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: October 31, 2021
Item 1. Reports to Stockholders.
(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)
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ANNUAL FINANCIAL STATEMENTS
October 31, 2021
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TABLE OF CONTENTS
Ashmore Investment Management (US) Corporation is the Distributor for Ashmore Funds.
This material is authorized for use only when preceded or accompanied by the current Ashmore Funds’ prospectus. 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.
The performance data quoted in this report represents past performance. Investment return and principal value will fluctuate, so an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted in this report. For performance information current to the most recent month-end, please call (866) 876-8294.
An investment in a Fund is not a bank deposit 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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INVESTMENT MANAGER’S REPORT
For the period November 1, 2020 to October 31, 2021
Overview
In the third quarter of 2020, after a strong summer, market returns were uniformly poor as economic data showed some signs of ‘stalling’ two quarters into the rebound, and many countries were experiencing ‘a second wave’ of rising COVID-19 case numbers. As we moved from the third quarter into the final quarter of 2020, politics were at the forefront of investors’ minds, with the U.S. presidential election taking place in early November and the Brexit deadline looming large at the end of the year.
Financial markets performed strongly during the fourth quarter of 2020, as investors welcomed the result of U.S. presidential election and the promise of the first new generation COVID-19 vaccines, with expected efficacy rates of over 90%. Economic data remained supportive, with particularly positive numbers coming from Asia. The strong performance of cyclical assets and reflation trades during the fourth quarter reflected positive market sentiment about a rebound in global economic activity, which was delayed only by temporary and geographically targeted lockdowns. In China, the Caixin Manufacturing PMI survey rose to 54.9 in November 2020 from 53.6 in October 2020 and pointed to a broadening in the economic rebound. Markets largely discounted the threats presented by the COVID-19 pandemic given the roll-out of the new mRNA vaccines that started in December 2020, as well as improved prospects for a sizable fiscal stimulus package in the U.S.
The first quarter of 2021 was dominated by the contrasting fortunes of equity investors, who continued to profit from better economic data and liquidity, and bond investors, who suffered losses as global bond yields surged. Conversely, defensive assets such as government bonds were the main losers during the quarter, as improving growth prospects, combined with exceptional levels of monetary and fiscal stimulus, pushed government bond yields higher. While strong economic surveys and market returns in Q1 2021 reflected expectations of economic normalization for the year, there was a contrasting disparity in the economic performance of financial markets as new COVID-19 spikes in many countries thwarted efforts to re-open economies and vaccination campaigns took time to deliver results. Emerging Markets (EM) central banks started to shift their stance, and the central banks of Brazil, Russia and Turkey (opted to increase interest rates by more than had been expected by the market.
Global markets performed strongly in Q2 2021. Volatility dropped to pre-pandemic lows as investors shrugged-off both the resurgence in new-variant COVID-19 cases in a few parts of the world and the surprise hawkish tilt by the U.S. Federal Reserve. Beyond the headline numbers, the composition of equity and bond returns was interesting: in equity markets, growth stocks once again out-performed value and cyclical stocks; in bond markets, and especially the U.S. Treasury market, most of the rally came from a drop in real yields, while inflation risk premium (breakeven inflation) remained at elevated levels. The race between COVID-19 variants and vaccination efforts continued apace and the persistence of COVID-19-related risks in places where vaccination efforts had been slow explained the mixed returns from the June Purchasing Management Index (PMI) reports. Overall, EM manufacturing PMIs for June declined by 0.7, to 51.3, split between losers (PMIs declined more than 2.0 points in Malaysia, Vietnam, Taiwan, Russia, and India), and winners (PMIs rose 2.0 points or more in Israel, South Africa, Brazil, Poland, and Turkey).
In July 2021, the performance of equity markets diverged across regions and commodity prices rose, but treasury yields fell. The main drivers of this confusing picture were (i) an encouraging start to the corporate earnings season in the U.S. and Europe; (ii) a resurgence in COVID-19 cases in the U.S., Europe and Asia that revived fears of new lockdowns; and (iii) a round of regulatory tightening in China that affected Chinese equities and corporate bonds. These events put a dampener on global growth expectations and pushed core bond yields down to below February 2020 levels, as bond investors scrambled to add duration to their portfolios. August 2021, usually known for a drop in liquidity and market tantrums, turned out to be a strong month for global and EM asset prices, thanks notably to a strong finish after the increased clarity regarding tapering following the U.S. Federal Jackson Hole symposium. After a nervous start to September, during which the growth outlook came under scrutiny due to the twin effects of COVID-19’s Delta variant and a slowdown in China, confidence returned to the market before month-end and commodity prices recouped most of their earlier losses.
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Portfolio Overview
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, returning 1.94% (net of fees) versus 3.32% for the composite 50% JP Morgan Emerging Markets Bond Index Global Diversified (“JP Morgan EMBI GD”), 25% JP Morgan Government Bond Index - Emerging Markets Global Diversified (“JP Morgan GBI-EM GD”), 25% JP Morgan Emerging Local Markets Index Plus (“JP Morgan ELMI+”). Local currency and external debt contributed to performance while the Fund’s off benchmark allocation to Corporate Debt was the largest detractor from performance over the period. Ecuador, Mexico and Jamaica were the main contributors to Fund performance. China was the largest detractor from Fund performance.
Ecuadorian bond prices, which had come under pressure in the lead-up to the first round of presidential elections in February 2021 and in response to the early lead of a far-left candidate, rallied following the electoral victory of centrist candidate Guillermo Lasso. Mr. Lasso’s presidency began with the prospect of ongoing support from the International Monetary Fund (IMF), as the country’s fiscal picture brightened with the increase in oil prices and the new government’s commitment to continuing fiscal adjustment. Ecuadorian bond prices reached levels nearly double their pre-election level as credit spreads tightened in the immediate aftermath of Lasso’s victory in April 2021.
China’s significant price correction was the result of further deterioration in investor sentiment toward the property sector, especially toward the high yield issuers faced with the challenge of meeting the requirements of the Three Red Lines government policy. Adding to the negative sentiment was Evergrande, one of China’s largest and most heavily indebted property developers, missing a coupon payment late in September, which caused contagion to spread further with bond prices correcting significantly across the entire sector. Following excessive monetary loosening in 2020, in order to support the economy during the worst part of the COVID-19 pandemic, the Chinese authorities started to tighten monetary and regulatory conditions in late 2020. This monetary and regulatory tightening has now resulted in a significant liquidity crunch for the property sector, forcing the Chinese government to backtrack and add emergency liquidity in the interbank market to stop investor panic from spreading to the banking sector. So far the Chinese government seems intent to continue to drive an orderly deleveraging across the property sector while at the same time working to ring-fence the good operators from the weaker ones and, where necessary, ensure an orderly and speedy restructuring process. China Fortune Land, which was the first developer to become a victim of the new Three Red Lines government policy, has announced a debt restructuring plan which represents a speedy turnaround for a corporate debt restructuring. While this tightening in regulation is causing a painful adjustment for the sector, we believe that it will result in companies potentially having better credit fundamentals and pursuing more sustainable growth potential.
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 issuers of emerging market countries that are denominated in the local currency of the issuer. The Fund’s returns are driven by EM currency appreciation, interest rate positioning and credit worthiness.
Over the period, the Fund’s institutional class outperformed its benchmark, returning 1.12% (net of fees) versus 0.84% for the JP Morgan GBI-EM GD. Allocations to the Russian Ruble, Polish Zloty and Chilean Peso were the main contributors to Fund performance. Allocations to the Brazilian Real and Turkish Lira were the main detractors from Fund performance.
Sustained strength in oil and broader commodity prices, as well as upward adjustments in the current account surplus and a steady increase in FX reserves, all served to boost performance in the Russian Ruble over the period. The risk premium that had been embedded in Russian asset prices dissipated as concerns about further deterioration of relations with the U.S. receded following the U.S.-Russia summit at the end of Q2 2021.
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Escalating tensions in the political sphere in Brazil hit asset prices, creating hurdles for the government in its attempts to move economic reforms through Congress. However, Congress forged ahead with an income tax reform bill, as the government looks to reduce the primary fiscal deficit to less than 1.0% of Gross Domestic Product (“GDP”) in 2022. The release of Q2 GDP showed an economy that was not rebounding as quickly as had been expected, likely exacerbated by the impact of monetary policy normalization. Presidential elections in Brazil are scheduled for 2022, with a likely battle amongst President Bolsonaro and former President Lula and a potential spoiler candidate from the center.
Ashmore Emerging Markets Corporate Income Fund
The Ashmore Emerging Markets Corporate Income Fund (the “Fund”) seeks to achieve its objective by investing principally in the debt instruments of corporate issuers, which may be denominated in any currency, including the local currency of the issuer.
Over the period, the Fund’s institutional class underperformed its benchmark, returning 5.24% (net of fees) versus 5.27% for the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified (“JP Morgan CEMBI BD”). Brazil, Mexico and Jamaica were the main contributors to Fund performance. China and Argentina were the main detractors from Fund performance.
Escalating tensions in the political sphere in Brazil hit asset prices, creating hurdles for the government in its attempts to move economic reforms through Congress. However, Congress forged ahead with an income tax reform bill, as the government looks to reduce the primary fiscal deficit to less than 1.0% of GDP in 2022. However, the release of Q2 GDP showed an economy that was not rebounding as quickly as had been expected, likely exacerbated by the impact of monetary policy normalization. Presidential elections in Brazil are scheduled for 2022, with a likely battle amongst President Bolsonaro and former President Lula and a potential spoiler candidate from the center.
China’s significant price correction was the result of further deterioration in investor sentiment toward the property sector, especially toward the high yield issuers faced with the challenge of meeting the requirements of the Three Red Lines government policy. Adding to the negative sentiment was Evergrande, one of China’s largest and most heavily indebted property developers, missing a coupon payment late in September, which caused contagion to spread further with bond prices correcting significantly across the entire sector. Following excessive monetary loosening in 2020, in order to support the economy during the worst part of the COVID-19 pandemic, the Chinese authorities started to tighten monetary and regulatory conditions in late 2020. This monetary and regulatory tightening has now resulted in a significant liquidity crunch for the property sector, forcing the Chinese government to backtrack and add emergency liquidity in the interbank market to stop investor panic from spreading to the banking sector. So far the Chinese government seems intent to continue to drive an orderly deleveraging across the property sector while at the same time working to ring-fence the good operators from the weaker ones and, where necessary, ensure an orderly and speedy restructuring process. China Fortune Land, which was the first developer to become a victim of the new Three Red Lines government policy, has announced a debt restructuring plan which represents a speedy turnaround for a corporate debt restructuring. While this tightening in regulation is causing a painful adjustment for the sector, we believe that it will result in companies potentially having better credit fundamentals and pursuing more sustainable growth potential.
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 (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund normally seeks to maintain a 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, returning -3.75% (net of fees) versus 5.21% for the JP Morgan CEMBI BD 1-3 Year. China accounts for the majority of the Fund’s underperformance. Positions in Iraq, Ecuador and Argentina were the main contributors to the Fund’s performance over the period.
China’s significant price correction was the result of further deterioration in investor sentiment toward the property sector, especially toward the high yield issuers faced with the challenge of meeting the requirements of the Three Red Lines government policy. Adding to the negative sentiment was Evergrande, one of China’s largest and most heavily indebted property developers, missing a coupon payment late in September, which caused contagion to spread further with bond prices correcting significantly across the entire sector.
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INVESTMENT MANAGER’S REPORT (CONTINUED)
Following excessive monetary loosening in 2020, in order to support the economy during the worst part of the COVID-19 pandemic, the Chinese authorities started to tighten monetary and regulatory conditions in late 2020. This monetary and regulatory tightening has now resulted in a significant liquidity crunch for the property sector, forcing the Chinese government to backtrack and add emergency liquidity in the interbank market to stop investor panic from spreading to the banking sector. So far the Chinese government seems intent to continue to drive an orderly deleveraging across the property sector while at the same time working to ring-fence the good operators from the weaker ones and, where necessary, ensure an orderly and speedy restructuring process. China Fortune Land, which was the first developer to become a victim of the new Three Red Lines government policy, has announced a debt restructuring plan which represents a speedy turnaround for a corporate debt restructuring. While this tightening in regulation is causing a painful adjustment for the sector, we believe that it will result in companies potentially having better credit fundamentals and pursuing more sustainable growth potential.
Ashmore Emerging Markets Active Equity Fund
The Ashmore Emerging Markets Active 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.
Over the period, the Fund’s institutional class underperformed its benchmark, returning 14.50% (net of fees) versus 16.96% for the MSCI Emerging Markets Index.
Our increased exposure in banks, notably via selective investments in India and Brazil, was rewarded in the period. Our exposure to high quality Indian banks HDFC and ICICI performed well given improved asset quality trends reflecting the reopening of the Indian economy. Loan growth recovered to mid-teens compared to 15-20% prior to COVID. In Brazil, Itau Unibanco also performed well on expectations of an improved domestic backdrop and following the profitable sale of part of their stake in broker XP. The exposure to materials companies, in particular Vale in Brazil and Southern Copper Peru, was also advantageous. Metals demand has been strong given a sequential pick-up in economic growth led by China and also due to a strained supply chain. Both Vale and Southern Copper Peru are amongst the lowest cost producers and hence benefit from strong prices and increased production volume.
The primary detractors from the Fund’s performance were our investments in Brazil, namely the energy company Petrobras, and Banco Bradesco. For Petrobras, there was heightened political risk after the unexpected removal of CEO Roberto Castello Branco by the company’s President. The Brazilian market also suffered from Brazilian Real selling pressure compared to the U.S. dollar given concerns over rising U.S. yields triggering a tighter financing backdrop. The banking sector was negatively affected by weakness in the Brazilian currency. Alibaba, the Chinese e-commerce giant, also detracted from the Fund’s performance over the period. The company remains caught in the cross hairs of anti-monopoly regulation and a policy drive for harmonization. While we believe that the core business will likely remain profitable, the competition and complexity of online platforms has increased, and together with an investment program underway, near term earnings have visibility declined. In materials, our holding in a Brazilian iron ore miner (CSN Mineracao) performed poorly given sharp falls in iron ore prices and exposure to higher freight costs.
Ashmore Emerging Markets Small-Cap Equity Fund
The Ashmore Emerging Markets Small-Cap Equity Fund (the “Fund”) seeks to achieve its objective by investing at least 80% of its net assets 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.
Over the period, the Fund’s institutional class underperformed its benchmark, returning 39.68% (net of fees) versus 44.29% for the MSCI Emerging Markets Small Cap Index.
Over the period, positions in Russia, India and South Korea contributed to the Fund’s performance. Positions in Brazil, China and Taiwan detracted from the Fund’s performance.
Our holding in Indian Energy Exchange performed well. Trading volumes grew, over 60% year-on-year (yoy), and, together with new products, this deepened the exchange’s liquidity and bolstered the strong network effect. Our long held position in TCS Group (Tinkoff Bank) contributed to performance. Greater visibility into the company’s fintech offerings resulted in the stock being
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INVESTMENT MANAGER’S REPORT (CONTINUED)
increasingly regarded as a fintech name, rather than as a credit card lender, driving a higher multiple. Hansol Chemical continued to benefit from the greater demands made on semiconductors. The company is also leveraging its expertise to expand into silicon anode materials used in next generation batteries and electric vehicles.
The largest detractors from the Fund’s performance included two education providers in Brazil, Arco Platform and Vasta Platform. The challenging domestic backdrop of COVID-19 enforced school closures led to more moderate near term growth. While Vasta Platform, a Brazilian education company, announced disappointing results given the disruption of COVID-19 on product sales, we believe that the company’s long term earnings trajectory remains strong. Chinese fast food company Xiabuxiabu’s management change triggered uncertainty, although we believe that underlying operations appear to be unaffected by the change.
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 Market issuers, which may be denominated in any currency, including the local currency of the issuer.
Over the period, the Fund’s institutional class outperformed its benchmark, returning 44.50% (net of fees) versus 32.53% for the MSCI Frontier Markets + Select EM Countries Capped Index. From an absolute perspective, the divergence in returns since the start of the year have highlighted Frontier Markets’ idiosyncratic return drivers and low correlation to other global equity markets. While Developed Markets and Emerging Markets grappled with competing pressures on global economic activity, a myriad of domestic return drivers fueled performance in Frontier Markets.
Our holding in FPT, a company focused on technology, telecom and education, continued to perform well. The company reported a 19% increase in pre-tax profit driven by global IT and telecom services.
Digiworld, a distributor focused on consumer electronics, reported strong revenue and profit after seeing a sharp increase in the sale of affordable handsets. Mobile World, which is focused on retailing, consumer electronics and increasingly modern grocery retail, reported double-digit earnings growth.
In Egypt, the combination of heightened volatility in global technology stocks and a pending domestic fintech IPO led to a sell-off in our holding Fawry, a leading digital payments platform. We believe that the sell-off is excessive given the strong fundamental drivers of Fawry’s long-term growth potential, principally around the digitization of transactions. We have retained our position in the company.
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.
Over the period, the Fund’s institutional class outperformed its benchmark, returning 31.24% (net of fees) versus 16.96% for the MSCI Emerging Markets Index. Performance was driven largely by stock selection, in-line with our investment process.
Over the period, positions in China, Russia and India were the largest contributors to the Fund’s performance. Positions in South Africa and Brazil detracted from the Fund’s performance.
Our long held position in TCS Group (Tinkoff Bank) contributed to the Fund’s performance. Greater visibility into the company’s fintech offerings resulted in the stock being increasingly regarded as a fintech name, rather than as a credit card lender, driving a higher multiple. Our positions in India, such as private bank ICICI and cinema chain PVR, both benefited from the domestic economy reopening. Battery separator manufacturer, Yunnan Energy, continued to benefit from strong end demand and market share gains, sustained its strong profitability.
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INVESTMENT MANAGER’S REPORT (CONTINUED)
The primary detractors from the Fund’s performance included Chinese fastfood company Xiabuxiabu, where a management change triggered uncertainty, although we believe that underlying operations appear to be unaffected by the change. Our holding in Baozun, which is well placed given the proliferation and increased complexity of Chinese e-commerce platforms, was sold off given increased regulation in that industry.
Ashmore Emerging Markets Equity ESG Fund
The Ashmore Emerging Markets Equity ESG Fund (the “Fund”) seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market Issuers, which may be denominated in any currency, including the local currency of the issuer, focusing on issuers that the Investment Manager believes satisfy the Environmental, Social and Governance (“ESG”) Criteria. The ESG Criteria applied by the Fund may cause the Fund to perform differently - positively or negatively - when compared to funds that do not take into account similar characteristics. The application of the ESG Criteria may cause the Fund to sell or avoid stocks that subsequently perform well. There is a risk that the issuers identified by the ESG Criteria may not operate sustainably or within such criteria as expected. Furthermore, different interpretations of what it means for an issuer to be sustainable or to have positive ESG metrics may be applied by market participants.
Over the period, the Fund’s institutional class outperformed its benchmark, returning 24.82% (net of fees) versus 16.96% for the MSCI Emerging Markets Index. Our long held position in TCS Group (Tinkoff Bank) contributed to performance. Greater visibility into the company’s fintech offerings resulted in the stock being increasingly regarded as a fintech name, rather than as a credit card lender, driving a higher multiple. Battery separator manufacturer, Yunnan Energy, continued to benefit from strong end demand and market share gains, sustaining its strong profitability. Hansol Chemical continued to benefit from the greater demands made on semiconductors. The company is also leveraging its expertise to expand into silicon anode materials used in next generation batteries and electric vehicles.
The largest detractors from the Fund’s performance included two education providers in Brazil, Arco Platform and Vasta Platform. The challenging domestic backdrop of COVID-19 enforced school closures led to more moderate near term growth. Chinese fastfood company Xiabuxiabu’s management change has triggered uncertainty, although we believe that underlying operations appear to be unaffected by the change.
Ashmore Emerging Markets Short Duration Select Fund
The Ashmore Emerging Markets Short Duration Select Fund (the “Fund”) seeks to achieve its objective by investing principally in in short-term debt instruments of, and derivative instruments related to, Sovereign, Quasi-Sovereign and Corporate issuers of Emerging Market Countries denominated exclusively in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund normally seeks to maintain a weighted average portfolio duration of between 1 and 3 years and an Investment Grade weighted average credit rating. The Fund has no restrictions on individual security duration.
Over the period, the Fund’s institutional class underperformed its benchmark, returning 0.40% (net of fees) versus 1.95% for the JP Morgan CEMBI Investment Grade Broad Diversified (1-3 Year). Colombia, Saudi Arabia and Singapore were the main contributors to Fund performance. China was the largest detractor from Fund performance.
China’s significant price correction was the result of further deterioration in investor sentiment toward the property sector, especially toward the high yield issuers faced with the challenge of meeting the requirements of the Three Red Lines government policy. Adding to the negative sentiment was Evergrande, one of China’s largest and most heavily indebted property developers, missing a coupon payment late in September, which caused contagion to spread further with bond prices correcting significantly across the entire sector. Following excessive monetary loosening in 2020, in order to support the economy during the worst part of the COVID-19 pandemic, the Chinese authorities started to tighten monetary and regulatory conditions in late 2020. This monetary and regulatory tightening has now resulted in a significant liquidity crunch for the property sector, forcing the Chinese government to backtrack and add emergency liquidity in the interbank market to stop investor panic from spreading to the banking sector. So far the Chinese government seems intent to continue to drive an orderly deleveraging across the sector while at the same time working to ring-fence the good operators from the weaker ones and, where necessary, ensure an orderly and speedy restructuring process.
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INVESTMENT MANAGER’S REPORT (CONTINUED)
Ashmore Emerging Markets Investment Grade Income Fund
The Ashmore Emerging Markets Investment Grade Income (the “Fund”) seeks to achieve its objective by investing principally in debt instruments of, and derivative instruments related to, Sovereigns, Quasi-Sovereigns and Corporate issuers of EM Countries and EM Supra-Nationals denominated exclusively in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund has no restrictions on individual security duration. The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in Investment Grade bonds and other Investment Grade debt instruments of Sovereign, Quasi-Sovereign or Corporate issuers of EM Countries and EM Supra-Nationals.
Over the period, the Fund’s institutional class outperformed its benchmark, returning 4.03% (net of fees) versus 2.35% for the JP Morgan CEMBI IG Broad. Positions in Mexico, Ukraine, and Israel were amongst the largest country contributors to the Fund’s performance. Positions in China and Kuwait detracted from the Fund’s performance.
China’s significant price correction was the result of further deterioration in investor sentiment toward the property sector, especially toward the high yield issuers faced with the challenge of meeting the requirements of the Three Red Lines government policy. Adding to the negative sentiment was Evergrande, one of China’s largest and most heavily indebted property developers, missing a coupon payment late in September, which caused contagion to spread further with bond prices correcting significantly across the entire sector. Following excessive monetary loosening in 2020, in order to support the economy during the worst part of the COVID-19 pandemic, the Chinese authorities started to tighten monetary and regulatory conditions in late 2020. This monetary and regulatory tightening has now resulted in a significant liquidity crunch for the property sector, forcing the Chinese government to backtrack and add emergency liquidity in the interbank market to stop investor panic from spreading to the banking sector. So far the Chinese government seems intent to continue to drive an orderly deleveraging across the sector while at the same time working to ring-fence the good operators from the weaker ones and, where necessary, ensure an orderly and speedy restructuring process.
Ashmore Emerging Markets Corporate Income ESG Fund
The Ashmore Emerging Markets Corporate Income ESG Fund (the “Fund”) seeks to achieve its objective by investing principally in debt instruments of corporate issuers, which may be denominated principally in hard currencies (i.e., the U.S. dollar or any currency of a nation in the G-7), focusing on issuers that the Investment Manager believes satisfy the Environmental, Social and Governance (“ESG”) criteria. The ESG Criteria applied by the Fund may cause the Fund to perform differently - positively or negatively - when compared to funds that do not take into account similar characteristics. The application of the ESG Criteria may cause the Fund to sell or avoid stocks that subsequently perform well. There is a risk that the issuers identified by the ESG Criteria may not operate sustainably or within such criteria as expected. Furthermore, different interpretations of what it means for an issuer to be sustainable or to have positive ESG metrics may be applied by market participants.
The Fund commenced operations on 26 February 2021. Over the period, the Fund’s institutional class underperformed its benchmark, returning -5.96% (net of fees) versus +1.23% for the JP Morgan CEMBI BD. Positions in Mexico, Ecuador and Jamaica contributed to Fund performance. China and Brazil were the largest detractors from Fund performance.
China’s significant price correction was the result of further deterioration in investor sentiment toward the property sector, especially toward the high yield issuers faced with the challenge of meeting the requirements of the Three Red Lines government policy. Adding to the negative sentiment was Evergrande, one of China’s largest and most heavily indebted property developers, missing a coupon payment late in September, which caused contagion to spread further with bond prices correcting significantly across the entire sector. Following excessive monetary loosening in 2020, in order to support the economy during the worst part of the COVID-19 pandemic, the Chinese authorities started to tighten monetary and regulatory conditions in late 2020. This monetary and regulatory tightening has now resulted in a significant liquidity crunch for the property sector, forcing the Chinese government to backtrack and add emergency liquidity in the interbank market to stop investor panic from spreading to the banking sector. So far the Chinese government seems intent to continue to drive an orderly deleveraging across the sector while at the same time working to ring-fence the good operators from the weaker ones and, where necessary, ensure an orderly and speedy restructuring process
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 the “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.
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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 May 1, 2021 or the inception date (if later), through October 31, 2021.
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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UNAUDITED FUND SUMMARY Ashmore Emerging Markets Total Return Fund Ashmore Emerging Markets Total Return Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of sovereign, quasi-sovereign, and corporate issuers of Emerging Market countries, 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. Please refer to page 8 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart. Average Annual Total Return For The Period 1 1 1 6 Months 1 Year 5 Year 10 Year Since incpt Ended Oct 31, 2021 Institutional Class1 -5.34% 1.94% 1.74% 2.52% 2.41% Retail Class A (load-waived)1 -5.41% 1.68% 1.50% 2.26% 2.16% Retail Class A (unadjusted)1,2 -9.20% -2.39% 0.68% 1.84% 1.78% Retail Class C (load-waived)1 -5.77% 0.93% 0.74% 1.50% 1.40% Retail Class C (unadjusted)1,2 -6.69% -0.04% 0.74% 1.50% 1.40% 50/25/25 Composite Benchmark3 -0.47% 3.32% 3.10% 2.83% 3.02% Cumulative Returns Through Oct 31, 2021 (% of NAV) Top 5 country exposures (% of NAV) 1,500 Institutional Class China 9.1 Fund Benchmark $1,296,374 Mexico 8.6 1,400 1,300 Indonesia 7.5 1,200 Russia 6.8 1,100 Brazil 6.1 Index3 1,000 Source: Ashmore. Top 5 country exposure $1,383,364 based on aggregate allocation to investment 900 instruments The above excludes related tocash countries and equivalents shown above. as well transactions. as G-7 countries Data as of and Oct certain 31, 2021. hedge related Share class information INSTITUTIONAL CLASS Launch date: December 8, 2010 Minimum initial investment: $1,000,000 ISIN: US0448204059 CUSIP: 044820405 BLOOMBERG: EMKIX US TICKER: EMKIX RETAIL CLASS A Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448208357 CUSIP: 044820835 BLOOMBERG: EMKAX US TICKER: EMKAX RETAIL CLASS C Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448208274 CUSIP: 044820827 BLOOMBERG: EMKCX US TICKER: EMKCX All sources are Ashmore unless otherwise indicated. The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. 1 For periods prior to the inception date of the Class A and Class C shares (05/12/2011), performance information shown is based on the performance of the Fund’s Institutional Class shares (12/08/2010), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively. 2 Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3.The index for the Fund is 50% JP Morgan Emerging Markets Bond Index Global Diversified, 25% JP Morgan Emerging Local Markets Index Plus, and 25% JPMorgan Global Bond Index-Emerging Markets Global Diversified. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods. Please refer to page 8 herein for an explanation of the Expense Example information presented below. Expense example Actual performance Hypothetical performance Institutional Class Class A Class C Institutional Class Class A Class C Beginning Account Value (5/1/2021) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Ending Account Value (10/31/2021) $946.70 $945.90 $942.30 $1,020.01 $1,018.75 $1,014.97 Expense Ratio (Gross / Net) 1.13% / 1.03% 1.38% / 1.28% 2.13% / 2.03% 1.13% / 1.03% 1.38% / 1.28% 2.13% / 2.03% Expenses Paid* $5.05 $6.28 $9.94 $5.24 $6.51 $10.31 *Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2021 through October 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.
Ashmore Emerging Markets Local Currency Bond Fund Ashmore Emerging Markets Local Currency Bond Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of sovereign and quasi-sovereign issuers of Emerging Market countries that are denominated in the local currency of the issuer. Please refer to page 8 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart. Average Annual Total Return For The Period 1 1 1 6 Months 1 Year 5 Year 10 Year Since incpt Ended Oct 31, 2021 Institutional Class1 -2.82% 1.12% 1.53% 0.05% 0.34% Retail Class A (load-waived)1 -2.95% 0.87% 1.31% -0.20% 0.11% Retail Class A (unadjusted)1,2 -6.83% -3.16% 0.48% -0.60% -0.27% Retail Class C (load-waived)1 -3.30% 0.15% 0.53% -0.95% -0.65% Retail Class C (unadjusted)1,2 -4.27% -0.85% 0.53% -0.95% -0.65% JP Morgan GBI-EM GD3 -3.19% 0.84% 1.95% 0.37% 0.79% Cumulative Returns Through Oct 31, 2021 (% of NAV) Top 5 country exposures (% of NAV) Institutional Class Russia 12.3 1,300 $1,038,482 Fund Benchmark Indonesia 11.4 1,200 China 10.0 1,100 Thailand 9.7 1,000 Mexico 9.2 900 Index3 Source: Ashmore. Top 5 country exposure 800 $1,089,661 based instruments on aggregate related to allocation countries shown to investment above. 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 The above excludes cash and equivalents as—Jun — Jun — Jun — Jun ——Jun — Jun—Jun ——Jun—Jun ——Jun—Jun—well as G-7 countries and certain hedge related Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec transactions. Data as of Oct 31, 2021. Share class information INSTITUTIONAL CLASS Launch date: December 8, 2010 Minimum initial investment: $1,000,000 ISIN: US0448202079 CUSIP: 044820207 BLOOMBERG: ELBIX US TICKER: ELBIX RETAIL CLASS A Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448208761 CUSIP: 044820876 BLOOMBERG: ELBAX US TICKER: ELBAX RETAIL CLASS C Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448208688 CUSIP: 044820868 BLOOMBERG: ELBCX US TICKER: ELBCX All sources are Ashmore unless otherwise indicated. The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. 1For periods prior to the inception date of the Class A and Class C shares (05/12/2011), performance information shown is based on the performance of the Fund’s Institutional Class shares (12/08/2010), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively. 2Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3The index for the Fund is the JP Morgan Global Bond Index—Emerging Markets Global Diversified. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods. Please refer to page 8 herein for an explanation of the Expense Example information presented below. Expense example Actual performance Hypothetical performance Institutional Class Class A Class C Institutional Class Class A Class C Beginning Account Value (5/1/2021) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Ending Account Value (10/31/2021) $971.80 $970.50 $967.00 $1,020.32 $1,019.06 $1,015.27 Expense Ratio (Gross / Net) 2.51% / 0.97% 2.76% / 1.22% 3.57% / 1.97% 2.51% / 0.97% 2.76% / 1.22% 3.57% / 1.97% Expenses Paid* $4.82 $6.06 $9.77 $4.94 $6.21 $10.01 *Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2021 through October 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.
Ashmore Emerging Markets Corporate Income Fund Ashmore Emerging Markets Corporate Income Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of Emerging Market corporate issuers, which may be denominated in any currency, including the local currency of the issuer. Please refer to page 8 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart. Average Annual Total Return For The Period 1 1 1 6 Months 1 Year 5 Year 10 Year Since incpt Ended Oct 31, 2021 Institutional Class1 -3.54% 5.24% 5.41% 5.44% 5.00% Retail Class A (load-waived)1 -3.66% 4.85% 5.11% 5.15% 4.73% Retail Class A (unadjusted)1,2 -7.51% 0.66% 4.26% 4.73% 4.34% Retail Class C (load-waived)1 -4.00% 4.25% 4.35% 4.37% 3.96% Retail Class C (unadjusted)1,2 -4.95% 3.25% 4.35% 4.37% 3.96% JP Morgan CEMBI BD3 1.27% 5.27% 5.11% 5.57% 5.41% Cumulative Returns Through Oct 31, 2021 (% of NAV) Top 5 country exposures (% of NAV) 1,900 Institutional Class Brazil 14.8 Fund Benchmark $1,702,719 Mexico 11.6 1,700 China 8.0 1,500 Israel 6.4 1,300 Russia 6.2 Index3 1,100 Source: Ashmore. Top 5 country exposure $1,776,228 based on aggregate allocation to investment 900 The instruments above excludes related tocash countries and equivalents shown above. as 10—11—11—12 — 12—13—13 14—14 — 15—15—16 16—17 — 17 18—18 — 19—19—20—20—21 well as G-7 countries and certain hedge related Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun transactions. Data as of Oct 31, 2021. Share class information INSTITUTIONAL CLASS Launch date: December 8, 2010 Minimum initial investment: $1,000,000 ISIN: US044825049 CUSIP: 044820504 BLOOMBERG: EMCIX US TICKER: EMCIX RETAIL CLASS A Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448206039 CUSIP: 044820603 BLOOMBERG: ECDAX US TICKER: ECDAX RETAIL CLASS C Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448207029 CUSIP: 044820702 BLOOMBERG: ECDCX US TICKER: ECDCX All sources are Ashmore unless otherwise indicated. The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. 1For periods prior to the inception date of the Class A and Class C shares (05/12/2011), performance information shown is based on the performance of the Fund’s Institutional Class shares (12/08/2010), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively. 2Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3The index for the Fund is the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods. Please refer to page 8 herein for an explanation of the Expense Example information presented below. Expense example Actual performance Hypothetical performance Institutional Class Class A Class C Institutional Class Class A Class C Beginning Account Value (5/1/2021) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Ending Account Value (10/31/2021) $964.60 $963.40 $960.00 $1,019.26 $1,018.00 $1,014.22 Expense Ratio (Gross / Net) 1.29% / 1.18% 1.54% / 1.43% 2.30% / 2.18% 1.29% / 1.18% 1.54% / 1.43% 2.30% / 2.18% Expenses Paid* $5.84 $7.08 $10.77 $6.01 $7.27 $11.07 *Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2021 through October 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.
Ashmore Emerging Markets Short Duration Fund Ashmore Emerging Markets Short Duration Fund is an open-end U.S. mutual 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 Emerging Markets countries denominated exclusively in hard currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund normally seeks to maintain a weighted average portfolio duration of between 1 and 3 years. The Fund has no restrictions on individual security duration. Please refer to page 8 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart. Average Annual Total Return For The Period Ended Oct 31, 2021 6 Months 1 Year 5 Year1 Since incpt1 Institutional Class1 -11.35% -3.75% -0.94% 2.29% Retail Class A (load-waived)1 -11.58% -4.07% -1.21% 2.01% Retail Class A (unadjusted)1,2 -13.57% -6.23% -1.66% 1.70% Retail Class C (load-waived)1 -11.78% -4.56% -1.96% 1.24% Retail Class C (unadjusted)1,2 -12.64% -5.46% -1.96% 1.24% JP Morgan CEMBI BD 1-3 Year3 0.80% 5.21% 3.91% 3.78% Cumulative Returns Through Oct 31, 2021 (% of NAV) Top 5 country exposures (% of NAV) 1,700 Brazil 19.3 Institutional Class Fund Benchmark $1,180,308 China 11.7 1,500 Venezuela 7.6 1,300 Mexico 7.4 Lebanon 6.9 1,100 Index3 Source: Ashmore. Top 5 country exposure $1,313,805 based instruments on aggregate related to allocation countries shown to investment above. 900 The above excludes cash and equivalents as 14—14 — 15 15 — 16 16—17—17—18—18—19 — 19 20 — 20—21 well as G-7 countries and certain hedge related Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun transactions. Data as of Oct 31, 2021. Share class information INSTITUTIONAL CLASS Launch date: June 24, 2014 Minimum initial investment: $1,000,000 ISIN: US0448206948 CUSIP: 044820694 BLOOMBERG: ESFIX US TICKER: ESFIX RETAIL CLASS A Launch date: September 23, 2014 Minimum initial investment: $1,000 ISIN: US0448207284 CUSIP: 044820728 BLOOMBERG: ESFAX US TICKER: ESFAX RETAIL CLASS C Launch date: June 13, 2017 Minimum initial investment: $1,000 ISIN: US0448207102 CUSIP: 044820710 BLOOMBERG: ESFCX US TICKER: ESFCX All sources are Ashmore unless otherwise indicated. The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Class A is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. 1For periods prior to the inception date of the Class A (09/23/2014) and Class C (6/13/2017) shares, performance information shown is based on the performance of the Fund’s Institutional Class shares (06/24/2014), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares. 2Unadjusted Performance accounts for a maximum sales load of 2.25% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3 The index for the Fund is the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified 1-3 Year. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods. Please refer to page 8 herein for an explanation of the Expense Example information presented below. Expense example Actual performance Hypothetical performance Institutional Class Class A Class C Institutional Class Class A Class C Beginning Account Value (5/1/2021) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Ending Account Value (10/31/2021) $886.60 $884.30 $882.30 $1,021.22 $1,019.96 $1,016.18 Expense Ratio (Gross / Net) 0.79% / 0.79% 1.04% / 1.04% 1.78% / 1.79% 0.79% / 0.79% 1.04% / 1.04% 1.78% / 1.79% Expense Paid* $3.76 $4.94 $8.49 $4.02 $5.30 $9.10 *Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2021 through October 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.
