. ADR | | | | | 21,569 | | | $ | 1,191,687 | | | | 4.61 | |
BBVA Banco Frances S.A. ADR | | | | | 64,473 | | | | 1,243,039 | | | | 4.80 | |
Grupo Financiero Galicia S.A. ADR | | | | | 53,647 | | | | 1,182,380 | | | | 4.57 | |
| | | | | | | | | 3,617,106 | | | | 13.98 | |
Bangladesh (Cost $761,619) | | | | | | | | | | | | | | |
Islami Bank Bangladesh Ltd. | | BDT | | | 2,518,903 | | | | 524,798 | | | | 2.03 | |
| | | | | | | | | 524,798 | | | | 2.03 | |
Egypt (Cost $557,093) | | | | | | | | | | | | | | |
Arabian Cement Co. | | EGP | | | 242,051 | | | | 554,525 | | | | 2.14 | |
| | | | | | | | | 554,525 | | | | 2.14 | |
Greece (Cost $321,968) | | | | | | | | | | | | | | |
OPAP S.A. | | EUR | | | 34,181 | | | | 303,740 | | | | 1.17 | |
| | | | | | | | | 303,740 | | | | 1.17 | |
Indonesia (Cost $2,011,729) | | | | | | | | | | | | | | |
Ciputra Surya Tbk PT | | IDR | | | 1,299,100 | | | | 294,860 | | | | 1.14 | |
Modernland Realty Tbk PT | | IDR | | | 13,301,500 | | | | 532,541 | | | | 2.06 | |
Pakuwon Jati Tbk PT | | IDR | | | 30,240,500 | | | | 1,018,332 | | | | 3.93 | |
| | | | | | | | | 1,845,733 | | | | 7.13 | |
Kazakhstan (Cost $223,936) | | | | | | | | | | | | | | |
Halyk Savings Bank of Kazakhstan JSC GDR (Registered) | | | | | 32,506 | | | | 251,780 | | | | 0.97 | |
| | | | | | | | | 251,780 | | | | 0.97 | |
Kenya (Cost $377,883) | | | | | | | | | | | | | | |
CFC Stanbic Holdings Ltd. | | KES | | | 33,000 | | | | 43,256 | | | | 0.17 | |
Kenya Commercial Bank Ltd. | | KES | | | 513,500 | | | | 339,256 | | | | 1.31 | |
| | | | | | | | | 382,512 | | | | 1.48 | |
Kuwait (Cost $2,082,962) | | | | | | | | | | | | | | |
Agility Public Warehousing Co. KSC | | KWD | | | 202,700 | | | | 530,697 | | | | 2.05 | |
National Bank of Kuwait S.A.K.P. | | KWD | | | 487,897 | | | | 1,390,878 | | | | 5.38 | |
| | | | | | | | | 1,921,575 | | | | 7.43 | |
Nigeria (Cost $147,288) | | | | | | | | | | | | | | |
SEPLAT Petroleum Development Co. PLC(2) | | GBP | | | 77,073 | | | | 147,875 | | | | 0.57 | |
| | | | | | | | | 147,875 | | | | 0.57 | |
Pakistan (Cost $4,816,834) | | | | | | | | | | | | | | |
Bank Al Habib Ltd. | | PKR | | | 1,221,500 | | | | 561,041 | | | | 2.17 | |
D.G. Khan Cement Co. Ltd. | | PKR | | | 680,000 | | | | 922,905 | | | | 3.56 | |
Engro Corp. Ltd. | | PKR | | | 392,000 | | | | 1,220,596 | | | | 4.71 | |
Fatima Fertilizer Co. Ltd. | | PKR | | | 751,500 | | | | 279,384 | | | | 1.08 | |
Fauji Fertilizer Bin Qasim Ltd. | | PKR | | | 506,500 | | | | 240,568 | | | | 0.93 | |
Fauji Fertilizer Co. Ltd. | | PKR | | | 396,300 | | | | 553,459 | | | | 2.14 | |
Hub Power (The) Co. Ltd. | | PKR | | | 315,500 | | | | 302,827 | | | | 1.17 | |
K-Electric Ltd. | | PKR | | | 3,745,500 | | | | 275,927 | | | | 1.07 | |
Maple Leaf Cement Factory Ltd. | | PKR | | | 1,341,500 | | | | 848,983 | | | | 3.28 | |
| | | | | | | | | 5,205,690 | | | | 20.11 | |
Philippines (Cost $2,923,004) | | | | | | | | | | | | | | |
Belle Corp. | | PHP | | | 8,456,000 | | | | 791,087 | | | | 3.06 | |
Cebu Air, Inc. | | PHP | | | 2,140 | | | | 4,085 | | | | 0.01 | |
Century Properties Group, Inc. | | PHP | | | 8,017,161 | | | | 163,901 | | | | 0.63 | |
Cosco Capital, Inc. | | PHP | | | 670,400 | | | | 123,423 | | | | 0.48 | |
Melco Crown Philippines Resorts Corp. | | PHP | | | 2,270,900 | | | | 462,209 | | | | 1.79 | |
Premium Leisure Corp. | | PHP | | | 11,909,000 | | | | 435,228 | | | | 1.68 | |
San Miguel Pure Foods Co., Inc. | | PHP | | | 120,390 | | | | 529,856 | | | | 2.05 | |
| | | | | | | | | 2,509,789 | | | | 9.70 | |
See accompanying notes to the financial statements.
115
ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Shares | | | Value | | | % of Net
Assets | |
Sri Lanka (Cost $2,283,702) | | | | | | | | | | | | | | |
People’s Leasing & Finance PLC | | LKR | | | 6,083,492 | | | $ | 1,093,898 | | | | 4.23 | |
Sampath Bank PLC | | LKR | | | 635,189 | | | | 1,238,387 | | | | 4.78 | |
Seylan Bank PLC | | LKR | | | 6,786 | | | | 5,412 | | | | 0.02 | |
| | | | | | | | | 2,337,697 | | | | 9.03 | |
Turkey (Cost $268,065) | | | | | | | | | | | | | | |
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S., Class D | | TRY | | | 347,740 | | | | 239,140 | | | | 0.93 | |
| | | | | | | | | 239,140 | | | | 0.93 | |
United Arab Emirates (Cost $2,455,413) | | | | | | | | | | | | | | |
Air Arabia PJSC | | AED | | | 1,319,150 | | | | 586,165 | | | | 2.26 | |
Emirates NBD PJSC | | AED | | | 232,060 | | | | 623,466 | | | | 2.41 | |
Mashreqbank PSC | | AED | | | 40,300 | | | | 1,316,653 | | | | 5.09 | |
| | | | | | | | | 2,526,284 | | | | 9.76 | |
Vietnam (Cost $1,383,487) | | | | | | | | | | | | | | |
Kinh Bac City Development Share Holding Corp. | | VND | | | 708,130 | | | | 512,921 | | | | 1.98 | |
Petrovietnam Fertilizer & Chemicals JSC | | VND | | | 578,760 | | | | 809,622 | | | | 3.13 | |
| | | | | | | | | 1,322,543 | | | | 5.11 | |
Total Common Stock (Cost $23,872,096) | | | | | | | | | 23,690,787 | | | | 91.54 | |
| | | | |
Preferred Stock | | | | | | | | | | | | | | |
| | | | |
Colombia (Cost $549,412) | | | | | | | | | | | | | | |
Avianca Holdings S.A. ADR | | | | | 46,560 | | | | 608,074 | | | | 2.35 | |
| | | | | | | | | 608,074 | | | | 2.35 | |
Total Preferred Stock (Cost $549,412) | | | | | | | | | 608,074 | | | | 2.35 | |
| | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net Assets | |
Convertible Bond | | | | | | | | | | | | | | |
| | | | |
Oman (Cost $ — ) | | | | | | | | | | | | | | |
Bank Muscat S.A.O.G. 3.500%, 03/19/2018 | | OMR | | | 31,609 | | | $ | — | | | | — | |
| | | | | | | | | — | | | | — | |
Total Convertible Bond (Cost $ — ) | | | | | | | | | — | | | | — | |
| | | | |
| | | Currency(1) | | Shares | | | Value | | | % of Net
Assets | |
Investment Companies | | | | | | | | | | | | | | |
db x-trackers MSCI Pakistan IM TRN Index UCITS ETF | | EUR | | | 186,354 | | | $ | 376,621 | | | | 1.45 | |
Total Investment Companies (Cost $376,994) | | | | | | | | | 376,621 | | | | 1.45 | |
| | | | |
Total Investments (Total Cost $24,798,502) | | | | | | | | | 24,675,482 | | | | 95.34 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for
further detail) | | | | | | | | | 1,205,902 | | | | 4.66 | |
| | | | |
Net Assets | | | | | | | | $ | 25,881,384 | | | | 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.
116
ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
Percentages shown are based on net assets.
At April 30, 2015, the industry sectors for the Ashmore Emerging Markets Frontier Equity Fund were:
| | | | | | |
| Sector | | Percentage of Net Assets |
Consumer Discretionary | | | 3.0 | % | | |
Consumer Staples | | | 2.5 | | | |
Energy | | | 0.6 | | | |
Financials | | | 58.4 | | | |
Industrials | | | 6.7 | | | |
Materials | | | 21.9 | | | |
Utilities | | | 2.2 | | | |
Total Investments | | | 95.3 | | | |
Other Assets Less Liabilities | | | 4.7 | | | |
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 Frontier Equity Fund’s investments, which are carried at fair value, as of April 30, 2015:
| | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | Total | |
Investments | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | |
Common Stock | | | | | | | | | | | | | | |
Argentina | | $ | 3,617,106 | | | $ | — | | | $— | | $ | 3,617,106 | |
Bangladesh | | | — | | | | 524,798 | | | — | | | 524,798 | |
Egypt | | | 554,525 | | | | — | | | — | | | 554,525 | |
Greece | | | — | | | | 303,740 | | | — | | | 303,740 | |
Indonesia | | | — | | | | 1,845,733 | | | — | | | 1,845,733 | |
Kazakhstan | | | 251,780 | | | | — | | | — | | | 251,780 | |
Kenya | | | — | | | | 382,512 | | | — | | | 382,512 | |
Kuwait | | | — | | | | 1,921,575 | | | — | | | 1,921,575 | |
Nigeria | | | — | | | | 147,875 | | | — | | | 147,875 | |
Pakistan | | | — | | | | 5,205,690 | | | — | | | 5,205,690 | |
Philippines | | | — | | | | 2,509,789 | | | — | | | 2,509,789 | |
Sri Lanka | | | — | | | | 2,337,697 | | | — | | | 2,337,697 | |
Turkey | | | — | | | | 239,140 | | | — | | | 239,140 | |
United Arab Emirates | | | 1,316,653 | | | | 1,209,631 | | | — | | | 2,526,284 | |
Vietnam | | | — | | | | 1,322,543 | | | — | | | 1,322,543 | |
| | | | | | | | | | | | | | |
Total Common Stock | | | 5,740,064 | | | | 17,950,723 | | | — | | | 23,690,787 | |
Preferred Stocks | | | | | | | | | | | | | | |
Colombia | | | 608,074 | | | | — | | | — | | | 608,074 | |
Convertible Bonds | | | | | | | | | | | | | | |
Oman | | | — | | | | — | | | — | | | — | |
Investment Companies | | | | | | | | | | | | | | |
Pakistan | | | 376,621 | | | | — | | | — | | | 376,621 | |
Total Investments | | $ | 6,724,759 | | | $ | 17,950,723 | | | $— | | $ | 24,675,482 | |
See accompanying notes to the financial statements.