Ashmore Emerging Markets Active Equity Fund Ashmore Emerging Markets Active Equity Fund is an open-end U.S. mutual fund. The Fund seeks to Share class information achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers, which may be denominated in any currency, including the local currency of INSTITUTIONAL CLASS the issuer. Launch date: November 1, 2016 Minimum initial investment: $1,000,000 ISIN: US0448205957 Please refer to page 8 herein for an explanation of the information presented below in the Average Annual Total Return Table CUSIP: 044820595 and Cumulative Return Chart. BLOOMBERG: EMQIX US Average Annual Total Return For The Period Ended Oct 31, 2021 6 Months 1 Year Since incpt TICKER: EMQIX Institutional Class -8.48% 14.50% 9.74% RETAIL CLASS A Retail Class A (load-waived) -8.59% 14.23% 9.48% 1 Launch date: November 1, 2016 Retail Class A (unadjusted) -13.39% 8.23% 8.30% Minimum initial investment: $1,000 Retail Class C (load-waived) -8.95% 13.41% 8.68% ISIN: US0448206294 Retail Class C (unadjusted)1 -9.85% 12.41% 8.68% CUSIP: 044820629 MSCI EM NET2 -4.87% 16.96% 9.45% BLOOMBERG: EMQAX US TICKER: EMQAX Cumulative Returns Through Oct 31, 2021 (% of NAV) Top 5 country exposures (% of NAV) Institutional Class China 26.0 RETAIL CLASS C 1,900 Fund Benchmark $1,591,218 Launch date: November 1, 2016 India 16.5 1,700 Taiwan 14.3 Minimum initial investment: $1,000 1,500 South Korea 10.5 ISIN: US0448206112 CUSIP: 044820611 1,300 Mexico 8.4 Index2 BLOOMBERG: EMQCX US 1,100 $1,570,911 Source: based on Ashmore. aggregate Top allocation 5 country to investment exposure TICKER: EMQCX 900 The instruments above excludes related tocash countries and equivalents shown above. as All sources are Ashmore unless well transactions. as G-7 countries Data as of and Oct certain 31, 2021. hedge related otherwise indicated. The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Class A is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. 1 Unadjusted Performance accounts for a maximum sales load of 5.25% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 2The index for the Fund is the Morgan Stanley Capital Index Emerging Markets Net. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods. Please refer to page 8 herein for an explanation of the Expense Example information presented below. Expense example Actual performance Hypothetical performance Institutional Class Class A Class C Institutional Class Class A Class C Beginning Account Value (5/1/2021) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Ending Account Value (10/31/2021) $915.20 $914.10 $910.50 $1,020.06 $1,018.80 $1,015.02 Expense Ratio (Gross / Net) 1.25% / 1.02% 1.50% / 1.27% 2.28% / 2.02% 1.25% / 1.02% 1.50% / 1.27% 2.28% / 2.02% Expenses Paid* $4.92 $6.13 $9.73 $5.19 $6.46 $10.26 *Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2021 through October 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.
Ashmore Emerging Markets Small-Cap Equity Fund Ashmore Emerging Markets Small-Cap Equity Fund is an open-end U.S. mutual fund. The Fund seeks Share class information to achieve its objective by investing at least 80% of its net assets in equity securities and equity-related investments of Small-Capitalization Emerging Market Issuers, which may be denominated in any INSTITUTIONAL CLASS currency, including the local currency of the issuer. Launch date: October 4, 2011 Minimum initial investment: $1,000,000 ISIN: US0448201162 Please refer to page 8 herein for an explanation of the information presented below in the Average Annual Total Return Table CUSIP: 044820116 and Cumulative Return Chart. BLOOMBERG: ESCIX US Average Annual Total Return For The Period 1 1 1 TICKER: ESCIX 6 Months 1 Year 5 Year 10 Year Since incpt Ended Oct 31, 2021 Institutional Class1 3.82% 39.68% 13.38% 7.87% 9.39% RETAIL CLASS A Retail Class A (load-waived)1 3.72% 39.40% 13.14% 7.57% 9.08% Launch date: February 1, 2012 Retail Class A (unadjusted)1,2 -1.72% 32.08% 11.93% 7.00% 8.50% Minimum initial investment: $1,000 1 ISIN: US0448207938 Retail Class C (load-waived) 3.40% 38.51% 12.36% 6.81% 8.31% CUSIP: 044820793 Retail Class C (unadjusted)1,2 2.40% 37.51% 12.36% 6.81% 8.31% BLOOMBERG: ESSAX US MSCI EM Small Cap NET3 2.84% 44.29% 10.12% 6.23% 7.47% TICKER: ESSAX Cumulative Returns Through Oct 31, 2021 (% of NAV) Top 5 country exposures (% of NAV) 3,000 Institutional Class South Korea 23.3 RETAIL CLASS C Fund Benchmark Taiwan 16.9 Launch date: August 24, 2012 $2,469,798 2,500 Minimum initial investment: $1,000 Index3 India 16.5 ISIN: US0448207854 2,000 $2,066,986 China 14.6 CUSIP: 044820785 Brazil 6.1 BLOOMBERG: ESSCX US 1,500 Source: Ashmore. Top 5 country exposure TICKER: ESSCX based instruments on aggregate related to allocation countries shown to investment above. 1,000 The well as above G-7 countries excludes and cash certain and equivalents hedge related as All sources are Ashmore unless otherwise indicated. transactions. Data as of Oct 31, 2021. The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. 1 For periods prior to the inception date of the Class A (02/01/2012) and Class C shares (08/24/2012), performance information shown is based on the performance of the Fund’s Institutional Class shares (10/04/2011), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively. 2 Unadjusted Performance accounts for a maximum sales load of 5.25% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3 The index for the Fund is the Morgan Stanley Capital Index Emerging Markets Small-Cap Net. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods. Please refer to page 8 herein for an explanation of the Expense Example information presented below. Expense example Actual performance Hypothetical performance Institutional Class Class A Class C Institutional Class Class A Class C Beginning Account Value (5/1/2021) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Ending Account Value (10/31/2021) $1,038.20 $1,037.20 $1,034.00 $1,017.54 $1,016.28 $1,012.50 Expense Ratio (Gross / Net) 2.29% / 1.52% 2.54% / 1.77% 3.29% / 2.52% 2.29% / 1.52% 2.54% / 1.77% 3.29% / 2.52% Expenses Paid* $7.81 $9.09 $12.92 $7.73 $9.00 $12.78 *Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2021 through October 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.
Ashmore Emerging Markets Frontier Equity Fund Ashmore Emerging Markets Frontier Equity Fund is an open-end U.S. mutual fund. The Fund seeks to Share class information achieve its objective by investing principally in equity securities and equity-related investments of Frontier Market issuers, which may be denominated in any currency, including the local currency of the INSTITUTIONAL CLASS issuer. Launch date: November 5, 2013 Minimum initial investment: $1,000,000 Please refer to page 8 herein for an explanation of the information presented below in the Average Annual Total Return Table ISIN: US0448207367 and Cumulative Return Chart. 1 1 CUSIP: 044820736 Average Annual Total Return For The Period Ended Oct 31, 2021 6 Months 1 Year 5 Year Since incpt BLOOMBERG: EFEIX US Institutional Class1 17.02% 44.50% 8.31% 5.51% TICKER: EFEIX Retail Class A (load-waived)1 16.86% 44.20% 7.97% 5.17% Retail Class A (unadjusted)1,2 10.73% 36.63% 6.81% 4.46% RETAIL CLASS A 1 Launch date: May 7, 2014 Retail Class C (load-waived) 16.52% 43.13% 7.12% 4.34% Minimum initial investment: $1,000 Retail Class C (unadjusted)1,2 15.52% 42.13% 7.12% 4.34% ISIN: US0448207516 MSCI FM + Select EM* 13.83% 32.53% N/A N/A CUSIP: 044820751 MSCI Frontier Markets NET* 14.82% 36.08% 10.47% 5.98% BLOOMBERG: EFEAX US TICKER: EFEAX Cumulative Returns Through Oct 31, 2021 (% of NAV) Top 5 country exposures (% of NAV) 1,600 Vietnam 20.4 RETAIL CLASS C Fund Institutional Class Qatar 8.8 Launch date: May 7, 2014 $1,535,177 Minimum initial investment: $1,000 1,400 Philippines 8.1 Egypt 7.1 ISIN: US0448207441 CUSIP: 044820744 1,200 United Arab Emirates 7.0 BLOOMBERG: EFECX US Source: Ashmore. Top 5 country exposure TICKER: EFECX 1,000 based on aggregate allocation to investment instruments The above excludes related tocash countries and equivalents shown above. as All sources are Ashmore unless 800 transactions. well as G-7 countries Data as of and Oct certain 31, 2021. hedge related otherwise indicated. Nov-13 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. All Fund returns are net of fees and expenses. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. 1 For periods prior to the inception date of the Class A (05/07/2014) and Class C shares (05/07/2014), performance information shown is based on the performance of the Fund’s Institutional Class shares (11/05/2013), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively. 2 Unadjusted Performance accounts for a maximum sales load of 5.25% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. *The benchmark was changed to the MSCI Frontier + Select Emerging Markets Countries Capped Index Net TR effective 01/01/2020. Prior to this, the benchmark was the MSCI Frontier Markets Index Net TR from inception. Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI; and as requested by, Ashmore. The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the “MSCI Parties) makes any express or implied warranties or representations with respect to such data or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits,) even if notified of the possibility of such damages. The MSCI Frontier + Select Emerging Markets Countries Capped Index is a customised benchmark that is designed to measure equity market performance of constituent companies in each of the MSCI Frontiers Market Index (50%) and emerging markets crossover markets (50%), which are the Philippines, Qatar, United Arab Emirates, Peru, Colombia, Argentina, Egypt and Pakistan, together with a country cap of 15%.You cannot invest directly in an index. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods.
Ashmore Emerging Markets Frontier Equity Fund Please refer to page 8 herein for an explanation of the Expense Example information presented below. Expense example Actual performance Hypothetical performance Institutional Class Class A Class C Institutional Class Class A Class C Beginning Account Value (5/1/2021) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Ending Account Value (10/31/2021) $1,170.20 $1,168.60 $1,165.20 $1,017.54 $1,016.28 $1,012.50 Expense Ratio (Gross / Net) 1.86% / 1.52% 2.09% / 1.77% 2.86% / 2.52% 1.86% / 1.52% 2.09% / 1.77% 2.86% / 2.52% Expenses Paid* $8.31 $9.67 $13.75 $7.73 $9.00 $12.78 *Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2021 through October 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.
Ashmore Emerging Markets Equity Fund Ashmore Emerging Markets Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve Share class information its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers which may be denominated in any currency, including the local currency of the issuer. INSTITUTIONAL CLASS Launch date: June 22, 2011 Minimum initial investment: $1,000,000 ISIN: US0448208191 Please refer to page 8 herein for an explanation of the information presented below in the Average Annual Total Return Table CUSIP: 044820819 and Cumulative Return Chart. BLOOMBERG: EMFIX US Average Annual Total Return For The Period 1 1 1 TICKER: EMFIX 6 Months 1 Year 5 Year 10 Year Since incpt Ended Oct 31, 2021 Institutional Class1 2.27% 31.24% 17.11% 7.76% 6.23% RETAIL CLASS A Retail Class A (load-waived)1 2.13% 30.92% 16.84% 7.47% 5. 94% Launch date: February 24, 2012 Retail Class A (unadjusted)1,2 -3.23% 24.04% 15.59% 6.90% 5.39% Minimum initial investment: $1,000 Retail Class C (load-waived)1 1.80% 30.13% 16.01% 6.69% 5.17% ISIN: US0448207771 Retail Class C (unadjusted)1,2 0.80% 29.13% 16.01% 6.69% 5.17% CUSIP: 044820777 3 BLOOMBERG: EMEAX US MSCI EM NET -4.87% 16.96% 9.39% 4.87% 3.66% TICKER: EMEAX Cumulative Returns Through Oct 31, 2021 (% of NAV) Top 5 country exposures (% of NAV) China 30.8 RETAIL CLASS C 2,100 Institutional Class Launch date: March 3, 2017 Fund Benchmark India 14.2 $1,870,870 Minimum initial investment: $1,000 1,600 Taiwan 14.1 South Korea 12.5 ISIN: US0448207698 CUSIP: 044820769 1,100 Russia 9.1 BLOOMBERG: EMECX US Index3 Source: Ashmore. Top 5 country exposure TICKER: EMECX $1,451,269 instruments based on aggregate related to allocation countries shown to investment above. 600 The well as above G-7 countries excludes and cash certain and equivalents hedge related as All sources are Ashmore unless otherwise indicated. transactions. Data as of Oct 31, 2021. The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. 1 For periods prior to the inception date of the Class A (02/24/2012) and Class C shares (03/03/2017), performance information shown is based on the performance of the Fund’s Institutional Class shares (06/22/2011), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares. 2 Unadjusted Performance accounts for a maximum sales load of 5.25% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3 The index for the Fund is the Morgan Stanley Capital Index Emerging Markets Net. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods. Please refer to page 8 herein for an explanation of the Expense Example information presented below. Expense example Actual performance Hypothetical performance Institutional Class Class A Class C Institutional Class Class A Class C Beginning Account Value (5/1/2021) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Ending Account Value (10/31/2021) $1,022.70 $1,021.30 $1,018.00 $1,019.31 $1,018.05 $1,014.27 Expense Ratio (Gross / Net) 1.29% / 1.17% 1.54% / 1.42% 2.28% / 2.17% 1.29% / 1.17% 1.54% / 1.42% 2.28% / 2.17% Expenses Paid* $5.97 $7.23 $11.04 $5.96 $7.22 $11.02 *Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2021 through October 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.
Ashmore Emerging Markets Equity ESG Fund Ashmore Emerging Markets Equity ESG Fund is an open-end U.S. mutual fund. The Fund seeks to Share class information achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers which may be denominated in any currency, including the local currency of INSTITUTIONAL CLASS the issuer, focusing on issuers that the Investment Manager believes satisfy the ESG Criteria. Launch date: February 26, 2020 Minimum initial investment: $1,000,000 ISIN: US0448204547 Please refer to page 8 herein for an explanation of the information presented below in the Average Annual Total Return Table CUSIP: 044820454 and Cumulative Return Chart. BLOOMBERG: ESIGX US Average Annual Total Return For The Period Ended Oct 31, 2021 6 Months 1 Year1 Since incpt1 TICKER: ESIGX Institutional Class -0.66% 24.82% 27.58% RETAIL CLASS A Retail Class A (load-waived) -0.73% 24.50% 27.31% 1 Launch date: February 26, 2020 Retail Class A (unadjusted) -5.94% 17.96% 23.29% Minimum initial investment: $1,000 Retail Class C (load-waived) -1.07% 23.81% 26.58% ISIN: US0448204703 Retail Class C (unadjusted)1 -2.06% 22.81% 26.58% CUSIP: 044820470 MSCI EM NET2 -4.87% 16.96% 14.72% BLOOMBERG: ESAGX US TICKER: ESAGX Cumulative Returns Through Oct 31, 2021 (% of NAV) Top 5 country exposures (% of NAV) China 27.7 RETAIL CLASS C 1,750 Fund Benchmark Taiwan 14.6 Launch date: February 26, 2020 1,550 South Korea 13.0 Minimum initial investment: $1,000 1,350 India 11.2 ISIN: US0448204620 1,150 CUSIP: 044820462 Institutional Class Index3 Russia 10.1 BLOOMBERG: ESCGX US $1,505,420 $1,259,320 Source: Ashmore. Top 5 country exposure TICKER: ESCGX 950 instruments based on aggregate related to allocation countries shown to investment above. 750 well Theas above G-7 countries excludes and cash certain and equivalents hedge related as All sources are Ashmore unless otherwise indicated. transactions. Data as of Oct 31, 2021. The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. 1 Unadjusted Performance accounts for a maximum sales load of 5.25% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 2 The index for the Fund is the Morgan Stanley Capital Index Emerging Markets Net. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods. Please refer to page 8 herein for an explanation of the Expense Example information presented below. Expense example Actual performance Hypothetical performance Institutional Class Class A Class C Institutional Class Class A Class C Beginning Account Value (5/1/2021) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Ending Account Value (10/31/2021) $993.40 $992.70 $989.30 $1,019.31 $1,018.05 $1,014.27 Expense Ratio (Gross / Net) 1.64% / 1.17% 1.87% / 1.42% 2.61% / 2.17% 1.64% / 1.17% 1.87% / 1.42% 2.61% / 2.17% Expenses Paid* $5.88 $7.13 $10.88 $5.96 $7.22 $11.02 *Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2021 through October 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.
Ashmore Emerging Markets Short Duration Select Fund Ashmore Emerging Markets Short Duration Select Fund is an open-end U.S. mutual fund. The Fund Share class information 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 Emerging Market INSTITUTIONAL CLASS Countries denominated exclusively in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund normally seeks to maintain a weighted average portfolio duration of between 1 Launch date: June 15, 2020 and 3 years and an Investment Grade weighted average credit rating. The Fund has no restrictions on Minimum initial investment: individual security duration. $1,000,000 ISIN: US0448204216 Please refer to page 8 herein for an explanation of the information presented below in the Average Annual Total Return Table CUSIP: 044820421 and Cumulative Return Chart. BLOOMBERG: ESDIX US Average Annual Total Return For The Period Ended Oct 31, 2021 6 Months 1 Year Since incpt1 TICKER: ESDIX Institutional Class -3.46% 0.40% 2.77% RETAIL CLASS A Retail Class A (load-waived) -3.50% 0.20% 2.53% 1 Launch date: June 15, 2020 Retail Class A (unadjusted) -5.67% -2.05% 0.85% Minimum initial investment: $1,000 Retail Class C (load-waived) -3.89% -0.57% 1.76% ISIN: US0448204471 Retail Class C (unadjusted)1 -4.83% -1.52% 1.76% CUSIP: 044820447 JP Morgan CEMBI BD IG (1-3 yr)2 0.67% 1.95% 2.84% BLOOMBERG: ESDAX US TICKER: ESDAX Cumulative Returns Through Oct 31, 2021 (% of NAV) Top 5 country exposures (% of NAV) United Arab Emirates 12.9 RETAIL CLASS C 1,100 Institutional Class $1,038,465 Saudi Arabia 11.3 Launch date: June 15, 2020 Minimum initial investment: $1,000 1,050 Mexico 8.0 Russia 7.4 ISIN: US0448204398 CUSIP: 044820439 1,000 Index3 Indonesia 7.3 BLOOMBERG: ESDCX US Fund Benchmark $1,039,278 Source: Ashmore. Top 5 country exposure TICKER: ESDCX based instruments on aggregate related to allocation countries shown to investment above. 950 The well as above G-7 countries excludes and cash certain and equivalents hedge related as All sources are Ashmore unless otherwise indicated. transactions. Data as of Oct 31, 2021. The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. 1 Unadjusted Performance accounts for a maximum sales load of 2.25% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 2 The index for the Fund is the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified Investment Grade 1-3 Year. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods. Please refer to page 8 herein for an explanation of the Expense Example information presented below. Expense example Actual performance Hypothetical performance Institutional Class Class A Class C Institutional Class Class A Class C Beginning Account Value (5/1/2021) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Ending Account Value (10/31/2021) $965.40 $965.10 $961.20 $1,021.83 $1,020.57 $1,016.79 Expense Ratio (Gross / Net) 0.77% / 0.67% 1.11% / 0.92% 1.81% / 1.67% 0.77% / 0.67% 1.11% / 0.92% 1.81% / 1.67% Expenses Paid* $2.51 $3.44 $6.24 $3.41 $4.69 $8.49 *Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2021 through October 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.
Ashmore Emerging Markets Investment Grade Income Ashmore Emerging Markets Investment Grade Income is an open-end U.S. mutual fund. The Fund Share class information seeks to achieve its objective by investing principally in debt instruments of, and derivative instruments related to, Sovereigns, Quasi-Sovereigns, Corporate issuers of EM Countries and EM Supra-Nationals INSTITUTIONAL CLASS denominated exclusively in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G- 7). The Fund has no restrictions on individual security duration. The Fund observes a policy to Launch date: September 17, 2020 normally invest at least 80% of its net assets in Investment Grade bonds and other Investment Grade Minimum initial investment: debt instruments of Sovereign, Quasi-Sovereign or Corporate issuers of Emerging Market Countries $1,000,000 and EM Supra-Nationals ISIN: US0448203895 Please refer to page 8 herein for an explanation of the information presented below in the Average Annual Total Return Table CUSIP: 044820389 and Cumulative Return Chart. BLOOMBERG: IGIEX US Average Annual Total Return For The Period Ended Oct 31, 2021 6 Months 1 Year Since incpt1 TICKER: IGIEX Institutional Class 0.78% 4.03% 2.51% RETAIL CLASS A Retail Class A (load-waived) 0.73% 3.85% 2.33% 1 Launch date: September 17, 2020 Retail Class A (unadjusted) -3.30% -1.60% -1.33% Minimum initial investment: $1,000 Retail Class C (load-waived) 0.43% 3.08% 1.58% ISIN: US0448204133 Retail Class C (unadjusted)1 -0.56% 2.08% 1.58% CUSIP: 044820413 JP Morgan CEMBI BD IG2 1.28% 2.35% 1.93% BLOOMBERG: IGAEX US TICKER: IGAEX Cumulative Returns Through Oct 31, 2021 (% of NAV) Top 5 country exposures (% of NAV) 1,060 Mexico 14.6 RETAIL CLASS C 1,040 Brazil 13.0 Launch date: September 17, 2020 Minimum initial investment: $1,000 1,020 Indonesia 7.0 Institutional Class ISIN: US0448203978 1,000 United Arab Emirates 6.1 $1,028,198 CUSIP: 044820397 980 Fund Benchmark Israel 5.8 BLOOMBERG: IGCEX US Index3 960 Source: Ashmore. Top 5 country exposure TICKER: IGCEX 940 $1,021,682 based on aggregate allocation to investment The instruments above excludes related tocash countries and equivalents shown above. as—20 20 — 20—20—21—21—21 21 — 21 21—21 — 21 21 — 21 All sources are Ashmore unless Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct well transactions. as G-7 countries Data as of and Oct certain 31, 2021. hedge related otherwise indicated. The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. 1Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 2The index for the Fund is the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified Investment Grade. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods. Please refer to page 8 herein for an explanation of the Expense Example information presented below. Expense example Actual performance Hypothetical performance Institutional Class Class A Class C Institutional Class Class A Class C Beginning Account Value (5/1/2021) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Ending Account Value (10/31/2021) $1,007.80 $1,007.30 $1,004.30 $1,021.58 $1,020.32 $1,016.53 Expense Ratio (Gross / Net) 1.33% / 0.72% 1.68% / 0.97% 2.41% / 1.72% 1.33% / 0.72% 1.68% / 0.97% 2.41% / 1.72% Expenses Paid* $3.64 $4.91 $8.69 $3.67 $4.94 $8.74 *Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2021 through October 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.
Ashmore Emerging Markets Corporate Income ESG Fund Ashmore Emerging Markets Corporate Income ESG Fund is an open-end U.S. mutual fund. The Fund Share class information seeks to achieve its objective by investing principally in debt instruments of Corporate issuers, which may be denominated principally in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in INSTITUTIONAL CLASS the G-7), focusing on issuers that the Investment Manager believes satisfy the ESG Criteria. Launch date: February 26, 2021 Minimum initial investment: $1,000,000 ISIN: US0448203556 Please refer to page 8 herein for an explanation of the information presented below in the Average Annual Total Return Table CUSIP: 044820355 and Cumulative Return Chart. BLOOMBERG: ECIEX US Average Annual Total Return For The Period Ended Oct 31, 2021 6 Months Since incpt1 TICKER: ECIEX Institutional Class -5.85% -5.96% RETAIL CLASS A Retail Class A (load-waived) -5.97% -6.11% 1 Launch date: February 26, 2021 Retail Class A (unadjusted) -9.73% -14.23% Minimum initial investment: $1,000 Retail Class C (load-waived) -6.30% -6.55% ISIN: US0448203713 Retail Class C (unadjusted)1 -7.22% -7.46% CUSIP: 044820371 JP Morgan CEMBI BD2 1.27% 1.23% BLOOMBERG: ECAEX US TICKER: ECAEX Cumulative Returns Through Oct 31, 2021 (% of NAV) Top 5 country exposures (% of NAV) Institutional Class Brazil 19.9 RETAIL CLASS C 1,050 $940,361 Mexico 18.0 Launch date: February 26, 2021 1,000 Minimum initial investment: $1,000 China 10.5 United Arab Emirates 10.5 ISIN: US 0448203630 950 CUSIP: 044820363 Russia 6.3 BLOOMBERG: ECCEX US 900 Fund Benchmark Index3 $1,012,285 Source: based on Ashmore. aggregate Top allocation 5 country to investment exposure TICKER: ECCEX 850 instruments The above excludes related tocash countries and equivalents shown above. as All sources are Ashmore unless transactions. well as G-7 countries Data as of and Oct certain 31, 2021. hedge related otherwise indicated. The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. 1Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 2The index for the Fund is the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods. Please refer to page 8 herein for an explanation of the Expense Example information presented below. Expense example Actual performance Hypothetical performance Institutional Class Class A Class C Institutional Class Class A Class C Beginning Account Value (5/1/2021) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Ending Account Value (10/31/2021) $941.60 $940.40 $937.00 $1,020.82 $1,019.56 $1,015.78 Expense Ratio (Gross / Net) 3.11% / 0.87% 3.41% / 1.12% 4.15% / 1.87% 3.11% / 0.87% 3.41% / 1.12% 4.15% / 1.87% Expenses Paid* $4.26 $5.48 $9.13 $4.43 $5.70 $9.50 *Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2021 through October 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.
KPMG LLP
Aon Center
Suite 5500
200 E. Randolph Street
Chicago, IL 60601-6436
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees
Ashmore Funds:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund, and Ashmore Emerging Markets Corporate Income ESG Fund (collectively, the Funds), including the schedules of investments, as of October 31, 2021, the related statements of operations for the year or period then ended (period from February 28, 2021, [commencement of operations] to October 31, 2021 for Ashmore Emerging Markets Corporate Income ESG Fund), the statements of changes in net assets for each of the years or periods in the two-year period then ended (periods from February 26, 2020, June 15, 2020, September 17, 2020, and February 28, 2021, [commencement of operations] to October 31, 2021 for Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund, and Ashmore Emerging Markets Corporate Income ESG Fund, respectively), and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended (periods from February 26, 2020, June 15, 2020, September, 17, 2020, and February 28, 2021, [commencement of operations] to October 31, 2021 for Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund, and Ashmore Emerging Markets Corporate Income ESG Fund, respectively). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2021, the results of their operations for the year or periods then ended (periods from February 26, 2020, June 15, 2020, September 17, 2020, and February 28, 2021, [commencement of operations] to October 31, 2021 for Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund, and Ashmore Emerging Markets Corporate Income ESG Fund, respectively), the changes in its net assets for each of the years or periods in the two-year period then ended (periods from February 26, 2020, June 15, 2020, September 17, 2020, and February 28, 2021, [commencement of operations] to October 31, 2021 for Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund, and Ashmore Emerging Markets Corporate Income ESG Fund, respectively), and the financial highlights for each of the years or periods in the five-year period then ended (periods from February 26, 2020, June 15, 2020, September 17, 2020, and February 28, 2021, [commencement of operations] to October 31, 2021 for Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund, and Ashmore Emerging Markets Corporate Income ESG Fund, respectively), in conformity with U.S. generally accepted accounting principles.
| | | | |
| | KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. | | |
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2021, by correspondence with custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Funds investment companies since 2010.
Chicago, Illinois
December 20, 2021
ASHMORE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Ashmore
Emerging
Markets Total Return Fund | | | Ashmore
Emerging
Markets
Local Currency
Bond Fund | | | Ashmore
Emerging Markets
Corporate Income
Fund | | Ashmore Emerging Markets
Short Duration
Fund | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments in securities, at value | | $ | 1,168,266,174 | | | $ | 6,684,874 | | | $ | 290,527,989 | | | $ | 124,832,092 | |
Deposit held at broker | | | 3,621,436 | | | | 32,552 | | | | 459,863 | | | | — | |
Cash | | | 39,033,090 | | | | 1,079,951 | | | | 958,374 | | | | 6,809,873 | |
Foreign currency, at value | | | 2,966,270 | | | | 69,023 | | | | 12,174 | | | | 43,270 | |
Unrealized appreciation on forward foreign currency exchange contracts | | | 6,407,347 | | | | 95,612 | | | | 6,250 | | | | 286 | |
Variation margin receivable on centrally cleared swap contracts | | | 155,023 | | | | — | | | | — | | | | — | |
Due from broker | | | — | | | | 5,009 | | | | — | | | | — | |
Receivable for securities and currencies sold | | | 5,161,549 | | | | 34,851 | | | | — | | | | 154,030 | |
Receivable for fund shares sold | | | 3,242,522 | | | | — | | | | 220,001 | | | | 48,202 | |
Receivable from Investment Manager | | | 109,941 | | | | 1,495 | | | | 27,700 | | | | — | |
Interest and dividends receivable | | | 17,790,969 | | | | 116,217 | | | | 4,150,076 | | | | 1,581,917 | |
Other assets | | | 53,665 | | | | 9,601 | | | | 20,445 | | | | 13,494 | |
Total Assets | | | 1,246,807,986 | | | | 8,129,185 | | | | 296,382,872 | | | | 133,483,164 | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Reverse repurchase agreements | | | 6,413,607 | | | | — | | | | — | | | | — | |
Cash overdraft | | | — | | | | — | | | | — | | | | — | |
Unrealized depreciation on forward foreign currency exchange contracts | | | 4,553,462 | | | | 51,074 | | | | — | | | | — | |
Variation margin payable on centrally cleared swap contracts | | | 7,400 | | | | 366 | | | | — | | | | — | |
Payable for securities and currencies purchased | | | 5,537,640 | | | | 77,463 | | | | 1,290,072 | | | | — | |
Payable for fund shares redeemed | | | 835,378 | | | | — | | | | 286,559 | | | | 119,125 | |
Distributions payable | | | 894,569 | | | | — | | | | 262,687 | | | | 112,223 | |
Due to broker | | | 1,989,060 | | | | 16,293 | | | | — | | | | — | |
Investment Manager fee payable | | | 1,036,929 | | | | 6,537 | | | | 291,348 | | | | 102,029 | |
Trustees’ fees payable | | | 40,258 | | | | 273 | | | | 10,073 | | | | 4,853 | |
Deferred foreign capital gains taxes payable | | | — | | | | — | | | | — | | | | — | |
Other liabilities | | | 530,983 | | | | 50,578 | | | | 139,050 | | | | 138,275 | |
Total Liabilities | | | 21,839,286 | | | | 202,584 | | | | 2,279,789 | | | | 476,505 | |
Net Assets | | $ | 1,224,968,700 | | | $ | 7,926,601 | | | $ | 294,103,083 | | | $ | 133,006,659 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Paid in capital | | $ | 1,487,474,858 | | | $ | 9,105,397 | | | $ | 390,702,641 | | | $ | 507,951,998 | |
Distributable earnings/(Accumulated loss) | | | (262,506,158 | ) | | | (1,178,796 | ) | | | (96,599,558 | ) | | | (374,945,339 | ) |
Net Assets | | $ | 1,224,968,700 | | | $ | 7,926,601 | | | $ | 294,103,083 | | | $ | 133,006,659 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Class A | | $ | 5,916,876 | | | $ | 1,592,408 | | | $ | 11,152,591 | | | $ | 6,833,490 | |
Class C | | | 2,385,922 | | | | 24,742 | | | | 5,762,120 | | | | 1,219,227 | |
Institutional Class | | | 1,216,665,902 | | | | 6,309,451 | | | | 277,188,372 | | | | 124,953,942 | |
| | | | |
Shares Issued and Outstanding (no par value, unlimited shares authorized): | | | | | | | | | | | | | | | | |
Class A | | | 896,638 | | | | 230,069 | | | | 1,480,623 | | | | 1,004,255 | |
Class C | | | 362,737 | | | | 3,667 | | | | 766,606 | | | | 186,816 | |
Institutional Class | | | 181,680,348 | | | | 871,004 | | | | 35,311,728 | | | | 18,681,346 | |
| | | | |
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding): | | | | | | | | | | | | | | | | |
Class A | | $ | 6.60 | | | $ | 6.92 | | | $ | 7.53 | | | $ | 6.80 | |
Class C | | | 6.58 | | | | 6.75 | | | | 7.52 | | | | 6.53 | |
Institutional Class | | | 6.70 | | | | 7.24 | | | | 7.85 | | | | 6.69 | |
| | | | | |
Cost of Investments in securities | | $ | 1,331,531,452 | | | $ | 7,288,386 | | | $ | 319,936,605 | | | $ | 228,254,684 | |
Cost of foreign currency held | | $ | 2,975,650 | | | $ | 69,350 | | | $ | 12,209 | | | $ | 41,993 | |
See accompanying notes to the financial statements.
25
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Ashmore
Emerging Markets
Active Equity Fund | | | Ashmore
Emerging Markets
Small-Cap Equity
Fund | | | Ashmore
Emerging Markets
Frontier Equity
Fund | | | Ashmore
Emerging Markets
Equity Fund | | | Ashmore
Emerging Markets
Equity ESG Fund | | | Ashmore
Emerging Markets
Short Duration
Select Fund | | | Ashmore
Emerging Markets
Investment Grade
Income Fund | | | Ashmore
Emerging Markets
Corporate Income
ESG Fund | |
| | | | | | | |
| $ | 93,334,842 | | | $ | 11,286,952 | | | $ | 79,063,773 | | | $ | 119,030,460 | | | $ | 14,680,334 | | | $ | 9,792,128 | | | $ | 20,109,910 | | | $ | 8,981,564 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 7,074,430 | | | | 272,872 | | | | — | | | | 2,310,654 | | | | 405,451 | | | | 435,805 | | | | 338,080 | | | | 304,679 | |
| | 84,188 | | | | 611 | | | | 2,232,892 | | | | 18,159 | | | | — | | | | — | | | | 12,057 | | | | 3,685 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 44 | | | | 259 | | | | 95 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 606,106 | | | | — | | | | 1,135,026 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 43,276 | | | | — | | | | 7,003 | | | | 61,274 | | | | — | | | | — | | | | — | | | | — | |
| | 20,648 | | | | 10,117 | | | | 24,513 | | | | 3,605 | | | | — | | | | 1 | | | | — | | | | 12,937 | |
| | 45,645 | | | | 31,683 | | | | 9,429 | | | | 27,128 | | | | 2,788 | | | | 96,868 | | | | 241,645 | | | | 117,153 | |
| | 9,054 | | | | 7,444 | | | | 9,147 | | | | 13,015 | | | | 5,262 | | | | 1,363 | | | | 1,765 | | | | 1,190 | |
| | 101,218,189 | | | | 11,609,679 | | | | 82,481,783 | | | | 121,464,295 | | | | 15,093,835 | | | | 10,326,209 | | | | 20,703,716 | | | | 9,421,303 | |
| | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | 156,319 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 244 | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 2,881,993 | | | | 17,754 | | | | 1,687,891 | | | | — | | | | — | | | | — | | | | 196,056 | | | | — | |
| | 39,316 | | | | — | | | | 4,141 | | | | 359,938 | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 2,456 | | | | 6,840 | | | | 4,798 | |
| | — | | | | — | | | | 65,611 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 82,755 | | | | 14,504 | | | | 100,044 | | | | 117,084 | | | | 25,709 | | | | 10,796 | | | | 28,621 | | | | 6,821 | |
| | 2,859 | | | | 374 | | | | 2,670 | | | | 4,015 | | | | 495 | | | | 347 | | | | 686 | | | | 327 | |
| | 119,680 | | | | 68,186 | | | | 81,597 | | | | 218,067 | | | | — | | | | — | | | | — | | | | — | |
| | 61,089 | | | | 31,615 | | | | 73,027 | | | | 58,815 | | | | 23,816 | | | | 24,613 | | | | 27,497 | | | | 51,688 | |
| | 3,187,692 | | | | 132,433 | | | | 2,171,300 | | | | 757,919 | | | | 50,020 | | | | 38,456 | | | | 259,700 | | | | 63,634 | |
| $ | 98,030,497 | | | $ | 11,477,246 | | | $ | 80,310,483 | | | $ | 120,706,376 | | | $ | 15,043,815 | | | $ | 10,287,753 | | | $ | 20,444,016 | | | $ | 9,357,669 | |
| | | | | | | |
| $ | 83,006,821 | | | $ | 13,448,355 | | | $ | 74,058,642 | | | $ | 78,866,217 | | | $ | 10,074,983 | | | $ | 10,519,354 | | | $ | 20,653,961 | | | $ | 10,263,174 | |
| | 15,023,676 | | | | (1,971,109 | ) | | | 6,251,841 | | | | 41,840,159 | | | | 4,968,832 | | | | (231,601 | ) | | | (209,945 | ) | | | (905,505 | ) |
| $ | 98,030,497 | | | $ | 11,477,246 | | | $ | 80,310,483 | | | $ | 120,706,376 | | | $ | 15,043,815 | | | $ | 10,287,753 | | | $ | 20,444,016 | | | $ | 9,357,669 | |
| | | | | | | |
| $ | 1,611,249 | | | $ | 321,005 | | | $ | 2,561,530 | | | $ | 3,872,505 | | | $ | 1,499 | | | $ | 1,026 | | | $ | 1,020 | | | $ | 935 | |
| | 1,668 | | | | 161,644 | | | | 209,270 | | | | 107,249 | | | | 1,484 | | | | 1,017 | | | | 1,013 | | | | 931 | |
| | 96,417,580 | | | | 10,994,597 | | | | 77,539,683 | | | | 116,726,622 | | | | 15,040,832 | | | | 10,285,710 | | | | 20,441,983 | | | | 9,355,803 | |
| | | | | | | |
| | 128,398 | | | | 20,954 | | | | 252,813 | | | | 230,987 | | | | 101 | | | | 105 | | | | 103 | | | | 103 | |
| | 135 | | | | 10,235 | | | | 21,462 | | | | 6,789 | | | | 100 | | | | 104 | | | | 102 | | | | 102 | |
| | 7,636,319 | | | | 554,712 | | | | 6,588,988 | | | | 7,189,905 | | | | 1,005,140 | | | | 1,050,005 | | | | 2,064,591 | | | | 1,026,694 | |
| | | | | | | |
| $ | 12.55 | | | $ | 15.32 | | | $ | 10.13 | | | $ | 16.77 | | | $ | 14.91 | | | $ | 9.80 | | | $ | 9.90 | | | $ | 9.11 | |
| | 12.33 | | | | 15.79 | | | | 9.75 | | | | 15.80 | | | | 14.77 | | | | 9.80 | | | | 9.90 | | | | 9.11 | |
| | 12.63 | | | | 19.82 | | | | 11.77 | | | | 16.23 | | | | 14.96 | | | | 9.80 | | | | 9.90 | | | | 9.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 92,570,591 | | | $ | 10,099,656 | | | $ | 65,433,978 | | | $ | 96,095,023 | | | $ | 11,624,210 | | | $ | 9,679,610 | | | $ | 20,118,007 | | | $ | 9,806,520 | |
| $ | 84,115 | | | $ | 611 | | | $ | 2,232,979 | | | $ | 17,857 | | | $ | — | | | $ | — | | | $ | 12,092 | | | $ | 3,696 | |
See accompanying notes to the financial statements.
26
ASHMORE FUNDS
STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Ashmore
Emerging
Markets
Total Return
Fund | | | Ashmore
Emerging
Markets
Local Currency
Bond Fund | | | Ashmore
Emerging Markets
Corporate Income
Fund | | | Ashmore Emerging Markets
Short Duration
Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Interest, net of foreign tax withholdings* | | $ | 78,315,507 | | | $ | 467,776 | | | $ | 18,525,333 | | | $ | 16,568,240 | |
Payment-in-kind interest | | | — | | | | — | | | | 869,787 | | | | — | |
Dividends, net of foreign tax withholdings* | | | — | | | | — | | | | — | | | | — | |
Total Income | | | 78,315,507 | | | | 467,776 | | | | 19,395,120 | | | | 16,568,240 | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment Manager fees | | | 13,260,494 | | | | 87,641 | | | | 3,621,570 | | | | 1,491,668 | |
Administration fees | | | 266,436 | | | | 3,239 | | | | 66,381 | | | | 48,583 | |
Custody fees | | | 516,411 | | | | 52,204 | | | | 75,311 | | | | 58,182 | |
Professional fees | | | 596,444 | | | | 40,869 | | | | 180,626 | | | | 255,516 | |
Trustees’ fees | | | 137,151 | | | | 783 | | | | 33,160 | | | | 21,567 | |
Offering expenses and registration fees | | | — | | | | 36,833 | | | | 51,387 | | | | 8,801 | |
Insurance fees | | | 71,166 | | | | 1,158 | | | | 16,944 | | | | 19,407 | |
Printing fees | | | 30,398 | | | | 5,499 | | | | 15,990 | | | | 7,258 | |
Distribution and servicing fees - Class A | | | 23,810 | | | | 4,288 | | | | 31,266 | | | | 32,491 | |
Distribution and servicing fees - Class C | | | 33,993 | | | | 294 | | | | 67,901 | | | | 15,233 | |
Regulatory fees | | | — | | | | 14,110 | | | | 21,297 | | | | 21,184 | |
Interest expense | | | 10,697 | | | | — | | | | — | | | | — | |
Total Expenses | | | 14,947,000 | | | | 246,918 | | | | 4,181,833 | | | | 1,979,890 | |
Less expenses reimbursed by the Investment Manager | | | (1,209,234 | ) | | | (152,924 | ) | | | (361,106 | ) | | | (203,439 | ) |
Net Expenses | | | 13,737,766 | | | | 93,994 | | | | 3,820,727 | | | | 1,776,451 | |
Net Investment Income (Loss) | | | 64,577,741 | | | | 373,782 | | | | 15,574,393 | | | | 14,791,789 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | | | | | |
NET REALIZED GAIN (LOSS) ON: | | | | | | | | | | | | | | | | |
Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-. $-, $-, $4,933, $2,207, $8,792, $5,619, $-, $-, $-, and $-, respectively) | | | (9,482,104 | ) | | | (1,734,972 | ) | | | 3,622,819 | | | | (101,537,135 | ) |
Forward foreign currency exchange contracts | | | 11,582,615 | | | | 217,709 | | | | 52,963 | | | | 58,286 | |
Interest rate swap contracts | | | (521,735 | ) | | | 111,187 | | | | — | | | | — | |
Foreign exchange transactions | | | 91,589 | | | | (15,142 | ) | | | (12,476 | ) | | | 2,848 | |
Net Realized Gain (Loss) | | | 1,670,365 | | | | (1,421,218 | ) | | | 3,663,306 | | | | (101,476,001 | ) |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: | | | | | | | | | | | | | | | | |
Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-, $-, $-, $85,063, $70,394, $66,086, $88,564, $-, $-, $-, and $-, respectively) | | | (43,855,829 | ) | | | 2,589,772 | | | | (4,659,845 | ) | | | 93,787,017 | |
Forward foreign currency exchange contracts | | | 2,235,371 | | | | 64,834 | | | | (4,716 | ) | | | 286 | |
Interest rate swap contracts | | | (512,209 | ) | | | (116,595 | ) | | | — | | | | — | |
Foreign exchange translations | | | (662 | ) | | | 5,226 | | | | (155 | ) | | | (392 | ) |
Change in Net Unrealized Appreciation (Depreciation) | | | (42,133,329 | ) | | | 2,543,237 | | | | (4,664,716 | ) | | | 93,786,911 | |
Net Realized and Unrealized Gains (Losses) | | | (40,462,964 | ) | | | 1,122,019 | | | | (1,001,410 | ) | | | (7,689,090 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 24,114,777 | | | $ | 1,495,801 | | | $ | 14,572,983 | | | $ | 7,102,699 | |
* Foreign Tax Withholdings | | $ | 560,042 | | | $ | 39,549 | | | $ | — | | | $ | — | |
See accompanying notes to the financial statements.
27
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ashmore
Emerging Markets
Active Equity
Fund | | | Ashmore
Emerging Markets
Small-Cap Equity
Fund | | | Ashmore
Emerging Markets
Frontier Equity Fund | | | Ashmore
Emerging Markets
Equity Fund | | | Ashmore
Emerging Markets
Equity ESG Fund | | | Ashmore
Emerging Markets
Short Duration
Select Fund | | | Ashmore
Emerging Markets
Investment Grade
Income Fund | | | Ashmore
Emerging Markets
Corporate Income
ESG Fund1 | |
| | | | | | | |
| $ | 1,911 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 486,409 | | | $ | 851,153 | | | $ | 372,291 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 2,276,617 | | | | 154,038 | | | | 1,392,052 | | | | 1,218,255 | | | | 123,677 | | | | — | | | | — | | | | — | |
| | 2,278,528 | | | | 154,038 | | | | 1,392,052 | | | | 1,218,255 | | | | 123,677 | | | | 486,409 | | | | 851,153 | | | | 372,291 | |
| | | | | | | |
| | 951,063 | | | | 162,410 | | | | 991,506 | | | | 1,325,046 | | | | 173,065 | | | | 68,797 | | | | 143,752 | | | | 56,493 | |
| | 18,094 | | | | 2,623 | | | | 13,489 | | | | 22,065 | | | | 2,770 | | | | 2,135 | | | | 4,122 | | | | 1,332 | |
| | 71,022 | | | | 11,334 | | | | 119,347 | | | | 41,579 | | | | 11,455 | | | | 2,171 | | | | 1,802 | | | | 2,056 | |
| | 54,366 | | | | 34,023 | | | | 47,158 | | | | 57,457 | | | | 19,992 | | | | 30,763 | | | | 26,254 | | | | 29,093 | |
| | 9,666 | | | | 1,154 | | | | 7,312 | | | | 12,395 | | | | 1,588 | | | | 1,107 | | | | 465 | | | | 813 | |
| | 54,031 | | | | 36,612 | | | | 43,968 | | | | 38,770 | | | | 100,349 | | | | 20,412 | | | | 107,938 | | | | 98,158 | |
| | 4,235 | | | | 540 | | | | 3,261 | | | | 5,037 | | | | 640 | | | | 284 | | | | — | | | | 360 | |
| | 6,115 | | | | 6,120 | | | | 6,469 | | | | 6,690 | | | | 5,401 | | | | 6,504 | | | | 5,769 | | | | 8,111 | |
| | 4,870 | | | | 1,002 | | | | 2,747 | | | | 7,151 | | | | 4 | | | | 4 | | | | 4 | | | | 2 | |
| | 18 | | | | 1,659 | | | | 2,606 | | | | 503 | | | | 15 | | | | 11 | | | | 11 | | | | 7 | |
| | 10,385 | | | | 10,678 | | | | 11,235 | | | | 11,990 | | | | 9,759 | | | | 14,219 | | | | 12,832 | | | | 8,161 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 1,183,865 | | | | 268,155 | | | | 1,249,098 | | | | 1,528,683 | | | | 325,038 | | | | 146,407 | | | | 302,949 | | | | 204,586 | |
| | (208,770 | ) | | | (100,902 | ) | | | (238,815 | ) | | | (172,553 | ) | | | (148,942 | ) | | | (75,473 | ) | | | (155,066 | ) | | | (146,750 | ) |
| | 975,095 | | | | 167,253 | | | | 1,010,283 | | | | 1,356,130 | | | | 176,096 | | | | 70,934 | | | | 147,883 | | | | 57,836 | |
| | 1,303,433 | | | | (13,215 | ) | | | 381,769 | | | | (137,875 | ) | | | (52,419 | ) | | | 415,475 | | | | 703,270 | | | | 314,455 | |
| | | | | | | |
| | 17,328,824 | | | | 3,683,479 | | | | 7,873,502 | | | | 22,029,137 | | | | 2,219,171 | | | | (346,920 | ) | | | (205,386 | ) | | | (84,360 | ) |
| | 37,047 | | | | — | | | | 3,899 | | | | 2,999 | | | | (1,692 | ) | | | 2,859 | | | | 18,225 | | | | 4,465 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | (173,694 | ) | | | (2,500 | ) | | | (31,573 | ) | | | (18,002 | ) | | | (3,471 | ) | | | (2,023 | ) | | | (3,872 | ) | | | (792 | ) |
| | 17,192,177 | | | | 3,680,979 | | | | 7,845,828 | | | | 22,014,134 | | | | 2,214,008 | | | | (346,084 | ) | | | (191,033 | ) | | | (80,687 | ) |
| | | | | | | |
| | (6,046,856 | ) | | | (543,686 | ) | | | 15,369,288 | | | | 4,890,558 | | | | 831,144 | | | | (39,557 | ) | | | 283,815 | | | | (824,956 | ) |
| | (9,607 | ) | | | — | | | | — | | | | — | | | | — | | | | (200 | ) | | | (4,529 | ) | | | 95 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 9,392 | | | | 2,221 | | | | 8,380 | | | | 7,079 | | | | (91 | ) | | | (58 | ) | | | (5 | ) | | | (12 | ) |
| | (6,047,071 | ) | | | (541,465 | ) | | | 15,377,668 | | | | 4,897,637 | | | | 831,053 | | | | (39,815 | ) | | | 279,281 | | | | (824,873 | ) |
| | 11,145,106 | | | | 3,139,514 | | | | 23,223,496 | | | | 26,911,771 | | | | 3,045,061 | | | | (385,899 | ) | | | 88,248 | | | | (905,560 | ) |
| $ | 12,448,539 | | | $ | 3,126,299 | | | $ | 23,605,265 | | | $ | 26,773,896 | | | $ | 2,992,642 | | | $ | 29,576 | | | $ | 791,518 | | | $ | (591,105 | ) |
| $ | 327,923 | | | $ | 21,674 | | | $ | 85,395 | | | $ | 159,297 | | | $ | 14,064 | | | $ | — | | | $ | — | | | $ | 102 | |
1 The Fund commenced investment operations on February 26, 2021.
See accompanying notes to the financial statements.
28
ASHMORE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
For the Fiscal Years Ended October 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ashmore Emerging Markets Total Return Fund | | | Ashmore Emerging Markets Local Currency Bond Fund | | | Ashmore Emerging Markets Corporate Income Fund | |
| | | 2021 | | | 2020 | | | 2021 | | | 2020 | | | 2021 | | | 2020 | |
OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 64,577,741 | | | $ | 71,297,897 | | | $ | 373,782 | | | $ | 1,984,071 | | | $ | 15,574,393 | | | $ | 22,519,114 | |
Net realized gain (loss) | | | 1,670,365 | | | | (94,791,181 | ) | | | (1,421,218 | ) | | | (1,816,597 | ) | | | 3,663,306 | | | | (32,542,038 | ) |
Net change in unrealized appreciation (depreciation) | | | (42,133,329 | ) | | | (67,736,472 | ) | | | 2,543,237 | | | | (2,473,268 | ) | | | (4,664,716 | ) | | | (8,614,793 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 24,114,777 | | | | (91,229,756 | ) | | | 1,495,801 | | | | (2,305,794 | ) | | | 14,572,983 | | | | (18,637,717 | ) |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (422,026 | ) | | | (179,927 | ) | | | — | | | | — | | | | (593,913 | ) | | | (809,491 | ) |
Class C | | | (124,931 | ) | | | (73,753 | ) | | | — | | | | — | | | | (274,818 | ) | | | (473,514 | ) |
Institutional Class | | | (59,387,157 | ) | | | (25,691,849 | ) | | | — | | | | — | | | | (14,732,728 | ) | | | (21,042,924 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions to Shareholders | | | (59,934,114 | ) | | | (25,945,529 | ) | | | — | | | | — | | | | (15,601,459 | ) | | | (22,325,929 | ) |
TAX RETURN OF CAPITAL DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (21,221 | ) | | | (338,304 | ) | | | — | | | | (24,315 | ) | | | — | | | | (5,937 | ) |
Class C | | | (7,549 | ) | | | (120,353 | ) | | | — | | | | (627 | ) | | | — | | | | (3,534 | ) |
Institutional Class | | | (4,504,710 | ) | | | (45,002,937 | ) | | | — | | | | (512,379 | ) | | | — | | | | (146,369 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Tax Return of Capital Distributions to Shareholders | | | (4,533,480 | ) | | | (45,461,594 | ) | | | — | | | | (537,321 | ) | | | — | | | | (155,840 | ) |
FUND SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from Class A share transactions | | | (4,504,034 | ) | | | 400,217 | | | | (190,704 | ) | | | (41,118 | ) | | | (12,862 | ) | | | (1,139,647 | ) |
Net increase (decrease) in net assets resulting from Class C share transactions | | | (1,508,514 | ) | | | (1,081,246 | ) | | | (5,053 | ) | | | (22,027 | ) | | | (1,808,354 | ) | | | (2,571,648 | ) |
Net increase (decrease) in net assets resulting from Institutional Class share transactions | | | 27,871,350 | | | | (138,029,198 | ) | | | (23,415,847 | ) | | | (11,584,513 | ) | | | 16,981,637 | | | | (143,205,862 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions | | | 21,858,802 | | | | (138,710,227 | ) | | | (23,611,604 | ) | | | (11,647,658 | ) | | | 15,160,421 | | | | (146,917,157 | ) |
Total Increase (Decrease) in Net Assets | | | (18,494,015 | ) | | | (301,347,106 | ) | | | (22,115,803 | ) | | | (14,490,773 | ) | | | 14,131,945 | | | | (188,036,643 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets at the Beginning of year | | | 1,243,462,715 | | | | 1,544,809,821 | | | | 30,042,404 | | | | 44,533,177 | | | | 279,971,138 | | | | 468,007,781 | |
Net Assets at the End of year | | $ | 1,224,968,700 | | | $ | 1,243,462,715 | | | $ | 7,926,601 | | | $ | 30,042,404 | | | $ | 294,103,083 | | | $ | 279,971,138 | |
See accompanying notes to the financial statements.
29
| | | | | | | | | | | | | | | | | | | | | | |
Ashmore Emerging Markets Short Duration Fund | | | Ashmore Emerging Markets Active Equity Fund | | | Ashmore Emerging Markets Small-Cap Equity Fund | |
| 2021 | | | 2020 | | | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| | | | | |
| $ | 14,791,789 | | | $ | 55,184,874 | | | $ | 1,303,433 | | | $ | 594,913 | | | $ | (13,215 | ) | | $ | (69,946 | ) |
| | (101,476,001 | ) | | | (168,910,509 | ) | | | 17,192,177 | | | | (2,742,392 | ) | | | 3,680,979 | | | | (2,567,693 | ) |
| | 93,786,911 | | | | (61,680,516 | ) | | | (6,047,071 | ) | | | 6,126,832 | | | | (541,465 | ) | | | 2,900,318 | |
| | | | | | |
| | 7,102,699 | | | | (175,406,151 | ) | | | 12,448,539 | | | | 3,979,353 | | | | 3,126,299 | | | | 262,679 | |
| | | | | |
| | (810,413 | ) | | | (3,798,269 | ) | | | (17,346 | ) | | | (5,074 | ) | | | — | | | | — | |
| | (82,934 | ) | | | (92,251 | ) | | | (6 | ) | | | (1 | ) | | | — | | | | — | |
| | (13,801,736 | ) | | | (50,955,560 | ) | | | (1,053,611 | ) | | | (371,295 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | |
| | (14,695,083 | ) | | | (54,846,080 | ) | | | (1,070,963 | ) | | | (376,370 | ) | | | — | | | | — | |
| | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
| | (12,717,230 | ) | | | (75,756,615 | ) | | | (213,713 | ) | | | 1,134,178 | | | | (212,657 | ) | | | (796,542 | ) |
| | | | | |
| | (225,817 | ) | | | (447,021 | ) | | | 7 | | | | (11,998 | ) | | | (23,421 | ) | | | (29,307 | ) |
| | | | | |
| | (309,361,929 | ) | | | (539,244,421 | ) | | | 4,775,044 | | | | 56,642,518 | | | | 645,168 | | | | (19,289,930 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | (322,304,976 | ) | | | (615,448,057 | ) | | | 4,561,338 | | | | 57,764,698 | | | | 409,090 | | | | (20,115,779 | ) |
| | | | | | |
| | (329,897,360 | ) | | | (845,700,288 | ) | | | 15,938,914 | | | | 61,367,681 | | | | 3,535,389 | | | | (19,853,100 | ) |
| | | | | |
| | 462,904,019 | | | | 1,308,604,307 | | | | 82,091,583 | | | | 20,723,902 | | | | 7,941,857 | | | | 27,794,957 | |
| $ | 133,006,659 | | | $ | 462,904,019 | | | $ | 98,030,497 | | | $ | 82,091,583 | | | $ | 11,477,246 | | | $ | 7,941,857 | |
See accompanying notes to the financial statements.
30
ASHMORE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
For the Fiscal Years Ended October 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ashmore Emerging Markets Frontier Equity Fund | | | Ashmore Emerging Markets Equity Fund | | | Ashmore Emerging Markets Equity ESG Fund | |
| | | 2021 | | | 2020 | | | 2021 | | | 2020 | | | 2021 | | | 20201 | |
OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 381,769 | | | $ | 668,116 | | | $ | (137,875 | ) | | $ | 96,813 | | | $ | (52,419 | ) | | $ | 6,911 | |
Net realized gain (loss) | | | 7,845,828 | | | | (9,863,252 | ) | | | 22,014,134 | | | | 2,265,729 | | | | 2,214,008 | | | | (167,455 | ) |
Net change in unrealized appreciation (depreciation) | | | 15,377,668 | | | | (999,651 | ) | | | 4,897,637 | | | | 14,726,903 | | | | 831,053 | | | | 2,224,950 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 23,605,265 | | | | (10,194,787 | ) | | | 26,773,896 | | | | 17,089,445 | | | | 2,992,642 | | | | 2,064,406 | |
| | | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (4,973 | ) | | | (3,282 | ) | | | (42,189 | ) | | | (1,806 | ) | | | (9 | ) | | | — | |
Class C | | | (335 | ) | | | (1,619 | ) | | | (34 | ) | | | — | | | | (8 | ) | | | — | |
Institutional Class | | | (438,612 | ) | | | (500,203 | ) | | | (2,151,050 | ) | | | (193,458 | ) | | | (87,850 | ) | | | (351 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions to Shareholders | | | (443,920 | ) | | | (505,104 | ) | | | (2,193,273 | ) | | | (195,264 | ) | | | (87,867 | ) | | | (351 | ) |
FUND SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from Class A share transactions | | | 1,542,536 | | | | (6,309,348 | ) | | | 2,015,785 | | | | 470,474 | | | | 8 | | | | 1,000 | |
Net increase (decrease) in net assets resulting from Class C share transactions | | | (170,063 | ) | | | 21,190 | | | | 108,537 | | | | 2 | | | | 9 | | | | 1,002 | |
Net increase (decrease) in net assets resulting from Institutional Class share transactions | | | 1,780,510 | | | | (17,352,141 | ) | | | 10,220,879 | | | | 30,763,046 | | | | 74,670 | | | | 9,998,296 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions | | | 3,152,983 | | | | (23,640,299 | ) | | | 12,345,201 | | | | 31,233,522 | | | | 74,687 | | | | 10,000,298 | |
Total Increase (Decrease) in Net Assets | | | 26,314,328 | | | | (34,340,190 | ) | | | 36,925,824 | | | | 48,127,703 | | | | 2,979,462 | | | | 12,064,353 | |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets at the Beginning of year | | | 53,996,155 | | | | 88,336,345 | | | | 83,780,552 | | | | 35,652,849 | | | | 12,064,353 | | | | — | |
Net Assets at the End of year | | $ | 80,310,483 | | | $ | 53,996,155 | | | $ | 120,706,376 | | | $ | 83,780,552 | | | $ | 15,043,815 | | | $ | 12,064,353 | |
See accompanying notes to the financial statements.
31
| | | | | | | | | | | | | | | | | | |
Ashmore Emerging Markets Short Duration Select Fund | | | Ashmore Emerging Markets Investment Grade Income Fund | | | Ashmore
Emerging Markets
Corporate Income
ESG Fund | |
| 2021 | | | 20202 | | | 2021 | | | 20203 | | | 20214 | |
| | | | |
| | $ 415,475 | | | $ | 161,496 | | | $ | 703,270 | | | $ | 66,420 | | | $ | 314,455 | |
| | (346,084 | ) | | | 32,938 | | | | (191,033 | ) | | | (4,491 | ) | | | (80,687 | ) |
| | (39,815 | ) | | | 152,075 | | | | 279,281 | | | | (287,186 | ) | | | (824,873 | ) |
| | | | | |
| | 29,576 | | | | 346,509 | | | | 791,518 | | | | (225,257 | ) | | | (591,105 | ) |
| | | | |
| | (42 | ) | | | (15 | ) | | | (33 | ) | | | (3 | ) | | | (30 | ) |
| | (34 | ) | | | (12 | ) | | | (26 | ) | | | (3 | ) | | | (25 | ) |
| | (445,368 | ) | | | (162,219 | ) | | | (708,604 | ) | | | (67,537 | ) | | | (314,348 | ) |
| | | | | | | | | | | | | | | | | | |
| | (445,444 | ) | | | (162,246 | ) | | | (708,663 | ) | | | (67,543 | ) | | | (314,403 | ) |
| | | | |
| | 37 | | | | 1,012 | | | | 28 | | | | 1,002 | | | | 1,025 | |
| | 30 | | | | 1,010 | | | | 22 | | | | 1,002 | | | | 1,021 | |
| | 384,902 | | | | 10,132,367 | | | | 601,809 | | | | 20,050,098 | | | | 10,261,131 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
| | 384,969 | | | | 10,134,389 | | | | 601,859 | | | | 20,052,102 | | | | 10,263,177 | |
| | | | | |
| | (30,899 | ) | | | 10,318,652 | | | | 684,714 | | | | 19,759,302 | | | | 9,357,669 | |
| | | | |
| | 10,318,652 | | | | — | | | | 19,759,302 | | | | — | | | | — | |
| | $ 10,287,753 | | | | $10,318,652 | | | | $20,444,016 | | | | $19,759,302 | | | $ | 9,357,669 | |
1 The Fund commenced investment operations on February 26, 2020.
2 The Fund commenced investment operations on June 15, 2020.
3 The Fund commenced investment operations on September 17, 2020.
4 The Fund commenced investment operations on February 26, 2021.
See accompanying notes to the financial statements.
32
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Total Return Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Class A | |
| | | | | |
| | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | $ 6.80 | | | | $ 7.54 | | | | $ 7.31 | | | | $ 8.22 | | | | $ 8.01 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.33 | 1 | | | 0.34 | | | | 0.40 | | | | 0.36 | 1 | | | 0.56 | 1 |
Net realized and unrealized gain (loss) | | | (0.20 | ) | | | (0.74 | ) | | | 0.24 | | | | (0.82 | ) | | | 0.15 | |
| | | | |
Total from investment operations | | | 0.13 | | | | (0.40 | ) | | | 0.64 | | | | (0.46 | ) | | | 0.71 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.31 | ) | | | (0.12 | ) | | | (0.33 | ) | | | (0.16 | ) | | | (0.50 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | (0.11 | ) | | | — | |
Tax return of capital | | | (0.02 | ) | | | (0.22 | ) | | | (0.08 | ) | | | (0.18 | ) | | | — | |
| | | | |
| | | | | |
Total distributions | | | (0.33 | ) | | | (0.34 | ) | | | (0.41 | ) | | | (0.45 | ) | | | (0.50 | ) |
| | | | |
Net asset value at end of year | | | $ 6.60 | | | | $ 6.80 | | | | $ 7.54 | | | | $ 7.31 | | | | $ 8.22 | |
| | | | |
| | | | | |
Total return2 | | | 1.68 | % | | | (5.31 | )% | | | 8.68 | % | | | (5.65 | )% | | | 9.12 | % |
| | | | | |
Portfolio turnover rate3 | | | 54 | % | | | 67 | % | | | 49 | % | | | 66 | % | | | 65 | % |
| | | | | |
Net assets, end of year (in thousands) | | | $5,917 | | | | $10,377 | | | | $11,108 | | | | $8,347 | | | | $18,231 | |
| | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | 1.37 | %4 | | | 1.42 | %4 | | | 1.36 | % | | | 1.36 | % | | | 1.37 | % |
Expenses after reimbursements | | | 1.28 | %4 | | | 1.32 | %4 | | | 1.27 | % | | | 1.27 | % | | | 1.27 | % |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 4.53 | %4 | | | 4.72 | %4 | | | 5.16 | % | | | 4.42 | % | | | 6.81 | % |
Net investment income after reimbursements | | | 4.62 | %4 | | | 4.82 | %4 | | | 5.25 | % | | | 4.51 | % | | | 6.91 | % |
See accompanying notes to the financial statements.
33
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Total Return Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Class C | |
| | | | | |
| | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | $ 6.78 | | | | $ 7.53 | | | | $ 7.29 | | | | $ 8.21 | | | | $ 8.00 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.27 | 1 | | | 0.30 | | | | 0.34 | | | | 0.31 | 1 | | | 0.46 | 1 |
Net realized and unrealized gain (loss) | | | (0.19 | ) | | | (0.76 | ) | | | 0.25 | | | | (0.83 | ) | | | 0.19 | |
| | | | |
Total from investment operations | | | 0.08 | | | | (0.46 | ) | | | 0.59 | | | | (0.52 | ) | | | 0.65 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.26 | ) | | | (0.11 | ) | | | (0.28 | ) | | | (0.14 | ) | | | (0.44 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | (0.11 | ) | | | — | |
Tax return of capital | | | (0.02 | ) | | | (0.18 | ) | | | (0.07 | ) | | | (0.15 | ) | | | — | |
| | | | |
| | | | | |
Total distributions | | | (0.28 | ) | | | (0.29 | ) | | | (0.35 | ) | | | (0.40 | ) | | | (0.44 | ) |
| | | | |
Net asset value at end of year | | | $ 6.58 | | | | $ 6.78 | | | | $ 7.53 | | | | $ 7.29 | | | | $ 8.21 | |
| | | | |
| | | | | |
Total return2 | | | 0.93 | % | | | (6.09 | )% | | | 8.02 | % | | | (6.43 | )% | | | 8.31 | % |
| | | | | |
Portfolio turnover rate3 | | | 54 | % | | | 67 | % | | | 49 | % | | | 66 | % | | | 65 | % |
| | | | | |
Net assets, end of year (in thousands) | | | $2,386 | | | | $3,905 | | | | $5,506 | | | | $4,278 | | | | $3,926 | |
| | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | 2.12 | %5 | | | 2.17 | %5 | | | 2.11 | % | | | 2.12 | % | | | 2.12 | % |
Expenses after reimbursements | | | 2.03 | %5 | | | 2.06 | %5 | | | 2.02 | % | | | 2.02 | % | | | 2.02 | % |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 3.76 | %5 | | | 4.01 | %5 | | | 4.41 | % | | | 3.92 | % | | | 5.59 | % |
Net investment income after reimbursements | | | 3.85 | %5 | | | 4.12 | %5 | | | 4.50 | % | | | 4.02 | % | | | 5.69 | % |
See accompanying notes to the financial statements.
34
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Total Return Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | | | |
| | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | $ 6.90 | | | | $ 7.65 | | | | $ 7.41 | | | | $ 8.34 | | | | $ 8.13 | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.35 | 1 | | | 0.36 | | | | 0.44 | | | | 0.40 | 1 | | | 0.55 | 1 |
Net realized and unrealized gain (loss) | | | (0.20 | ) | | | (0.75 | ) | | | 0.24 | | | | (0.85 | ) | | | 0.19 | |
| | | | |
Total from investment operations | | | 0.15 | | | | (0.39 | ) | | | 0.68 | | | | (0.45 | ) | | | 0.74 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.33 | ) | | | (0.13 | ) | | | (0.35 | ) | | | (0.17 | ) | | | (0.53 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | (0.11 | ) | | | — | |
Tax return of capital | | | (0.02 | ) | | | (0.23 | ) | | | (0.09 | ) | | | (0.20 | ) | | | — | |
| | | | | |
Total distributions | | | (0.35 | ) | | | (0.36 | ) | | | (0.44 | ) | | | (0.48 | ) | | | (0.53 | ) |
| | | | |
Net asset value at end of year | | | $ 6.70 | | | | $ 6.90 | | | | $ 7.65 | | | | $ 7.41 | | | | $ 8.34 | |
| | | | |
| | | | | |
Total return2 | | | 1.94 | % | | | (5.09 | )% | | | 9.04 | % | | | (5.53 | )% | | | 9.36 | % |
| | | | | |
Portfolio turnover rate3 | | | 54 | % | | | 67 | % | | | 49 | % | | | 66 | % | | | 65 | % |
| | | | | |
Net assets, end of year (in thousands) | | | $1,216,666 | | | | $1,229,181 | | | | $1,528,196 | | | | $1,313,660 | | | | $1,110,901 | |
| | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | 1.12 | %6 | | | 1.17 | %6 | | | 1.11 | % | | | 1.12 | % | | | 1.12 | % |
Expenses after reimbursements | | | 1.03 | %6 | | | 1.07 | %6 | | | 1.02 | % | | | 1.02 | % | | | 1.02 | % |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 4.78 | %6 | | | 4.99 | %6 | | | 5.40 | % | | | 4.97 | % | | | 6.60 | % |
Net investment income after reimbursements | | | 4.87 | %6 | | | 5.09 | %6 | | | 5.49 | % | | | 5.07 | % | | | 6.70 | % |
| 1 | Per share amounts are based on average number of shares outstanding during the period. |
| 2 | Assumes investment at net asset value at the beginning of the year, 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 year, excluding the impact of sales charges. |
| 3 | 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. |
| 4 | Ratios include legal expenses of $3,181 and $5,146 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01% and 0.05% and Net investment income ratios would have been higher by 0.01% and 0.05% excluding these expenses. |
| 5 | Ratios include legal expenses of $1,113 and $1,990 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01% and 0.04% and Net investment income ratios would have been higher by 0.01% and 0.04% excluding these expenses. |
| 6 | Ratios include legal expenses of $433,533 and $640,665 that are outside of the expense cap under the expense limitation agreement for the years ended October, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01% and 0.05% and Net investment income ratios would have been higher by 0.01% and 0.05% excluding these expenses. |
See accompanying notes to the financial statements.
35
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Local Currency Bond Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Class A | |
| | | | | |
| | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | $ 6.86 | | | | $ 7.35 | | | | $ 6.53 | | | | $ 7.22 | | | | $ 7.06 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.28 | 1 | | | 0.35 | 1 | | | 0.59 | | | | 0.36 | | | | 0.34 | 1 |
Net realized and unrealized gain (loss) | | | (0.22 | ) | | | (0.75 | ) | | | 0.27 | | | | (0.88 | ) | | | 0.14 | |
| | | | |
Total from investment operations | | | 0.06 | | | | (0.40 | ) | | | 0.86 | | | | (0.52 | ) | | | 0.48 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | — | | | | — | | | | — | | | | (0.08 | ) | | | (0.09 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | — | | | | — | |
Tax return of capital | | | — | | | | (0.09 | ) | | | (0.04 | ) | | | (0.09 | ) | | | (0.23 | ) |
| | | | |
| | | | | |
Total distributions | | | — | | | | (0.09 | ) | | | (0.04 | ) | | | (0.17 | ) | | | (0.32 | ) |
| | | | |
Net asset value at end of year | | | $ 6.92 | | | | $ 6.86 | | | | $ 7.35 | | | | $ 6.53 | | | | $ 7.22 | |
| | | | |
| | | | | |
Total return2 | | | 0.87 | % | | | (5.51 | )% | | | 13.24 | % | | | (7.47 | )% | | | 6.83 | % |
| | | | | |
Portfolio turnover rate3 | | | 34 | % | | | 47 | % | | | 56 | % | | | 75 | % | | | 68 | % |
| | | | | |
Net assets, end of year (in thousands) | | | $1,592 | | | | $1,755 | | | | $1,933 | | | | $1,259 | | | | $ 915 | |
| | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | 2.97 | % | | | 1.75 | % | | | 1.55 | % | | | 1.57 | % | | | 1.51 | % |
Expenses after reimbursements | | | 1.22 | % | | | 1.22 | % | | | 1.22 | % | | | 1.22 | % | | | 1.22 | % |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 2.11 | % | | | 4.45 | % | | | 5.08 | % | | | 4.63 | % | | | 4.37 | % |
Net investment income after reimbursements | | | 3.86 | % | | | 4.98 | % | | | 5.41 | % | | | 4.98 | % | | | 4.66 | % |
See accompanying notes to the financial statements.