117
ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2015, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2014. 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 reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| | | | | | | | | | | | | | | | | | |
Category and Subcategory | | Beginning Balance at 10/31/2014 | | Purchases | | Sales | | Realized
Gains | | Realized Losses | | Change in
Unrealized
Appreciation/
(Depreciation) | | Transfer
into
Level 3 | | Transfer out of
Level 3 | | Ending
Balance at 04/30/2015 |
Investments, at value Common Stocks | | $211,057 | | $522,553 | | $(648,265) | | $ — | | $(98,546) | | $13,201 | | $ — | | $ — | | $ — |
Total | | $211,057 | | $522,553 | | $(648,265) | | $ — | | $(98,546) | | $13,201 | | $ — | | $ — | | $ — |
At April 30, 2015, 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 | | | $24,904,247 | |
Gross tax appreciation of investments | | | 1,024,364 | |
Gross tax depreciation of investments | | | (1,253,129) | |
Net tax depreciation of investments | | | $(228,765) | |
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.
118
ASHMORE EMERGING MARKETS SHORT DURATION FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Debt Securities | | | | | | | | | | | | | | |
| | | | |
Angola (Cost $259,250) | | | | | | | | | | | | | | |
Angola (Rep of) Via Northern Lights III B.V. 7.000%, 08/16/2019 | | | | | 250,000 | | | $ | 257,905 | | | | 0.98 | |
| | | | | | | | | 257,905 | | | | 0.98 | |
Belarus (Cost $1,119,171) | | | | | | | | | | | | | | |
Belarus (Rep of) 8.750%, 08/03/2015 | | | | | 830,000 | | | | 798,327 | | | | 3.02 | |
Belarus (Rep of) 8.950%, 01/26/2018 | | | | | 300,000 | | | | 273,600 | | | | 1.04 | |
| | | | | | | | | 1,071,927 | | | | 4.06 | |
Brazil (Cost $1,478,028) | | | | | | | | | | | | | | |
JBS Finance II Ltd. 8.250%, 01/29/2018 | | | | | 350,000 | | | | 361,029 | | | | 1.37 | |
Marfrig Holding Europe B.V. 8.375%, 05/09/2018 | | | | | 475,000 | | | | 461,842 | | | | 1.75 | |
Petrobras International Finance S.A. 3.500%, 02/06/2017 | | | | | 400,000 | | | | 394,996 | | | | 1.50 | |
Petrobras International Finance S.A. 5.875%, 03/01/2018 | | | | | 200,000 | | | | 204,480 | | | | 0.77 | |
| | | | | | | | | 1,422,347 | | | | 5.39 | |
China (Cost $4,627,678) | | | | | | | | | | | | | | |
Agile Property Holdings Ltd. 9.875%, 03/20/2017 | | | | | 550,000 | | | | 572,000 | | | | 2.17 | |
Baidu, Inc. 2.250%, 11/28/2017 | | | | | 425,000 | | | | 428,710 | | | | 1.62 | |
China Hongqiao Group Ltd. 7.625%, 06/26/2017 | | | | | 275,000 | | | | 279,751 | | | | 1.06 | |
China SCE Property Holdings Ltd. 11.500%, 11/14/2017 | | | | | 475,000 | | | | 477,375 | | | | 1.81 | |
CIFI Holdings Group Co. Ltd. 12.250%, 04/15/2018 | | | | | 350,000 | | | | 385,000 | | | | 1.46 | |
CITIC Ltd. 6.875%, 01/21/2018 | | | | | 250,000 | | | | 277,632 | | | | 1.05 | |
Hyva Global B.V. 8.625%, 03/24/2016 | | | | | 475,000 | | | | 461,225 | | | | 1.75 | |
Kaisa Group Holdings Ltd. 8.875%, 03/19/2018(2) | | | | | 475,000 | | | | 266,000 | | | | 1.01 | |
KWG Property Holding Ltd. 13.250%, 03/22/2017 | | | | | 325,000 | | | | 355,875 | | | | 1.35 | |
Sunac China Holdings Ltd. 9.375%, 04/05/2018 | | | | | 475,000 | | | | 480,938 | | | | 1.82 | |
Yuzhou Properties Co. Ltd. 11.750%, 10/25/2017 | | | | | 350,000 | | | | 372,750 | | | | 1.41 | |
| | | | | | | | | 4,357,256 | | | | 16.51 | |
Colombia (Cost $314,282) | | | | | | | | | | | | | | |
Grupo Aval Ltd. 5.250%, 02/01/2017 | | | | | 300,000 | | | | 315,000 | | | | 1.19 | �� |
| | | | | | | | | 315,000 | | | | 1.19 | |
Ecuador (Cost $1,704,424) | | | | | | | | | | | | | | |
Ecuador (Rep of) 9.375%, 12/15/2015 | | | | | 500,000 | | | | 508,750 | | | | 1.93 | |
EP PetroEcuador via Noble Sovereign Funding I Ltd., FRN 5.897%, 09/24/2019 | | | | | 1,231,579 | | | | 1,139,211 | | | | 4.32 | |
| | | | | | | | | 1,647,961 | | | | 6.25 | |
Hong Kong (Cost $313,791) | | | | | | | | | | | | | | |
Wiseyear Holdings Ltd. 5.000%, 02/15/2017 | | | | | 300,000 | | | | 314,738 | | | | 1.19 | |
| | | | | | | | | 314,738 | | | | 1.19 | |
India (Cost $1,124,083) | | | | | | | | | | | | | | |
Bank of Baroda 5.000%, 08/24/2016 | | | | | 400,000 | | | | 415,769 | | | | 1.58 | |
ICICI Bank Ltd. 4.750%, 11/25/2016 | | | | | 310,000 | | | | 323,581 | | | | 1.23 | |
Vedanta Resources PLC 6.750%, 06/07/2016 | | | | | 375,000 | | | | 383,888 | | | | 1.45 | |
| | | | | | | | | 1,123,238 | | | | 4.26 | |
Indonesia (Cost $594,103) | | | | | | | | | | | | | | |
Indo Energy Finance B.V. 7.000%, 05/07/2018 | | | | | 575,000 | | | | 477,250 | | | | 1.81 | |
| | | | | | | | | 477,250 | | | | 1.81 | |
Israel (Cost $427,002) | | | | | | | | | | | | | | |
Delek & Avner Tamar Bond Ltd. 2.803%, 12/30/2016(3) | | | | | 425,000 | | | | 425,000 | | | | 1.61 | |
| | | | | | | | | 425,000 | | | | 1.61 | |
Kazakhstan (Cost $1,471,597) | | | | | | | | | | | | | | |
Halyk Savings Bank of Kazakhstan JSC 7.250%, 05/03/2017 | | | | | 275,000 | | | | 282,661 | | | | 1.07 | |
See accompanying notes to the financial statements.
119
ASHMORE EMERGING MARKETS SHORT DURATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Kazakhstan - (continued) | | | | | | | | | | | | | | |
Kazkommertsbank JSC 8.000%, 11/03/2015 | | | | | 500,000 | | | $ | 497,510 | | | | 1.89 | |
Kazkommertsbank JSC 7.500%, 11/29/2016 | | | | | 300,000 | | | | 298,191 | | | | 1.13 | |
Kazkommertsbank JSC 8.500%, 05/11/2018 | | | | | 375,000 | | | | 362,250 | | | | 1.37 | |
| | | | | | | | | 1,440,612 | | | | 5.46 | |
Malaysia (Cost $307,382) | | | | | | | | | | | | | | |
Malayan Banking Bhd. 3.000%, 02/10/2017 | | | | | 300,000 | | | | 306,518 | | | | 1.16 | |
| | | | | | | | | 306,518 | | | | 1.16 | |
Mexico (Cost $416,983) | | | | | | | | | | | | | | |
Grupo Televisa S.A.B. 6.000%, 05/15/2018 | | | | | 375,000 | | | | 419,531 | | | | 1.59 | |
| | | | | | | | | 419,531 | | | | 1.59 | |
Nigeria (Cost $573,389) | | | | | | | | | | | | | | |
Access Finance B.V. 7.250%, 07/25/2017 | | | | | 575,000 | | | | 566,495 | | | | 2.15 | |
| | | | | | | | | 566,495 | | | | 2.15 | |
Pakistan (Cost $559,341) | | | | | | | | | | | | | | |
Pakistan (Rep of) 7.125%, 03/31/2016 | | | | | 550,000 | | | | 565,125 | | | | 2.14 | |
| | | | | | | | | 565,125 | | | | 2.14 | |
Philippines (Cost $105,095) | | | | | | | | | | | | | | |
SM Investments Corp. 5.500%, 10/13/2017 | | | | | 100,000 | | | | 105,085 | | | | 0.40 | |
| | | | | | | | | 105,085 | | | | 0.40 | |
Russian Federation (Cost $5,073,912) | | | | | | | | | | | | | | |
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.875%, 09/25/2017 | | | | | 375,000 | | | | 387,188 | | | | 1.47 | |
Bank of Moscow OJSC Via Kuznetski Capital, FRN 5.967%, 11/25/2015 | | | | | 275,000 | | | | 273,080 | | | | 1.03 | |
Credit Bank of Moscow Via CBOM Finance PLC 7.700%, 02/01/2018 | | | | | 375,000 | | | | 367,620 | | | | 1.39 | |
Evraz Group S.A. 9.500%, 04/24/2018 | | | | | 450,000 | | | | 460,125 | | | | 1.74 | |
Metalloinvest Finance Ltd. 6.500%, 07/21/2016 | | | | | 475,000 | | | | 475,000 | | | | 1.80 | |
Rosneft Finance S.A. 7.875%, 03/13/2018 | | | | | 100,000 | | | | 101,825 | | | | 0.39 | |
Rosneft Oil Co. via Rosneft International Finance Ltd. 3.149%, 03/06/2017 | | | | | 200,000 | | | | 190,000 | | | | 0.72 | |
Russian Standard Bank Via Russian Standard Finance S.A. 9.250%, 07/11/2017 | | | | | 250,000 | | | | 248,790 | | | | 0.94 | |
SCF Capital Ltd. 5.375%, 10/27/2017 | | | | | 200,000 | | | | 186,000 | | | | 0.71 | |
TMK OAO Via TMK Capital S.A. 7.750%, 01/27/2018 | | | | | 475,000 | | | | 452,200 | | | | 1.71 | |
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 9.125%, 04/30/2018 | | | | | 325,000 | | | | 343,200 | | | | 1.30 | |
VimpelCom Holdings B.V. 6.255%, 03/01/2017 | | | | | 475,000 | | | | 474,881 | | | | 1.80 | |
Vnesheconombank Via VEB Finance PLC 5.450%, 11/22/2017 | | | | | 540,000 | | | | 525,301 | | | | 1.99 | |
Vnesheconombank Via VEB Finance PLC 4.224%, 11/21/2018 | | | | | 400,000 | | | | 361,000 | | | | 1.37 | |
VTB Bank OJSC Via VTB Capital S.A. 6.000%, 04/12/2017 | | | | | 200,000 | | | | 197,716 | | | | 0.75 | |
| | | | | | | | | 5,043,926 | | | | 19.11 | |
Saudi Arabia (Cost $328,464) | | | | | | | | | | | | | | |
SABIC Capital I B.V. 3.000%, 11/02/2015 | | | | | 325,000 | | | | 328,441 | | | | 1.25 | |
| | | | | | | | | 328,441 | | | | 1.25 | |
South Africa (Cost $215,188) | | | | | | | | | | | | | | |
Sappi Papier Holding GmbH 7.750%, 07/15/2017 | | | | | 200,000 | | | | 217,000 | | | | 0.82 | |
| | | | | | | | | 217,000 | | | | 0.82 | |
Turkey (Cost $1,195,287) | | | | | | | | | | | | | | |
Akbank T.A.S. 6.500%, 03/09/2018 | | | | | 375,000 | | | | 401,250 | | | | 1.52 | |
See accompanying notes to the financial statements.
120
ASHMORE EMERGING MARKETS SHORT DURATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | Currency(1) | | Par | | | Value | | | % of Net
Assets | |
Turkey - (continued) | | | | | | | | | | | | | | |
Tupras Turkiye Petrol Rafinerileri A.S. 4.125%, 05/02/2018 | | | | | 200,000 | | | $ | 200,680 | | | | 0.76 | |
Yapi ve Kredi Bankasi A.S. 6.750%, 02/08/2017 | | | | | 300,000 | | | | 317,250 | | | | 1.20 | |
Yapi ve Kredi Bankasi Via Unicredit Luxembourg S.A. 5.188%, 10/13/2015 | | | | | 275,000 | | | | 278,438 | | | | 1.06 | |
| | | | | | | | | 1,197,618 | | | | 4.54 | |
Ukraine (Cost $74,844) | | | | | | | | | | | | | | |
Metinvest B.V. 10.500%, 11/28/2017 | | | | | 150,000 | | | | 90,000 | | | | 0.34 | |
| | | | | | | | | 90,000 | | | | 0.34 | |
United Arab Emirates (Cost $1,135,064) | | | | | | | | | | | | | | |
Abu Dhabi National Energy Co. PJSC 4.125%, 03/13/2017 | | | | | 300,000 | | | | 313,500 | | | | 1.19 | |
Dubai Holding Commercial Operations MTN Ltd. 6.000%, 02/01/2017 | | GBP | | | 300,000 | | | | 473,118 | | | | 1.79 | |
Emirates NBD PJSC 4.625%, 03/28/2017 | | | | | 300,000 | | | | 313,125 | | | | 1.19 | |
| | | | | | | | | 1,099,743 | | | | 4.17 | |
Venezuela (Cost $2,984,960) | | | | | | | | | | | | | | |
Petroleos de Venezuela S.A. 5.000%, 10/28/2015 | | | | | 1,100,000 | | | | 1,079,100 | | | | 4.09 | |
Petroleos de Venezuela S.A. 5.125%, 10/28/2016 | | | | | 500,000 | | | | 367,500 | | | | 1.39 | |
Petroleos de Venezuela S.A. 8.500%, 11/02/2017 | | | | | 1,950,000 | | | | 1,508,325 | | | | 5.72 | |
Venezuela (Rep of) 5.750%, 02/26/2016 | | | | | 200,000 | | | | 170,000 | | | | 0.64 | |
| | | | | | | | | 3,124,925 | | | | 11.84 | |
Total Debt Securities (Cost $26,403,318) | | | | | | | | | 25,917,641 | | | | 98.22 | |
| | | | |
Total Investments (Total Cost $26,403,318) | | | | | | | | $ | 25,917,641 | | | | 98.22 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for
further detail) | | | | | | | | | 470,935 | | | | 1.78 | |
| | | | |
Net Assets | | | | | | | | $ | 26,388,576 | | | | 100.00 | |
| (1) | Par values are stated in United States Dollars unless otherwise noted below. |
| (2) | Issuer has defaulted on terms of debt obligation. |
| (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. | |
Percentages shown are based on net assets.
At April 30, 2015, the Ashmore Emerging Markets Short Duration 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) |
05/22/2015 | | Merrill Lynch | | United States Dollar | | 469,444 | | British Pound | | | 320,181 | | | $(21,954) |
| | | | | | | | | | | | | | | |
See accompanying notes to the financial statements.
121
ASHMORE EMERGING MARKETS SHORT DURATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
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 Short Duration Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2015:
| | | | | | | | | | | | |
| | | Level 1 | | Level 2 | | | Level 3 | | Total | |
Investments | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | |
Corporate Bonds | | $ — | | $ | 22,982,934 | | | $ — | | $ | 22,982,934 | |
Government Agencies | | — | | | 361,000 | | | — | | | 361,000 | |
Government Bonds | | — | | | 2,573,707 | | | — | | | 2,573,707 | |
Total Investments | | $ — | | $ | 25,917,641 | | | $ — | | $ | 25,917,641 | |
| | | | |
Other Financial Instruments | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ — | | $ | 21,954 | | | $ — | | $ | 21,954 | |
Total Other Financial Instruments | | $ — | | $ | 21,954 | | | $ — | | $ | 21,954 | |
The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2015, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2014. 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 April 30, 2015:
| | |
| | | Derivatives Not Accounted
for as Hedging Instruments |
| | | Foreign Exchange |
Liabilities: | | |
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | $(21,954) |
| | |
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2015:
| | |
| | | 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 | | $ 183,736 |
| | |
| |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized resulting from Operations: | | |
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | $ (29,444) |
| | |
| * | See note 10 in the Notes to the Financial Statements for additional information. |
See accompanying notes to the financial statements.
122
ASHMORE EMERGING MARKETS SHORT DURATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
At April 30, 2015, 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 | | | $26,427,242 | |
Gross tax appreciation of investments | | | 247,420 | |
Gross tax depreciation of investments | | | (757,021) | |
Net tax depreciation of investments | | | $(509,601) | |
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.
123
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS
As of April 30, 2015 (Unaudited)
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 follows accounting and reporting guidance under Financial Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” The Trust includes nine funds as of April 30, 2015, 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 Debt Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund and Ashmore Emerging Markets Short Duration Fund (each a “Fund” and collectively, the “Funds”) are separate investment funds of the Trust. Each of the Funds, except Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund and Ashmore Emerging Markets Frontier 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. Each of the Funds is presented herein.
Ashmore Investment Advisors Limited (“AIAL” or the “Investment Manager”) serves as investment manager to the Funds. AIAL is a wholly owned subsidiary of Ashmore Investments (UK) Limited, which is a wholly owned subsidiary of Ashmore Group plc (“Ashmore Group”). The Investment Manager has retained Ashmore Equities Investment Management (US) LLC (“AEIM” or the “Subadviser”) to manage the investment portfolios of Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund and Ashmore Emerging Markets Frontier Equity Fund. The Subadviser is responsible for managing the investment of the assets of Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund and Ashmore Emerging Markets Frontier 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.
The Directors have assessed the impact of the Alternative Investment Fund Managers Directive (the “Directive”) on the financial statements of the Trust and have concluded that the Trust is exempt from following Chapter V. Section 1. Articles 103-111 of the European Commission’s Level 2 Delegated Regulation on the basis of the operations of the Trust being (i) a Non-EEA AIF, and (ii) not being marketed in the European Union, as defined by the Directive.
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”).
(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 as well as the reported amounts of revenues generated and expenses incurred during the reporting period. Actual results could differ from these estimates. These financial statements contain all adjustments which are, in the opinion of 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.
124
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
(c) Determination of the Net Asset Value
The net asset value (“NAV”) of a Fund’s shares is calculated at the close of regular trading (normally 4:00 p.m. Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open for regular trading.
(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 last official closing prices or the last reported sales prices on an exchange or other market, or if no closing prices or 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 generally valued on the basis of quotes obtained from brokers and dealers or pricing services, in some cases, using data reflecting the earlier closing of the principal markets for those securities (e.g., certain foreign 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. Exchange traded options, futures and options on futures are generally valued at the settlement price determined by the exchange on which the instrument is primarily traded. 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.
Investments initially valued in currencies other than the United States dollar are converted to the United States dollar using exchange rates obtained from pricing services. Foreign exchange rates are calculated as of 4:00 p.m. Eastern time on each day that the NYSE 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 United States dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the United States dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares of the Funds. 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.
125
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
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 and the Sub-Adviser, as applicable, primarily employ 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 and the Sub-Adviser, as applicable, 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.
(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
126
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
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 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 value 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) Inflation Index Securities
Certain Funds may invest in inflation-indexed bonds which are fixed income securities whose principal value is periodically adjusted based on a measure of rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. At April 30, 2015, all inflation-indexed bonds were shown on the Statement of Investments with their original par and stated coupon rate.
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. A discussion of the principal risks of investing in each Fund is included in that Fund’s prospectus.
Counterparty and Third Party Risk
Transactions involving a counterparty to a derivative or other instrument, or a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability to perform in accordance with the terms of the transaction.
Credit Risk
The Funds could lose money if the issuer or guarantor of a debt security or other instrument is unable or unwilling to meet its financial obligations, and the lack of ability, or perceived lack of ability, of the issuer to make timely payments of interest and/or principal will negatively affect the value of the security or instrument.