36
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Local Currency Bond Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Class C | |
| | | | | |
| | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | $6.74 | | | | $ 7.27 | | | | $ 6.47 | | | | $ 7.18 | | | | $ 7.05 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.22 | 1 | | | 0.29 | 1 | | | 0.34 | | | | 0.30 | | | | 0.28 | 1 |
Net realized and unrealized gain (loss) | | | (0.21 | ) | | | (0.74 | ) | | | 0.47 | | | | (0.88 | ) | | | 0.15 | |
| | | | |
Total from investment operations | | | 0.01 | | | | (0.45 | ) | | | 0.81 | | | | (0.58 | ) | | | 0.43 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | — | | | | — | | | | — | | | | (0.07 | ) | | | (0.09 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | — | | | | — | |
Tax return of capital | | | — | | | | (0.08 | ) | | | (0.01 | ) | | | (0.06 | ) | | | (0.21 | ) |
| | | | |
| | | | | |
Total distributions | | | — | | | | (0.08 | ) | | | (0.01 | ) | | | (0.13 | ) | | | (0.30 | ) |
| | | | |
Net asset value at end of year | | | $ 6.75 | | | | $ 6.74 | | | | $ 7.27 | | | | $ 6.47 | | | | $ 7.18 | |
| | | | |
| | | | | |
Total return2 | | | 0.15 | % | | | (6.25 | )% | | | 12.54 | % | | | (8.24 | )% | | | 6.05 | % |
| | | | | |
Portfolio turnover rate3 | | | 34 | % | | | 47 | % | | | 56 | % | | | 75 | % | | | 68 | % |
| | | | | |
Net assets, end of year (in thousands) | | | $ 25 | | | | $ 30 | | | | $ 55 | | | | $ 77 | | | | $ 98 | |
| | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | 3.75 | % | | | 2.50 | % | | | 2.29 | % | | | 2.31 | % | | | 2.26 | % |
Expenses after reimbursements | | | 1.97 | % | | | 1.97 | % | | | 1.97 | % | | | 1.97 | % | | | 1.97 | % |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 1.35 | % | | | 3.77 | % | | | 4.33 | % | | | 3.85 | % | | | 3.62 | % |
Net investment income after reimbursements | | | 3.13 | % | | | 4.30 | % | | | 4.65 | % | | | 4.19 | % | | | 3.91 | % |
See accompanying notes to the financial statements.
37
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Local Currency Bond Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | | | |
| | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | $ 7.16 | | | | $ 7.66 | | | | $ 6.79 | | | | $ 7.50 | | | | $ 7.31 | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.31 | 1 | | | 0.38 | 1 | | | 0.65 | | | | 0.41 | | | | 0.37 | 1 |
Net realized and unrealized gain (loss) | | | (0.23 | ) | | | (0.78 | ) | | | 0.27 | | | | (0.94 | ) | | | 0.15 | |
| | | | |
Total from investment operations | | | 0.08 | | | | (0.40 | ) | | | 0.92 | | | | (0.53 | ) | | | 0.52 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | — | | | | — | | | | — | | | | (0.09 | ) | | | (0.09 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | — | | | | — | |
Tax return of capital | | | — | | | | (0.10 | ) | | | (0.05 | ) | | | (0.09 | ) | | | (0.24 | ) |
| | | | |
| | | | | |
Total distributions | | | — | | | | (0.10 | ) | | | (0.05 | ) | | | (0.18 | ) | | | (0.33 | ) |
| | | | |
Net asset value at end of year | | | $ 7.24 | | | | $ 7.16 | | | | $ 7.66 | | | | $ 6.79 | | | | $ 7.50 | |
| | | | |
| | | | | |
Total return2 | | | 1.12 | % | | | (5.38 | )% | | | 13.59 | % | | | (7.33 | )% | | | 7.12 | % |
| | | | | |
Portfolio turnover rate3 | | | 34 | % | | | 47 | % | | | 56 | % | | | 75 | % | | | 68 | % |
| | | | | |
Net assets, end of year (in thousands) | | | $6,310 | | | | $28,257 | | | | $42,545 | | | | $63,009 | | | | $84,747 | |
| | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | 2.61 | % | | | 1.50 | % | | | 1.28 | % | | | 1.32 | % | | | 1.26 | % |
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 | | | 2.46 | % | | | 4.75 | % | | | 5.31 | % | | | 4.87 | % | | | 4.62 | % |
Net investment income after reimbursements | | | 4.10 | % | | | 5.28 | % | | | 5.62 | % | | | 5.22 | % | | | 4.91 | % |
| 1 | Per share amounts are based on average number of shares outstanding during the period. |
| 2 | Assumes investment at net asset value at the beginning of the year, 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 year, excluding the impact of sales charges. |
| 3 | 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. |
See accompanying notes to the financial statements.
38
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Corporate Income Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Class A | |
| | | | | |
| | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | $ 7.53 | | | | $ 7.92 | | | | $ 7.87 | | | | $ 8.56 | | | | $ 7.92 | |
| | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.37 | | | | 0.44 | | | | 0.52 | | | | 0.51 | | | | 0.57 | |
Net realized and unrealized gain (loss) | | | — | | | | (0.39 | ) | | | 0.03 | | | | (0.71 | ) | | | 0.65 | |
| | | | |
Total from investment operations | | | 0.37 | | | | 0.05 | | | | 0.55 | | | | (0.20 | ) | | | 1.22 | |
| | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | | (0.37 | ) | | | (0.44 | ) | | | (0.50 | ) | | | (0.49 | ) | | | (0.56 | ) |
From net realized gain | | | — | | | | — | | | | (— | )1 | | | — | | | | — | |
Tax return of capital | | | — | | | | (— | )1 | | | — | | | | — | | | | (0.02 | ) |
| | | | |
| | | | | |
Total distributions | | | (0.37 | ) | | | (0.44 | ) | | | (0.50 | ) | | | (0.49 | ) | | | (0.58 | ) |
| | | | |
Net asset value at end of year | | | $ 7.53 | | | | $ 7.53 | | | | $ 7.92 | | | | $ 7.87 | | | | $ 8.56 | |
| | | | |
| | | | | |
Total return2 | | | 4.85 | % | | | 0.85 | % | | | 7.37 | % | | | (2.58 | )% | | | 15.99 | % |
| | | | | |
Portfolio turnover rate3 | | | 73 | % | | | 117 | % | | | 96 | % | | | 88 | % | | | 87 | % |
| | | | | |
Net assets, end of year (in thousands) | | | $11,153 | | | | $11,198 | | | | $13,383 | | | | $8,616 | | | | $11,995 | |
| | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | 1.55 | %4 | | | 1.58 | %4 | | | 1.51 | % | | | 1.53 | % | | | 1.52 | % |
Expenses after reimbursements | | | 1.43 | %4 | | | 1.47 | %4 | | | 1.42 | % | | | 1.42 | % | | | 1.42 | % |
| | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 4.61 | %4 | | | 5.76 | %4 | | | 6.39 | % | | | 6.09 | % | | | 7.11 | % |
Net investment income after reimbursements | | | 4.73 | %4 | | | 5.87 | %4 | | | 6.48 | % | | | 6.20 | % | | | 7.21 | % |
See accompanying notes to the financial statements.
39
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Corporate Income Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class C | | | | |
| | | | | | |
| | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | | | | |
| | | | |
Net asset value at beginning of year | | | $ 7.51 | | | | $ 7.91 | | | | $ 7.86 | | | | $ 8.55 | | | | $ 7.91 | | | | | |
| | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.31 | | | | 0.39 | | | | 0.45 | | | | 0.46 | | | | 0.52 | | | | | |
Net realized and unrealized gain (loss) | | | 0.02 | | | | (0.40 | ) | | | 0.04 | | | | (0.72 | ) | | | 0.63 | | | | | |
| | | | |
Total from investment operations | | | 0.33 | | | | (0.01 | ) | | | 0.49 | | | | (0.26 | ) | | | 1.15 | | | | | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | (0.32 | ) | | | (0.39 | ) | | | (0.44 | ) | | | (0.43 | ) | | | (0.50 | ) | | | | |
From net realized gain | | | — | | | | — | | | | (— | )1 | | | — | | | | — | | | | | |
Tax return of capital | | | — | | | | (— | )1 | | | — | | | | — | | | | (0.01 | ) | | | | |
| | | | |
| | | | | | |
Total distributions | | | (0.32 | ) | | | (0.39 | ) | | | (0.44 | ) | | | (0.43 | ) | | | (0.51 | ) | | | | |
| | | | |
Net asset value at end of year | | | $ 7.52 | | | | $ 7.51 | | | | $ 7.91 | | | | $ 7.86 | | | | $ 8.55 | | | | | |
| | | | |
| | | | | | |
Total return2 | | | 4.25 | % | | | (0.01 | )% | | | 6.58 | % | | | (3.30 | )% | | | 15.16 | % | | | | |
| | | | | | |
Portfolio turnover rate3 | | | 73 | % | | | 117 | % | | | 96 | % | | | 88 | % | | | 87 | % | | | | |
| | | | | | |
Net assets, end of year (in thousands) | | | $5,762 | | | | $7,466 | | | | $10,745 | | | �� | $8,785 | | | | $9,530 | | | | | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | 2.30 | %5 | | | 2.33 | %5 | | | 2.26 | % | | | 2.29 | % | | | 2.27 | % | | | | |
Expenses after reimbursements | | | 2.18 | %5 | | | 2.22 | %5 | | | 2.17 | % | | | 2.17 | % | | | 2.17 | % | | | | |
| | | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 3.88 | %5 | | | 5.01 | %5 | | | 5.65 | % | | | 5.38 | % | | | 6.40 | % | | | | |
Net investment income after reimbursements | | | 4.00 | %5 | | | 5.12 | %5 | | | 5.74 | % | | | 5.50 | % | | | 6.50 | % | | | | |
See accompanying notes to the financial statements.
40
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Corporate Income Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | | | | |
| | | | | | |
| | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | | | | |
| | | | |
Net asset value at beginning of year | | | $ 7.84 | | | | $ 8.25 | | | | $ 8.20 | | | | $ 8.92 | | | | $ 8.24 | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.41 | | | | 0.48 | | | | 0.55 | | | | 0.56 | | | | 0.62 | | | | | |
Net realized and unrealized gain (loss) | | | 0.01 | | | | (0.41 | ) | | | 0.04 | | | | (0.75 | ) | | | 0.68 | | | | | |
| | | | |
Total from investment operations | | | 0.42 | | | | 0.07 | | | | 0.59 | | | | (0.19 | ) | | | 1.30 | | | | | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | (0.41 | ) | | | (0.48 | ) | | | (0.54 | ) | | | (0.53 | ) | | | (0.60 | ) | | | | |
From net realized gain | | | — | | | | — | | | | (— | )1 | | | — | | | | — | | | | | |
Tax return of capital | | | — | | | | (— | )1 | | | — | | | | — | | | | (0.02 | ) | | | | |
| | | | |
| | | | | | |
Total distributions | | | (0.41 | ) | | | (0.48 | ) | | | (0.54 | ) | | | (0.53 | ) | | | (0.62 | ) | | | | |
| | | | |
Net asset value at end of year | | | $ 7.85 | | | | $ 7.84 | | | | $ 8.25 | | | | $ 8.20 | | | | $ 8.92 | | | | | |
| | | | |
| | | | | | |
Total return2 | | | 5.24 | % | | | 1.04 | % | | | 7.61 | % | | | (2.34 | )% | | | 16.45 | % | | | | |
| | | | | | |
Portfolio turnover rate3 | | | 73 | % | | | 117 | % | | | 96 | % | | | 88 | % | | | 87 | % | | | | |
| | | | | | |
Net assets, end of year (in thousands) | | | $277,188 | | | | $261,307 | | | | $443,880 | | | | $319,419 | | | | $338,434 | | | | | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | 1.30 | %6 | | | 1.32 | %6 | | | 1.26 | % | | | 1.29 | % | | | 1.27 | % | | | | |
Expenses after reimbursements | | | 1.18 | %6 | | | 1.21 | %6 | | | 1.17 | % | | | 1.17 | % | | | 1.17 | % | | | | |
| | | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 4.86 | %6 | | | 6.00 | %6 | | | 6.66 | % | | | 6.40 | % | | | 7.34 | % | | | | |
Net investment income after reimbursements | | | 4.98 | %6 | | | 6.11 | %6 | | | 6.75 | % | | | 6.52 | % | | | 7.44 | % | | | | |
| 1 | Amount is less than $0.005 per share. |
| 2 | Assumes investment at net asset value at the beginning of the year, 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 year, excluding the impact of sales charges. |
| 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. |
| 4 | Ratios include legal expenses of $1,438 and $6,538 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01% and 0.05% and Net investment income ratios would have been higher by 0.01% and 0.05% excluding these expenses. |
| 5 | Ratios include legal expenses of $756 and $4,394 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01% and 0.05% and Net investment income ratios would have been higher by 0.01% and 0.05% excluding these expenses. |
| 6 | Ratios include legal expenses of $34,379 and $153,663 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01% and 0.04% and Net investment income ratios would have been higher by 0.01% and 0.04% excluding these expenses. |
See accompanying notes to the financial statements.
41
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Short Duration Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | | |
| | | | | | |
| | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | | | | |
| | | | |
Net asset value at beginning of year | | | $ 7.52 | | | | $ 9.00 | | | | $ 9.78 | | | | $ 10.60 | | | | $ 10.37 | | | | | |
| | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.44 | | | | 0.46 | | | | 0.68 | | | | 0.55 | | | | 0.83 | 1 | | | | |
Net realized and unrealized gain (loss) | | | (0.69 | ) | | | (1.46 | ) | | | (0.75 | ) | | | (0.58 | ) | | | 0.34 | | | | | |
| | | | |
Total from investment operations | | | (0.25 | ) | | | (1.00 | ) | | | (0.07 | ) | | | (0.03 | ) | | | 1.17 | | | | | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | (0.47 | ) | | | (0.48 | ) | | | (0.68 | ) | | | (0.57 | ) | | | (0.80 | ) | | | | |
From net realized gain | | | — | | | | — | | | | (0.03 | ) | | | (0.22 | ) | | | (0.14 | ) | | | | |
Tax return of capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | | |
| | | | |
| | | | | | |
Total distributions | | | (0.47 | ) | | | (0.48 | ) | | | (0.71 | ) | | | (0.79 | ) | | | (0.94 | ) | | | | |
| | | | |
Net asset value at end of year | | | $ 6.80 | | | | $ 7.52 | | | | $ 9.00 | | | | $ 9.78 | | | | $ 10.60 | | | | | |
| | | | |
| | | | | | |
Total return2 | | | (4.07 | )% | | | (11.25 | )% | | | (1.22 | )% | | | (0.12 | )% | | | 12.04 | % | | | | |
| | | | | | |
Portfolio turnover rate3 | | | 32 | % | | | 80 | % | | | 53 | % | | | 37 | % | | | 59 | % | | | | |
| | | | | | |
Net assets, end of year (in thousands) | | | $6,834 | | | | $19,865 | | | | $110,771 | | | | $83,290 | | | | $10,178 | | | | | |
| | | | | | |
Ratios to average net assets:4 | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | 1.10 | %5 | | | 1.13 | %5 | | | 1.00 | % | | | 1.05 | % | | | 1.05 | % | | | | |
Expenses after reimbursements | | | 1.00 | %5 | | | 0.99 | %5 | | | 0.92 | % | | | 0.92 | % | | | 0.92 | % | | | | |
| | | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | 6.17 | %5 | | | 7.07 | %5 | | | 6.74 | % | | | 7.00 | % | | | 7.83 | % | | | | |
Net investment income after reimbursements | | | 6.27 | %5 | | | 7.21 | %5 | | | 6.82 | % | | | 7.13 | % | | | 7.96 | % | | | | |
See accompanying notes to the financial statements.
42
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Short Duration Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Class C | | | | | | | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Period Ended
October 31,
20176 | |
| | | | |
Net asset value at beginning of period | | | | | | | $ 7.22 | | | | $ 8.66 | | | | $ 9.41 | | | | $ 10.22 | | | | $ 10.00 | |
| | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | 0.40 | | | | 0.42 | | | | 0.58 | | | | 0.52 | | | | 0.38 | 1 |
Net realized and unrealized gain (loss) | | | | | | | (0.69 | ) | | | (1.45 | ) | | | (0.72 | ) | | | (0.64 | ) | | | 0.08 | |
| | | | |
Total from investment operations | | | | | | | (0.29 | ) | | | (1.03 | ) | | | (0.14 | ) | | | (0.12 | ) | | | 0.46 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | (0.40 | ) | | | (0.41 | ) | | | (0.58 | ) | | | (0.47 | ) | | | (0.24 | ) |
From net realized gain | | | | | | | — | | | | — | | | | (0.03 | ) | | | (0.22 | ) | | | — | |
Tax return of capital | | | | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | (0.40 | ) | | | (0.41 | ) | | | (0.61 | ) | | | (0.69 | ) | | | (0.24 | ) |
| | | | |
Net asset value at end of period | | | | | | | $ 6.53 | | | | $ 7.22 | | | | $ 8.66 | | | | $ 9.41 | | | | $ 10.22 | |
| | | | |
| | | | | | |
Total return2 | | | | | | | (4.56 | )% | | | (12.05 | )% | | | (1.94 | )% | | | (0.98 | )% | | | 4.74 | % |
| | | | | | |
Portfolio turnover rate3 | | | | | | | 32 | % | | | 80 | % | | | 53 | % | | | 37 | % | | | 59 | % |
| | | | | | |
Net assets, end of period (in thousands) | | | | | | | $ 1,219 | | | | $ 1,572 | | | | $ 2,342 | | | | $2,012 | | | | $ 188 | |
| | | | | | |
Ratios to average net assets:4 | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 1.84 | %7 | | | 1.96 | %7 | | | 1.75 | % | | | 1.79 | % | | | 1.79 | % |
Expenses after reimbursements | | | | | | | 1.76 | %7 | | | 1.83 | %7 | | | 1.67 | % | | | 1.67 | % | | | 1.67 | % |
| | | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | | | | | 5.36 | %7 | | | 5.20 | %7 | | | 5.96 | % | | | 5.93 | % | | | 9.66 | % |
Net investment income after reimbursements | | | | | | | 5.44 | %7 | | | 5.33 | %7 | | | 6.04 | % | | | 6.05 | % | | | 9.78 | % |
See accompanying notes to the financial statements.
43
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Short Duration Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Institutional Class | | | | | | | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31, 2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | | | | | $ 7.40 | | | | $ 8.83 | | | | $ 9.60 | | | | $ 10.41 | | | | $ 10.19 | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | 0.50 | | | | 0.49 | | | | 0.69 | | | | 0.60 | | | | 0.90 | 1 |
Net realized and unrealized gain (loss) | | | | | | | (0.73 | ) | | | (1.44 | ) | | | (0.74 | ) | | | (0.61 | ) | | | 0.27 | |
| | | | |
Total from investment operations | | | | | | | (0.23 | ) | | | (0.95 | ) | | | (0.05 | ) | | | (0.01 | ) | | | 1.17 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | (0.48 | ) | | | (0.48 | ) | | | (0.69 | ) | | | (0.58 | ) | | | (0.81 | ) |
From net realized gain | | | | | | | — | | | | — | | | | (0.03 | ) | | | (0.22 | ) | | | (0.14 | ) |
Tax return of capital | | | | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | (0.48 | ) | | | (0.48 | ) | | | (0.72 | ) | | | (0.80 | ) | | | (0.95 | ) |
| | | | |
Net asset value at end of year | | | | | | | $ 6.69 | | | | $ 7.40 | | | | $ 8.83 | | | | $ 9.60 | | | | $ 10.41 | |
| | | | |
| | | | | | |
Total return2 | | | | | | | (3.75 | )% | | | (10.94 | )% | | | (1.01 | )% | | | 0.11 | % | | | 12.28 | % |
| | | | | | |
Portfolio turnover rate3 | | | | | | | 32 | % | | | 80 | % | | | 53 | % | | | 37 | % | | | 59 | % |
| | | | | | |
Net assets, end of year (in thousands) | | | | | | | $124,954 | | | | $441,467 | | | | $1,195,492 | | | | $693,577 | | | | $ 178,180 | |
| | | | | | |
Ratios to average net assets:4 | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 0.84 | %8 | | | 0.91 | %8 | | | 0.75 | % | | | 0.79 | % | | | 0.80 | % |
Expenses after reimbursements | | | | | | | 0.75 | %8 | | | 0.79 | %8 | | | 0.67 | % | | | 0.67 | % | | | 0.67 | % |
| | | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | | | | | 6.38 | %8 | | | 6.98 | %8 | | | 7.04 | % | | | 7.30 | % | | | 8.64 | % |
Net investment income after reimbursements | | | | | | | 6.47 | %8 | | | 7.10 | %8 | | | 7.12 | % | | | 7.42 | % | | | 8.77 | % |
| 1 | Per share amounts are based on average number of shares outstanding during the period. |
| 2 | Assumes investment at net asset value at the beginning of the period, reinvestment of 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 | Ratios include legal expenses of $10,827 and $37,676 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2021 and 2020, respectively. Expense ratios would have been lower by 0.08% and 0.07% and Net investment income ratios would have been higher by 0.08% and 0.07% excluding these expenses. |
| 6 | Class C commenced investment operations on June 13, 2017. |
| 7 | Ratios include legal expenses of $1,388 and $2,841 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2021 and 2020, respectively. Expense ratios would have been lower by 0.09% and 0.16% and Net investment income ratios would have been higher by 0.09% and 0.16% excluding these expenses. |
| 8 | Ratios include legal expenses of $182,441 and $835,457 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2021 and 2020, respectively. Expense ratios would have been lower by 0.08% and 0.12% and Net investment income ratios would have been higher by 0.08% and 0.12% excluding these expenses. |
See accompanying notes to the financial statements.
44
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Active Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Class A | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Period Ended
October 31,
20171 | |
| | | | |
Net asset value at beginning of period | | | | | | | $ 11.08 | | | | $10.46 | | | | $10.53 | | | | $12.72 | | | | $10.00 | |
| | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | 0.15 | | | | 0.11 | 2 | | | 0.13 | | | | 0.08 | | | | 0.03 | |
Net realized and unrealized gain (loss) | | | | | | | 1.44 | | | | 0.56 | | | | 0.85 | | | | (1.05 | ) | | | 2.74 | |
| | | | |
Total from investment operations | | | | | | | 1.59 | | | | 0.67 | | | | 0.98 | | | | (0.97 | ) | | | 2.77 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | (0.12 | ) | | | (0.05 | ) | | | (0.09 | ) | | | (0.20 | ) | | | (0.05 | ) |
From net realized gain | | | | | | | — | | | | — | | | | (0.94 | ) | | | (1.02 | ) | | | — | |
Tax return of capital | | | | | | | — | | | | — | | | | (0.02 | ) | | | — | | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | (0.12 | ) | | | (0.05 | ) | | | (1.05 | ) | | | (1.22 | ) | | | (0.05 | ) |
| | | | |
Net asset value at end of period | | | | | | | $ 12.55 | | | | $11.08 | | | | $10.46 | | | | $10.53 | | | | $12.72 | |
| | | | |
| | | | | | |
Total return3 | | | | | | | 14.23 | % | | | 6.49 | % | | | 10.73 | % | | | (8.59 | )% | | | 27.73 | % |
| | | | | | |
Portfolio turnover rate4 | | | | | | | 206 | % | | | 228 | % | | | 153 | % | | | 164 | % | | | 196 | % |
| | | | | | |
Net assets, end of period (in thousands) | | | | | | | $1,611 | | | | $1,616 | | | | $ 209 | | | | $ 223 | | | | $ 13 | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 1.49 | % | | | 1.55 | % | | | 1.96 | % | | | 2.20 | % | | | 3.11 | % |
Expenses after reimbursements | | | | | | | 1.27 | % | | | 1.27 | % | | | 1.27 | % | | | 1.27 | % | | | 1.27 | % |
| | | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | | | | | 0.91 | % | | | 0.73 | % | | | 0.55 | % | | | 0.56 | % | | | (1.56 | )% |
Net investment income after reimbursements | | | | | | | 1.13 | % | | | 1.01 | % | | | 1.24 | % | | | 1.49 | % | | | 0.28 | % |
See accompanying notes to the financial statements.
45
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Active Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class C | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Period Ended
October 31,
20171 | |
| | | | |
Net asset value at beginning of period | | | | | | | $ 10.90 | | | | $10.32 | | | | $10.43 | | | | $12.65 | | | | $10.00 | |
| | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | | | | 0.05 | | | | — | 2,5 | | | 0.07 | | | | 0.03 | | | | (0.05 | ) |
Net realized and unrealized gain (loss) | | | | | | | 1.42 | | | | 0.58 | | | | 0.83 | | | | (1.10 | ) | | | 2.74 | |
| | | | |
Total from investment operations | | | | | | | 1.47 | | | | 0.58 | | | | 0.90 | | | | (1.07 | ) | | | 2.69 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | (0.04 | ) | | | (— | )5 | | | (0.05 | ) | | | (0.13 | ) | | | (0.04 | ) |
From net realized gain | | | | | | | — | | | | — | | | | (0.94 | ) | | | (1.02 | ) | | | — | |
Tax return of capital | | | | | | | — | | | | — | | | | (0.02 | ) | | | — | | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | (0.04 | ) | | | — | | | | (1.01 | ) | | | (1.15 | ) | | | (0.04 | ) |
| | | | |
Net asset value at end of period | | | | | | | $12.33 | | | | $10.90 | | | | $10.32 | | | | $10.43 | | | | $12.65 | |
| | | | |
| | | | | | |
Total return3 | | | | | | | 13.41 | % | | | 5.76 | % | | | 9.88 | % | | | (9.40 | )% | | | 26.96 | % |
| | | | | | |
Portfolio turnover rate4 | | | | | | | 206 | % | | | 228 | % | | | 153 | % | | | 164 | % | | | 196 | % |
| | | | | | |
Net assets, end of period (in thousands) | | | | | | | $ 2 | | | | $ 2 | | | | $ 12 | | | | $ 11 | | | | $ 13 | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 2.25 | % | | | 2.31 | % | | | 2.71 | % | | | 2.73 | % | | | 3.86 | % |
Expenses after reimbursements | | | | | | | 2.02 | % | | | 2.02 | % | | | 2.02 | % | | | 2.02 | % | | | 2.02 | % |
| | | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | | | | | 0.14 | % | | | (0.30 | )% | | | (0.17 | )% | | | (0.51 | )% | | | (2.31 | )% |
Net investment income (loss) after reimbursements | | | | | | | 0.37 | % | | | (0.01 | )% | | | 0.52 | % | | | 0.20 | % | | | (0.47 | )% |
See accompanying notes to the financial statements.
46
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Active Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Institutional Class | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Period Ended
October 31,
20171 | |
| | | | |
Net asset value at beginning of period | | | | | | | $ 11.15 | | | | $ 10.51 | | | | $ 10.56 | | | | $ 12.74 | | | | $ 10.00 | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | 0.18 | | | | 0.10 | 2 | | | 0.16 | | | | 0.14 | | | | 0.06 | |
Net realized and unrealized gain (loss) | | | | | | | 1.45 | | | | 0.60 | | | | 0.86 | | | | (1.09 | ) | | | 2.73 | |
| | | | |
Total from investment operations | | | | | | | 1.63 | | | | 0.70 | | | | 1.02 | | | | (0.95 | ) | | | 2.79 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | (0.15 | ) | | | (0.06 | ) | | | (0.10 | ) | | | (0.21 | ) | | | (0.05 | ) |
| | | | | | |
From net realized gain | | | | | | | — | | | | — | | | | (0.94 | ) | | | (1.02 | ) | | | — | |
| | | | | | |
Tax return of capital | | | | | | | — | | | | — | | | | (0.03 | ) | | | — | | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | (0.15 | ) | | | (0.06 | ) | | | (1.07 | ) | | | (1.23 | ) | | | (0.05 | ) |
| | | | |
Net asset value at end of period | | | | | | | $ 12.63 | | | | $ 11.15 | | | | $ 10.51 | | | | $ 10.56 | | | | $ 12.74 | |
| | | | |
| | | | | | |
Total return3 | | | | | | | 14.50 | % | | | 6.79 | % | | | 11.05 | % | | | (8.41 | )% | | | 27.94 | % |
| | | | | | |
Portfolio turnover rate4 | | | | | | | 206 | % | | | 228 | % | | | 153 | % | | | 164 | % | | | 196 | % |
| | | | | | |
Net assets, end of period (in thousands) | | | | | | | $96,417 | | | | $80,474 | | | | $20,502 | | | | $17,436 | | | | $18,030 | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 1.24 | % | | | 1.29 | % | | | 1.72 | % | | | 1.73 | % | | | 2.87 | % |
Expenses after reimbursements | | | | | | | 1.02 | % | | | 1.02 | % | | | 1.02 | % | | | 1.02 | % | | | 1.02 | % |
| | | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | | | | | 1.15 | % | | | 0.67 | % | | | 0.83 | % | | | 0.47 | % | | | (1.28 | )% |
Net investment income after reimbursements | | | | | | | 1.37 | % | | | 0.94 | % | | | 1.53 | % | | | 1.18 | % | | | 0.57 | % |
| 1 | Class A, Class C and the Institutional Class commenced investment operations on November 1, 2016. |
| 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 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 | Amount is less than $0.005 per share. |
See accompanying notes to the financial statements.
47
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Small-Cap Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Class A | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | | | | | $ 10.99 | | | | $ 8.84 | | | | $ 8.02 | | | | $ 10.33 | | | | $ 8.60 | |
| | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | | | | (0.18 | ) | | | (0.20 | ) | | | (0.01 | ) | | | 0.04 | | | | 0.06 | |
Net realized and unrealized gain (loss) | | | | | | | 4.51 | | | | 2.35 | | | | 0.83 | | | | (2.17 | ) | | | 1.86 | |
| | | | |
Total from investment operations | | | | | | | 4.33 | | | | 2.15 | | | | 0.82 | | | | (2.13 | ) | | | 1.92 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | — | | | | — | | | | (— | )1 | | | (0.17 | ) | | | (0.19 | ) |
From net realized gain | | | | | | | — | | | | — | | | | — | | | | — | | | | — | |
Tax return of capital | | | | | | | — | | | | — | | | | (— | )1 | | | (0.01 | ) | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | — | | | | — | | | | — | | | | (0.18 | ) | | | (0.19 | ) |
| | | | |
Net asset value at end of year | | | | | | | $ 15.32 | | | | $ 10.99 | | | | $ 8.84 | | | | $ 8.02 | | | | $ 10.33 | |
| | | | |
| | | | | | |
Total return2 | | | | | | | 39.40 | % | | | 24.32 | % | | | 10.27 | % | | | (20.96 | )% | | | 22.73 | % |
| | | | | | |
Portfolio turnover rate3 | | | | | | | 77 | % | | | 62 | % | | | 60 | % | | | 112 | % | | | 126 | % |
| | | | | | |
Net assets, end of year (in thousands) | | | | | | | $ 321 | | | | $ 388 | | | | $ 1,356 | | | | $ 1,447 | | | | $ 847 | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 2.75 | % | | | 2.78 | % | | | 2.30 | % | | | 2.37 | % | | | 2.26 | % |
Expenses after reimbursements | | | | | | | 1.77 | % | | | 1.77 | % | | | 1.77 | % | | | 1.77 | % | | | 1.77 | % |
| | | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | | | | | (1.48 | )% | | | (1.74 | )% | | | (0.62 | )% | | | (0.31 | )% | | | 0.01 | % |
Net investment income (loss) after reimbursements | | | | | | | (0.50 | )% | | | (0.73 | )% | | | (0.09 | )% | | | 0.29 | % | | | 0.50 | % |
See accompanying notes to the financial statements.
48
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Small-Cap Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class C | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | | | | | $ 11.40 | | | | $ 9.22 | | | | $ 8.42 | | | | $ 10.90 | | | | $ 9.11 | |
| | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | | | | (0.32 | ) | | | (0.34 | ) | | | (0.38 | ) | | | 0.01 | | | | 0.02 | |
Net realized and unrealized gain (loss) | | | | | | | 4.71 | | | | 2.52 | | | | 1.18 | | | | (2.33 | ) | | | 1.93 | |
| | | | |
Total from investment operations | | | | | | | 4.39 | | | | 2.18 | | | | 0.80 | | | | (2.32 | ) | | | 1.95 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | — | | | | — | | | | — | | | | (0.16 | ) | | | (0.16 | ) |
From net realized gain | | | | | | | — | | | | — | | | | — | | | | — | | | | — | |
Tax return of capital | | | | | | | — | | | | — | | | | — | | | | — | 1 | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | — | | | | — | | | | — | | | | (0.16 | ) | | | (0.16 | ) |
| | | | |
Net asset value at end of year | | | | | | | $ 15.79 | | | | $ 11.40 | | | | $ 9.22 | | | | $ 8.42 | | | | $ 10.90 | |
| | | | |
| | | | | | |
Total return2 | | | | | | | 38.51 | % | | | 23.64 | % | | | 9.50 | % | | | (21.62 | )% | | | 21.78 | % |
| | | | | | |
Portfolio turnover rate3 | | | | | | | 77 | % | | | 62 | % | | | 60 | % | | | 112 | % | | | 126 | % |
| | | | | | |
Net assets, end of year (in thousands) | | | | | | | $ 162 | | | | $ 135 | | | | $ 144 | | | | $ 272 | | | | $ 251 | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 3.47 | % | | | 3.91 | % | | | 3.05 | % | | | 3.09 | % | | | 3.01 | % |
Expenses after reimbursements | | | | | | | 2.52 | % | | | 2.52 | % | | | 2.52 | % | | | 2.52 | % | | | 2.52 | % |
| | | | | | |
Net investment loss to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment loss before reimbursements | | | | | | | (2.09 | )% | | | (2.70 | )% | | | (1.48 | )% | | | (1.30 | )% | | | (0.76 | )% |
Net investment loss after reimbursements | | | | | | | (1.14 | )% | | | (1.31 | )% | | | (0.95 | )% | | | (0.73 | )% | | | (0.27 | )% |
See accompanying notes to the financial statements.
49
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Small-Cap Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | | | | | $ 14.19 | | | | $ 11.39 | | | | $ 10.32 | | | | $ 13.19 | | | | $ 10.94 | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | | | | (0.02 | ) | | | (0.10 | ) | | | 0.02 | | | | 0.05 | | | | 0.09 | |
Net realized and unrealized gain (loss) | | | | | | | 5.65 | | | | 2.90 | | | | 1.06 | | | | (2.73 | ) | | | 2.36 | |
| | | | |
Total from investment operations | | | | | | | 5.63 | | | | 2.80 | | | | 1.08 | | | | (2.68 | ) | | | 2.45 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | — | | | | — | | | | (0.01 | ) | | | (0.18 | ) | | | (0.20 | ) |
From net realized gain | | | | | | | — | | | | — | | | | — | | | | — | | | | — | |
Tax return of capital | | | | | | | — | | | | — | | | | (— | )1 | | | (0.01 | ) | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | — | | | | — | | | | (0.01 | ) | | | (0.19 | ) | | | (0.20 | ) |
| | | | |
Net asset value at end of year | | | | | | | $ 19.82 | | | | $ 14.19 | | | | $ 11.39 | | | | $ 10.32 | | | | $13.19 | |
| | | | |
| | | | | | |
Total return2 | | | | | | | 39.68 | %�� | | | 24.58 | % | | | 10.52 | % | | | (20.60 | )% | | | 22.70 | % |
| | | | | | |
Portfolio turnover rate3 | | | | | | | 77 | % | | | 62 | % | | | 60 | % | | | 112 | % | | | 126 | % |
| | | | | | |
Net assets, end of year (in thousands) | | | | | | | $10,994 | | | | $ 7,419 | | | | $26,296 | | | | $32,456 | | | | $38,419 | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 2.45 | % | | | 2.56 | % | | | 2.05 | % | | | 2.06 | % | | | 2.01 | % |
Expenses after reimbursements | | | | | | | 1.52 | % | | | 1.52 | % | | | 1.52 | % | | | 1.52 | % | | | 1.52 | % |
| | | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | | | | | (1.02 | )% | | | (1.51 | )% | | | (0.38 | )% | | | (0.16 | )% | | | 0.18 | % |
Net investment income (loss) after reimbursements | | | | | | | (0.09 | )% | | | (0.47 | )% | | | 0.15 | % | | | 0.38 | % | | | 0.67 | % |
| 1 | Amount is less than $0.005 per share. |
| 2 | Assumes investment at net asset value at the beginning of the year, 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 year, excluding the impact of sales charges. |
| 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. |
See accompanying notes to the financial statements.