127
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
Market Risk
The value of securities and instruments owned by the Funds may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas. Recent instability in the financial markets has led governments around the world to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. The withdrawal of this support, failure of these efforts, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the values and liquidity of a Fund’s securities.
Other Risks
Investments in foreign securities entail significant risks in addition to those customarily associated with investing in U.S. securities. These risks are heightened with respect to investments in emerging-market countries where there is an even greater amount of economic, political and social instability. Economic, political and social instability could disrupt financial markets in which the Fund invests and adversely affect the value of the Fund’s assets. In addition, national policies may restrict investment opportunities. In foreign markets there may be a lower degree of market volume and liquidity than in U.S. markets, and this may result in greater price volatility. The securities markets in many emerging-market countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of developed countries. Furthermore, since the composition of each Fund will differ from that of market indexes, its performance generally will not mirror the returns provided by a specific market index.
4. 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 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.
128
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
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. 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. 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. 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.
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. 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 and sufficient credit quality are generally valued at amortized cost which approximates fair market value. These investments 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. Reverse repurchase agreements
Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties 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.
129
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
The following is a summary by counterparty of the market value of reverse repurchase agreements and collateral pledged as of April 30, 2015:
| | | | | | | | |
Ashmore Emerging Markets Debt Fund | |
| | |
| Counterparty | | Payable for
Reverse
Repurchase
Agreements | | | Collateral
Pledged | |
Barclays | | $ | 91,322 | | | | 97,278 | |
ING | | | 257,175 | | | | 283,649 | |
J.P. Morgan | | | 79,273 | | | | 118,560 | |
Total | | $ | 427,770 | | | | 499,487 | |
Securities with an aggregate market value of $499,487 have been pledged as collateral in respect of reverse repurchase agreements as of April 30, 2015. The actual collateral exceeds the market values of the reverse repurchase agreements.
The average amount of reverse repurchase agreements outstanding during the period ended April 30, 2015 was $23,752 at a weighted average interest rate of 0.01%.
| | | | | | | | |
Ashmore Emerging Markets Total Return Fund | |
| | |
| Counterparty | | Payable for
Reverse
Repurchase
Agreements | | | Collateral
Pledged | |
J.P. Morgan | | $ | 776,196 | | | | 851,247 | |
Total | | $ | 776,196 | | | | 851,247 | |
Securities with an aggregate market value of $851,247 have been pledged as collateral in respect of reverse repurchase agreements as of April 30, 2015. The actual collateral exceeds the market values of the reverse repurchase agreements.
The average amount of reverse repurchase agreements outstanding during the period ended April 30, 2015 was $776,196 at a weighted average interest rate of 3.0%.
130
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
6. Capital share transactions
Transactions in Class A shares for the period ended April 30, 2015, 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/
(Decrease) in
Shares | | | Net Increase/
(Decrease) in
Net Assets | |
| Ashmore Emerging Markets Corporate Debt Fund | | | 381,529 | | | $ | 3,177,917 | | | | 12,501 | | | $ | 101,731 | | | | (87,708 | ) | | $ | (708,943 | ) | | | 306,322 | | | $ | 2,570,705 | |
| Ashmore Emerging Markets Local Currency Bond Fund | | | - | | | | - | | | | 61 | | | | 478 | | | | - | | | | - | | | | 61 | | | | 478 | |
| Ashmore Emerging Markets Currency Fund | | | - | | | | - | | | | - | | | | 3 | | | | - | | | | - | | | | - | | | | 3 | |
| Ashmore Emerging Markets Debt Fund | | | 40 | | | | 347 | | | | 27 | | | | 227 | | | | (3,973 | ) | | | (33,378 | ) | | | (3,906 | ) | | | (32,804 | ) |
| Ashmore Emerging Markets Total Return Fund | | | 116,155 | | | | 946,405 | | | | 12,059 | | | | 98,872 | | | | (763,420 | ) | | | (6,188,297 | ) | | | (635,206 | ) | | | (5,143,020 | ) |
| Ashmore Emerging Markets Equity Fund | | | 165 | | | | 1,469 | | | | 5 | | | | 39 | | | | (102 | ) | | | (880 | ) | | | 68 | | | | 628 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | 961 | | | | 8,733 | | | | 1,741 | | | | 14,295 | | | | (10,253 | ) | | | (89,536 | ) | | | (7,551 | ) | | | (66,508 | ) |
| Ashmore Emerging Markets Frontier Equity Fund | | | 17,526 | | | | 157,474 | | | | 1,832 | | | | 15,320 | | | | (2,118 | ) | | | (17,727 | ) | | | 17,240 | | | | 155,067 | |
| Ashmore Emerging Markets Short Duration Fund | | | 4,555 | | | | 43,025 | | | | 89 | | | | 847 | | | | - | | | | - | | | | 4,644 | | | | 43,872 | |
Transactions in Class C shares for the period ended April 30, 2015, 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/
(Decrease) in
Shares | | | Net Increase/
(Decrease) in
Net Assets | |
| Ashmore Emerging Markets Corporate Debt Fund | | | 165,230 | | | $ | 1,344,167 | | | | 2,985 | | | $ | 24,284 | | | | (12,937 | ) | | $ | (106,804 | ) | | | 155,278 | | | $ | 1,261,647 | |
| Ashmore Emerging Markets Local Currency Bond Fund | | | - | | | | - | | | | 100 | | | | 783 | | | | (10,144 | ) | | | (79,040 | ) | | | (10,044 | ) | | | (78,257 | ) |
| Ashmore Emerging Markets Currency Fund | | | - | | | | - | | | | - | | | | 1 | | | | - | | | | - | | | | - | | | | 1 | |
| Ashmore Emerging Markets Debt Fund | | | - | | | | - | | | | 4 | | | | 30 | | | | - | | | | - | | | | 4 | | | | 30 | |
| Ashmore Emerging Markets Total Return Fund | | | 11,879 | | | | 98,166 | | | | 1,067 | | | | 8,693 | | | | (62,303 | ) | | | (492,917 | ) | | | (49,357 | ) | | | (386,058 | ) |
| Ashmore Emerging Markets Equity Fund | | | - | | | | - | | | | - | | | | 2 | | | | - | | | | - | | | | - | | | | 2 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | 1,012 | | | | 10,000 | | | | 373 | | | | 3,273 | | | | (115 | ) | | | (1,041 | ) | | | 1,270 | | | | 12,232 | |
| Ashmore Emerging Markets Frontier Equity Fund | | | 297 | | | | 2,500 | | | | 12 | | | | 103 | | | | (112 | ) | | | (941 | ) | | | 197 | | | | 1,662 | |
131
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
Transactions in Institutional Class shares for the period ended April 30, 2015, 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/ (Decrease) in Shares | | | Net Increase/ (Decrease) in Net Assets | |
| Ashmore Emerging Markets Corporate Debt Fund | | | 11,874,796 | | | $ | 101,121,166 | | | | 225,955 | | | $ | 1,905,705 | | | | (18,480,367 | ) | | $ | (158,673,625 | ) | | | (6,379,636 | ) | | $ | (55,646,754 | ) |
| Ashmore Emerging Markets Local Currency Bond Fund | | | 2,209,231 | | | | 17,964,427 | | | | 170,957 | | | | 1,386,234 | | | | (2,463,313 | ) | | | (19,935,968 | ) | | | (83,125 | ) | | | (585,307 | ) |
| Ashmore Emerging Markets Currency Fund | | | 1,087 | | | | 8,419 | | | | 5,005 | | | | 39,229 | | | | (22,246 | ) | | | (172,507 | ) | | | (16,154 | ) | | | (124,859 | ) |
| Ashmore Emerging Markets Debt Fund | | | 3 | | | | 21 | | | | 17,108 | | | | 141,024 | | | | (17 | ) | | | (155 | ) | | | 17,094 | | | | 140,890 | |
| Ashmore Emerging Markets Total Return Fund | | | 19,755,887 | | | | 162,630,030 | | | | 2,907,555 | | | | 24,085,958 | | | | (39,518,123 | ) | | | (322,218,735 | ) | | | (16,854,681 | ) | | | (135,502,747 | ) |
| Ashmore Emerging Markets Equity Fund | | | 21,413 | | | | 182,900 | | | | 2,018 | | | | 17,073 | | | | (126,227 | ) | | | (1,071,537 | ) | | | (102,796 | ) | | | (871,564 | ) |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | 528,700 | | | | 6,061,287 | | | | 127,946 | | | | 1,320,404 | | | | (626,255 | ) | | | (6,869,293 | ) | | | 30,391 | | | | 512,398 | |
| Ashmore Emerging Markets Frontier Equity Fund | | | 2,304,379 | | | | 22,466,766 | | | | 64,348 | | | | 605,888 | | | | (337,991 | ) | | | (3,261,226 | ) | | | 2,030,736 | | | | 19,811,428 | |
| Ashmore Emerging Markets Short Duration Fund | | | 520,791 | | | | 5,030,598 | | | | 32,192 | | | | 299,508 | | | | (715 | ) | | | (6,367 | ) | | | 552,268 | | | | 5,323,739 | |
Capital shares
Class A shares are issued at the Fund’s relevant NAV per share plus, any applicable sales charge. Institutional Class and Class C shares are issued at the Fund’s relevant NAV per share without a sales charge. Shares confer upon the holders the right to receive notice of and attend, speak and vote at 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.
7. Investment transactions
For the period ended April 30, 2015, 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 | | $ | 113,468,510 | | | $ | 176,688,601 | |
Ashmore Emerging Markets Local Currency Bond Fund | | | 34,964,213 | | | | 28,318,315 | |
Ashmore Emerging Markets Currency Fund | | | 1,066,450 | | | | 1,761,310 | |
Ashmore Emerging Markets Debt Fund | | | 966,028 | | | | 556,459 | |
Ashmore Emerging Markets Total Return Fund | | | 475,315,597 | | | | 559,553,658 | |
Ashmore Emerging Markets Equity Fund | | | 4,272,335 | | | | 4,863,344 | |
Ashmore Emerging Markets Small-Cap Equity Fund | | | 19,685,361 | | | | 23,018,952 | |
Ashmore Emerging Markets Frontier Equity Fund | | | 30,276,843 | | | | 11,788,078 | |
Ashmore Emerging Markets Short Duration Fund | | | 9,019,767 | | | | 1,581,865 | |
132
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
8. 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.
At October 31, 2014, 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. 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
Carry forward at October 31, 2014 | | | Long-Term Capital Loss
Carry forward at October 31, 2014 |
Ashmore Emerging Markets Local Currency Bond Fund | | $ | (1,248,900) | | | $ (607,437) |
Ashmore Emerging Markets Currency Fund | | | (159,188) | | | (68,793) |
Ashmore Emerging Markets Debt Fund | | | (812,655) | | | - |
Ashmore Emerging Markets Total Return Fund | | | (4,200,627) | | | (6,756,306) |
Ashmore Emerging Markets Equity Fund | | | (787,942) | | | (296,757) |
Ashmore Emerging Markets Short Duration Fund | | | (36,187) | | | - |
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.
133
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
As of October 31, 2014, 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
Earnings (Deficit) | |
| Ashmore Emerging Markets Corporate Debt Fund | | $ | 3,489,757 | | | $ | - | | | $ | (290,768) | | | $ | (17,023,418) | | | $ | (13,824,429) | |
| Ashmore Emerging Markets Local Currency Bond Fund | | | - | | | | - | | | | (1,928,289) | | | | (5,992,280) | | | | (7,920,569) | |
| Ashmore Emerging Markets Currency Fund | | | - | | | | - | | | | (253,296) | | | | (79,635) | | | | (332,931) | |
| Ashmore Emerging Markets Debt Fund | | | - | | | | - | | | | (824,246) | | | | (66,682) | | | | (890,928) | |
| Ashmore Emerging Markets Total Return Fund | | | - | | | | - | | | | (11,438,883) | | | | (49,702,574) | | | | (61,141,457) | |
| Ashmore Emerging Markets Equity Fund | | | 23,152 | | | | - | | | | (1,085,067) | | | | (86,181) | | | | (1,148,096) | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | 472,939 | | | | 1,247,441 | | | | - | | | | (936,408) | | | | 783,972 | |
| Ashmore Emerging Markets Frontier Equity Fund | | | 844,843 | | | | - | | | | (7,119) | | | | 27,449 | | | | 865,173 | |
| Ashmore Emerging Markets Short Duration Fund | | | 38,313 | | | | - | | | | (48,434) | | | | (351,295) | | | | (361,416) | |
The taxable character of distributions paid during the fiscal year ended October 31, 2014, 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 | | $ | 16,592,060 | | | $ | - | | | $ | - | | | $ | - | | | $ | 16,592,060 | |
| Ashmore Emerging Markets Local Currency Bond Fund | | | - | | | | - | | | | - | | | | 3,910,983 | | | | 3,910,983 | |
| Ashmore Emerging Markets Currency Fund | | | 622,023 | | | | - | | | | - | | | | 99,756 | | | | 721,779 | |
| Ashmore Emerging Markets Debt Fund | | | 398,834 | | | | - | | | | 821,553 | | | | 3,551 | | | | 1,223,938 | |
| Ashmore Emerging Markets Total Return Fund | | | 31,997,190 | | | | 4,933,954 | | | | 1,676,596 | | | | 11,017,760 | | | | 49,625,500 | |
| Ashmore Emerging Markets Equity Fund | | | 85,696 | | | | - | | | | - | | | | - | | | | 85,696 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | 41,293 | | | | 1,549,360 | | | | 459,778 | | | | - | | | | 2,050,431 | |
| Ashmore Emerging Markets Frontier Equity Fund | | | 69,453 | | | | - | | | | - | | | | - | | | | 69,453 | |
| Ashmore Emerging Markets Short Duration Fund | | | 320,406 | | | | - | | | | - | | | | - | | | | 320,406 | |
134
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
9. 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 Debt Fund, Ashmore Emerging Markets Total Return Fund and Ashmore Emerging Markets Short Duration Fund declare distributions of their net investment income daily and pay such distributions monthly. The Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund and Ashmore Emerging Markets Frontier 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 8 for further details.
10. 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 used derivative financial instruments; the credit-risk-related contingent features in certain derivative financial instruments; and how derivative financial instruments affected the Funds’ financial position, results of operations and cash flows. The location and fair value of these instruments on the Statements of Assets and Liabilities and the realized, and changes in unrealized, gains and losses on the Statements of Operations, are included in tables following each Fund’s Schedule of Investments and are categorized by type of financial derivative contract.
(a) Options
Each Fund is subject to market risk in the normal course of pursuing its investment objectives. The Funds may enter 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.
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.
135
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
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.
As of April 30, 2015, the Funds did not hold 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 may enter into forward foreign currency exchange contracts in connection with settling planned purchases or sales of securities, as part of an investment strategy to protect against uncertainty in the level of future foreign exchange rates in the purchase and sale of securities, or to gain or limit exposure to foreign currencies. All forward foreign currency exchange contracts are valued daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts in the Statements of Operations. A Fund records realized gains or losses at the time the forward foreign exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Realized gains or losses, if any, are included in net realized gain/(loss) on forward foreign exchange contracts in the Statements of Operations.
Risks arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the United States dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments should be considered in light of all related and offsetting 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.
As of April 30, 2015, the Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Debt Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Small-Cap Equity Fund and Ashmore Emerging Markets Short Duration Fund had average contract notional exposures of $143,130,915, $176,863,897, $60,208,377, $6,373,781, $531,300,002, $1,027,175 and $446,239, respectively, related to forward foreign currency exchange contracts.
(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 United States dollars of a foreign currency.
The Funds’ participation in the futures markets involves certain risks, including the imperfect correlation between movements in the price of the futures contracts and movements in the price of the underlying securities. Risks may arise from the potential inability of a counterparty to meet the terms of the contract.
136
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
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.
As of April 30, 2015, the Funds did not hold futures contracts.
(d) Swap Agreements
During the reporting period, certain Funds entered into swap agreements, which are arrangements between two parties to exchange cash flows based on a notional principal amount. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered exchange (“centrally cleared swaps”). Swap agreements are marked to market daily and the change in fair value, if any, is recorded as unrealized gain or loss. Payments made or received are recorded as part of realized gains and losses. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statement of Assets and Liabilities. 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.
Swap agreements are recorded at their fair value. The fair value is based on quoted market prices or prices obtained from a third party provider at the date of the Statements of Assets and Liabilities without any deduction for estimated future selling costs. 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 and centrally cleared swap contracts in the period in which they occur.
As of April 30, 2015, the Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund and Ashmore Emerging Markets Total Return Fund had average notional exposures of $7,057,795, $267,257 and $20,711,632, respectively, related to swap agreements.
The Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements (“netting agreements”). Generally, netting agreements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis.
137
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
Offsetting of Financial Assets and Derivative Assets as of April 30, 2015.
(a) Exchange-Traded:
Centrally Cleared Swaps
| | | | | | | | | | | | | | | | | | | | | | |
| Ashmore Emerging Markets Local Currency Bond Fund | |
Derivative Instruments | | Counterparty | | Gross Amounts of Assets Presented in Statement of Assets and Liabilities | | | Gross Amounts of Liabilities Presented in Statement of Assets and Liabilities | | | Net Amounts | | | Collateral (Received) Paid | | | Net Exposure | |
Centrally Cleared Swap | | Morgan Stanley | | $ | - | | | $ | (2,802) | | | $ | (2,802) | | | $ | - | | | $ | (2,802) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Total | | $ | - | | | $ | (2,802) | | | $ | (2,802) | | | $ | - | | | $ | (2,802) | |
| | | | | | | | | | | | | | | | | | | | | | |
(b) Over-the-Counter Financial Derivative Instruments:
Forward Currency Contracts and Total Return Swap Contracts
| | | | | | | | | | | | | | | | | | | | | | |
| Ashmore Emerging Markets Corporate Debt Fund | |
| Derivative Instruments | | Counterparty | | Gross Amounts of Assets Presented in Statement of Assets and Liabilities | | | Gross Amounts of Liabilities Presented in Statement of Assets and Liabilities | | | Net Amounts | | | Collateral (Received) Paid | | | Net Exposure | |
Forwards | | BNP Paribas | | $ | - | | | $ | (179,156) | | | $ | (179,156) | | | $ | - | | | $ | (179,156) | |
Forwards | | CSFB Global Foreign Exchange London | | | 13,079 | | | | (614,263) | | | | (601,184) | | | | - | | | | (601,184) | |
Forwards | | Deutsche Bank London | | | - | | | | (23,819) | | | | (23,819) | | | | - | | | | (23,819) | |
Forwards | | Goldman Sachs International Ltd London | | | - | | | | (42,597) | | | | (42,597) | | | | - | | | | (42,597) | |
Forwards | | HSBC Bank PLC | | | 10 | | | | (49,507) | | | | (49,497) | | | | - | | | | (49,497) | |
Forwards | | JP Morgan | | | - | | | | (64,830) | | | | (64,830) | | | | - | | | | (64,830) | |
Forwards | | Merrill Lynch International | | | - | | | | (15,990) | | | | (15,990) | | | | - | | | | (15,990) | |
Forwards | | Morgan Stanley & Co. International | | | - | | | | (34,182) | | | | (34,182) | | | | - | | | | (34,182) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Total | | $ | 13,089 | | | $ | (1,024,344) | | | $ | (1,011,255) | | | $ | - | | | $ | (1,011,255) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ashmore Emerging Markets Local Currency Bond Fund | |
| | | | | Forwards | | | | | Interest Rate Swaps | | | | | | | | | | |