50
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Frontier Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Class A | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | | | | | $ 7.07 | | | | $ 8.02 | | | | $ 7.66 | | | | $ 9.99 | | | | $ 7.98 | |
| | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss) | | | | | | | 0.02 | 1 | | | (0.01 | )1 | | | 0.14 | | | | 0.08 | | | | 0.10 | |
Net realized and unrealized gain (loss) | | | | | | | 3.10 | | | | (0.91 | ) | | | 0.37 | | | | (1.47 | ) | | | 2.08 | |
| | | | |
Total from investment operations | | | | | | | 3.12 | | | | (0.92 | ) | | | 0.51 | | | | (1.39 | ) | | | 2.18 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | (0.06 | ) | | | (0.03 | ) | | | (0.15 | ) | | | (0.08 | ) | | | (0.17 | ) |
| | | | | | |
From net realized gain | | | | | | | — | | | | — | | | | — | | | | (0.82 | ) | | | — | |
| | | | | | |
Tax return of capital | | | | | | | — | | | | — | | | | — | | | | (0.04 | ) | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | (0.06 | ) | | | (0.03 | ) | | | (0.15 | ) | | | (0.94 | ) | | | (0.17 | ) |
| | | | |
Net asset value at end of year | | | | | | | $10.13 | | | | $ 7.07 | | | | $ 8.02 | | | | $ 7.66 | | | | $ 9.99 | |
| | | | |
| | | | | | |
Total return2 | | | | | | | 44.20 | % | | | (11.47 | )% | | | 6.58 | % | | | (15.44 | )% | | | 27.53 | % |
| | | | | | |
Portfolio turnover rate3 | | | | | | | 87 | % | | | 108 | % | | | 93 | % | | | 80 | % | | | 107 | % |
| | | | | | |
Net assets, end of year (in thousands) | | | | | | | $2,561 | | | | $656 | | | | $6,985 | | | | $7,645 | | | | $7,710 | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 2.11 | % | | | 2.18 | % | | | 2.12 | % | | | 2.20 | % | | | 2.21 | % |
Expenses after reimbursements | | | | | | | 1.77 | % | | | 1.77 | % | | | 1.77 | % | | | 1.77 | % | | | 1.77 | % |
| | | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | | | | | (0.09 | )% | | | (0.59 | )% | | | 1.61 | % | | | 0.46 | % | | | 1.05 | % |
Net investment income (loss) after reimbursements | | | | | | | 0.25 | % | | | (0.18 | )% | | | 1.96 | % | | | 0.89 | % | | | 1.49 | % |
See accompanying notes to the financial statements.
51
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Frontier Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class C | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | | | | | $6.82 | | | | $7.80 | | | | $7.47 | | | | $9.82 | | | | $7.86 | |
| | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | | | | (0.03 | )1 | | | 0.01 | 1 | | | 0.02 | | | | 0.03 | | | | 0.08 | |
Net realized and unrealized gain (loss) | | | | | | | 2.97 | | | | (0.96 | ) | | | 0.42 | | | | (1.48 | ) | | | 2.00 | |
| | | | |
Total from investment operations | | | | | | | 2.94 | | | | (0.95 | ) | | | 0.44 | | | | (1.45 | ) | | | 2.08 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | (0.01 | ) | | | (0.03 | ) | | | (0.11 | ) | | | (0.05 | ) | | | (0.12 | ) |
From net realized gain | | | | | | | — | | | | — | | | | — | | | | (0.82 | ) | | | — | |
Tax return of capital | | | | | | | — | | | | — | | | | — | | | | (0.03 | ) | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | (0.01 | ) | | | (0.03 | ) | | | (0.11 | ) | | | (0.90 | ) | | | (0.12 | ) |
| | | | |
Net asset value at end of year | | | | | | | $9.75 | | | | $6.82 | | | | $7.80 | | | | $7.47 | | | | $9.82 | |
| | | | |
| | | | | | |
Total return2 | | | | | | | 43.13 | % | | | (12.13 | )% | | | 5.87 | % | | | (16.30 | )% | | | 26.57 | % |
| | | | | | |
Portfolio turnover rate3 | | | | | | | 87 | % | | | 108 | % | | | 93 | % | | | 80 | % | | | 107 | % |
| | | | | | |
Net assets, end of year (in thousands) | | | | | | | $ 209 | | | | $286 | | | | $305 | | | | $408 | | | | $459 | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 2.89 | % | | | 3.01 | % | | | 2.88 | % | | | 2.94 | % | | | 2.99 | % |
Expenses after reimbursements | | | | | | | 2.52 | % | | | 2.52 | % | | | 2.52 | % | | | 2.52 | % | | | 2.52 | % |
| | | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | | | | | (0.77 | )% | | | (0.41 | )% | | | 0.48 | % | | | (0.18 | )% | | | (0.21 | )% |
Net investment income (loss) after reimbursements | | | | | | | (0.40 | )% | | | 0.08 | % | | | 0.84 | % | | | 0.24 | % | | | 0.26 | % |
See accompanying notes to the financial statements.
52
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Frontier Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | | | | | $ 8.20 | | | | $ 9.32 | | | | $ 8.86 | | | | $ 11.38 | | | | $ 9.06 | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | | | 0.06 | 1 | | | 0.09 | 1 | | | 0.16 | | | | 0.12 | | | | 0.13 | |
Net realized and unrealized gain (loss) | | | | | | | 3.58 | | | | (1.13 | ) | | | 0.46 | | | | (1.69 | ) | | | 2.37 | |
| | | | |
Total from investment operations | | | | | | | 3.64 | | | | (1.04 | ) | | | 0.62 | | | | (1.57 | ) | | | 2.50 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | (0.07 | ) | | | (0.08 | ) | | | (0.16 | ) | | | (0.08 | ) | | | (0.18 | ) |
From net realized gain | | | | | | | — | | | | — | | | | — | | | | (0.82 | ) | | | — | |
Tax return of capital | | | | | | | — | | | | — | | | | — | | | | (0.05 | ) | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | (0.07 | ) | | | (0.08 | ) | | | (0.16 | ) | | | (0.95 | ) | | | (0.18 | ) |
| | | | |
Net asset value at end of year | | | | | | | $ 11.77 | | | | $ 8.20 | | | | $ 9.32 | | | | $ 8.86 | | | | $ 11.38 | |
| | | | |
| | | | | | |
Total return2 | | | | | | | 44.50 | % | | | (11.17 | )% | | | 6.97 | % | | | (15.11 | )% | | | 27.87 | % |
| | | | | | |
Portfolio turnover rate3 | | | | | | | 87 | % | | | 108 | % | | | 93 | % | | | 80 | % | | | 107 | % |
| | | | | | |
Net assets, end of year (in thousands) | | | | | | | $77,540 | | | | $53,053 | | | | $81,047 | | | | $77,788 | | | | $81,324 | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 1.88 | % | | | 2.00 | % | | | 1.88 | % | | | 1.95 | % | | | 1.96 | % |
Expenses after reimbursements | | | | | | | 1.52 | % | | | 1.52 | % | | | 1.52 | % | | | 1.52 | % | | | 1.52 | % |
| | | | | | |
Net investment income to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income before reimbursements | | | | | | | 0.23 | % | | | 0.58 | % | | | 1.39 | % | | | 0.78 | % | | | 0.73 | % |
Net investment income after reimbursements | | | | | | | 0.59 | % | | | 1.06 | % | | | 1.75 | % | | | 1.21 | % | | | 1.17 | % |
| 1 | Per share amounts are based on average number of shares outstanding during the period. |
| 2 | Assumes investment at net asset value at the beginning of the year, 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 year, excluding the impact of sales charges. |
| 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. |
See accompanying notes to the financial statements.
53
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | | | | | $ 13.08 | | | | $ 11.18 | | | | $ 9.38 | | | | $ 11.16 | | | | $ 8.34 | |
| | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | | | | (0.06 | )1 | | | 0.08 | | | | 0.05 | | | | 0.01 | | | | 0.06 | 1 |
Net realized and unrealized gain (loss) | | | | | | | 4.07 | | | | 1.84 | | | | 1.97 | | | | (1.55 | ) | | | 2.90 | |
| | | | |
Total from investment operations | | | | | | | 4.01 | | | | 1.92 | | | | 2.02 | | | | (1.54 | ) | | | 2.96 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | (0.10 | ) | | | (0.02 | ) | | | (0.22 | ) | | | (0.23 | ) | | | (0.14 | ) |
From net realized gain | | | | | | | (0.22 | ) | | | — | | | | — | | | | — | | | | — | |
Tax return of capital | | | | | | | — | | | | — | | | | — | | | | (0.01 | ) | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | (0.32 | ) | | | (0.02 | ) | | | (0.22 | ) | | | (0.24 | ) | | | (0.14 | ) |
| | | | |
Net asset value at end of year | | | | | | | $ 16.77 | | | | $ 13.08 | | | | $ 11.18 | | | | $ 9.38 | | | | $ 11.16 | |
| | | | |
| | | | | | |
Total return2 | | | | | | | 30.92 | % | | | 17.21 | % | | | 21.66 | % | | | (14.16 | )% | | | 35.90 | % |
| | | | | | |
Portfolio turnover rate3 | | | | | | | 77 | % | | | 76 | % | | | 76 | % | | | 113 | % | | | 140 | % |
| | | | | | |
Net assets, end of year (in thousands) | | | | | | | $ 3,872 | | | | $ 1,394 | | | | $ 641 | | | | $ 303 | | | | $ 134 | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 1.56 | % | | | 1.81 | % | | | 1.91 | % | | | 2.19 | % | | | 2.65 | % |
| | | | | | |
Expenses after reimbursements | | | | | | | 1.42 | % | | | 1.42 | % | | | 1.42 | % | | | 1.42 | % | | | 1.42 | % |
| | | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment loss before reimbursements | | | | | | | (0.48 | )% | | | (0.42 | )% | | | (0.01 | )% | | | (0.06 | )% | | | (0.64 | )% |
Net investment income (loss) after reimbursements | | | | | | | (0.34 | )% | | | (0.03 | )% | | | 0.48 | % | | | 0.71 | % | | | 0.59 | % |
See accompanying notes to the financial statements.
54
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class C | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Period Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of period | | | | | | | $12.39 | | | | $10.64 | | | | $ 8.96 | | | | $10.73 | | | | $8.86 | 4 |
| | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment loss | | | | | | | (0.16 | )1 | | | (0.10 | ) | | | (0.04 | ) | | | (0.13 | ) | | | — | 1,5 |
Net realized and unrealized gain (loss) | | | | | | | 3.86 | | | | 1.85 | | | | 1.91 | | | | (1.44 | ) | | | 1.93 | |
| | | | |
Total from investment operations | | | | | | | 3.70 | | | | 1.75 | | | | 1.87 | | | | (1.57 | ) | | | 1.93 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | (0.07 | ) | | | — | | | | (0.19 | ) | | | (0.19 | ) | | | (0.06 | ) |
From net realized gain | | | | | | | (0.22 | ) | | | — | | | | — | | | | — | | | | — | |
Tax return of capital | | | | | | | — | | | | — | | | | — | | | | (0.01 | ) | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | (0.29 | ) | | | — | | | | (0.19 | ) | | | (0.20 | ) | | | (0.06 | ) |
| | | | |
Net asset value at end of period | | | | | | | $15.80 | | | | $ 12.39 | | | | $10.64 | | | | $ 8.96 | | | | $10.73 | |
| | | | |
| | | | | | |
Total return2 | | | | | | | 30.13 | % | | | 16.45 | % | | | 20.89 | % | | | (14.92 | )% | | | 10.81 | % |
| | | | | | |
Portfolio turnover rate3 | | | | | | | 77 | % | | | 76 | % | | | 76 | % | | | 113 | % | | | 140 | % |
| | | | | | |
Net assets, end of period (in thousands) | | | | | | | $ 107 | | | | $ 2 | | | | $ 1 | | | | $ 1 | | | | $ 2 | |
| | | | | | |
Ratios to average net assets:6 | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 2.29 | % | | | 2.49 | % | | | 2.66 | % | | | 2.96 | % | | | 3.38 | % |
Expenses after reimbursements | | | | | | | 2.17 | % | | | 2.17 | % | | | 2.17 | % | | | 2.17 | % | | | 2.17 | % |
| | | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment loss before reimbursements | | | | | | | (1.11 | )% | | | (1.22 | )% | | | (0.95 | )% | | | (1.25 | )% | | | (1.20 | )% |
Net investment income (loss) after reimbursements | | | | | | | (0.99 | )% | | | (0.90 | )% | | | (0.46 | )% | | | (0.46 | )% | | | 0.01 | % |
See accompanying notes to the financial statements.
55
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | |
| | | | | | |
| | | | | | Year Ended
October 31,
2021 | | | Year Ended
October 31,
2020 | | | Year Ended
October 31,
2019 | | | Year Ended
October 31,
2018 | | | Year Ended
October 31,
2017 | |
| | | | |
Net asset value at beginning of year | | | | | | | $ 12.65 | | | | $ 10.81 | | | | $ 9.06 | | | | $ 10.78 | | | | $ 8.05 | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | | | | (0.02 | )1 | | | 0.11 | | | | 0.06 | | | | 0.07 | | | | 0.08 | 1 |
Net realized and unrealized gain (loss) | | | | | | | 3.92 | | | | 1.77 | | | | 1.93 | | | | (1.54 | ) | | | 2.80 | |
| | | | |
Total from investment operations | | | | | | | 3.90 | | | | 1.88 | | | | 1.99 | | | | (1.47 | ) | | | 2.88 | |
| | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | | | | | | (0.10 | ) | | | (0.04 | ) | | | (0.24 | ) | | | (0.24 | ) | | | (0.15 | ) |
From net realized gain | | | | | | | (0.22 | ) | | | — | | | | — | | | | — | | | | — | |
Tax return of capital | | | | | | | — | | | | — | | | | — | | | | (0.01 | ) | | | — | |
| | | | |
| | | | | | |
Total distributions | | | | | | | (0.32 | ) | | | (0.04 | ) | | | (0.24 | ) | | | (0.25 | ) | | | (0.15 | ) |
| | | | |
Net asset value at end of year | | | | | | | $ 16.23 | | | | $ 12.65 | | | | $ 10.81 | | | | $ 9.06 | | | | $10.78 | |
| | | | |
| | | | | | |
Total return2 | | | | | | | 31.24 | % | | | 17.41 | % | | | 22.05 | % | | | (14.01 | )% | | | 36.21 | % |
| | | | | | |
Portfolio turnover rate3 | | | | | | | 77 | % | | | 76 | % | | | 76 | % | | | 113 | % | | | 140 | % |
| | | | | | |
Net assets, end of year (in thousands) | | | | | | | $116,727 | | | | $82,385 | | | | $35,011 | | | | $24,162 | | | | $8,106 | |
| | | | | | |
Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 1.32 | % | | | 1.56 | % | | | 1.66 | % | | | 1.95 | % | | | 2.35 | % |
Expenses after reimbursements | | | | | | | 1.17 | % | | | 1.17 | % | | | 1.17 | % | | | 1.17 | % | | | 1.17 | % |
| | | | | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | | | | | (0.26 | )% | | | (0.22 | )% | | | 0.09 | % | | | 0.10 | % | | | (0.33 | )% |
Net investment income (loss) after reimbursements | | | | | | | (0.11 | )% | | | 0.17 | % | | | 0.58 | % | | | 0.88 | % | | | 0.85 | % |
| 1 | Per share amounts are based on average number of shares outstanding during the period. |
| 2 | Assumes investment at net asset value at the beginning of the period, reinvestment of 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 | Initial investment in Class C occurred on March 3, 2017. The beginning NAV for Class C is the end of day NAV for the Institutional Class on March 3, 2017. |
| 5 | Amount is less than $0.005 per share. |
| 6 | Annualized for periods less than one year. |
See accompanying notes to the financial statements.
56
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity ESG Fund
| | | | | | | | | | | | |
| | | | | | Class A | |
| | | |
| | | | | | Year Ended
October 31,
2021 | | | Period Ended
October 31,
20201 | |
| | | | |
Net asset value at beginning of period | | | | | | $ | 12.05 | | | $ | 10.00 | |
| | | |
Income (loss) from investment operations: | | | | | | | | | | | | |
Net investment loss | | | | | | | (0.09 | ) | | | (0.01 | ) |
Net realized and unrealized gain | | | | | | | 3.04 | | | | 2.06 | |
| | | | |
Total from investment operations | | | | | | | 2.95 | | | | 2.05 | |
| | | |
Less distributions: | | | | | | | | | | | | |
| | | |
From net investment income | | | | | | | (0.09 | ) | | | — | |
From net realized gain | | | | | | | — | | | | — | |
Tax return of capital | | | | | | | — | | | | — | |
| | | | |
| | | |
Total distributions | | | | | | | (0.09 | ) | | | — | |
| | | | |
Net asset value at end of period | | | | | | $ | 14.91 | | | $ | 12.05 | |
| | | | |
| | | |
Total return2 | | | | | | | 24.50 | % | | | 20.50 | % |
| | | |
Portfolio turnover rate3 | | | | | | | 55 | % | | | 45 | % |
| | | |
Net assets, end of period (in thousands) | | | | | | $ | 2 | | | $ | 1 | |
| | | |
Ratios to average net assets:4 | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 2.39 | % | | | 4.16 | % |
Expenses after reimbursements | | | | | | | 1.42 | % | | | 1.42 | % |
| | | |
Net investment loss to average net assets: | | | | | | | | | | | | |
Net investment loss before reimbursements | | | | | | | (1.56 | )% | | | (2.89 | )% |
Net investment loss after reimbursements | | | | | | | (0.59 | )% | | | (0.15 | )% |
See accompanying notes to the financial statements.
57
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity ESG Fund
| | | | | | | | | | | | |
| | | | | | Class C | |
| | | |
| | | | | | Year Ended
October 31,
2021 | | | Period Ended
October 31,
20201 | |
| | | | |
Net asset value at beginning of period | | | | | | $ | 12.00 | | | $ | 10.00 | |
| | | |
Income (loss) from investment operations: | | | | | | | | | | | | |
Net investment loss | | | | | | | (0.20 | ) | | | (0.06 | ) |
Net realized and unrealized gain | | | | | | | 3.05 | | | | 2.06 | |
| | | | |
Total from investment operations | | | | | | | 2.85 | | | | 2.00 | |
| | | |
Less distributions: | | | | | | | | | | | | |
| | | |
From net investment income | | | | | | | (0.08 | ) | | | — | |
From net realized gain | | | | | | | — | | | | — | |
Tax return of capital | | | | | | | — | | | | — | |
| | | | |
| | | |
Total distributions | | | | | | | (0.08 | ) | | | — | |
| | | | |
Net asset value at end of period | | | | | | $ | 14.77 | | | $ | 12.00 | |
| | | | |
| | | |
Total return2 | | | | | | | 23.81 | % | | | 20.00 | % |
| | | |
Portfolio turnover rate3 | | | | | | | 55 | % | | | 45 | % |
| | | |
Net assets, end of period (in thousands) | | | | | | $ | 1 | | | $ | 1 | |
| | | |
Ratios to average net assets:4 | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 3.14 | % | | | 4.77 | % |
Expenses after reimbursements | | | | | | | 2.17 | % | | | 2.17 | % |
| | | |
Net investment loss to average net assets: | | | | | | | | | | | | |
Net investment loss before reimbursements | | | | | | | (2.32 | )% | | | (3.50 | )% |
Net investment loss after reimbursements | | | | | | | (1.35 | )% | | | (0.90 | )% |
See accompanying notes to the financial statements.
58
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity ESG Fund
| | | | | | | | | | | | |
| | | | | | Institutional Class | |
| | | |
| | | | | | Year Ended
October 31,
2021 | | | Period Ended
October 31,
20201 | |
| | | | |
Net asset value at beginning of period | | | | | | $ | 12.06 | | | $ | 10.00 | |
Income (loss) from investment operations: | | | | | | | | | | | | |
Net investment income (loss) | | | | | | | (0.05 | ) | | | 0.01 | |
Net realized and unrealized gain | | | | | | | 3.04 | | | | 2.05 | |
| | | | |
Total from investment operations | | | | | | | 2.99 | | | | 2.06 | |
| | | |
Less distributions: | | | | | | | | | | | | |
| | | |
From net investment income | | | | | | | (0.09 | ) | | | (— | )5 |
From net realized gain | | | | | | | — | | | | — | |
Tax return of capital | | | | | | | — | | | | — | |
| | | | |
| | | |
Total distributions | | | | | | | (0.09 | ) | | | — | |
| | | | |
Net asset value at end of period | | | | | | $ | 14.96 | | | $ | 12.06 | |
| | | | |
| | | |
Total return2 | | | | | | | 24.82 | % | | | 20.60 | % |
| | | |
Portfolio turnover rate3 | | | | | | | 55 | % | | | 45 | % |
| | | |
Net assets, end of period (in thousands) | | | | | | $ | 15,041 | | | $ | 12,062 | |
| | | |
Ratios to average net assets:4 | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 2.16 | % | | | 3.68 | % |
Expenses after reimbursements | | | | | | | 1.17 | % | | | 1.17 | % |
| | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | |
Net investment loss before reimbursements | | | | | | | (1.34 | )% | | | (2.41 | )% |
Net investment income (loss) after reimbursements | | | | | | | (0.35 | )% | | | 0.10 | % |
| 1 | Class A, Class C and the Institutional Class commenced investment operations on February 26, 2020. |
| 2 | Assumes investment at net asset value at the beginning of the period, reinvestment of 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 | Amount is less than $0.005 per share. |
See accompanying notes to the financial statements.
59
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Short Duration Select Fund
| | | | | | | | | | | | |
| | | | | | Class A | |
| | | |
| | | | | | Year Ended
October 31,
2021 | | | Period Ended
October 31,
20201 | |
| | | | |
Net asset value at beginning of period | | | | | | $ | 10.18 | | | $ | 10.00 | |
| | | |
Income (loss) from investment operations: | | | | | | | | | | | | |
Net investment income | | | | | | | 0.38 | | | | 0.14 | |
Net realized and unrealized gain (loss) | | | | | | | (0.35 | ) | | | 0.19 | |
| | | | |
Total from investment operations | | | | | | | 0.03 | | | | 0.33 | |
| | | |
Less distributions: | | | | | | | | | | | | |
| | | |
From net investment income | | | | | | | (0.38 | ) | | | (0.15 | ) |
From net realized gain | | | | | | | (0.03 | ) | | | — | |
Tax return of capital | | | | | | | — | | | | — | |
| | | | |
| | | |
Total distributions | | | | | | | (0.41 | ) | | | (0.15 | ) |
| | | | |
Net asset value at end of period | | | | | | $ | 9.80 | | | $ | 10.18 | |
| | | | |
| | | |
Total return2 | | | | | | | 0.20 | % | | | 3.30 | % |
| | | |
Portfolio turnover rate3 | | | | | | | 43 | % | | | 12 | % |
| | | |
Net assets, end of period (in thousands) | | | | | | $ | 1 | | | $ | 1 | |
| | | |
Ratios to average net assets:4 | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 1.71 | % | | | 4.87 | % |
Expenses after reimbursements | | | | | | | 0.92 | % | | | 0.92 | % |
| | | |
Net investment income to average net assets: | | | | | | | | | | | | |
Net investment income before reimbursements | | | | | | | 2.88 | % | | | 0.05 | % |
Net investment income after reimbursements | | | | | | | 3.67 | % | | | 4.00 | % |
See accompanying notes to the financial statements.
60
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Short Duration Select Fund
| | | | | | | | | | | | |
| | | | | | Class C | |
| | | |
| | | | | | Year Ended
October 31,
2021 | | | Period Ended
October 31,
20201 | |
| | | | |
Net asset value at beginning of period | | | | | | $ | 10.18 | | | $ | 10.00 | |
| | | |
Income (loss) from investment operations: | | | | | | | | | | | | |
Net investment income | | | | | | | 0.30 | | | | 0.12 | |
Net realized and unrealized gain (loss) | | | | | | | (0.35 | ) | | | 0.18 | |
| | | | |
Total from investment operations | | | | | | | (0.05 | ) | | | 0.30 | |
| | | |
Less distributions: | | | | | | | | | | | | |
| | | |
From net investment income | | | | | | | (0.30 | ) | | | (0.12 | ) |
From net realized gain | | | | | | | (0.03 | ) | | | — | |
Tax return of capital | | | | | | | — | | | | — | |
| | | | |
| | | |
Total distributions | | | | | | | (0.33 | ) | | | (0.12 | ) |
| | | | |
Net asset value at end of period | | | | | | $ | 9.80 | | | $ | 10.18 | |
| | | | |
| | | |
Total return2 | | | | | | | (0.57 | )% | | | 3.03 | % |
| | | |
Portfolio turnover rate3 | | | | | | | 43 | % | | | 12 | % |
| | | |
Net assets, end of period (in thousands) | | | | | | $ | 1 | | | $ | 1 | |
| | | |
Ratios to average net assets:4 | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 2.42 | % | | | 5.60 | % |
Expenses after reimbursements | | | | | | | 1.67 | % | | | 1.67 | % |
| | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | | | | | 2.16 | % | | | (0.68 | )% |
Net investment income after reimbursements | | | | | | | 2.91 | % | | | 3.25 | % |
See accompanying notes to the financial statements.
61
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Short Duration Select Fund
| | | | | | | | | | | | |
| | | | | | Institutional Class | |
| | | |
| | | | | | Year Ended
October 31,
2021 | | | Period Ended
October 31,
20201 | |
| | | | |
Net asset value at beginning of period | | | | | | $ | 10.18 | | | $ | 10.00 | |
Income (loss) from investment operations: | | | | | | | | | | | | |
Net investment income | | | | | | | 0.40 | | | | 0.16 | |
Net realized and unrealized gain (loss) | | | | | | | (0.35 | ) | | | 0.18 | |
| | | | |
Total from investment operations | | | | | | | 0.05 | | | | 0.34 | |
| | | |
Less distributions: | | | | | | | | | | | | |
| | | |
From net investment income | | | | | | | (0.40 | ) | | | (0.16 | ) |
From net realized gain | | | | | | | (0.03 | ) | | | — | |
Tax return of capital | | | | | | | — | | | | — | |
| | | | |
| | | |
Total distributions | | | | | | | (0.43 | ) | | | (0.16 | ) |
| | | | |
Net asset value at end of period | | | | | | $ | 9.80 | | | $ | 10.18 | |
| | | | |
| | | |
Total return2 | | | | | | | 0.40 | % | | | 3.43 | % |
| | | |
Portfolio turnover rate3 | | | | | | | 43 | % | | | 12 | % |
| | | |
Net assets, end of period (in thousands) | | | | | | $ | 10,286 | | | $ | 10,317 | |
| | | |
Ratios to average net assets:4 | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 1.38 | % | | | 4.58 | % |
Expenses after reimbursements | | | | | | | 0.67 | % | | | 0.67 | % |
| | | |
Net investment income to average net assets: | | | | | | | | | | | | |
Net investment income before reimbursements | | | | | | | 3.21 | % | | | 0.29 | % |
Net investment income after reimbursements | | | | | | | 3.92 | % | | | 4.20 | % |
| 1 | Class A, Class C and the Institutional Class commenced investment operations on June 15, 2020. |
| 2 | Assumes investment at net asset value at the beginning of the period, reinvestment of 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. |
See accompanying notes to the financial statements.
62
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Investment Grade Income Fund
| | | | | | | | | | | | |
| | | | | | Class A | |
| | | |
| | | | | | Year Ended
October 31,
2021 | | | Period Ended
October 31,
20201 | |
| | | | |
Net asset value at beginning of period | | | | | | $ | 9.85 | | | $ | 10.00 | |
| | | |
Income (loss) from investment operations: | | | | | | | | | | | | |
Net investment income | | | | | | | 0.32 | | | | 0.03 | |
Net realized and unrealized gain (loss) | | | | | | | 0.06 | | | | (0.15 | ) |
| | | | |
Total from investment operations | | | | | | | 0.38 | | | | (0.12 | ) |
| | | |
Less distributions: | | | | | | | | | | | | |
| | | |
From net investment income | | | | | | | (0.33 | ) | | | (0.03 | ) |
From net realized gain | | | | | | | — | | | | — | |
Tax return of capital | | | | | | | — | | | | — | |
| | | | |
| | | |
Total distributions | | | | | | | (0.33 | ) | | | (0.03 | ) |
| | | | |
Net asset value at end of period | | | | | | $ | 9.90 | | | $ | 9.85 | |
| | | | |
| | | |
Total return2 | | | | | | | 3.85 | % | | | (1.19 | )% |
| | | |
Portfolio turnover rate3 | | | | | | | 44 | % | | | 3 | % |
| | | |
Net assets, end of period (in thousands) | | | | | | $ | 1 | | | $ | 1 | |
| | | |
Ratios to average net assets:4 | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 1.77 | % | | | 4.88 | % |
Expenses after reimbursements | | | | | | | 0.97 | % | | | 0.97 | % |
| | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | | | | | 2.42 | % | | | (1.27 | )% |
Net investment income after reimbursements | | | | | | | 3.22 | % | | | 2.64 | % |
See accompanying notes to the financial statements.
63
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Investment Grade Income Fund
| | | | | | | | | | | | |
| | | | | | Class C | |
| | | |
| | | | | | Year Ended
October 31,
2021 | | | Period Ended
October 31,
20201 | |
| | | | |
Net asset value at beginning of period | | | | | | $ | 9.85 | | | $ | 10.00 | |
| | | |
Income (loss) from investment operations: | | | | | | | | | | | | |
Net investment income | | | | | | | 0.25 | | | | 0.02 | |
Net realized and unrealized gain (loss) | | | | | | | 0.05 | | | | (0.15 | ) |
| | | | |
Total from investment operations | | | | | | | 0.30 | | | | (0.13 | ) |
| | | |
Less distributions: | | | | | | | | | | | | |
| | | |
From net investment income | | | | | | | (0.25 | ) | | | (0.02 | ) |
From net realized gain | | | | | | | — | | | | — | |
Tax return of capital | | | | | | | — | | | | — | |
| | | | |
| | | |
Total distributions | | | | | | | (0.25 | ) | | | (0.02 | ) |
| | | | |
Net asset value at end of period | | | | | | $ | 9.90 | | | $ | 9.85 | |
| | | | |
| | | |
Total return2 | | | | | | | 3.08 | % | | | (1.26 | )% |
| | | |
Portfolio turnover rate3 | | | | | | | 44 | % | | | 3 | % |
| | | |
Net assets, end of period (in thousands) | | | | | | $ | 1 | | | $ | 1 | |
| | | |
Ratios to average net assets:4 | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 2.49 | % | | | 5.62 | % |
Expenses after reimbursements | | | | | | | 1.72 | % | | | 1.72 | % |
| | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | | | | | 1.70 | % | | | (2.02 | )% |
Net investment income after reimbursements | | | | | | | 2.47 | % | | | 1.88 | % |
See accompanying notes to the financial statements.
64
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Investment Grade Income Fund
| | | | | | | | | | | | |
| | | | | | Institutional Class | |
| | | |
| | | | | | Year Ended
October 31,
2021 | | | Period Ended
October 31,
20201 | |
| | | | |
Net asset value at beginning of period | | | | | | $ | 9.85 | | | $ | 10.00 | |
Income (loss) from investment operations: | | | | | | | | | | | | |
Net investment income | | | | | | | 0.35 | | | | 0.03 | |
Net realized and unrealized gain (loss) | | | | | | | 0.05 | | | | (0.15 | ) |
| | | | |
Total from investment operations | | | | | | | 0.40 | | | | (0.12 | ) |
| | | |
Less distributions: | | | | | | | | | | | | |
| | | |
From net investment income | | | | | | | (0.35 | ) | | | (0.03 | ) |
From net realized gain | | | | | | | — | | | | — | |
Tax return of capital | | | | | | | — | | | | — | |
| | | | |
| | | |
Total distributions | | | | | | | (0.35 | ) | | | (0.03 | ) |
| | | | |
Net asset value at end of period | | | | | | $ | 9.90 | | | $ | 9.85 | |
| | | | |
| | | |
Total return2 | | | | | | | 4.03 | % | | | (1.16 | )% |
| | | |
Portfolio turnover rate3 | | | | | | | 44 | % | | | 3 | % |
| | | |
Net assets, end of period (in thousands) | | | | | | $ | 20,442 | | | $ | 19,757 | |
| | | |
Ratios to average net assets:4 | | | | | | | | | | | | |
Total expenses to average net assets: | | | | | | | | | | | | |
Expenses before reimbursements | | | | | | | 1.48 | % | | | 4.43 | % |
Expenses after reimbursements | | | | | | | 0.72 | % | | | 0.72 | % |
| | | |
Net investment income (loss) to average net assets: | | | | | | | | | | | | |
Net investment income (loss) before reimbursements | | | | | | | 2.66 | % | | | (0.92 | )% |
Net investment income after reimbursements | | | | | | | 3.42 | % | | | 2.79 | % |
| 1 | Class A, Class C and the Institutional Class commenced investment operations on September 17, 2020. |
| 2 | Assumes investment at net asset value at the beginning of the period, reinvestment of 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. |
See accompanying notes to the financial statements.
65
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Corporate Income ESG Fund
| | | | |
| | | Class A | |
| |
| | | Period Ended | |
| | | October 31,
20211 | |
Net asset value at beginning of period | | | $10.00 | |
| |
Income (loss) from investment operations: | | | | |
Net investment income | | | 0.29 | |
Net realized and unrealized loss | | | (0.89 | ) |
| | | | |
Total from investment operations | | | (0.60 | ) |
| |
Less distributions: | | | | |
| |
From net investment income | | | (0.29 | ) |
From net realized gain | | | — | |
Tax return of capital | | | — | |
| | | | |
| |
Total distributions | | | (0.29 | ) |
| | | | |
Net asset value at end of period | | | $ 9.11 | |
| | | | |
| |
Total return2 | | | (6.11 | )% |
| |
Portfolio turnover rate3 | | | 15 | % |
| |
Net assets, end of period (in thousands) | | | $ 1 | |
| |
Ratios to average net assets:4 | | | | |
Total expenses to average net assets: | | | | |
Expenses before reimbursements | | | 3.35 | % |
Expenses after reimbursements | | | 1.12 | % |
| |
Net investment income to average net assets: | | | | |
Net investment income before reimbursements | | | 2.26 | % |
Net investment income after reimbursements | | | 4.49 | % |
See accompanying notes to the financial statements.
66
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Corporate Income ESG Fund
| | | | |
| | | Class C | |
| |
| | | Period Ended | |
| | | October 31,
20211 | |
Net asset value at beginning of period | | | $10.00 | |
| |
Income (loss) from investment operations: | | | | |
Net investment income | | | 0.24 | |
Net realized and unrealized loss | | | (0.88 | ) |
| | | | |
Total from investment operations | | | (0.64 | ) |
| |
Less distributions: | | | | |
| |
From net investment income | | | (0.25 | ) |
From net realized gain | | | — | |
Tax return of capital | | | — | |
| | | | |
| |
Total distributions | | | (0.25 | ) |
| | | | |
Net asset value at end of period | | | $ 9.11 | |
| | | | |
| |
Total return2 | | | (6.55 | )% |
| |
Portfolio turnover rate3 | | | 15 | % |
| |
Net assets, end of period (in thousands) | | | $ 1 | |
| |
Ratios to average net assets:4 | | | | |
Total expenses to average net assets: | | | | |
Expenses before reimbursements | | | 4.10 | % |
Expenses after reimbursements | | | 1.87 | % |
| |
Net investment income to average net assets: | | | | |
Net investment income before reimbursements | | | 1.52 | % |
Net investment income after reimbursements | | | 3.75 | % |
See accompanying notes to the financial statements.