Derivative Instruments | | Counterparty | | Gross Amounts of Assets Presented in Statement of Assets and Liabilities | | | Gross Amounts of Liabilities Presented in Statement of Assets and Liabilities | | | | | Gross Amounts of Assets Presented in Statement of Assets and Liabilities | | | Gross Amounts of Liabilities Presented in Statement of Assets and Liabilities | | | Net Amounts | | | Collateral (Received) Paid | | | Net Exposure | |
Forwards | | ANZ Banking Corp. Melbourne | | $ | 51,280 | | | $ | (7,344 | ) | | | | $ | - | | | $ | - | | | $ | 43,936 | | | $ | - | | | $ | 43,936 | |
Forwards/Interest Rate Swaps | | Barclays Wholesale GTS | | | 1,236 | | | | (10,311 | ) | | | | | - | | | | (5,700 | ) | | | (14,775 | ) | | | 14,775 | | | | - | |
Forwards | | BNP Paribas | | | 12,292 | | | | (103,318 | ) | | | | | - | | | | - | | | | (91,026 | ) | | | - | | | | (91,026 | ) |
Forwards | | Citibank London | | | 180,510 | | | | (42,165 | ) | | | | | - | | | | - | | | | 138,345 | | | | - | | | | 138,345 | |
Forwards | | CSFB Global Foreign Exchange London | | | 42,711 | | | | (2,612 | ) | | | | | - | | | | - | | | | 40,099 | | | | - | | | | 40,099 | |
Forwards | | Deutsche Bank London | | | 112,077 | | | | (5,371 | ) | | | | | - | | | | - | | | | 106,706 | | | | - | | | | 106,706 | |
Forwards | | Goldman Sachs International Ltd. London | | | 147,548 | | | | (236 | ) | | | | | - | | | | - | | | | 147,312 | | | | - | | | | 147,312 | |
Forwards | | HSBC Bank PLC | | | 384,395 | | | | (161,597 | ) | | | | | - | | | | - | | | | 222,798 | | | | - | | | | 222,798 | |
Interest Rate Swaps | | HSBC Bank PLC | | | - | | | | - | | | | | | 111,629 | | | | (94,963 | ) | | | 16,666 | | | | 40,000 | | | | 56,666 | |
Forwards | | JP Morgan | | | 144,005 | | | | (10,286 | ) | | | | | - | | | | - | | | | 133,719 | | | | - | | | | 133,719 | |
Forwards | | Merrill Lynch International | | | 18,177 | | | | (12,119 | ) | | | | | - | | | | - | | | | 6,058 | | | | - | | | | 6,058 | |
Forwards/Interest Rate Swaps | | Morgan Stanley & Co. International | | | 490,317 | | | | (222,666 | ) | | | | | - | | | | (9,488 | ) | | | 258,163 | | | | 40,000 | | | | 298,163 | |
Forwards | | Santander | | | 90,454 | | | | (73,003 | ) | | | | | - | | | | - | | | | 17,451 | | | | - | | | | 17,451 | |
Forwards | | Standard Chartered London | | | 179,298 | | | | (270,989 | ) | | | | | - | | | | - | | | | (91,691 | ) | | | - | | | | (91,691 | ) |
Forwards | | Union Bank of Switzerland - London | | | 26,606 | | | | - | | | | | | - | | | | - | | | | 26,606 | | | | - | | | | 26,606 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | | $ | 1,880,906 | | | $ | (922,017) | | | | | $ | 111,629 | | | $ | (110,151) | | | $ | 960,367 | | | $ | 94,775 | | | $ | 1,055,142 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
138
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Ashmore Emerging Markets Currency Fund | |
Derivative Instruments | | Counterparty | | Gross Amounts of Assets Presented in Statement of
Assets and Liabilities | | | Gross Amounts of Liabilities Presented in Statement of Assets and Liabilities | | | Net
Amounts | | | Collateral
(Received) Paid | | | Net Exposure | |
Forwards | | ANZ Banking Corp. Melbourne | | $ | 6,776 | | | $ | (674) | | | $ | 6,102 | | | $ | - | | | $ | 6,102 | |
Forwards | | Barclays Wholesale GTS | | | 11,854 | | | | (915) | | | | 10,939 | | | | - | | | | 10,939 | |
Forwards | | BNP Paribas | | | 14,782 | | | | (3,659) | | | | 11,123 | | | | | | | | 11,123 | |
Forwards | | Citibank London | | | 15,300 | | | | (9,283) | | | | 6,017 | | | | - | | | | 6,017 | |
Forwards | | CSFB Global Foreign Exchange London | | | 4,591 | | | | (255) | | | | 4,336 | | | | - | | | | 4,336 | |
Forwards | | Deutsche Bank London | | | 14,834 | | | | (502) | | | | 14,332 | | | | - | | | | 14,332 | |
Forwards | | Goldman Sachs International | | | | | | | | | | | | | | | | | | | | |
| | Ltd. London | | | - | | | | (12,898) | | | | (12,898) | | | | - | | | | (12,898) | |
Forwards | | HSBC Bank PLC | | | 27,109 | | | | (16,059) | | | | 11,050 | | | | - | | | | 11,050 | |
Forwards | | JP Morgan | | | 30,233 | | | | - | | | | 30,233 | | | | - | | | | 30,233 | |
Forwards | | Merrill Lynch International | | | 8,653 | | | | (5,160) | | | | 3,493 | | | | - | | | | 3,493 | |
| | Morgan Stanley & Co. | | | | | | | | | | | | | | | | | | | | |
Forwards | | International | | | 81,428 | | | | (16,199) | | | | 65,229 | | | | 76,101 | | | | 141,330 | |
Forwards | | Santander UK PLC | | | 1,602 | | | | (1,060) | | | | 542 | | | | - | | | | 542 | |
Forwards | | Standard Chartered London | | | 151,585 | | | | (150,765) | | | | 820 | | | | 150,000 | | | | 150,820 | |
| | Union Bank of Switzerland - | | | | | | | | | | | | | | | | | | | | |
Forwards | | London | | | 5,634 | | | | - | | | | 5,634 | | | | - | | | | 5,634 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Total | | $ | 374,381 | | | $ | (217,429) | | | $ | 156,952 | | | $ | 226,101 | | | $ | 383,053 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Ashmore Emerging Markets Debt Fund | |
Derivative Instruments | | Counterparty | |
| Gross Amounts of
Assets Presented in Statement of Assets and Liabilities |
| |
| Gross Amounts of
Liabilities Presented in
Statement of
Assets and Liabilities |
| |
| Net
Amounts |
| |
| Collateral
(Received) Paid |
| |
| Net
Exposure |
|
Forwards | | Barclays Wholesale GTS | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
Forwards | | BNP Paribas | | | - | | | | - | | | | - | | | | - | | | | - | |
| | CSFB Global Foreign | | | | | | | | | | | | | | | | | | | | |
Forwards | | Exchange London | | | - | | | | - | | | | - | | | | - | | | | - | |
Forwards | | Deutsche Bank London | | | - | | | | - | | | | - | | | | - | | | | - | |
| | Goldman Sachs International | | | | | | | | | | | | | | | | | | | | |
Forwards | | Ltd. London | | | - | | | | (6,675 | ) | | | (6,675 | ) | | | - | | | | (6,675 | ) |
Forwards | | HSBC Bank PLC | | | 855 | | | | (4,649 | ) | | | (3,794 | ) | | | - | | | | (3,794 | ) |
Forwards | | JP Morgan | | | - | | | | (1,254 | ) | | | (1,254 | ) | | | - | | | | (1,254 | ) |
Forwards | | Merill Lynch International | | | 9 | | | | - | | | | 9 | | | | - | | | | 9 | |
| | Morgan Stanley & Co. | | | | | | | | | | | | | | | | | | | | |
Forwards | | International | | | 2,816 | | | | (8,159 | ) | | | (5,343 | ) | | | - | | | | (5,343 | ) |
Forwards | | Santander UK PLC | | | 964 | | | | (958 | ) | | | 6 | | | | - | | | | 6 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Total | | $ | 4,644 | | | $ | (21,695 | ) | | $ | (17,051 | ) | | $ | - | | | $ | (17,051 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ashmore Emerging Markets Total Return Fund | |
| | | | | Forwards | | | Interest Rate Swaps | | | | | | | | | | |
Derivative Instruments | | Counterparty | | Gross Amounts of
Assets Presented in
Statement of
Assets and Liabilities | | | Gross Amounts of
Liabilities Presented in
Statement of Assets and Liabilities | | | Gross Amounts of
Assets Presented in
Statement of
Assets and Liabilities | | | Gross Amounts of
Liabilities Presented in
Statement of Assets and Liabilities | | | Net Amounts | | | Collateral
(Received) Paid | | | Net Exposure | |
Forwards | | ANZ Banking Corp. Melbourne | | $ | 325,055 | | | $ | (40,111 | ) | | $ | - | | | $ | - | | | $ | 284,944 | | | $ | 50,000 | | | $ | 334,944 | |
Forwards | | Barclays Wholesale GTS | | | 163,310 | | | | (612 | ) | | | - | | | | - | | | | 162,698 | | | | - | | | | 162,698 | |
Forwards | | BNP Paribas | | | 352,040 | | | | (496,377 | ) | | | - | | | | - | | | | (144,337 | ) | | | - | | | | (144,337 | ) |
Forwards | | Citibank London | | | 628,982 | | | | (277,399 | ) | | | - | | | | - | | | | 351,583 | | | | - | | | | 351,583 | |
| | CSFB Global Foreign | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forwards | | Exchange London | | | 420,017 | | | | (423,936 | ) | | | - | | | | - | | | | (3,919 | ) | | | - | | | | (3,919 | ) |
Forwards | | Deutsche Bank London | | | 703,273 | | | | (55,147 | ) | | | - | | | | - | | | | 648,126 | | | | 3,500,000 | | | | 4,148,126 | |
Forwards | | Goldman Sachs International Ltd. London | | | - | | | | (154,677 | ) | | | - | | | | - | | | | (154,677 | ) | | | - | | | | (154,677 | ) |
Forwards/Interest Rate Swaps | | HSBC Bank PLC | | | 1,267,514 | | | | (860,414 | ) | | | - | | | | (247,337 | ) | | | 159,763 | | | | 910,000 | | | | 1,069,763 | |
Forwards | | JP Morgan | | | 786,740 | | | | (362,890 | ) | | | - | | | | - | | | | 423,850 | | | | - | | | | 423,850 | |
Forwards | | Merrill Lynch International | | | 46,425 | | | | (86,735 | ) | | | - | | | | - | | | | (40,310 | ) | | | - | | | | (40,310 | ) |
Forwards | | Morgan Stanley & Co. International | | | 1,670,538 | | | | (465,534 | ) | | | - | | | | - | | | | 1,205,004 | | | | 200,000 | | | | 1,405,004 | |
Forwards | | Santander | | | 138,124 | | | | (92,009 | ) | | | - | | | | - | | | | 46,115 | | | | - | | | | 46,115 | |
Forwards | | Standard Chartered London | | | 1,359,745 | | | | (1,885,114 | ) | | | - | | | | - | | | | (525,369 | ) | | | - | | | | (525,369 | ) |
Forwards | | Union Bank Of Switzerland - London | | | 164,194 | | | | - | | | | - | | | | - | | | | 164,194 | | | | - | | | | 164,194 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total | | $ | 8,025,957 | | | $ | (5,200,955 | ) | | $ | - | | | $ | (247,337 | ) | | $ | 2,577,665 | | | $ | 4,660,000 | | | $ | 7,237,665 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
139
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
Ashmore Emerging Markets Short Duration Fund | |
Derivative Instruments | | Counterparty | | | Gross Amounts of
Assets Presented in Statement of Assets and Liabilities | | | Gross Amounts of
Liabilities Presented in
Statement of Assets and Liabilities | | | Net
Amounts | | | Collateral
(Received) Paid | | | Net
Exposure | |
Forwards | | | Merrill Lynch International | | | $ | - | | | $ | (21,954) | | | $ | (21,954) | | | $ | - | | | $ | (21,954) | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Total | | | $ | - | | | $ | (21,954) | | | $ | (21,954) | | | $ | - | | | $ | (21,954) | |
| | | | | | | | | | | | | | | | | | | | | | | | |
11. 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 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 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 | % |
Ashmore Emerging Markets Frontier Equity Fund | | | 1.50 | % |
Ashmore Emerging Markets Short Duration Fund | | | 0.65 | % |
Prior to February 28, 2015, the Investment Manager had contractually agreed to waive its fees or reimburse each Fund for other expenses, 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 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% |
Ashmore Emerging Markets Frontier Equity Fund | | 1.80% | | 2.55% | | 1.52% |
Ashmore Emerging Markets Short Duration Fund | | 0.95% | | 1.70% | | 0.67% |
Effective February 28, 2015, the Investment Manager has contractually agreed to waive its fees or reimburse each Fund for other expenses until February 29, 2016, 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.
140
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | |
Fund | | Class A | | Class C | | Institutional
Class |
Ashmore Emerging Markets Corporate Debt Fund | | 1.42% | | 2.17% | | 1.17% |
Ashmore Emerging Markets Local Currency Bond Fund | | 1.22% | | 1.97% | | 0.97% |
Ashmore Emerging Markets Currency Fund | | 1.12% | | 1.87% | | 0.87% |
Ashmore Emerging Markets Debt Fund | | 1.17% | | 1.92% | | 0.92% |
Ashmore Emerging Markets Total Return Fund | | 1.27% | | 2.02% | | 1.02% |
Ashmore Emerging Markets Equity Fund | | 1.42% | | 2.17% | | 1.17% |
Ashmore Emerging Markets Small-Cap Equity Fund | | 1.77% | | 2.52% | | 1.52% |
Ashmore Emerging Markets Frontier Equity Fund | | 1.77% | | 2.52% | | 1.52% |
Ashmore Emerging Markets Short Duration Fund | | 0.92% | | 1.67% | | 0.67% |
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 fiscal years are shown below:
| | | | | | | | | | | | | | | | | | | | |
Fund | | | 2015 | | | | 2016 | | | | 2017 | | | | 2018 | | | | Total | |
Ashmore Emerging Markets Corporate Debt Fund | | $ | 209,250 | | | $ | 223,515 | | | $ | 296,575 | | | $ | 184,171 | | | $ | 913,511 | |
Ashmore Emerging Markets Local Currency Bond Fund | | | 274,477 | | | | 212,015 | | | | 282,751 | | | | 132,322 | | | | 901,565 | |
Ashmore Emerging Markets Currency Fund | | | 258,326 | | | | 194,284 | | | | 194,785 | | | | 78,563 | | | | 725,958 | |
Ashmore Emerging Markets Debt Fund | | | 230,499 | | | | 173,356 | | | | 165,889 | | | | 70,841 | | | | 640,585 | |
Ashmore Emerging Total Return Fund | | | 452,094 | | | | 619,476 | | | | 875,987 | | | | 438,516 | | | | 2,386,073 | |
Ashmore Emerging Markets Equity Fund | | | 253,176 | | | | 147,340 | | | | 217,452 | | | | 112,639 | | | | 730,607 | |
Ashmore Emerging Markets Small-Cap Equity Fund | | | 225,857 | | | | 158,906 | | | | 328,428 | | | | 176,302 | | | | 889,493 | |
Ashmore Emerging Markets Frontier Equity Fund | | | - | | | | - | | | | 298,073 | | | | 87,840 | | | | 385,913 | |
Ashmore Emerging Markets Short Duration Fund | | | - | | | | - | | | | 155,228 | | | | 99,252 | | | | 254,480 | |
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 | | Subadviser Fee |
Ashmore Emerging Markets Equity Fund | | 0.92% |
Ashmore Emerging Markets Small-Cap Equity Fund | | 1.20% |
Ashmore Emerging Markets Frontier Equity Fund | | 1.20% |
Distribution and Servicing fees
The Funds have adopted Amended Plans of Distribution and Servicing Fees pursuant to Rule 12b-1 under the 1940 Act (“Distribution and Servicing Fee Plans”). Under the Distribution and Servicing Fee Plans, each of the Funds may pay fees to the distributor on an ongoing basis as compensation for the services the distributor renders and the expenses it bears in connection with the sale and distribution of Fund shares (“distribution fees”) and/or in connection with personal services rendered to Fund shareholders and the maintenance of shareholder accounts (“servicing fees”). Class A and C shares each have a separate 12b-1 Plan. Class A shares pay only servicing fees. Class C shares pay both distribution and servicing fees. The following table lists the maximum annual rates at which the distribution and/or servicing fees may be paid under each 12b-1 Plan (calculated as a percentage of a Fund’s average daily net assets attributable to the particular class of shares):
141
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | |
| | | 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 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. On November 5, 2013, Ashmore Emerging Markets Frontier Equity Fund was seeded. On June 24, 2014, Ashmore Emerging Markets Short Duration 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 and the Ashmore Emerging Markets Frontier Equity Fund, which were seeded with $20 million and $5 million, respectively.
As of April 30, 2015, Ashmore Investments UK Limited owned the following percentages of outstanding shares of each Fund:
| | | | |
| Fund | | Institutional Class | |
Ashmore Emerging Markets Currency Fund | | | 35.66 | % |
Ashmore Emerging Markets Debt Fund | | | 97.93 | % |
Ashmore Emerging Markets Equity Fund | | | 66.47 | % |
Ashmore Emerging Markets Frontier Equity Fund | | | 78.48 | % |
Ashmore Emerging Markets Short Duration Fund | | | 38.40 | % |
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:
142
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | |
Fund | | Class | | # of Investors Owning > 5% of outstanding
Shares | | % of Ownership by
Investor |
Ashmore Emerging Markets Corporate Debt Fund | | Class A | | 2 | | 17.97%, 15.65% |
| Class C | | 2 | | 29.68%, 5.04% |
| Class I | | 1 | | 20.78% |
Ashmore Emerging Markets Local Currency Bond Fund | | Class A | | 3 | | 28.36%, 9.20%, 52.02% |
| Class C | | 6 | | 23.18%, 5.14%, 33.77%,
19.07%, 8.57%, 10.27% |
| Class I | | 4 | | 21.38%, 21.24%, 6.32%,
46.35% |
Ashmore Emerging Markets Currency Fund | | Class A | | 1 | | 100.00% |
| Class C | | 1 | | 100.00% |
| Class I | | 1 | | 58.69% |
Ashmore Emerging Markets Debt Fund | | Class A | | 2 | | 65.74%, 34.25% |
| Class C | | 1 | | 100.00% |
143
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
| | | | | | |
Fund | | Class | | # of Investors Owning > 5% of outstanding
Shares | | % of Ownership by
Investor |
Ashmore Emerging Markets Total Return Fund | | Class A | | 5 | | 22.09%, 5.46%, 6.98%, 11.93%, 17.02% |
| Class C | | 6 | | 24.35%, 7.03%, 7.56%, 7.21%, 5.03%, 6.82% |
| Class I | | 4 | | 5.50%, 5.75%, 11.55%, 7.69% |
Ashmore Emerging Markets Equity Fund | | Class A | | 4 | | 44.78%, 9.67%, 9.39%, 36.16% |
| Class C | | 1 | | 100.00% |
| Class I | | 3 | | 9.83%, 16.10%, 5.87% |
Ashmore Emerging Markets Small-Cap Equity Fund | | Class A | | 4 | | 45.21%, 6.19%, 21.49%, 14.41% |
| Class C | | 5 | | 11.68%, 8.81%, 29.01%, 39.57%, 5.52% |
| Class I | | 4 | | 11.32%, 17.97%, 27.71%, 15.49% |
Ashmore Emerging Markets Frontier Equity Fund | | Class A | | 2 | | 12.99%, 85.46% |
| Class C | | 1 | | 100.00% |
Ashmore Emerging Markets Short Duration Fund | | Class A | | 1 | | 81.23% |
| Class I | | 2 | | 55.91%, 5.59% |
144
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of April 30, 2015 (Unaudited)
12. 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 10.
13. Subsequent events
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.
145
ASHMORE FUNDS
ADVISORY AGREEMENT APPROVAL
As of April 30,2015 (Unaudited)
ADVISORY AGREEMENT APPROVAL
At an in-person meeting of the Board of Trustees of Ashmore Funds (the “Trust”) held on March 13, 2015, the Board, including a majority of the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), voting separately, considered and unanimously approved the continuation of: (i) the Investment Management Agreement between Ashmore Investment Advisors Limited (“AIAL”) and the Trust, on behalf of each of Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund and Ashmore Emerging Markets Total Return Fund (the “Non-Subadvised Funds”) and Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Frontier Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund (the “Subadvised Funds,” and together with the Non-Subadvised Funds, the “Funds”); and (ii) the Sub-Advisory Agreement between AIAL and Ashmore Equities Investment Management (US) LLC (formerly, Ashmore EMM, L.L.C), an affiliate of AIAL (“AEIM”), for the management of the Subadvised Funds (each, an “Agreement,” and collectively, the “Agreements”).
In determining to approve the continuation of the Agreements for a one-year period, the Board considered all factors that it believed, in light of the legal advice furnished to them and their own business judgment, to be relevant to the interests of shareholders, including those listed below. In evaluating the terms of the Agreements, the Board did not identify any single factor as controlling, and individual members of the Board did not necessarily attribute the same weight or importance to each factor, nor are the items described herein all encompassing of the matters considered by the Board. Throughout their review of the Agreements, the Independent Trustees were assisted by their own Independent Trustee legal counsel. The Independent Trustees had formally requested through their legal counsel, and AIAL had provided, certain information the Independent Trustees considered relevant to their evaluation. The Contracts Review Committee, which is comprised of all of the Independent Trustees, discussed the information over the course of several different occasions, without representatives of AIAL present.
Among the information and factors considered by the Board in evaluating the Agreements were the following:
NATURE, QUALITY AND EXTENT OF INVESTMENT MANAGEMENT SERVICES
The Board examined the nature, quality and extent of the services provided by AIAL to all of the Funds and by AEIM to the Subadvised Funds.
AIAL’s Services to All Funds
The Board considered information regarding the overall organization and resources of AIAL, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other services to the Funds. The Board reviewed AIAL’s key personnel who provide investment management services to the Funds, as well as the fact that, under the Agreements, AIAL has the authority and responsibility, subject to the Board’s oversight, to make and execute investment decisions for the Funds within the framework of the Funds’ investment policies and restrictions.