67
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Corporate Income ESG Fund
| | | | |
| | | Institutional
Class | |
| |
| | | Period Ended | |
| | | October 31,
20211 | |
Net asset value at beginning of period | | | $10.00 | |
Income (loss) from investment operations: | | | | |
Net investment income | | | 0.31 | |
Net realized and unrealized loss | | | (0.89 | ) |
| | | | |
Total from investment operations | | | (0.58 | ) |
| |
Less distributions: | | | | |
| |
From net investment income | | | (0.31 | ) |
From net realized gain | | | — | |
Tax return of capital | | | — | |
| | | | |
| |
Total distributions | | | (0.31 | ) |
| | | | |
Net asset value at end of period | | | $ 9.11 | |
| | | | |
| |
Total return2 | | | (5.96 | )% |
| |
Portfolio turnover rate3 | | | 15 | % |
| |
Net assets, end of period (in thousands) | | | $9,356 | |
| |
Ratios to average net assets:4 | | | | |
Total expenses to average net assets: | | | | |
Expenses before reimbursements | | | 3.08 | % |
Expenses after reimbursements | | | 0.87 | % |
| |
Net investment income to average net assets: | | | | |
Net investment income before reimbursements | | | 2.52 | % |
Net investment income after reimbursements | | | 4.73 | % |
| 1 | Class A, Class C and the Institutional Class commenced investment operations on February 26, 2021. |
| 2 | Assumes investment at net asset value at the beginning of the period, reinvestment of 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. |
See accompanying notes to the financial statements.
68
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Debt Securities | | | | | | | | | | | | | | | | |
| | | | |
Angola (Cost $11,436,810) | | | | | | | | | | | | | | | | |
Angola (Rep of), 8.250%, 05/09/2028 | | | | | | | 2,235,000 | | | $ | 2,246,711 | | | | 0.18 | |
Angola (Rep of), 8.000%, 11/26/2029 | | | | | | | 1,123,000 | | | | 1,111,905 | | | | 0.09 | |
Angola (Rep of), 9.375%, 05/08/2048 | | | | | | | 5,152,000 | | | | 5,112,329 | | | | 0.42 | |
Angola (Rep of), 9.125%, 11/26/2049 | | | | | | | 3,264,000 | | | | 3,180,912 | | | | 0.26 | |
| | | | | | | | | | | 11,651,857 | | | | 0.95 | |
| | | | |
Argentina (Cost $43,488,347) | | | | | | | | | | | | | | | | |
Argentina (Rep of), 1.000%, 07/09/2029 | | | | | | | 3,555,200 | | | | 1,288,796 | | | | 0.10 | |
Argentina (Rep of), (Step to 0.750% on 07/09/2023), 0.500%, 07/09/20302 | | | | | | | 29,365,451 | | | | 10,016,555 | | | | 0.82 | |
Argentina (Rep of), (Step to 1.500% on 07/09/2022), 1.125%, 07/09/20352 | | | | | | | 22,627,171 | | | | 6,980,709 | | | | 0.57 | |
Argentina (Rep of), (Step to 3.875% on 07/09/2022), 2.000%, 01/09/20382 | | | | | | | 5,221,313 | | | | 1,907,868 | | | | 0.16 | |
Argentina (Rep of), (Step to 3.500% on 07/09/2022), 2.500%, 07/09/20412 | | | | | | | 8,725,926 | | | | 3,003,027 | | | | 0.24 | |
YPF S.A., (Step to 9.000% on 01/01/2023), 4.000%, 02/12/20262 | | | | | | | 3,600,000 | | | | 3,097,800 | | | | 0.25 | |
YPF S.A., (Step to 9.000% on 01/01/2023), 2.500%, 06/30/20292 | | | | | | | 10,000,000 | | | | 6,712,600 | | | | 0.55 | |
| | | | | | | | | | | 33,007,355 | | | | 2.69 | |
| | | | |
Azerbaijan (Cost $7,036,586) | | | | | | | | | | | | | | | | |
Southern Gas Corridor CJSC, 6.875%, 03/24/2026 | | | | | | | 4,265,000 | | | | 4,996,277 | | | | 0.41 | |
State Oil Co. of the Azerbaijan Republic, 6.950%, 03/18/2030 | | | | | | | 2,161,000 | | | | 2,641,771 | | | | 0.21 | |
| | | | | | | | | 7,638,048 | | | 0.62 | |
| | | | |
Bahrain (Cost $5,215,964) | | | | | | | | | | | | | | | | |
Bahrain (Rep of), 7.500%, 09/20/2047 | | | | | | | 1,484,000 | | | | 1,535,287 | | | | 0.13 | |
Oil and Gas Holding (The) Co. BSCC, 7.625%, 11/07/2024 | | | | | | | 1,517,000 | | | | 1,657,323 | | | | 0.13 | |
Oil and Gas Holding (The) Co. BSCC, 8.375%, 11/07/2028 | | | | | | | 1,800,000 | | | | 2,073,420 | | | | 0.17 | |
| | | | | | | | | 5,266,030 | | | 0.43 | |
| | | | |
Belarus (Cost $2,496,637) | | | | | | | | | | | | | | | | |
Belarus (Rep of), 7.625%, 06/29/2027 | | | | | | | 1,395,000 | | | | 1,354,126 | | | | 0.11 | |
Belarus (Rep of), 6.200%, 02/28/2030 | | | | | | | 962,000 | | | | 833,708 | | | | 0.07 | |
| | | | | | | | | 2,187,834 | | | 0.18 | |
| | | | |
Brazil (Cost $132,428,137) | | | | | | | | | | | | | | | | |
Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve
Rate CMT 10Y + 4.398%), 6.250%, 04/15/20243 | | | | | | | 9,100,000 | | | | 8,946,574 | | | | 0.73 | |
Brazil (Rep of), 6.000%, 04/07/2026 | | | | | | | 1,230,000 | | | | 1,374,783 | | | | 0.11 | |
Brazil (Rep of), 4.625%, 01/13/2028 | | | | | | | 1,710,000 | | | | 1,754,409 | | | | 0.14 | |
Brazil (Rep of), 8.250%, 01/20/2034 | | | | | | | 1,360,000 | | | | 1,747,600 | | | | 0.14 | |
Brazil (Rep of), 7.125%, 01/20/2037 | | | | | | | 1,920,000 | | | | 2,248,762 | | | | 0.18 | |
Brazil (Rep of), 5.625%, 01/07/2041 | | | | | | | 1,070,000 | | | | 1,045,700 | | | | 0.09 | |
Brazil (Rep of), 5.000%, 01/27/2045 | | | | | | | 2,800,000 | | | | 2,507,288 | | | | 0.21 | |
See accompanying notes to the financial statements.
69
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | %of Net
Assets | |
Brazil (continued) | | | | | | | | | | | | | | | | |
Brazil (Rep of), 5.625%, 02/21/2047 | | | | | | | 1,579,000 | | | $ | 1,519,803 | | | | 0.12 | |
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20234 | | | BRL | | | | 58,304,000 | | | | 8,491,518 | | | | 0.69 | |
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20244 | | | BRL | | | | 165,650,000 | | | | 22,763,829 | | | | 1.86 | |
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20254 | | | BRL | | | | 90,008,000 | | | | 11,004,091 | | | | 0.90 | |
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027 | | | BRL | | | | 42,224,000 | | | | 6,877,228 | | | | 0.56 | |
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029 | | | BRL | | | | 36,150,000 | | | | 5,808,949 | | | | 0.47 | |
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2031 | | | BRL | | | | 31,695,000 | | | | 4,965,369 | | | | 0.41 | |
Oi S.A., 10.000%, (100% Cash), 07/27/20255 | | | | | | | 28,050,000 | | | | 25,259,025 | | | | 2.06 | |
Petrobras Global Finance B.V., 6.900%, 03/19/2049 | | | | | | | 1,480,000 | | | | 1,555,487 | | | | 0.13 | |
Petrobras Global Finance B.V., 5.500%, 06/10/2051 | | | | | | | 2,300,000 | | | | 2,018,871 | | | | 0.17 | |
Petrobras Global Finance B.V., 6.850%, 06/05/2115 | | | | | | | 5,620,000 | | | | 5,521,706 | | | | 0.45 | |
| | | | | | | | | | | 115,410,992 | | | | 9.42 | |
| | | | |
Chile (Cost $26,817,800) | | | | | | | | | | | | | | | | |
Banco del Estado de Chile, 3.875%, 02/08/2022 | | | | | | | 1,220,000 | | | | 1,226,100 | | | | 0.10 | |
Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/20286 | | | CLP | | | | 2,595,000,000 | | | | 3,010,189 | | | | 0.25 | |
Chile (Rep of), 3.240%, 02/06/2028 | | | | | | | 933,000 | | | | 984,016 | | | | 0.08 | |
Chile (Rep of), 3.100%, 05/07/2041 | | | | | | | 2,690,000 | | | | 2,625,144 | | | | 0.21 | |
Chile (Rep of), 3.500%, 01/25/2050 | | | | | | | 2,151,000 | | | | 2,188,126 | | | | 0.18 | |
Chile (Rep of), 3.100%, 01/22/2061 | | | | | | | 1,205,000 | | | | 1,110,685 | | | | 0.09 | |
Corp. Nacional del Cobre de Chile, 5.625%, 10/18/2043 | | | | | | | 2,759,000 | | | | 3,559,303 | | | | 0.29 | |
Corp. Nacional del Cobre de Chile, 4.875%, 11/04/2044 | | | | | | | 1,190,000 | | | | 1,408,948 | | | | 0.11 | |
Corp. Nacional del Cobre de Chile, 4.500%, 08/01/2047 | | | | | | | 768,000 | | | | 877,955 | | | | 0.07 | |
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/2049 | | | | | | | 1,379,000 | | | | 1,553,044 | | | | 0.13 | |
Corp. Nacional del Cobre de Chile, 3.150%, 01/15/2051 | | | | | | | 1,046,000 | | | | 961,243 | | | | 0.08 | |
Empresa de Transporte de Pasajeros Metro S.A., 4.700%, 05/07/2050 | | | | | | | 2,601,000 | | | | 3,036,693 | | | | 0.25 | |
Empresa Nacional del Petroleo, 3.750%, 08/05/2026 | | | | | | | 1,330,000 | | | | 1,371,290 | | | | 0.11 | |
Empresa Nacional del Petroleo, 4.500%, 09/14/2047 | | | | | | | 2,295,000 | | | | 2,269,310 | | | | 0.19 | |
| | | | | | | | | 26,182,046 | | | 2.14 | |
| | | | |
China (Cost $127,937,087) | | | | | | | | | | | | | | | | |
Central China Real Estate Ltd., 7.750%, 05/24/2024 | | | | | | | 6,550,000 | | | | 2,921,597 | | | | 0.24 | |
CFLD Cayman Investment Ltd., 9.000%, 07/31/20217,8 | | | | | | | 6,142,000 | | | | 2,104,433 | | | | 0.17 | |
CFLD Cayman Investment Ltd., 6.900%, 01/13/2023 | | | | | | | 6,225,000 | | | | 2,167,825 | | | | 0.18 | |
China (Rep of), 2.680%, 05/21/2030 | | | CNY | | | | 32,640,000 | | | | 4,946,215 | | | | 0.40 | |
China (Rep of), 3.720%, 04/12/2051 | | | CNY | | | | 13,630,000 | | | | 2,212,583 | | | | 0.18 | |
China Evergrande Group, 8.250%, 03/23/2022 | | | | | | | 2,680,000 | | | | 732,588 | | | | 0.06 | |
China Evergrande Group, 9.500%, 04/11/2022 | | | | | | | 2,565,000 | | | | 655,358 | | | | 0.05 | |
China Evergrande Group, 11.500%, 01/22/2023 | | | | | | | 5,935,000 | | | | 1,339,197 | | | | 0.11 | |
China Evergrande Group, 7.500%, 06/28/2023 | | | | | | | 19,331,000 | | | | 4,445,808 | | | | 0.36 | |
China Evergrande Group, 10.500%, 04/11/2024 | | | | | | | 7,603,000 | | | | 1,748,484 | | | | 0.14 | |
China Evergrande Group, 8.750%, 06/28/2025 | | | | | | | 10,270,000 | | | | 2,413,531 | | | | 0.20 | |
See accompanying notes to the financial statements.
70
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | %of Net
Assets | |
China (continued) | | | | | | | | | | | | | | | | |
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/2021 | | | | | | | 4,515,000 | | | $ | 1,354,094 | | | | 0.11 | |
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022 | | | | | | | 5,359,000 | | | | 1,608,217 | | | | 0.13 | |
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022 | | | | | | | 1,189,000 | | | | 349,343 | | | | 0.03 | |
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023 | | | | | | | 2,175,000 | | | | 639,155 | | | | 0.05 | |
Kaisa Group Holdings Ltd., 11.250%, 04/09/2022 | | | | | | | 2,160,000 | | | | 823,854 | | | | 0.07 | |
Kaisa Group Holdings Ltd., 8.500%, 06/30/2022 | | | | | | | 8,378,000 | | | | 2,848,520 | | | | 0.23 | |
Kaisa Group Holdings Ltd., 11.950%, 10/22/2022 | | | | | | | 2,250,000 | | | | 753,750 | | | | 0.06 | |
Kaisa Group Holdings Ltd., 11.500%, 01/30/2023 | | | | | | | 3,510,000 | | | | 1,037,216 | | | | 0.09 | |
Kaisa Group Holdings Ltd., 10.875%, 07/23/2023 | | | | | | | 5,046,000 | | | | 1,496,139 | | | | 0.12 | |
Kaisa Group Holdings Ltd., 9.375%, 06/30/2024 | | | | | | | 6,644,000 | | | | 1,890,224 | | | | 0.16 | |
Kaisa Group Holdings Ltd., 11.700%, 11/11/2025 | | | | | | | 4,000,000 | | | | 1,092,526 | | | | 0.09 | |
Kaisa Group Holdings Ltd., 11.650%, 06/01/2026 | | | | | | | 3,380,000 | | | | 933,876 | | | | 0.08 | |
Scenery Journey Ltd., 11.500%, 10/24/2022 | | | | | | | 11,170,000 | | | | 2,122,279 | | | | 0.17 | |
Scenery Journey Ltd., 12.000%, 10/24/2023 | | | | | | | 4,590,000 | | | | 888,015 | | | | 0.07 | |
Scenery Journey Ltd., 13.750%, 11/06/2023 | | | | | | | 1,000,000 | | | | 209,988 | | | | 0.02 | |
Sinopec Group Overseas Development 2012 Ltd., 4.875%, 05/17/2042 | | | | | | | 1,110,000 | | | | 1,371,192 | | | | 0.11 | |
Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030 | | | | | | | 1,900,000 | | | | 1,931,308 | | | | 0.16 | |
Sinopec Group Overseas Development 2018 Ltd., 3.350%, 05/13/2050 | | | | | | | 631,000 | | | | 639,797 | | | | 0.05 | |
Sunac China Holdings Ltd., 7.250%, 06/14/2022 | | | | | | | 2,230,000 | | | | 1,863,174 | | | | 0.15 | |
Sunac China Holdings Ltd., 7.950%, 08/08/2022 | | | | | | | 2,140,000 | | | | 1,755,870 | | | | 0.14 | |
Sunac China Holdings Ltd., 7.950%, 10/11/2023 | | | | | | | 2,090,000 | | | | 1,601,985 | | | | 0.13 | |
Yuzhou Group Holdings Co. Ltd., 8.500%, 02/04/2023 | | | | | | | 2,460,000 | | | | 1,317,301 | | | | 0.11 | |
Yuzhou Group Holdings Co. Ltd., 7.375%, 01/13/2026 | | | | | | | 2,013,000 | | | | 909,870 | | | | 0.08 | |
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/2027 | | | | | | | 2,040,000 | | | | 901,153 | | | | 0.07 | |
| | | | | | | | | 56,026,465 | | | 4.57 | |
| | | | |
Colombia (Cost $45,221,772) | | | | | | | | | | | | | | | | |
Colombia (Rep of), 8.125%, 05/21/2024 | | | | | | | 2,746,000 | | | | 3,160,234 | | | | 0.26 | |
Colombia (Rep of), 3.875%, 04/25/2027 | | | | | | | 2,653,000 | | | | 2,748,561 | | | | 0.22 | |
Colombia (Rep of), 7.375%, 09/18/2037 | | | | | | | 2,091,000 | | | | 2,586,692 | | | | 0.21 | |
Colombia (Rep of), 6.125%, 01/18/2041 | | | | | | | 3,514,000 | | | | 3,902,719 | | | | 0.32 | |
Colombia (Rep of), 5.625%, 02/26/2044 | | | | | | | 3,341,000 | | | | 3,522,182 | | | | 0.29 | |
Colombia (Rep of), 5.000%, 06/15/2045 | | | | | | | 544,000 | | | | 535,720 | | | | 0.04 | |
Colombia (Rep of), 4.125%, 05/15/20519 | | | | | | | 1,443,000 | | | | 1,260,893 | | | | 0.10 | |
Colombian TES, 4.750%, 02/23/2023 | | | COP | | | | 41,783,000 | | | | 3,339,300 | | | | 0.27 | |
Colombian TES, 10.000%, 07/24/2024 | | | COP | | | | 11,890,600,000 | | | | 3,455,716 | | | | 0.28 | |
Colombian TES, 6.250%, 11/26/2025 | | | COP | | | | 2,582,700,000 | | | | 670,795 | | | | 0.05 | |
Colombian TES, 7.500%, 08/26/2026 | | | COP | | | | 14,401,700,000 | | | | 3,873,053 | | | | 0.32 | |
Colombian TES, 5.750%, 11/03/2027 | | | COP | | | | 25,255,200,000 | | | | 6,157,713 | | | | 0.50 | |
Colombian TES, 6.000%, 04/28/2028 | | | COP | | | | 7,929,900,000 | | | | 1,932,349 | | | | 0.16 | |
Colombian TES, 7.250%, 10/18/2034 | | | COP | | | | 2,343,600,000 | | | | 575,168 | | | | 0.05 | |
Colombian TES, 6.250%, 07/09/2036 | | | COP | | | | 2,782,800,000 | | | | 608,322 | | | | 0.05 | |
Colombian TES, 7.250%, 10/26/2050 | | | COP | | | | 2,506,000,000 | | | | 569,243 | | | | 0.05 | |
See accompanying notes to the financial statements.
71
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | %of Net
Assets | |
Colombia (continued) | | | | | | | | | | | | | | | | |
Empresas Publicas de Medellin ESP, 8.375%, 11/08/2027 | | | COP | | | | 8,747,000,000 | | | $ | 2,195,369 | | | | 0.18 | |
| | | | | | | | | | | 41,094,029 | | | | 3.35 | |
| | | | |
Costa Rica (Cost $3,500,993) | | | | | | | | | | | | | | | | |
Costa Rica (Rep of), 6.125%, 02/19/2031 | | | | | | | 1,641,000 | | | | 1,679,564 | | | | 0.14 | |
Costa Rica (Rep of), 5.625%, 04/30/2043 | | | | | | | 1,760,000 | | | | 1,569,040 | | | | 0.13 | |
Costa Rica (Rep of), 7.000%, 04/04/2044 | | | | | | | 273,000 | | | | 272,320 | | | | 0.02 | |
| | | | | | | | | | | 3,520,924 | | | | 0.29 | |
| | | | |
Croatia (Cost $4,320,619) | | | | | | | | | | | | | | | | |
Croatia (Rep of), 6.000%, 01/26/2024 | | | | | | | 3,990,000 | | | | 4,418,925 | | | | 0.36 | |
| | | | | | | | | | | 4,418,925 | | | | 0.36 | |
| | | | |
Czech Republic (Cost $5,273,740) | | | | | | | | | | | | | | | | |
Czech (Rep of), 2.500%, 08/25/2028 | | | CZK | | | | 26,480,000 | | | | 1,170,269 | | | | 0.10 | |
Czech (Rep of), 2.750%, 07/23/2029 | | | CZK | | | | 30,150,000 | | | | 1,354,731 | | | | 0.11 | |
Czech (Rep of), 0.950%, 05/15/2030 | | | CZK | | | | 1,580,000 | | | | 61,638 | | | | — | |
Czech (Rep of), 4.200%, 12/04/2036 | | | CZK | | | | 6,350,000 | | | | 339,045 | | | | 0.03 | |
New World Resources N.V., 8.000%, 04/07/20207,8,10 | | | EUR | | | | 1,938,518 | | | | — | | | | — | |
New World Resources N.V., 4.000%, 10/07/20207,8,10 | | | EUR | | | | 669,526 | | | | — | | | | — | |
| | | | | | | | | 2,925,683 | | | 0.24 | |
| | | | |
Dominican Republic (Cost $42,964,821) | | | | | | | | | | | | | | | | |
Dominican (Rep of), 5.500%, 01/27/2025 | | | | | | | 1,594,000 | | | | 1,729,506 | | | | 0.14 | |
Dominican (Rep of), 6.875%, 01/29/2026 | | | | | | | 4,946,000 | | | | 5,663,219 | | | | 0.46 | |
Dominican (Rep of), 9.750%, 06/05/2026 | | | DOP | | | | 29,950,000 | | | | 629,702 | | | | 0.05 | |
Dominican (Rep of), 6.000%, 07/19/2028 | | | | | | | 1,160,000 | | | | 1,299,211 | | | | 0.11 | |
Dominican (Rep of), 4.875%, 09/23/2032 | | | | | | | 8,288,000 | | | | 8,412,403 | | | | 0.69 | |
Dominican (Rep of), 5.300%, 01/21/2041 | | | | | | | 2,513,000 | | | | 2,487,895 | | | | 0.20 | |
Dominican (Rep of), 7.450%, 04/30/2044 | | | | | | | 2,275,000 | | | | 2,707,273 | | | | 0.22 | |
Dominican (Rep of), 6.850%, 01/27/2045 | | | | | | | 4,246,000 | | | | 4,734,332 | | | | 0.39 | |
Dominican (Rep of), 6.500%, 02/15/2048 | | | | | | | 1,169,000 | | | | 1,250,842 | | | | 0.10 | |
Dominican (Rep of), 6.400%, 06/05/2049 | | | | | | | 1,033,000 | | | | 1,097,573 | | | | 0.09 | |
Dominican (Rep of), 5.875%, 01/30/2060 | | | | | | | 13,389,000 | | | | 13,121,220 | | | | 1.07 | |
| | | | | | | | | | | 43,133,176 | | | | 3.52 | |
| | | | |
Ecuador (Cost $46,709,539) | | | | | | | | | | | | | | | | |
Ecuador (Rep of), (Step to 5.500% on 07/31/2022), 5.000%, 07/31/20302,6 | | | | | | | 8,311,089 | | | | 6,898,204 | | | | 0.56 | |
Ecuador (Rep of), (Step to 2.500% on 07/31/2022), 1.000%, 07/31/20352,6 | | | | | | | 48,887,963 | | | | 32,205,434 | | | | 2.63 | |
Ecuador (Rep of), (Step to 1.500% on 07/31/2022), 0.500%, 07/31/20402,6 | | | | | | | 13,473,288 | | | | 8,050,290 | | | | 0.66 | |
| | | | | | | | | | | 47,153,928 | | | | 3.85 | |
| | | | |
Egypt (Cost $47,175,271) | | | | | | | | | | | | | | | | |
Egypt (Rep of), 14.051%, 07/21/2022 | | | EGP | | | | 10,370,000 | | | | 662,296 | | | | 0.05 | |
Egypt (Rep of), 14.138%, 10/20/2022 | | | EGP | | | | 6,343,000 | | | | 404,714 | | | | 0.03 | |
See accompanying notes to the financial statements.
72
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Egypt (continued) | | | | | | | | | | | | | | |
Egypt (Rep of), 14.313%, 10/13/2023 | | EGP | | | 9,116,000 | | | $ | 578,917 | | | | 0.05 | |
Egypt (Rep of), 14.483%, 04/06/2026 | | EGP | | | 51,930,000 | | | | 3,308,750 | | | | 0.27 | |
Egypt (Rep of), 14.563%, 07/06/2026 | | EGP | | �� | 25,775,000 | | | | 1,646,145 | | | | 0.13 | |
Egypt (Rep of), 6.588%, 02/21/2028 | | | | | 1,051,000 | | | | 1,030,842 | | | | 0.08 | |
Egypt (Rep of), 7.600%, 03/01/2029 | | | | | 1,945,000 | | | | 1,954,725 | | | | 0.16 | |
Egypt (Rep of), 5.875%, 02/16/2031 | | | | | 2,400,000 | | | | 2,166,624 | | | | 0.18 | |
Egypt (Rep of), 7.625%, 05/29/2032 | | | | | 1,984,000 | | | | 1,918,230 | | | | 0.16 | |
Egypt (Rep of), 8.500%, 01/31/2047 | | | | | 5,844,000 | | | | 5,399,622 | | | | 0.44 | |
Egypt (Rep of), 7.903%, 02/21/2048 | | | | | 5,319,000 | | | | 4,678,380 | | | | 0.38 | |
Egypt (Rep of), 8.700%, 03/01/2049 | | | | | 2,176,000 | | | | 2,029,294 | | | | 0.17 | |
Egypt (Rep of), 8.875%, 05/29/2050 | | | | | 8,167,000 | | | | 7,692,252 | | | | 0.63 | |
Egypt (Rep of), 8.750%, 09/30/20516 | | | | | 2,367,000 | | | | 2,226,637 | | | | 0.18 | |
Egypt (Rep of), 8.150%, 11/20/2059 | | | | | 369,000 | | | | 329,229 | | | | 0.03 | |
Egypt Treasury Bills, 11.953%, 11/30/202111 | | EGP | | | 37,775,000 | | | | 2,385,741 | | | | 0.19 | |
Egypt Treasury Bills, 11.776%, 02/08/202211 | | EGP | | | 23,925,000 | | | | 1,474,282 | | | | 0.12 | |
Egypt Treasury Bills, 11.614%, 05/10/202211 | | EGP | | | 46,825,000 | | | | 2,798,275 | | | | 0.23 | |
Egypt Treasury Bills, 11.483%, 05/24/202211 | | EGP | | | 22,450,000 | | | | 1,335,314 | | | | 0.11 | |
| | | | | | | | | 44,020,269 | | | | 3.59 | |
El Salvador (Cost $10,583,151) | | | | | | | | | | | | | | |
El Salvador (Rep of), 8.625%, 02/28/2029 | | | | | 2,546,000 | | | | 2,031,708 | | | | 0.16 | |
El Salvador (Rep of), 8.250%, 04/10/2032 | | | | | 770,000 | | | | 601,370 | | | | 0.05 | |
El Salvador (Rep of), 7.650%, 06/15/2035 | | | | | 722,000 | | | | 541,500 | | | | 0.04 | |
El Salvador (Rep of), 7.625%, 02/01/2041 | | | | | 2,833,000 | | | | 2,075,172 | | | | 0.17 | |
El Salvador (Rep of), 7.125%, 01/20/2050 | | | | | 2,201,000 | | | | 1,573,715 | | | | 0.13 | |
El Salvador (Rep of), 9.500%, 07/15/2052 | | | | | 1,597,000 | | | | 1,309,540 | | | | 0.11 | |
| | | | | | | | | 8,133,005 | | | | 0.66 | |
Gabon (Cost $4,106,510) | | | | | | | | | | | | | | |
Gabon (Rep of), 6.375%, 12/12/2024 | | | | | 1,945,771 | | | | 2,062,673 | | | | 0.17 | |
Gabon (Rep of), 6.625%, 02/06/2031 | | | | | 3,103,000 | | | | 3,093,008 | | | | 0.25 | |
| | | | | | | | | 5,155,681 | | | | 0.42 | |
Ghana (Cost $17,435,786) | | | | | | | | | | | | | | |
Ghana (Rep of), 7.625%, 05/16/2029 | | | | | 1,543,000 | | | | 1,358,420 | | | | 0.11 | |
Ghana (Rep of), 8.125%, 03/26/2032 | | | | | 2,310,000 | | | | 2,032,800 | | | | 0.17 | |
Ghana (Rep of), 8.625%, 04/07/2034 | | | | | 2,141,000 | | | | 1,894,314 | | | | 0.16 | |
Ghana (Rep of), 7.875%, 02/11/2035 | | | | | 1,038,000 | | | | 881,630 | | | | 0.07 | |
Ghana (Rep of), 8.875%, 05/07/2042 | | | | | 2,579,000 | | | | 2,255,207 | | | | 0.18 | |
Ghana (Rep of), 8.950%, 03/26/2051 | | | | | 2,895,000 | | | | 2,473,696 | | | | 0.20 | |
Ghana (Rep of), 8.750%, 03/11/2061 | | | | | 626,000 | | | | 526,213 | | | | 0.04 | |
Tullow Oil PLC, 10.250%, 05/15/2026 | | | | | 4,400,000 | | | | 4,635,400 | | | | 0.38 | |
| | | | | | | | | 16,057,680 | �� | | | 1.31 | |
Guatemala (Cost $3,350,142) | | | | | | | | | | | | | | |
Guatemala (Rep of), 5.375%, 04/24/2032 | | | | | 652,000 | | | | 729,588 | | | | 0.06 | |
Guatemala (Rep of), 4.650%, 10/07/20416 | | | | | 808,000 | | | | 823,756 | | | | 0.07 | |
See accompanying notes to the financial statements.
73
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Guatemala (continued) | | | | | | | | | | | | | | | | |
Guatemala (Rep of), 6.125%, 06/01/2050 | | | | | | | 1,465,000 | | | $ | 1,718,445 | | | | 0.14 | |
| | | | | | | | | | | 3,271,789 | | | | 0.27 | |
Hungary (Cost $12,367,311) | | | | | | | | | | | | | | | | |
Hungary (Rep of), 5.750%, 11/22/2023 | | | | | | | 1,850,000 | | | | 2,028,063 | | | | 0.17 | |
Hungary (Rep of), 5.375%, 03/25/2024 | | | | | | | 2,974,000 | | | | 3,271,400 | | | | 0.27 | |
Hungary (Rep of), 6.750%, 10/22/2028 | | | HUF | | | | 430,020,000 | | | | 1,646,442 | | | | 0.13 | |
Hungary (Rep of), 3.000%, 08/21/2030 | | | HUF | | | | 838,700,000 | | | | 2,549,943 | | | | 0.21 | |
Hungary (Rep of), 2.125%, 09/22/20316 | | | | | | | 1,154,000 | | | | 1,125,718 | | | | 0.09 | |
Hungary (Rep of), 3.125%, 09/21/20516 | | | | | | | 1,260,000 | | | | 1,225,705 | | | | 0.10 | |
| | | | | | | | | | | 11,847,271 | | | | 0.97 | |
India (Cost $19,697,915) | | | | | | | | | | | | | | | | |
Export-Import Bank of India, 4.000%, 01/14/2023 | | | | | | | 1,989,000 | | | | 2,054,816 | | | | 0.17 | |
Export-Import Bank of India, 3.375%, 08/05/2026 | | | | | | | 920,000 | | | | 967,844 | | | | 0.08 | |
Export-Import Bank of India, 2.250%, 01/13/2031 | | | | | | | 1,869,000 | | | | 1,743,275 | | | | 0.14 | |
Vedanta Resources Finance II PLC, 13.875%, 01/21/2024 | | | | | | | 2,975,000 | | | | 3,239,031 | | | | 0.26 | |
Vedanta Resources Finance II PLC, 8.950%, 03/11/2025 | | | | | | | 5,460,000 | | | | 5,541,900 | | | | 0.45 | |
Vedanta Resources Ltd., 6.375%, 07/30/2022 | | | | | | | 5,000,000 | | | | 4,960,000 | | | | 0.41 | |
Vedanta Resources Ltd., 6.125%, 08/09/2024 | | | | | | | 1,770,000 | | | | 1,611,585 | | | | 0.13 | |
| | | | | | | | | | | 20,118,451 | | | | 1.64 | |
Indonesia (Cost $74,852,770) | | | | | | | | | | | | | | | | |
Indonesia (Rep of), 8.375%, 03/15/2024 | | | IDR | | | | 58,797,000,000 | | | | 4,539,041 | | | | 0.37 | |
Indonesia (Rep of), 8.375%, 09/15/2026 | | | IDR | | | | 35,634,000,000 | | | | 2,854,191 | | | | 0.23 | |
Indonesia (Rep of), 7.000%, 05/15/2027 | | | IDR | | | | 47,273,000,000 | | | | 3,580,405 | | | | 0.29 | |
Indonesia (Rep of), 6.125%, 05/15/2028 | | | IDR | | | | 27,701,000,000 | | | | 2,002,946 | | | | 0.16 | |
Indonesia (Rep of), 8.250%, 05/15/2029 | | | IDR | | | | 40,683,000,000 | | | | 3,238,416 | | | | 0.27 | |
Indonesia (Rep of), 7.000%, 09/15/2030 | | | IDR | | | | 45,861,000,000 | | | | 3,414,030 | | | | 0.28 | |
Indonesia (Rep of), 7.750%, 04/15/2031 | | | IDR | | | | 27,305,000,000 | | | | 2,124,949 | | | | 0.17 | |
Indonesia (Rep of), 8.750%, 05/15/2031 | | | IDR | | | | 27,075,000,000 | | | | 2,241,753 | | | | 0.18 | |
Indonesia (Rep of), 6.625%, 05/15/2033 | | | IDR | | | | 46,487,000,000 | | | | 3,311,554 | | | | 0.27 | |
Indonesia (Rep of), 8.375%, 03/15/2034 | | | IDR | | | | 9,455,000,000 | | | | 755,758 | | | | 0.06 | |
Indonesia (Rep of), 7.500%, 06/15/2035 | | | IDR | | | | 30,328,000,000 | | | | 2,267,267 | | | | 0.19 | |
Indonesia (Rep of), 8.500%, 10/12/2035 | | | | | | | 1,467,000 | | | | 2,309,384 | | | | 0.19 | |
Indonesia (Rep of), 8.250%, 05/15/2036 | | | IDR | | | | 38,990,000,000 | | | | 3,097,494 | | | | 0.25 | |
Indonesia (Rep of), 6.625%, 02/17/2037 | | | | | | | 1,485,000 | | | | 2,038,278 | | | | 0.17 | |
Indonesia (Rep of), 7.750%, 01/17/2038 | | | | | | | 2,152,000 | | | | 3,225,758 | | | | 0.26 | |
Indonesia (Rep of), 7.500%, 05/15/2038 | | | IDR | | | | 8,539,000,000 | | | | 631,843 | | | | 0.05 | |
Indonesia (Rep of), 8.375%, 04/15/2039 | | | IDR | | | | 37,239,000,000 | | | | 2,972,517 | | | | 0.24 | |
Indonesia (Rep of), 5.250%, 01/17/2042 | | | | | | | 1,633,000 | | | | 2,010,068 | | | | 0.16 | |
Indonesia (Rep of), 5.125%, 01/15/2045 | | | | | | | 4,505,000 | | | | 5,494,703 | | | | 0.45 | |
Indonesia (Rep of), 5.950%, 01/08/2046 | | | | | | | 1,666,000 | | | | 2,265,244 | | | | 0.19 | |
Indonesia (Rep of), 5.250%, 01/08/2047 | | | | | | | 1,346,000 | | | | 1,698,383 | | | | 0.14 | |
Indonesia (Rep of), 4.750%, 07/18/2047 | | | | | | | 1,550,000 | | | | 1,846,639 | | | | 0.15 | |
Indonesia Asahan Aluminium Persero PT, 5.710%, 11/15/2023 | | | | | | | 1,821,000 | | | | 1,977,697 | | | | 0.16 | |
See accompanying notes to the financial statements.