The Board considered that AIAL’s duties include: (i) investment research and selection, (ii) adherence to (and monitoring compliance with) the Funds’ investment policies and restrictions, the 1940 Act and other relevant laws (iii) with respect to the Subadvised Funds, supervision of the investment management and other services provided by AEIM to the Subadvised Funds; and (iv) furnishing office space and equipment, providing bookkeeping and clerical services (excluding determination of net asset value and shareholder accounting services) and paying all salaries, fees and expenses of officers and Trustees of the Trust who are affiliated with AIAL (except to the extent such salaries, fees and expenses are paid by another AIAL affiliate other than the trust or a Fund). The Board also evaluated the significant compliance resources available to and utilized by AIAL. Finally, the Board noted that responsibility for the advisory services that AIAL provides to the Funds had been transferred from Ashmore Investment Management Limited (“AIML”) in July 2014, and that AIAL and AIML had the same investment, managerial and administrative personnel and resources.
146
ASHMORE FUNDS
ADVISORY AGREEMENT APPROVAL (CONTINUED)
As of April 30,2015 (Unaudited)
AEIM’s Services to the Subadvised Funds
The Board’s consideration of the services provided by AEIM included a review of its senior management, portfolio managers and other personnel providing investment management services to the Subadvised Funds, its investment philosophy, style and processes, its approach to controlling risk, and the quality and extent of its investment capabilities and resources, including, the nature and extent of research it receives from broker-dealers. In their deliberations with respect to the Subadvised Funds, the Board considered AIAL’s relationship with AEIM. The Board also considered AEIM’s breadth and depth of experience and investment results in managing other accounts similar to the Subadvised Funds. The Board reviewed information concerning AEIM’s historical investment results in managing accounts in a manner substantially similar to the Subadvised Funds.
Investment Performance
In considering each Fund’s performance, the Board requested and received from AIAL data compiled by Lipper Inc. (“Lipper”). The Trustees also received information explaining the methodology for compilation of certain of this information and what it was intended to demonstrate. The Board considered the performance of the Funds in light of their respective investment objectives on a comparable basis relative to the Funds’ peers. The Board received performance information for Institutional Shares for the one-, two- and three-year periods ended December 31, 2014 for each Fund, other than Ashmore Emerging Markets Frontier Equity Fund, (which commenced investment operations on November 5, 2013), for which the Board received performance information for the one-year period ended December 31, 2014. In considering such comparative data, the Trustees noted the specialized nature and focus of many of the Funds, and for certain Funds the limited number of peer group funds, particularly for the longer performance periods.
Ashmore Emerging Markets Corporate Debt Fund. The Board noted that the Ashmore Emerging Markets Corporate Debt Fund ranked seventh out of seven in its peer group for the one-year period ended December 31, 2014, and sixth out of six in its peer group for the two- and three-year periods then ended, while ranking in the fifth, fourth and second quintiles (first being the best) in its larger universe for the same three periods.
Ashmore Emerging Markets Currency Fund. They observed that the Ashmore Emerging Markets Currency Fund ranked third out of four in its peer group for the one- and two-year periods ended December 31, 2014, and third out of three for the three-year period then ended, while ranking in the fourth, fourth and third quintiles (first being the best) in its larger universe for the same three periods.
Ashmore Emerging Markets Debt Fund. The Board noted that the Ashmore Emerging Markets Debt Fund ranked second out of six, second out of four and first out of one in its peer group for the one-, two- and three-year periods ended December 31, 2014, respectively, while ranking in the second, third and fourth quintiles (first being the best) in its larger universe for the same three periods.
Ashmore Emerging Markets Equity Fund. The Board observed that Ashmore Emerging Markets Equity Fund ranked thirteenth out of fifteen, eleventh out of fifteen and seventh out of seven in its peer group for the one-, two-and three-year periods ended December 31, 2014, respectively, while ranking in the fifth, third and third quintiles (first being the best) in its larger universe for the same three periods.
Ashmore Emerging Markets Frontier Equity Fund. The Board noted that the Ashmore Emerging Markets Frontier Equity Fund ranked first out of six in its peer group for the one-year period ended December 31, 2014, while ranking in the first quintile (first being the best) in its larger universe for the same period.
Ashmore Emerging Markets Local Currency Bond Fund. The Board observed that the Ashmore Emerging Markets Local Currency Bond Fund ranked seventh out of ten, eighth out of ten and sixth out of nine in its peer group for the one-, two and three-year periods ended December 31, 2014, respectively, while ranking in the third, fourth and third quintiles (first being the best) in its larger universe for the same three periods.
Ashmore Emerging Markets Small-Cap Equity Fund. The Board noted that the Ashmore Emerging Markets Small-Cap Equity Fund ranked fifth out of five, fourth out of five and fifth out of five in its peer group for the one-, two-and three-year periods ended December 31, 2014, respectively, while ranking in the fifth, second and second quintile (first being the best) in its larger universe for the same three periods.
147
ASHMORE FUNDS
ADVISORY AGREEMENT APPROVAL (CONTINUED)
As of April 30, 2015 (Unaudited)
Ashmore Emerging Markets Total Return Fund. The Board observed that the Ashmore Emerging Markets Total Return Fund ranked eighth out of eight, sixth out of six and third out of four in its peer group for the one-, two and three-year periods ended December 31, 2014, respectively, while ranking in the fifth quintiles (first being the best) in its larger universe for the same three periods.
The Board also took into account AIAL’s explanation for the comparative underperformance of certain Funds; specifically that the Funds had exposure to certain types of investments that had underperformed other types of emerging market asset classes and issuers over the relevant time periods. The Board also considered AIAL’s view that the depressed valuations in certain of these underperforming asset classes and issuers had provided what AIAL believed were attractive purchase opportunities that AIAL anticipated would position the Funds well for future returns. The Board also noted AIAL’s and AIEM’s expressed long-term approach to investment management and their favorable longer-term track record in managing accounts having similar strategies as the Funds.
The Board concluded that it was satisfied with the nature, extent and quality of services provided by AIAL to each Fund and that there was a reasonable basis on which to conclude that each Fund would continue to benefit from the services provided by AIAL. The Board separately concluded that it was satisfied with the nature, extent and quality of services provided to the Subadvised Funds by AEIM and that there was a reasonable basis on which to conclude that the Subadvised Funds would continue to benefit from the services provided by AEIM.
INVESTMENT MANAGEMENT FEES AND COST OF SERVICES
The Board also considered the contractual and actual investment management fees paid by each Fund to AIAL. In doing so, the Board compared the contractual and actual investment management fees and overall gross and net expense ratios (represented by the Funds’ Institutional Shares) to those of the Funds’ peers as determined by Lipper. They noted that several of the Funds were quite small in size relative to their peers. As with the performance comparisons, the Board also noted that, with respect to several of the Funds, there were only a limited number of peer funds with similar investment strategies. Where contractual or actual management fees or total expense ratios of a Fund were meaningfully above those of the Lipper peers, the Board also considered and took into account the extent to which AIAL had undertaken to waive a portion of its fees and/or reimburse expenses so as to otherwise limit these Funds’ ordinary operating expenses until at least February 29, 2016.
With respect to the Subadvised Funds, the Trustees also separately considered the fees paid by AIAL to AEIM in relation to the investment management services provided by AEIM, and the portion of the overall fee retained by AIAL in relation to the supervisory and administrative services provided by AIAL.
The Board reviewed AIAL’s costs and profitability as presented by it in serving as investment adviser. The Board noted that AIAL was operating at a loss with respect to Ashmore Emerging Markets Currency and Ashmore Emerging Markets Debt Fund. With respect to the remaining Funds, the Board concluded that AIAL’s profitability was not excessive.
In evaluating the terms of the Agreements, the Board also considered the other benefits that may inure to AIAL and AEIM as a result of their relationship with the Funds, such as the reputational benefit derived from serving as investment adviser or subadviser to the Funds.
In light of the information provided and the quality of the services rendered and anticipated to be rendered, the Board concluded that the investment management fees to be charged the Funds were appropriate.
ECONOMIES OF SCALE
The Board noted that the contractual investment management fees for the Funds do not contain breakpoints that would reduce the fee rate on assets above specified levels. The Board observed that many of the Funds remained quite small in size, and that the collective assets of all of the Funds were only approximately $1.28 billion. The Board also observed that AIAL was subsidizing all of the Funds through fee waivers and expense reimbursements. In evaluating the Funds’ contractual investment management fees, the Board considered AIAL’s representation that the contractual investment management fees were intended to reflect achievable economies of scale and also AIAL’s continuing agreement to limit certain expenses of each Fund. The Board received and evaluated information concerning whether AIAL would realize economies of scale as the assets of individual Funds grow beyond current levels. The Board noted they intend to monitor each Fund’s asset growth in connection with future reviews of the
148
ASHMORE FUNDS
ADVISORY AGREEMENT APPROVAL (CONTINUED)
As of April 30,2015 (Unaudited)
Funds’ Agreements to determine whether breakpoints may be appropriate at such time. In light of the Funds’ current sizes and expense structures, the Board concluded that breakpoints in the Funds’ contractual investment management fees were not warranted at this time.
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The Board concluded that the fees to be paid to AIAL by each Fund, and the fees to be paid by AIAL to AEIM with respect to the Subadvised Funds, were appropriate in light of the services to be provided by AIAL and AEIM, respectively, the costs to AIAL of operating the Funds, and the Funds’ current and reasonably foreseeable asset levels, and determined that the Agreements should, therefore, be approved.
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149
ASHMORE FUNDS
FOR MORE INFORMATION
As of April 30, 2015 (Unaudited)
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.
150
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.
151
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 Advisors Limited
61 Aldwych
London WC2B 4AE
United Kingdom
44-20-3077-6000
Subadviser for Ashmore Emerging Markets Equity Fund,
Ashmore Emerging Markets Small-Cap Equity Fund
and Ashmore Emerging Markets Frontier Equity Fund
Ashmore Equities Investment Management (US) L.L.C.
1001 19th Street North, 15th Floor
Arlington, Virginia 22209
703-243-8800
Independent Registered Public Accounting Firm
KPMG LLP
Aon Center
Suite 5500
200 East Randolph Drive
Chicago, Illinois 60601-6436
Distributor
Ashmore Investment Management (US) Corporation
122 East 42nd 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
40th Floor
100 Oliver Street
Boston, Massachusetts 02110
617-728-7100
152
Item 2. Code of Ethics.
Not applicable for this reporting period.
Item 3. Audit Committee Financial Expert.
Not applicable for this reporting period.
Item 4. Principal Accountant Fees and Services.
Not applicable for this reporting period.
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. |
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 |
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| | 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) Not applicable for this reporting period.
(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.
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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: July 2, 2015
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: July 2, 2015 |
| | |
| By | | /s/ Chris Tsutsui |
| | Chris Tsutsui, Treasurer |
| | (Principal Financial and Accounting Officer) |
|
| Date: July 2, 2015 |
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