74
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Indonesia (continued) | | | | | | | | | | | | | | | | |
Indonesia Asahan Aluminium Persero PT, 4.750%, 05/15/2025 | | | | | | | 776,000 | | | $ | 833,424 | | | | 0.07 | |
Indonesia Asahan Aluminium Persero PT, 5.450%, 05/15/2030 | | | | | | | 894,000 | | | | 1,021,958 | | | | 0.08 | |
Indonesia Asahan Aluminium Persero PT, 6.757%, 11/15/2048 | | | | | | | 3,389,000 | | | | 4,369,268 | | | | 0.36 | |
Indonesia Asahan Aluminium Persero PT, 5.800%, 05/15/2050 | | | | | | | 573,000 | | | | 670,410 | | | | 0.06 | |
Pertamina Persero PT, 6.000%, 05/03/2042 | | | | | | | 929,000 | | | | 1,140,792 | | | | 0.09 | |
Pertamina Persero PT, 6.450%, 05/30/2044 | | | | | | | 398,000 | | | | 520,765 | | | | 0.04 | |
Pertamina Persero PT, 6.500%, 11/07/2048 | | | | | | | 967,000 | | | | 1,280,559 | | | | 0.11 | |
Pertamina Persero PT, 4.175%, 01/21/2050 | | | | | | | 1,222,000 | | | | 1,247,311 | | | | 0.10 | |
Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/2025 | | | | | | | 617,000 | | | | 681,029 | | | | 0.06 | |
Perusahaan Penerbit SBSN Indonesia III, 4.550%, 03/29/2026 | | | | | | | 2,389,000 | | | | 2,683,635 | | | | 0.22 | |
Perusahaan Penerbit SBSN Indonesia III, 3.800%, 06/23/2050 | | | | | | | 498,000 | | | | 512,014 | | | | 0.04 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.500%, 11/22/2021 | | | | | | | 2,480,000 | | | | 2,479,603 | | | | 0.20 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 05/15/2047 | | | | | | | 988,000 | | | | 1,094,210 | | | | 0.09 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048 | | | | | | | 2,181,000 | | | | 2,692,030 | | | | 0.22 | |
| | | | | | | | | 81,125,326 | | | 6.62 | |
Iraq (Cost $1,023,799) | | | | | | | | | | | | | | | | |
Iraq (Rep of), 5.800%, 01/15/2028 | | | | | | | 1,067,625 | | | | 1,037,796 | | | | 0.08 | |
| | | | | | | | | | | 1,037,796 | | | | 0.08 | |
Ivory Coast (Cost $9,644,981) | | | | | | | | | | | | | | | | |
Ivory Coast (Rep of), 5.875%, 10/17/2031 | | | EUR | | | | 2,563,000 | | | | 3,072,749 | | | | 0.25 | |
Ivory Coast (Rep of), 4.875%, 01/30/2032 | | | EUR | | | | 2,205,000 | | | | 2,488,105 | | | | 0.20 | |
Ivory Coast (Rep of), 6.125%, 06/15/2033 | | | | | | | 250,000 | | | | 262,440 | | | | 0.02 | |
Ivory Coast (Rep of), 6.875%, 10/17/2040 | | | EUR | | | | 3,404,000 | | | | 4,125,794 | | | | 0.34 | |
| | | | | | | | | 9,949,088 | | | 0.81 | |
Jamaica (Cost $10,748,317) | | | | | | | | | | | | | | | | |
Digicel Group Holdings Ltd., 7.000%, 11/18/20215 | | | | | | | 1,206,126 | | | | 1,097,575 | | | | 0.09 | |
Digicel Group Holdings Ltd., 10.000%, 04/01/20245 | | | | | | | 5,172,800 | | | | 5,218,062 | | | | 0.43 | |
Digicel Group Holdings Ltd., 8.000%, 04/01/20255 | | | | | | | 4,078,912 | | | | 3,931,051 | | | | 0.32 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd., 8.750%, 05/25/2024 | | | | | | | 1,104,765 | | | | 1,146,194 | | | | 0.09 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd., 8.000%, 12/31/2026 | | | | | | | 1,014,589 | | | | 999,370 | | | | 0.08 | |
Jamaica (Rep of), 7.875%, 07/28/2045 | | | | | | | 1,750,000 | | | | 2,475,375 | | | | 0.20 | |
| | | | | | | | | 14,867,627 | | | 1.21 | |
Kazakhstan (Cost $16,499,561) | | | | | | | | | | | | | | | | |
Development Bank of Kazakhstan JSC, 4.125%, 12/10/2022 | | | | | | | 3,920,000 | | | | 4,043,464 | | | | 0.33 | |
Kazakhstan (Rep of), 6.500%, 07/21/2045 | | | | | | | 2,617,000 | | | | 3,768,637 | | | | 0.31 | |
Kazakhstan Temir Zholy Finance B.V., 6.950%, 07/10/2042 | | | | | | | 2,091,000 | | | | 2,826,865 | | | | 0.23 | |
KazMunayGas National Co. JSC, 5.375%, 04/24/2030 | | | | | | | 2,585,000 | | | | 3,027,914 | | | | 0.25 | |
KazMunayGas National Co. JSC, 3.500%, 04/14/2033 | | | | | | | 1,091,000 | | | | 1,128,378 | | | | 0.09 | |
See accompanying notes to the financial statements.
75
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Kazakhstan (continued) | | | | | | | | | | | | | | | | |
KazMunayGas National Co. JSC, 6.375%, 10/24/2048 | | | | | | | 2,238,000 | | | $ | 2,875,964 | | | | 0.23 | |
| | | | | | | | | | | 17,671,222 | | | | 1.44 | |
Kenya (Cost $3,550,509) | | | | | | | | | | | | | | | | |
Kenya (Rep of), 8.000%, 05/22/2032 | | | | | | | 1,790,000 | | | | 1,944,262 | | | | 0.16 | |
Kenya (Rep of), 6.300%, 01/23/2034 | | | | | | | 1,650,000 | | | | 1,606,176 | | | | 0.13 | |
| | | | | | | | | | | 3,550,438 | | | | 0.29 | |
Lebanon (Cost $34,191,474) | | | | | | | | | | | | | | | | |
Lebanon (Rep of), 6.375%, 03/09/20207,8 | | | | | | | 4,895,000 | | | | 735,229 | | | | 0.06 | |
Lebanon (Rep of), 5.800%, 04/14/20207,8 | | | | | | | 3,619,000 | | | | 543,574 | | | | 0.04 | |
Lebanon (Rep of), 6.150%, 06/19/20207,8 | | | | | | | 6,547,000 | | | | 983,359 | | | | 0.08 | |
Lebanon (Rep of), 8.250%, 04/12/20217,8 | | | | | | | 9,755,000 | | | | 1,465,201 | | | | 0.12 | |
Lebanon (Rep of), 6.100%, 10/04/20227 | | | | | | | 10,665,000 | | | | 1,601,883 | | | | 0.13 | |
Lebanon (Rep of), 6.000%, 01/27/20237 | | | | | | | 1,000 | | | | 150 | | | | — | |
Lebanon (Rep of), 6.600%, 11/27/20267 | | | | | | | 2,059,000 | | | | 308,850 | | | | 0.03 | |
Lebanon (Rep of), 6.850%, 03/23/20277 | | | | | | | 4,094,000 | | | | 614,100 | | | | 0.05 | |
Lebanon (Rep of), 7.000%, 03/23/20327 | | | | | | | 3,055,000 | | | | 458,250 | | | | 0.04 | |
Lebanon (Rep of), 7.050%, 11/02/20357 | | | | | | | 244,000 | | | | 36,356 | | | | — | |
Lebanon (Rep of), 7.250%, 03/23/20377 | | | | | | | 2,067,000 | | | | 327,082 | | | | 0.03 | |
| | | | | | | | | | | 7,074,034 | | | | 0.58 | |
Malaysia (Cost $24,769,053) | | | | | | | | | | | | | | | | |
Malaysia (Rep of), 3.757%, 04/20/2023 | | | MYR | | | | 13,454,000 | | | | 3,316,737 | | | | 0.27 | |
Malaysia (Rep of), 4.232%, 06/30/2031 | | | MYR | | | | 2,488,000 | | | | 624,578 | | | | 0.05 | |
Malaysia (Rep of), 3.828%, 07/05/2034 | | | MYR | | | | 11,861,000 | | | | 2,773,965 | | | | 0.23 | |
Malaysia (Rep of), 4.254%, 05/31/2035 | | | MYR | | | | 5,695,000 | | | | 1,401,429 | | | | 0.11 | |
Malaysia (Rep of), 4.893%, 06/08/2038 | | | MYR | | | | 1,707,000 | | | | 444,815 | | | | 0.04 | |
Malaysia (Rep of), 3.757%, 05/22/2040 | | | MYR | | | | 2,004,000 | | | | 455,297 | | | | 0.04 | |
Malaysia (Rep of), 4.935%, 09/30/2043 | | | MYR | | | | 747,000 | | | | 193,052 | | | | 0.02 | |
Malaysia (Rep of), 4.921%, 07/06/2048 | | | MYR | | | | 1,743,000 | | | | 446,892 | | | | 0.04 | |
Malaysia (Rep of), 4.065%, 06/15/2050 | | | MYR | | | | 4,456,000 | | | | 1,020,188 | | | | 0.08 | |
Petronas Capital Ltd., 2.480%, 01/28/2032 | | | | | | | 2,020,000 | | | | 1,996,186 | | | | 0.16 | |
Petronas Capital Ltd., 4.550%, 04/21/2050 | | | | | | | 4,598,000 | | | | 5,684,321 | | | | 0.46 | |
Petronas Capital Ltd., 4.800%, 04/21/2060 | | | | | | | 1,568,000 | | | | 2,050,230 | | | | 0.17 | |
Petronas Capital Ltd., 3.404%, 04/28/2061 | | | | | | | 3,160,000 | | | | 3,196,267 | | | | 0.26 | |
| | | | | | | | | | | 23,603,957 | | | | 1.93 | |
Mexico (Cost $75,661,361) | | | | | | | | | | | | | | | | |
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.470%), 7.500%, 06/27/20293 | | | | | | | 810,000 | | | | 886,950 | | | | 0.07 | |
Braskem Idesa S.A.P.I., 7.450%, 11/15/2029 | | | | | | | 5,255,000 | | | | 5,575,266 | | | | 0.46 | |
Braskem Idesa S.A.P.I., 6.990%, 02/20/20326 | | | | | | | 1,700,000 | | | | 1,740,111 | | | | 0.14 | |
Comision Federal de Electricidad, 4.875%, 01/15/2024 | | | | | | | 2,153,000 | | | | 2,295,658 | | | | 0.19 | |
Comision Federal de Electricidad, 8.180%, 12/23/2027 | | | MXN | | | | 24,850,000 | | | | 1,141,232 | | | | 0.09 | |
Comision Federal de Electricidad, 3.875%, 07/26/20336 | | | | | | | 1,806,000 | | | | 1,738,275 | | | | 0.14 | |
Comision Federal de Electricidad, 5.750%, 02/14/2042 | | | | | | | 2,817,000 | | | | 3,028,303 | | | | 0.25 | |
See accompanying notes to the financial statements.
76
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Mexico (continued) | | | | | | | | | | | | | | |
Mexican Bonos, 10.000%, 12/05/2024 | | MXN | | | 208,270,000 | | | $ | 10,923,958 | | | | 0.89 | |
Mexican Bonos, 8.500%, 11/18/2038 | | MXN | | | 68,790,000 | | | | 3,522,196 | | | | 0.29 | |
Mexico (Rep of), 2.659%, 05/24/2031 | | | | | 1,512,000 | | | | 1,459,231 | | | | 0.12 | |
Mexico (Rep of), 6.050%, 01/11/2040 | | | | | 978,000 | | | | 1,218,656 | | | | 0.10 | |
Mexico (Rep of), 4.750%, 03/08/2044 | | | | | 922,000 | | | | 1,007,451 | | | | 0.08 | |
Mexico (Rep of), 5.550%, 01/21/2045 | | | | | 1,724,000 | | | | 2,057,922 | | | | 0.17 | |
Mexico (Rep of), 3.771%, 05/24/2061 | | | | | 7,976,000 | | | | 7,343,902 | | | | 0.60 | |
Mexico (Rep of), 3.750%, 04/19/2071 | | | | | 4,640,000 | | | | 4,160,734 | | | | 0.34 | |
Mexico (Rep of), 5.750%, 10/12/2110 | | | | | 1,804,000 | | | | 2,085,785 | | | | 0.17 | |
Petroleos Mexicanos, 7.190%, 09/12/2024 | | MXN | | | 44,460,000 | | | | 2,055,652 | | | | 0.17 | |
Petroleos Mexicanos, 6.750%, 09/21/2047 | | | | | 8,036,000 | | | | 7,107,842 | | | | 0.58 | |
Petroleos Mexicanos, 6.350%, 02/12/2048 | | | | | 2,740,000 | | | | 2,335,850 | | | | 0.19 | |
Petroleos Mexicanos, 7.690%, 01/23/2050 | | | | | 8,094,000 | | | | 7,729,770 | | | | 0.63 | |
Petroleos Mexicanos, 6.950%, 01/28/2060 | | | | | 7,740,000 | | | | 6,865,070 | | | | 0.56 | |
| | | | | | | | | 76,279,814 | | | | 6.23 | |
Mongolia (Cost $3,483,236) | | | | | | | | | | | | | | |
Development Bank of Mongolia LLC, 7.250%, 10/23/2023 | | | | | 870,000 | | | | 922,284 | | | | 0.08 | |
Mongolia (Rep of), 5.625%, 05/01/2023 | | | | | 603,000 | | | | 628,580 | | | | 0.05 | |
Mongolia (Rep of), 5.125%, 04/07/2026 | | | | | 711,000 | | | | 737,417 | | | | 0.06 | |
Mongolia (Rep of), 4.450%, 07/07/2031 | | | | | 967,000 | | | | 922,246 | | | | 0.08 | |
Mongolian Mining Corp., 2.120%, 10/01/20215,11 | | | | | 992,986 | | | | 426,984 | | | | 0.03 | |
| | | | | | | | | 3,637,511 | | | | 0.30 | |
Morocco (Cost $4,118,075) | | | | | | | | | | | | | | |
Morocco (Rep of), 4.250%, 12/11/2022 | | | | | 2,285,000 | | | | 2,355,652 | | | | 0.19 | |
Morocco (Rep of), 5.500%, 12/11/2042 | | | | | 933,000 | | | | 1,032,029 | | | | 0.09 | |
Morocco (Rep of), 4.000%, 12/15/2050 | | | | | 810,000 | | | | 728,133 | | | | 0.06 | |
| | | | | | | | | 4,115,814 | | | | 0.34 | |
Nigeria (Cost $11,716,968) | | | | | | | | | | | | | | |
Nigeria (Rep of), 6.500%, 11/28/2027 | | | | | 1,326,000 | | | | 1,353,661 | | | | 0.11 | |
Nigeria (Rep of), 7.375%, 09/28/20336 | | | | | 2,913,000 | | | | 2,883,870 | | | | 0.24 | |
Nigeria (Rep of), 7.696%, 02/23/2038 | | | | | 2,033,000 | | | | 1,961,845 | | | | 0.16 | �� |
Nigeria (Rep of), 7.625%, 11/28/2047 | | | | | 2,280,000 | | | | 2,126,009 | | | | 0.17 | |
Nigeria (Rep of), 9.248%, 01/21/2049 | | | | | 1,080,000 | | | | 1,146,895 | | | | 0.09 | |
Nigeria (Rep of), 8.250%, 09/28/20516 | | | | | 2,047,000 | | | | 2,011,382 | | | | 0.17 | |
| | | | | | | | | 11,483,662 | | | | 0.94 | |
Oman (Cost $16,840,841) | | | | | | | | | | | | | | |
Oman (Rep of), 4.750%, 06/15/2026 | | | | | 1,096,000 | | | | 1,125,923 | | | | 0.09 | |
Oman (Rep of), 6.750%, 10/28/2027 | | | | | 1,564,000 | | | | 1,749,756 | | | | 0.14 | |
Oman (Rep of), 6.000%, 08/01/2029 | | | | | 1,692,000 | | | | 1,812,907 | | | | 0.15 | |
Oman (Rep of), 6.250%, 01/25/2031 | | | | | 850,000 | | | | 919,063 | | | | 0.07 | |
Oman (Rep of), 6.500%, 03/08/2047 | | | | | 7,277,000 | | | | 7,179,022 | | | | 0.59 | |
Oman (Rep of), 6.750%, 01/17/2048 | | | | | 3,044,000 | | | | 3,074,318 | | | | 0.25 | |
See accompanying notes to the financial statements.
77
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Oman (continued) | | | | | | | | | | | | | | |
Oman (Rep of), 7.000%, 01/25/2051 | | | | | 1,890,000 | | | $ | 1,968,511 | | | | 0.16 | |
| | | | | | | | | 17,829,500 | | | | 1.45 | |
| | | | |
Pakistan (Cost $20,932,500) | | | | | | | | | | | | | | |
Pakistan (Rep of), 8.250%, 04/15/20249 | | | | | 5,330,000 | | | | 5,689,775 | | | | 0.47 | |
Pakistan (Rep of), 8.250%, 09/30/2025 | | | | | 1,394,000 | | | | 1,514,233 | | | | 0.12 | |
Pakistan (Rep of), 6.875%, 12/05/2027 | | | | | 3,037,000 | | | | 3,102,089 | | | | 0.25 | |
Pakistan (Rep of), 7.375%, 04/08/2031 | | | | | 5,230,000 | | | | 5,308,345 | | | | 0.43 | |
Pakistan (Rep of), 8.875%, 04/08/2051 | | | | | 2,205,000 | | | | 2,214,834 | | | | 0.18 | |
Pakistan Water & Power Development Authority, 7.500%, 06/04/2031 | | | | | 1,561,000 | | | | 1,531,731 | | | | 0.13 | |
Third Pakistan International Sukuk (The) Co. Ltd., 5.625%, 12/05/2022 | | | | | 1,986,000 | | | | 2,030,161 | | | | 0.17 | |
| | | | | | | | | 21,391,168 | | | | 1.75 | |
Panama (Cost $12,952,996) | | | | | | | | | | | | | | |
Panama (Rep of), 4.000%, 09/22/2024 | | | | | 1,070,000 | | | | 1,140,973 | | | | 0.09 | |
Panama (Rep of), 7.125%, 01/29/2026 | | | | | 609,000 | | | | 739,716 | | | | 0.06 | |
Panama (Rep of), 8.875%, 09/30/2027 | | | | | 1,387,000 | | | | 1,883,310 | | | | 0.16 | |
Panama (Rep of), 9.375%, 04/01/2029 | | | | | 1,352,000 | | | | 1,958,088 | | | | 0.16 | |
Panama (Rep of), 6.700%, 01/26/2036 | | | | | 2,729,000 | | | | 3,640,514 | | | | 0.30 | |
Panama (Rep of), 4.500%, 05/15/2047 | | | | | 1,120,000 | | | | 1,238,451 | | | | 0.10 | |
Panama (Rep of), 4.300%, 04/29/2053 | | | | | 2,651,000 | | | | 2,840,255 | | | | 0.23 | |
| | | | | | | | | 13,441,307 | | | | 1.10 | |
Paraguay (Cost $2,878,471) | | | | | | | | | | | | | | |
Paraguay (Rep of), 4.700%, 03/27/2027 | | | | | 1,046,000 | | | | 1,150,600 | | | | 0.09 | |
Paraguay (Rep of), 5.400%, 03/30/2050 | | | | | 1,490,000 | | | | 1,679,975 | | | | 0.14 | |
| | | | | | | | | 2,830,575 | | | | 0.23 | |
Peru (Cost $34,802,662) | | | | | | | | | | | | | | |
Fondo MIVIVIENDA S.A., 7.000%, 02/14/2024 | | PEN | | | 5,140,000 | | | | 1,315,528 | | | | 0.11 | |
Peru (Rep of), 7.350%, 07/21/2025 | | | | | 2,964,000 | | | | 3,558,993 | | | | 0.29 | |
Peru (Rep of), 6.950%, 08/12/2031 | | PEN | | | 16,512,000 | | | | 4,472,661 | | | | 0.36 | |
Peru (Rep of), 8.750%, 11/21/2033 | | | | | 4,870,000 | | | | 7,544,117 | | | | 0.62 | |
Peru (Rep of), 5.400%, 08/12/2034 | | PEN | | | 10,341,000 | | | | 2,363,130 | | | | 0.19 | |
Peru (Rep of), 6.900%, 08/12/2037 | | PEN | | | 1,239,000 | | | | 314,027 | | | | 0.02 | |
Peru (Rep of), 5.350%, 08/12/2040 | | PEN | | | 4,659,000 | | | | 986,122 | | | | 0.08 | |
Peru (Rep of), 5.625%, 11/18/2050 | | | | | 2,391,000 | | | | 3,254,534 | | | | 0.27 | |
Peru (Rep of), 2.780%, 12/01/2060 | | | | | 3,003,000 | | | | 2,585,012 | | | | 0.21 | |
Peru (Rep of), 3.230%, 07/28/2121 | | | | | 1,006,000 | | | | 850,523 | | | | 0.07 | |
Peru LNG S.R.L., 5.375%, 03/22/2030 | | | | | 2,020,000 | | | | 1,711,697 | | | | 0.14 | |
Petroleos del Peru S.A., 5.625%, 06/19/20476 | | | | | 1,760,000 | | | | 1,786,400 | | | | 0.15 | |
Petroleos del Peru S.A., 5.625%, 06/19/2047 | | | | | 1,978,000 | | | | 2,007,670 | | | | 0.16 | |
| | | | | | | | | 32,750,414 | | | | 2.67 | |
Philippines (Cost $16,528,102) | | | | | | | | | | | | | | |
Philippines (Rep of), 3.900%, 11/26/2022 | | PHP | | | 35,000,000 | | | | 696,023 | | | | 0.06 | |
See accompanying notes to the financial statements.
78
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Philippines (continued) | | | | | | | | | | | | | | | | |
Philippines (Rep of), 10.625%, 03/16/2025 | | | | | | | 1,330,000 | | | $ | 1,731,230 | | | | 0.14 | |
Philippines (Rep of), 9.500%, 02/02/2030 | | | | | | | 2,862,000 | | | | 4,424,457 | | | | 0.36 | |
Philippines (Rep of), 7.750%, 01/14/2031 | | | | | | | 1,428,000 | | | | 2,051,811 | | | | 0.17 | |
Philippines (Rep of), 6.375%, 10/23/2034 | | | | | | | 2,058,000 | | | | 2,829,218 | | | | 0.23 | |
Philippines (Rep of), 6.250%, 01/14/2036 | | | PHP | | | | 58,000,000 | | | | 1,334,892 | | | | 0.11 | |
Philippines (Rep of), 3.950%, 01/20/2040 | | | | | | | 2,474,000 | | | | 2,737,903 | | | | 0.22 | |
Philippines (Rep of), 2.950%, 05/05/2045 | | | | | | | 991,000 | | | | 965,493 | | | | 0.08 | |
| | | | | | | | | | | 16,771,027 | | | | 1.37 | |
Qatar (Cost $19,976,857) | | | | | | | | | | | | | | | | |
Qatar (Rep of), 3.250%, 06/02/2026 | | | | | | | 3,817,000 | | | | 4,084,190 | | | | 0.33 | |
Qatar (Rep of), 4.817%, 03/14/2049 | | | | | | | 5,609,000 | | | | 7,210,930 | | | | 0.59 | |
Qatar (Rep of), 4.400%, 04/16/2050 | | | | | | | 1,130,000 | | | | 1,377,233 | | | | 0.11 | |
Qatar Energy, 3.125%, 07/12/2041 | | | | | | | 7,513,000 | | | | 7,582,060 | | | | 0.62 | |
| | | | | | | | | | | 20,254,413 | | | | 1.65 | |
Romania (Cost $24,560,542) | | | | | | | | | | | | | | | | |
Romania (Rep of), 6.750%, 02/07/2022 | | | | | | | 2,250,000 | | | | 2,284,700 | | | | 0.19 | |
Romania (Rep of), 4.375%, 08/22/2023 | | | | | | | 4,192,000 | | | | 4,433,082 | | | | 0.36 | |
Romania (Rep of), 5.800%, 07/26/2027 | | | RON | | | | 16,130,000 | | | | 3,974,711 | | | | 0.33 | |
Romania (Rep of), 3.624%, 05/26/2030 | | | EUR | | | | 1,150,000 | | | | 1,464,722 | | | | 0.12 | |
Romania (Rep of), 4.150%, 10/24/2030 | | | RON | | | | 6,725,000 | | | | 1,482,623 | | | | 0.12 | |
Romania (Rep of), 3.000%, 02/14/2031 | | | | | | | 700,000 | | | | 703,994 | | | | 0.06 | |
Romania (Rep of), 6.125%, 01/22/2044 | | | | | | | 558,000 | | | | 726,324 | | | | 0.06 | |
Romania (Rep of), 3.375%, 01/28/2050 | | | EUR | | | | 2,981,000 | | | | 3,346,962 | | | | 0.27 | |
Romania (Rep of), 4.000%, 02/14/2051 | | | | | | | 5,762,000 | | | | 5,795,996 | | | | 0.47 | |
| | | | | | | | | | | 24,213,114 | | | | 1.98 | |
Russian Federation (Cost $31,769,763) | | | | | | | | | | | | | | | | |
Russian Federal Bond - OFZ, 7.400%, 07/17/2024 | | | RUB | | | | 162,465,000 | | | | 2,243,943 | | | | 0.18 | |
Russian Federal Bond - OFZ, 7.150%, 11/12/2025 | | | RUB | | | | 86,768,000 | | | | 1,178,660 | | | | 0.10 | |
Russian Federal Bond - OFZ, 7.750%, 09/16/2026 | | | RUB | | | | 96,183,000 | | | | 1,332,771 | | | | 0.11 | |
Russian Federal Bond - OFZ, 7.950%, 10/07/2026 | | | RUB | | | | 71,230,000 | | | | 995,619 | | | | 0.08 | |
Russian Federal Bond - OFZ, 7.050%, 01/19/2028 | | | RUB | | | | 259,680,000 | | | | 3,469,176 | | | | 0.28 | |
Russian Federal Bond - OFZ, 6.900%, 05/23/2029 | | | RUB | | | | 397,610,000 | | | | 5,240,505 | | | | 0.43 | |
Russian Federal Bond - OFZ, 8.500%, 09/17/2031 | | | RUB | | | | 333,155,000 | | | | 4,846,472 | | | | 0.40 | |
Russian Federal Bond - OFZ, 7.250%, 05/10/2034 | | | RUB | | | | 44,033,000 | | | | 585,349 | | | | 0.05 | |
Russian Federal Bond - OFZ, 7.700%, 03/16/2039 | | | RUB | | | | 12,450,000 | | | | 171,005 | | | | 0.01 | |
Russian Foreign Bond - Eurobond, 4.250%, 06/23/2027 | | | | | | | 1,600,000 | | | | 1,772,445 | | | | 0.14 | |
Russian Foreign Bond - Eurobond, 4.375%, 03/21/2029 | | | | | | | 3,000,000 | | | | 3,380,760 | | | | 0.28 | |
Russian Foreign Bond - Eurobond, 5.250%, 06/23/2047 | | | | | | | 5,000,000 | | | | 6,364,500 | | | | 0.52 | |
| | | | | | | | | | | 31,581,205 | | | | 2.58 | |
Saudi Arabia (Cost $19,010,582) | | | | | | | | | | | | | | | | |
Saudi (Rep of), 4.625%, 10/04/2047 | | | | | | | 1,226,000 | | | | 1,442,082 | | | | 0.12 | |
Saudi (Rep of), 5.000%, 04/17/2049 | | | | | | | 4,411,000 | | | | 5,497,597 | | | | 0.45 | |
Saudi (Rep of), 5.250%, 01/16/20509 | | | | | | | 3,599,000 | | | | 4,659,280 | | | | 0.38 | |
See accompanying notes to the financial statements.
79
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Saudi Arabia (continued) | | | | | | | | | | | | | | |
Saudi (Rep of), 3.750%, 01/21/2055 | | | | | 3,057,000 | | | $ | 3,195,604 | | | | 0.26 | |
Saudi (Rep of), 4.500%, 04/22/2060 | | | | | 2,438,000 | | | | 2,913,898 | | | | 0.24 | |
Saudi (Rep of), 3.450%, 02/02/2061 | | | | | 2,010,000 | | | | 1,981,253 | | | | 0.16 | |
| | | | | | | | | 19,689,714 | | | | 1.61 | |
South Africa (Cost $50,089,052) | | | | | | | | | | | | | | |
Eskom Holdings SOC Ltd., 7.125%, 02/11/2025 | | | | | 819,000 | | | | 851,760 | | | | 0.07 | |
South Africa (Rep of), 5.875%, 05/30/2022 | | | | | 1,182,000 | | | | 1,215,108 | | | | 0.10 | |
South Africa (Rep of), 4.300%, 10/12/2028 | | | | | 4,729,000 | | | | 4,764,467 | | | | 0.39 | |
South Africa (Rep of), 8.000%, 01/31/2030 | | ZAR | | | 101,543,000 | | | | 6,032,086 | | | | 0.49 | |
South Africa (Rep of), 5.875%, 06/22/20309 | | | | | 957,000 | | | | 1,050,346 | | | | 0.09 | |
South Africa (Rep of), 8.250%, 03/31/2032 | | ZAR | | | 311,820,200 | | | | 17,892,727 | | | | 1.46 | |
South Africa (Rep of), 8.875%, 02/28/2035 | | ZAR | | | 47,859,000 | | | | 2,764,642 | | | | 0.22 | |
South Africa (Rep of), 8.500%, 01/31/2037 | | ZAR | | | 72,556,000 | | | | 3,951,986 | | | | 0.32 | |
South Africa (Rep of), 9.000%, 01/31/2040 | | ZAR | | | 29,264,000 | | | | 1,631,675 | | | | 0.13 | |
South Africa (Rep of), 8.750%, 01/31/2044 | | ZAR | | | 3,000 | | | | 162 | | | | — | |
South Africa (Rep of), 5.000%, 10/12/2046 | | | | | 867,000 | | | | 769,462 | | | | 0.06 | |
South Africa (Rep of), 5.650%, 09/27/2047 | | | | | 3,468,000 | | | | 3,282,115 | | | | 0.27 | |
South Africa (Rep of), 8.750%, 02/28/2048 | | ZAR | | | 7,000 | | | | 376 | | | | — | |
South Africa (Rep of), 5.750%, 09/30/2049 | | | | | 4,702,000 | | | | 4,485,614 | | | | 0.37 | |
| | | | | | | | | 48,692,526 | | | | 3.97 | |
Sri Lanka (Cost $5,721,419) | | | | | | | | | | | | | | |
Sri Lanka (Rep of), 6.750%, 04/18/2028 | | | | | 710,000 | | | | 442,678 | | | | 0.04 | |
Sri Lanka (Rep of), 7.850%, 03/14/2029 | | | | | 2,928,000 | | | | 1,836,764 | | | | 0.15 | |
Sri Lanka (Rep of), 7.550%, 03/28/2030 | | | | | 2,448,000 | | | | 1,525,985 | | | | 0.12 | |
| | | | | | | | | 3,805,427 | | | | 0.31 | |
Thailand (Cost $7,317,391) | | | | | | | | | | | | | | |
Thailand (Rep of), 1.585%, 12/17/2035 | | THB | | | 36,900,000 | | | | 995,205 | | | | 0.08 | |
Thailand (Rep of), 3.400%, 06/17/2036 | | THB | | | 49,121,000 | | | | 1,624,414 | | | | 0.13 | |
Thailand (Rep of), 3.300%, 06/17/2038 | | THB | | | 79,504,000 | | | | 2,605,322 | | | | 0.22 | |
Thailand (Rep of), 2.000%, 06/17/2042 | | THB | | | 44,923,000 | | | | 1,203,395 | | | | 0.10 | |
Thailand (Rep of), 2.875%, 06/17/2046 | | THB | | | 4,854,000 | | | | 148,969 | | | | 0.01 | |
Thailand (Rep of), 3.600%, 06/17/2067 | | THB | | | 18,378,000 | | | | 625,273 | | | | 0.05 | |
| | | | | | | | | 7,202,578 | | | | 0.59 | |
Turkey (Cost $27,417,542) | | | | | | | | | | | | | | |
Turkey (Rep of), 10.700%, 08/17/2022 | | TRY | | | 5,012,000 | | | | 498,643 | | | | 0.04 | |
Turkey (Rep of), 3.250%, 03/23/2023 | | | | | 1,300,000 | | | | 1,288,578 | | | | 0.11 | |
Turkey (Rep of), 7.250%, 12/23/2023 | | | | | 486,000 | | | | 513,455 | | | | 0.04 | |
Turkey (Rep of), 5.750%, 03/22/2024 | | | | | 1,930,000 | | | | 1,962,617 | | | | 0.16 | |
Turkey (Rep of), 6.350%, 08/10/2024 | | | | | 965,000 | | | | 992,020 | | | | 0.08 | |
Turkey (Rep of), 5.600%, 11/14/2024 | | | | | 958,000 | | | | 964,526 | | | | 0.08 | |
Turkey (Rep of), 4.250%, 03/13/2025 | | | | | 698,000 | | | | 672,127 | | | | 0.05 | |
Turkey (Rep of), 10.600%, 02/11/2026 | | TRY | | | 6,075,000 | | | | 485,924 | | | | 0.04 | |
Turkey (Rep of), 6.000%, 03/25/2027 | | | | | 1,242,000 | | | | 1,225,233 | | | | 0.10 | |
See accompanying notes to the financial statements.
80
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Turkey (continued) | | | | | | | | | | | | | | |
Turkey (Rep of), 10.500%, 08/11/2027 | | TRY | | | 5,956,000 | | | $ | 436,137 | | | | 0.04 | |
Turkey (Rep of), 6.125%, 10/24/2028 | | | | | 936,000 | | | | 916,812 | | | | 0.07 | |
Turkey (Rep of), 11.700%, 11/13/2030 | | TRY | | | 9,460,000 | | | | 676,979 | | | | 0.06 | |
Turkey (Rep of), 5.875%, 06/26/2031 | | | | | 3,886,000 | | | | 3,600,130 | | | | 0.29 | |
Turkey (Rep of), 6.500%, 09/20/2033 | | | | | 2,163,000 | | | | 2,054,850 | | | | 0.17 | |
Turkey (Rep of), 6.875%, 03/17/2036 | | | | | 880,000 | | | | 850,295 | | | | 0.07 | |
Turkey (Rep of), 6.000%, 01/14/2041 | | | | | 765,000 | | | | 659,660 | | | | 0.05 | |
Turkey (Rep of), 4.875%, 04/16/2043 | | | | | 4,212,000 | | | | 3,269,691 | | | | 0.27 | |
Turkey (Rep of), 5.750%, 05/11/2047 | | | | | 4,748,000 | | | | 3,905,230 | | | | 0.32 | |
| | | | | | | | | 24,972,907 | | | | 2.04 | |
Ukraine (Cost $36,342,060) | | | | | | | | | | | | | | |
Metinvest B.V., 7.650%, 10/01/2027 | | | | | 4,200,000 | | | | 4,605,300 | | | | 0.38 | |
Metinvest B.V., 7.750%, 10/17/2029 | | | | | 1,815,000 | | | | 1,973,268 | | | | 0.16 | |
Ukraine (Rep of), 17.250%, 01/05/2022 | | UAH | | | 5,208,000 | | | | 200,741 | | | | 0.02 | |
Ukraine (Rep of), 17.000%, 05/11/2022 | | UAH | | | 8,814,000 | | | | 345,259 | | | | 0.03 | |
Ukraine (Rep of), 7.750%, 09/01/2023 | | | | | 2,980,000 | | | | 3,173,765 | | | | 0.26 | |
Ukraine (Rep of), 8.994%, 02/01/2024 | | | | | 806,000 | | | | 880,555 | | | | 0.07 | |
Ukraine (Rep of), 7.750%, 09/01/2024 | | | | | 1,190,000 | | | | 1,282,239 | | | | 0.10 | |
Ukraine (Rep of), 15.840%, 02/26/2025 | | UAH | | | 35,105,000 | | | | 1,433,336 | | | | 0.12 | |
Ukraine (Rep of), 7.750%, 09/01/2025 | | | | | 3,089,000 | | | | 3,332,574 | | | | 0.27 | |
Ukraine (Rep of), 7.750%, 09/01/2026 | | | | | 2,843,000 | | | | 3,064,197 | | | | 0.25 | |
Ukraine (Rep of), 9.750%, 11/01/2028 | | | | | 2,255,000 | | | | 2,617,153 | | | | 0.21 | |
Ukraine (Rep of), 6.876%, 05/21/2029 | | | | | 2,052,000 | | | | 2,090,126 | | | | 0.17 | |
Ukraine (Rep of), 7.375%, 09/25/2032 | | | | | 10,801,000 | | | | 11,108,612 | | | | 0.91 | |
Ukraine (Rep of), 7.253%, 03/15/2033 | | | | | 2,669,000 | | | | 2,716,610 | | | | 0.22 | |
| | | | | | | | | 38,823,735 | | | | 3.17 | |
United Arab Emirates (Cost $11,040,492) | | | | | | | | | | | | | | |
Abu Dhabi (Gov’t of), 3.125%, 09/30/2049 | | | | | 3,280,000 | | | | 3,303,354 | | | | 0.27 | |
Abu Dhabi (Gov’t of), 3.875%, 04/16/2050 | | | | | 3,583,000 | | | | 4,110,632 | | | | 0.34 | |
DP World Crescent Ltd., 3.875%, 07/18/2029 | | | | | 1,491,000 | | | | 1,584,757 | | | | 0.13 | |
DP World Crescent Ltd., 3.750%, 01/30/2030 | | | | | 1,524,000 | | | | 1,608,125 | | | | 0.13 | |
| | | | | | | | | 10,606,868 | | | | 0.87 | |
Uruguay (Cost $24,952,310) | | | | | | | | | | | | | | |
Uruguay (Rep of), 8.500%, 03/15/2028 | | UYU | | | 46,011,000 | | | | 1,078,570 | | | | 0.09 | |
Uruguay (Rep of), 4.375%, 12/15/2028 | | UYU | | | 8,870,757 | | | | 520,644 | | | | 0.04 | |
Uruguay (Rep of), 8.250%, 05/21/2031 | | UYU | | | 155,806,464 | | | | 3,500,313 | | | | 0.29 | |
Uruguay (Rep of), 7.875%, 01/15/2033 | | | | | 2,586,000 | | | | 3,818,255 | | | | 0.31 | |
Uruguay (Rep of), 7.625%, 03/21/2036 | | | | | 2,214,000 | | | | 3,326,314 | | | | 0.27 | |
Uruguay (Rep of), 3.875%, 07/02/2040 | | UYU | | | 136,436,000 | | | | 3,848,516 | | | | 0.31 | |
Uruguay (Rep of), 4.125%, 11/20/2045 | | | | | 1,714,235 | | | | 2,016,489 | | | | 0.17 | |
Uruguay (Rep of), 5.100%, 06/18/2050 | | | | | 2,035,674 | | | | 2,649,287 | | | | 0.22 | |
Uruguay (Rep of), 4.975%, 04/20/2055 | | | | | 4,338,300 | | | | 5,551,028 | | | | 0.45 | |
| | | | | | | | | 26,309,416 | | | | 2.15 | |
See accompanying notes to the financial statements.
81
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Venezuela (Cost $49,980,027) | | | | | | | | | | | | | | |
Petroleos de Venezuela S.A., 8.500%, 10/27/20207,8 | | | | | 28,100,000 | | | $ | 7,544,850 | | | | 0.62 | |
Petroleos de Venezuela S.A., 9.000%, 11/17/20217 | | | | | 3,789,076 | | | | 189,454 | | | | 0.01 | |
Petroleos de Venezuela S.A., 12.750%, 02/17/20227 | | | | | 1,695,000 | | | | 84,818 | | | | 0.01 | |
Petroleos de Venezuela S.A., 5.375%, 04/12/20277 | | | | | 1,590,000 | | | | 79,500 | | | | 0.01 | |
Petroleos de Venezuela S.A., 9.750%, 05/17/20357 | | | | | 5,253,147 | | | | 262,657 | | | | 0.02 | |
Venezuela (Rep of), 7.750%, 10/13/20197,8 | | | | | 1,638,000 | | | | 157,739 | | | | 0.01 | |
Venezuela (Rep of), 12.750%, 08/23/20227 | | | | | 3,246,000 | | | | 312,590 | | | | 0.03 | |
Venezuela (Rep of), 9.000%, 05/07/20237 | | | | | 1,407,000 | | | | 135,494 | | | | 0.01 | |
Venezuela (Rep of), 8.250%, 10/13/20247 | | | | | 3,213,200 | | | | 309,431 | | | | 0.02 | |
Venezuela (Rep of), 11.750%, 10/21/20267 | | | | | 12,976,000 | | | | 1,249,589 | | | | 0.10 | |
Venezuela (Rep of), 9.250%, 09/15/20277 | | | | | 3,647,000 | | | | 351,206 | | | | 0.03 | |
Venezuela (Rep of), 9.250%, 05/07/20287 | | | | | 2,317,000 | | | | 223,127 | | | | 0.02 | |
Venezuela (Rep of), 11.950%, 08/05/20317 | | | | | 21,478,800 | | | | 2,068,409 | | | | 0.17 | |
| | | | | | | | | 12,968,864 | | | | 1.06 | |
Vietnam (Cost $2,755,091) | | | | | | | | | | | | | | |
Vietnam (Rep of), 4.800%, 11/19/2024 | | | | | 2,691,000 | | | | 2,952,713 | | | | 0.24 | |
| | | | | | | | | 2,952,713 | | | | 0.24 | |
Zambia (Cost $11,326,857) | | | | | | | | | | | | | | |
First Quantum Minerals Ltd., 7.250%, 04/01/2023 | | | | | 3,825,000 | | | | 3,894,615 | | | | 0.32 | |
First Quantum Minerals Ltd., 7.500%, 04/01/2025 | | | | | 5,000,000 | | | | 5,175,000 | | | | 0.42 | |
Zambia (Rep of), 8.970%, 07/30/2027 | | | | | 3,524,000 | | | | 2,761,089 | | | | 0.23 | |
| | | | | | | | | 11,830,704 | | | | 0.97 | |
| | | | |
Total Debt Securities (Cost $1,317,020,599) | | | | | | | | | 1,151,535,902 | | | | 94.00 | |
| | | | |
Bank Loans | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $6,459,375) | | | | | | | | | | | | | | |
Samarco Mineracao S.A., 0.930%, 09/09/20188,12 | | | | | 13,250,000 | | | | 7,950,000 | | | | 0.65 | |
| | | | | | | | | 7,950,000 | | | | 0.65 | |
| | | | |
Total Bank Loans (Cost $6,459,375) | | | | | | | | | 7,950,000 | | | | 0.65 | |
| | | | |
Credit Linked Notes | | | | | | | | | | | | | | |
| | | | |
Indonesia (Cost $8,051,478) | | | | | | | | | | | | | | |
Indonesia (Rep of), Issued by JPMorgan Chase Bank N.A., 7.500%, 08/17/20326 | | IDR | | | 52,371,000,000 | | | | 3,978,022 | | | | 0.32 | |
Indonesia (Rep of), Issued by Standard Chartered, 8.375%, 03/19/20246 | | IDR | | | 6,958,000,000 | | | | 537,147 | | | | 0.04 | |
Indonesia (Rep of), Issued by Standard Chartered, 8.125%, 05/17/20246 | | IDR | | | 5,702,000,000 | | | | 440,102 | | | | 0.04 | |
Indonesia (Rep of), Issued by Standard Chartered, 11.000%, 09/17/20256 | | IDR | | | 3,602,000,000 | | | | 308,563 | | | | 0.03 | |
Indonesia (Rep of), Issued by Standard Chartered, 7.000%, 05/24/20276 | | IDR | | | 10,298,000,000 | | | | 779,959 | | | | 0.06 | |
Indonesia (Rep of), Issued by Standard Chartered, 9.000%, 03/20/20296 | | IDR | | | 11,300,000,000 | | | | 933,626 | | | | 0.08 | |
See accompanying notes to the financial statements.
82
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Indonesia (continued) | | | | | | | | | | | | | | |
Indonesia (Rep of), Issued by Standard Chartered, 10.500%, 08/19/20306 | | IDR | | | 8,356,000,000 | | | $ | 760,938 | | | | 0.06 | |
Indonesia (Rep of), Issued by Standard Chartered, 8.375%, 03/17/20346 | | IDR | | | 13,035,000,000 | | | | 1,041,915 | | | | 0.09 | |
| | | | | | | | 8,780,272 | | | 0.72 | |
| | | | |
Total Credit Linked Notes (Cost $8,051,478) | | | | | | | | | 8,780,272 | | | | 0.72 | |
| | | | |
Total Investments in Securities (Cost $1,331,531,452) | | | | | | | | | 1,168,266,174 | | | | 95.37 | |
| | | | |
| | | Currency | | Principal Amount | | | Value | | | % of Net
Assets | |
Reverse Repurchase Agreements | | | | | | | | | | | | | | |
| | | | |
Barclays, 0.000%, Open Reverse Repurchase Agreement dated 08/23/2021, Perpetual | | | | | (795,425 | ) | | $ | (795,425 | ) | | | (0.06 | ) |
ING, 0.350%, Open Reverse Repurchase Agreement dated 08/23/2021 to be repurchased on 11/04/2021 | | | | | (4,183,200 | ) | | | (4,183,200 | ) | | | (0.34 | ) |
JP Morgan, 0.250%, Open Reverse Repurchase Agreement dated 10/06/2021, Perpetual | | | | | (453,742 | ) | | | (453,742 | ) | | | (0.04 | ) |
JP Morgan, 0.350%, Open Reverse Repurchase Agreement dated 10/07/2021, Perpetual | | | | | (981,240 | ) | | | (981,240 | ) | | | (0.08 | ) |
Total Reverse Repurchase Agreements | | | | | | | | | (6,413,607 | ) | | | (0.52 | ) |
| | | | |
Total Investments (Total Cost $1,325,117,845) | | | | | | | | | 1,161,852,567 | | | | 94.85 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | 63,116,133 | | | | 5.15 | |
| | | | |
Net Assets | | | | | | | | $ | 1,224,968,700 | | | | 100.00 | |
| 1 | Local currency is United States Dollars unless otherwise noted below. |
| 2 | Step coupon bond. Rate as of October 31, 2021 is disclosed. |
| 3 | Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
| 5 | Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis. |
| 6 | 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. |
| 7 | Issuer has defaulted on terms of debt obligation. |
| 8 | Maturity has been extended under the terms of a plan of reorganization. |
| 9 | All or a portion of security is held as collateral for reverse repurchase agreements. |
| 10 | Security has been deemed worthless and is a Level 3 investment. |
| 11 | Zero coupon bond – interest rate reflects effective yield on the date of purchase. |
| 12 | Security is a Level 3 investment. |
Percentages shown are based on net assets.
See accompanying notes to the financial statements.
83
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
At October 31, 2021, the Ashmore Emerging Markets Total Return Fund had outstanding forward foreign currency exchange contracts as follows:
| | | | | | | | | | | | | | | | | | |
| Settlement Date | | Counterparty | | Currency Buy | | Currency Buy Amount (Local Currency) | | | Currency Sell | | Currency Sell Amount
(Local Currency) | | | Unrealized
Gain/(Loss) | |
11/30/2021 | | Deutsche Bank | | Indian Rupee | | | 29,198,705 | | | United States Dollar | | | 387,590 | | | $ | 513 | |
12/02/2021 | | HSBC Bank | | Malaysian Ringgit | | | 2,057,733 | | | United States Dollar | | | 495,159 | | | | 1,075 | |
12/02/2021 | | Credit Suisse | | United States Dollar | | | 8,000,716 | | | Colombian Peso | | | 30,325,913,164 | | | | 1,134 | |
12/02/2021 | | Barclays | | United States Dollar | | | 689,390 | | | Singapore Dollar | | | 926,423 | | | | 2,479 | |
12/10/2021 | | Standard Chartered | | Thai Baht | | | 44,041,479 | | | United States Dollar | | | 1,323,000 | | | | 3,551 | |
12/10/2021 | | UBS | | United States Dollar | | | 502,077 | | | Romanian Leu | | | 2,138,445 | | | | 3,559 | |
12/15/2021 | | Deutsche Bank | | United States Dollar | | | 16,440,106 | | | Euro | | | 14,213,358 | | | | 4,068 | |
12/15/2021 | | BNP Paribas | | United States Dollar | | | 1,072,571 | | | Mexican Peso | | | 22,330,148 | | | | 4,015 | |
01/12/2022 | | Standard Chartered | | Malaysian Ringgit | | | 7,743,000 | | | United States Dollar | | | 1,854,896 | | | | 7,721 | |
01/12/2022 | | HSBC Bank | | Thai Baht | | | 46,786,395 | | | United States Dollar | | | 1,401,000 | | | | 8,568 | |
01/12/2022 | | Credit Suisse | | United States Dollar | | | 2,790,000 | | | Brazilian Real | | | 15,820,137 | | | | 4,977 | |
01/12/2022 | | Deutsche Bank | | United States Dollar | | | 1,329,281 | | | Indonesian Rupiah | | | 19,012,700,000 | | | | 7,594 | |
01/31/2022 | | Merrill Lynch | | Chilean Peso | | | 4,206,008,708 | | | United States Dollar | | | 5,052,263 | | | | 59,590 | |
01/31/2022 | | Barclays | | Chinese Offshore Yuan | | | 52,238,800 | | | United States Dollar | | | 8,027,846 | | | | 118,565 | |
01/31/2022 | | Deutsche Bank | | Hungarian Forint | | | 1,843,043,276 | | | United States Dollar | | | 5,860,365 | | | | 25,163 | |
01/31/2022 | | Merrill Lynch | | Israeli Shekel | | | 11,990,515 | | | United States Dollar | | | 3,718,162 | | | | 71,568 | |
01/31/2022 | | Standard Chartered | | Philippine Peso | | | 209,414,638 | | | United States Dollar | | | 4,086,618 | | | | 31,875 | |
01/31/2022 | | Merrill Lynch | | Russian Ruble | | | 286,046,828 | | | United States Dollar | | | 3,855,250 | | | | 153,332 | |
01/31/2022 | | Barclays | | Thai Baht | | | 121,340,000 | | | United States Dollar | | | 3,629,131 | | | | 26,473 | |
01/31/2022 | | Deutsche Bank | | Thai Baht | | | 505,596,321 | | | United States Dollar | | | 15,188,015 | | | | 42,404 | |
01/31/2022 | | Merrill Lynch | | Thai Baht | | | 93,476,291 | | | United States Dollar | | | 2,794,341 | | | | 21,889 | |
01/31/2022 | | Standard Chartered | | Thai Baht | | | 128,920,000 | | | United States Dollar | | | 3,854,595 | | | | 29,371 | |
01/31/2022 | | Credit Suisse | | United States Dollar | | | 3,834,800 | | | Brazilian Real | | | 21,206,061 | | | | 79,639 | |
01/31/2022 | | Deutsche Bank | | United States Dollar | | | 5,870,200 | | | Brazilian Real | | | 32,713,958 | | | | 97,166 | |
01/31/2022 | | Deutsche Bank | | United States Dollar | | | 4,192,554 | | | Chinese Offshore Yuan | | | 26,790,000 | | | | 14,771 | |
01/31/2022 | | BNP Paribas | | United States Dollar | | | 702,660 | | | Indian Rupee | | | 51,804,311 | | | | 14,089 | |
01/31/2022 | | Barclays | | United States Dollar | | | 2,541,331 | | | Mexican Peso | | | 52,407,336 | | | | 33,505 | |
01/31/2022 | | Barclays | | United States Dollar | | | 2,720,710 | | | Russian Ruble | | | 190,101,721 | | | | 56,676 | |
01/31/2022 | | Barclays | | United States Dollar | | | 6,906,256 | | | South African Rand | | | 105,332,835 | | | | 76,151 | |
02/09/2022 | | ANZ | | Singapore Dollar | | | 29,024,284 | | | United States Dollar | | | 21,348,056 | | | | 172,455 | |
02/09/2022 | | HSBC Bank | | United States Dollar | | | 50,704,860 | | | Chinese Offshore Yuan | | | 324,029,408 | | | | 173,901 | |
02/10/2022 | | HSBC Bank | | Chinese Offshore Yuan | | | 60,838,521 | | | United States Dollar | | | 9,306,938 | | | | 180,562 | |
02/10/2022 | | Deutsche Bank | | United States Dollar | | | 5,255,000 | | | Brazilian Real | | | 28,639,750 | | | | 183,483 | |
02/10/2022 | | Barclays | | United States Dollar | | | 5,723,305 | | | South African Rand | | | 85,627,507 | | | | 191,563 | |
02/28/2022 | | BNP Paribas | | Chinese Offshore Yuan | | | 398,813,694 | | | United States Dollar | | | 61,257,940 | | | | 935,299 | |
02/28/2022 | | Deutsche Bank | | Korean Won | | | 29,993,568,007 | | | United States Dollar | | | 25,270,297 | | | | 224,056 | |
02/28/2022 | | Barclays | | Russian Ruble | | | 902,983,883 | | | United States Dollar | | | 12,035,372 | | | | 450,262 | |
02/28/2022 | | Merrill Lynch | | Russian Ruble | | | 902,983,883 | | | United States Dollar | | | 12,258,476 | | | | 395,694 | |
02/28/2022 | | BNP Paribas | | United States Dollar | | | 44,792,665 | | | Brazilian Real | | | 250,131,202 | | | | 758,832 | |
See accompanying notes to the financial statements.
84
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | | | |
| Settlement Date | | Counterparty | | Currency Buy | | Currency Buy Amount
(Local Currency) | | | Currency Sell | | Currency Sell Amount
(Local Currency) | | | Unrealized
Gain/
(Loss) | |
02/28/2022 | | JP Morgan | | United States Dollar | | | 35,128,875 | | | Brazilian Real | | | 188,554,236 | | | | $ 1,739,759 | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Subtotal Appreciation | | | | | | | | | | | | | | | 6,407,347 | |
| | | | | | | | | | | | | | | | | | |
11/03/2021 | | BNP Paribas | | Brazilian Real | | | 250,131,202 | | | United States Dollar | | | 45,032,172 | | | | (739,030 | ) |
11/03/2021 | | Barclays | | Czech Koruna | | | 231,740,043 | | | United States Dollar | | | 10,647,616 | | | | (226,465 | ) |
11/03/2021 | | BNP Paribas | | Hungarian Forint | | | 2,754,434,317 | | | United States Dollar | | | 9,282,628 | | | | (469,813 | ) |
11/03/2021 | | BNP Paribas | | Mexican Peso | | | 660,028,280 | | | United States Dollar | | | 31,788,676 | | | | (204,619 | ) |
11/03/2021 | | Barclays | | Taiwan Dollar | | | 478,967,023 | | | United States Dollar | | | 17,439,178 | | | | (194,833 | ) |
11/03/2021 | | Merrill Lynch | | Turkish Lira | | | 61,053,954 | | | United States Dollar | | | 6,791,319 | | | | (531,269 | ) |
11/10/2021 | | HSBC Bank | | Chinese Offshore Yuan | | | 324,029,408 | | | United States Dollar | | | 50,323,721 | | | | (194,761 | ) |
11/10/2021 | | HSBC Bank | | Czech Koruna | | | 152,476,741 | | | United States Dollar | | | 7,021,886 | | | | (180,740 | ) |
11/10/2021 | | Merrill Lynch | | Czech Koruna | | | 257,084,607 | | | United States Dollar | | | 11,612,033 | | | | (100,189 | ) |
11/10/2021 | | BNP Paribas | | Polish Zloty | | | 39,176,985 | | | United States Dollar | | | 9,929,410 | | | | (132,806 | ) |
11/10/2021 | | Deutsche Bank | | Polish Zloty | | | 71,175,750 | | | United States Dollar | | | 17,949,370 | | | | (175,279 | ) |
11/10/2021 | | HSBC Bank | | Polish Zloty | | | 39,176,985 | | | United States Dollar | | | 9,977,635 | | | | (181,031 | ) |
11/10/2021 | | Merrill Lynch | | Romanian Leu | | | 31,180,897 | | | United States Dollar | | | 7,399,359 | | | | (130,408 | ) |
11/10/2021 | | Barclays | | Turkish Lira | | | 59,118,310 | | | United States Dollar | | | 6,149,759 | | | | (88,177 | ) |
11/10/2021 | | Barclays | | United States Dollar | | | 5,275,000 | | | Chinese Offshore Yuan | | | 34,488,361 | | | | (103,308 | ) |
11/10/2021 | | BNP Paribas | | United States Dollar | | | 6,018,000 | | | Chinese Offshore Yuan | | | 39,382,093 | | | | (123,464 | ) |
11/10/2021 | | HSBC Bank | | United States Dollar | | | 6,007,000 | | | Chinese Offshore Yuan | | | 39,306,504 | | | | (122,676 | ) |
11/10/2021 | | State Street | | United States Dollar | | | 3,090,920 | | | Chinese Offshore Yuan | | | 20,224,800 | | | | (63,049 | ) |
11/17/2021 | | Merrill Lynch | | Indian Rupee | | | 1,579,257,439 | | | United States Dollar | | | 21,030,828 | | | | (39,694 | ) |
11/17/2021 | | Merrill Lynch | | Peruvian Nuevo Sol | | | 18,616,198 | | | United States Dollar | | | 4,693,356 | | | | (47,898 | ) |
11/17/2021 | | Deutsche Bank | | United States Dollar | | | 5,765,000 | | | Chilean Peso | | | 4,769,961,000 | | | | (32,263 | ) |
11/29/2021 | | HSBC Bank | | United States Dollar | | | 2,059,320 | | | Chinese Offshore Yuan | | | 13,371,995 | | | | (25,984 | ) |
11/30/2021 | | Deutsche Bank | | Brazilian Real | | | 1,746,459 | | | United States Dollar | | | 316,590 | | | | (7,328 | ) |
11/30/2021 | | Deutsche Bank | | Chinese Offshore Yuan | | | 26,790,000 | | | United States Dollar | | | 4,161,166 | | | | (16,619 | ) |
11/30/2021 | | HSBC Bank | | Euro | | | 1,200,000 | | | United States Dollar | | | 1,396,606 | | | | (8,951 | ) |
11/30/2021 | | UBS | | Euro | | | 235,048 | | | United States Dollar | | | 272,961 | | | | (1,156 | ) |
11/30/2021 | | Deutsche Bank | | Indonesian Rupiah | | | 66,746,070,000 | | | United States Dollar | | | 4,682,565 | | | | (21,877 | ) |
11/30/2021 | | Standard Chartered | | Indonesian Rupiah | | | 37,933,487,955 | | | United States Dollar | | | 2,658,827 | | | | (18,922 | ) |
11/30/2021 | | Barclays | | South African Rand | | | 46,989,520 | | | United States Dollar | | | 3,072,172 | | | | (25,227 | ) |
11/30/2021 | | Standard Chartered | | South African Rand | | | 12,862,700 | | | United States Dollar | | | 835,003 | | | | (4,042 | ) |
11/30/2021 | | Standard Chartered | | United States Dollar | | | 2,216,000 | | | Chinese Offshore Yuan | | | 14,297,854 | | | | (13,687 | ) |
11/30/2021 | | HSBC Bank | | United States Dollar | | | 1,305,780 | | | Indonesian Rupiah | | | 19,012,700,000 | | | | (32,999 | ) |
11/30/2021 | | JP Morgan | | United States Dollar | | | 3,709,247 | | | Indonesian Rupiah | | | 53,652,804,353 | | | | (37,476 | ) |
11/30/2021 | | Standard Chartered | | United States Dollar | | | 541,770 | | | Singapore Dollar | | | 738,675 | | | | (5,932 | ) |
01/31/2022 | | BNP Paribas | | Russian Ruble | | | 36,259,800 | | | United States Dollar | | | 503,380 | | | | (2,013 | ) |
02/28/2022 | | Barclays | | Russian Ruble | | | 484,030,858 | | | United States Dollar | | | 6,683,017 | | | | (32,190 | ) |
02/28/2022 | | Deutsche Bank | | Russian Ruble | | | 644,764,342 | | | United States Dollar | | | 8,956,615 | | | | (97,230 | ) |
02/28/2022 | | HSBC Bank | | Russian Ruble | | | 644,764,342 | | | United States Dollar | | | 8,979,442 | | | | (120,057 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Subtotal Depreciation | | | | | | | | | | | | | | | (4,553,462 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
Total | | | | | | | | | | | | | | | | | $ 1,853,885 | |
| | | | | | | | | | | | | | | | | | |
See accompanying notes to the financial statements.
85
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
At October 31, 2021, the Ashmore Emerging Markets Total Return Fund had the following centrally cleared swap contracts outstanding:
| | | | | | | | | | | | | | | | | | | | |
Pay Rate Index/
Pay Rate | | Receive Rate/
Receive Rate
Index | | Notional
Amount | | | Expiration
Date | | Fair Value/
Unrealized
Appreciation
(Depreciation)** | | Variation
Margin
Receivable
(Payable) | | Counterparty | |
Brazil CETIP Interbank Deposit Rate (Pay at Maturity) | | 10.950% (Receive at Maturity) | | | BRL | | | | 83,521,119 | | | 1/2/2025 | | $(418,433) | | $155,023 | | | BNP Paribas | |
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | | 2.580% (Receive Quarterly) | | | CNY | | | | 39,814,000 | | | 3/18/2025 | | 10,284 | | (1,287) | | | JP Morgan | |
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | | 2.582% (Receive Quarterly) | | | CNY | | | | 20,884,000 | | | 3/18/2025 | | 5,567 | | (675) | | | HSBC Bank | |
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | | 2.575% (Receive Quarterly) | | | CNY | | | | 41,598,000 | | | 3/18/2025 | | 9,667 | | (1,345) | | | JP Morgan | |
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | | 2.325% (Receive Quarterly) | | | CNY | | | | 93,220,000 | | | 9/16/2025 | | (133,529) | | (3,398) | | | Merrill Lynch | |
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | | 2.535% (Receive Quarterly) | | | CNY | | | | 19,040,000 | | | 9/16/2025 | | (3,684) | | (695) | | | Merrill Lynch | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $(530,128) | | $147,623 | | | | |
| | | | | | | | | | | | | | | | | | | | |
**Includes cumulative appreciation/depreciation on centrally cleared swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
See accompanying notes to the financial statements.
86
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Total Return Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2021:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Debt Securities | | | | | | | | | | | | | | | | |
Corporate Bonds | | | $— | | | $ | 233,894,529 | | | $ | — | | | $ | 233,894,529 | |
Corporate Convertible Bonds | | | — | | | | 886,950 | | | | — | | | | 886,950 | |
Financial Certificates | | | — | | | | 1,608,125 | | | | — | | | | 1,608,125 | |
Government Agencies | | | — | | | | 58,960,591 | | | | — | | | | 58,960,591 | |
Government Bonds | | | — | | | | 840,483,635 | | | | — | | | | 840,483,635 | |
Index Linked Government Bonds | | | — | | | | 7,708,460 | | | | — | | | | 7,708,460 | |
Short Term Bills and Notes | | | — | | | | 7,993,612 | | | | — | | | | 7,993,612 | |
Total Debt Securities | | | — | | | | 1,151,535,902 | | | | — | | | | 1,151,535,902 | |
| | | | | | | | | | | | | | | | |
Bank Loans | | | | | | | | | | | | | | | | |
Brazil | | | — | | | | — | | | | 7,950,000 | | | | 7,950,000 | |
Credit Linked Notes | | | | | | | | | | | | | | | | |
Indonesia | | | — | | | | 8,780,272 | | | | — | | | | 8,780,272 | |
| |
Total Investments | | | $— | | | $ | 1,160,316,174 | | | $ | 7,950,000 | | | $ | 1,168,266,174 | |
| |
| | | | |
Investments | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Reverse Repurchase Agreements | | | — | | | | (6,413,607 | ) | | | — | | | | (6,413,607 | ) |
| |
Total Investments | | | $— | | | $ | (6,413,607 | ) | | $ | — | | | $ | (6,413,607 | ) |
| |
| | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | $— | | | $ | 6,407,347 | | | | $— | | | $ | 6,407,347 | |
Centrally Cleared Swap Contracts† | | | — | | | | 25,518 | | | | — | | | | 25,518 | |
Liabilities: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | — | | | | (4,553,462 | ) | | | — | | | | (4,553,462 | ) |
Centrally Cleared Swap Contracts† | | | — | | | | (555,646 | ) | | | — | | | | (555,646 | ) |
| |
Total Other Financial Instruments | | | $— | | | $ | 1,323,757 | | | | $— | | | $ | 1,323,757 | |
| |
† Includes cumulative appreciation/depreciation on centrally cleared swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
See accompanying notes to the financial statements.
87
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended October 31, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Category and
Subcategory | | Beginning
Balance at
10/31/2020 | | Accrued
Discounts (Premiums) | | Purchases | | Sales | | Realized
Gains
(Losses) | | Change in
Unrealized
Appreciation (Depreciation) | | Transfers
into
Level 3 | | Transfers out of
Level 3 | | Ending
Balance
at 10/31/2021 | | Change in
Unrealized
Appreciation (Depreciation)
from Investments
still held
10/31/2021 |
| | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bank Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Brazil | | | $ | 5,962,500 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 1,987,500 | | | | $ | — | | | | $ | — | | | | $ | 7,950,000 | | | | $ | 1,987,500 | |
Ukraine | | | | 11,952,243 | | | | | 54,712 | | | | | 4,947,599 | | | | | (17,020,572 | ) | | | | 181,887 | | | | | (115,869 | ) | | | | — | | | | | — | | | | | — | | | | | — | |
Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Russian Federation | | | | 23,119 | | | | | — | | | | | — | | | | | (42,035 | ) | | | | (88,273 | ) | | | | 107,189 | | | | | — | | | | | — | | | | | — | | | | | — | |
| | | | | | | | | | |
Total | | | $ | 17,937,862 | | | | $ | 54,712 | | | | $ | 4,947,599 | | | | $ | (17,062,607 | ) | | | $ | 93,614 | | | | $ | 1,978,820 | | | | $ | — | | | | $ | — | | | | $ | 7,950,000 | | | | $ | 1,987,500 | |
The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at October 31, 2021:
| | | | | | |
Quantitative Information about Level 3 Fair Value Measurements |
| | | |
| | | Fair Value at | | Valuation | | Unobservable |
| | | 10/31/2021 | | Technique | | Input |
Bank Loans | | $7,950,000 | | Broker Quote | | Inputs to broker model |
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2021:
| | | | | | | | |
| | | Derivatives Not Accounted for as | |
| | | Hedging Instruments | |
| | | Foreign | | | Interest | |
| | | Exchange Risk | | | Rate Risk | |
| |
Assets: | | | | | | | | |
Unrealized Appreciation on Centrally Cleared Swap Contracts | | $ | — | | | $ | 25,518 | † |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | 6,407,347 | | | | — | |
| | | | |
| | $ | 6,407,347 | | | $ | 25,518 | |
| | | | |
Liabilities: | | | | | | | | |
Unrealized Depreciation on Centrally Cleared Swap Contracts | | $ | — | | | $ | (555,646 | )† |
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | | (4,553,462 | ) | | | — | |
| | | | |
| | $ | (4,553,462 | ) | | $ | (555,646 | ) |
| | | | |
| † | Includes cumulative appreciation/depreciation on centrally cleared swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities. |
See accompanying notes to the financial statements.
88
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2021:
| | | | | | | | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments |
| | | Foreign
Exchange Risk | | Interest Rate Risk |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | | | | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | | | $11,582,615 | | | | $ | — | |
Net Realized Loss on Interest Rate Swap Contracts | | | | — | | | | | (521,735 | ) |
| | | | | |
| | | | $11,582,615 | | | | $ | (521,735 | ) |
| | | | | |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | | | | | | | | | |
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | | $ 2,235,371 | | | | $ | — | |
Net Change in Unrealized Depreciation on Interest Rate Swap Contracts | | | | — | | | | | (512,209 | ) |
| | | | | |
| | | | $ 2,235,371 | | | | $ | (512,209 | ) |
| | | | | |
*See note 10 in the Notes to the Financial Statements for the additional information.
See accompanying notes to the financial statements.
89
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Debt Securities | | | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $1,779,679) | | | | | | | | | | | | | | | | |
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20232 | | | BRL | | | | 3,000,000 | | | $ | 436,926 | | | | 5.51 | |
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20242 | | | BRL | | | | 1,900,000 | | | | 261,100 | | | | 3.30 | |
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20252 | | | BRL | | | | 1,000,000 | | | | 122,257 | | | | 1.54 | |
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2023 | | | BRL | | | | 336,000 | | | | 58,029 | | | | 0.73 | |
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2025 | | | BRL | | | | 1,176,000 | | | | 196,848 | | | | 2.48 | |
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027 | | | BRL | | | | 749,000 | | | | 121,993 | | | | 1.54 | |
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029 | | | BRL | | | | 750,000 | | | | 120,518 | | | | 1.52 | |
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2031 | | | BRL | | | | 420,000 | | | | 65,798 | | | | 0.83 | |
| | | | | | | | | | | 1,383,469 | | | | 17.45 | |
| | | | |
Chile (Cost $155,315) | | | | | | | | | | | | | | | | |
Bonos de la Tesoreria de la Republica, 1.500%, 03/01/2026 | | | CLP | | | | 1,000 | | | | 36,444 | | | | 0.46 | |
Bonos de la Tesoreria de la Republica, 1.900%, 09/01/2030 | | | CLP | | | | 500 | | | | 17,755 | | | | 0.22 | |
Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/20283 | | | CLP | | | | 60,000,000 | | | | 69,600 | | | | 0.88 | |
| | | | | | | | | | | 123,799 | | | | 1.56 | |
| | | | |
China (Cost $352,625) | | | | | | | | | | | | | | | | |
China (Rep of), 1.990%, 04/09/2025 | | | CNY | | | | 700,000 | | | | 106,584 | | | | 1.34 | |
China (Rep of), 2.850%, 06/04/2027 | | | CNY | | | | 710,000 | | | | 110,628 | | | | 1.40 | |
China (Rep of), 2.680%, 05/21/2030 | | | CNY | | | | 410,000 | | | | 62,131 | | | | 0.78 | |
China (Rep of), 3.720%, 04/12/2051 | | | CNY | | | | 620,000 | | | | 100,646 | | | | 1.27 | |
| | | | | | | | | | | 379,989 | | | | 4.79 | |
| | | | |
Colombia (Cost $410,717) | | | | | | | | | | | | | | | | |
Colombian TES, 6.250%, 11/26/2025 | | | COP | | | | 427,500,000 | | | | 111,033 | | | | 1.40 | |
Colombian TES, 7.500%, 08/26/2026 | | | COP | | | | 30,000,000 | | | | 8,068 | | | | 0.10 | |
Colombian TES, 3.300%, 03/17/2027 | | | COP | | | | 615,000 | | | | 48,356 | | | | 0.61 | |
Colombian TES, 5.750%, 11/03/2027 | | | COP | | | | 65,500,000 | | | | 15,970 | | | | 0.20 | |
Colombian TES, 6.000%, 04/28/2028 | | | COP | | | | 106,700,000 | | | | 26,001 | | | | 0.33 | |
Colombian TES, 7.750%, 09/18/2030 | | | COP | | | | 183,600,000 | | | | 48,583 | | | | 0.61 | |
Colombian TES, 7.000%, 03/26/2031 | | | COP | | | | 85,100,000 | | | | 21,044 | | | | 0.27 | |
Colombian TES, 7.000%, 06/30/2032 | | | COP | | | | 143,600,000 | | | | 35,153 | | | | 0.44 | |
Colombian TES, 3.000%, 03/25/2033 | | | COP | | | | 243,000 | | | | 17,070 | | | | 0.22 | |
Colombian TES, 7.250%, 10/18/2034 | | | COP | | | | 30,500,000 | | | | 7,485 | | | | 0.10 | |
Colombian TES, 6.250%, 07/09/2036 | | | COP | | | | 36,200,000 | | | | 7,913 | | | | 0.10 | |
Colombian TES, 7.250%, 10/26/2050 | | | COP | | | | 32,600,000 | | | | 7,405 | | | | 0.09 | |
| | | | | | | | | | | 354,081 | | | | 4.47 | |
| | | | |
Czech Republic (Cost $152,562) | | | | | | | | | | | | | | | | |
Czech (Rep of), 2.500%, 08/25/2028 | | | CZK | | | | 780,000 | | | | 34,472 | | | | 0.44 | |
Czech (Rep of), 2.750%, 07/23/2029 | | | CZK | | | | 660,000 | | | | 29,656 | | | | 0.37 | |
See accompanying notes to the financial statements.
90
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Czech Republic (continued) | | | | | | | | | | | | | | | | |
Czech (Rep of), 0.950%, 05/15/2030 | | | CZK | | | | 30,000 | | | $ | 1,170 | | | | 0.01 | |
Czech (Rep of), 2.000%, 10/13/2033 | | | CZK | | | | 1,870,000 | | | | 78,256 | | | | 0.99 | |
| | | | | | | | | | | 143,554 | | | | 1.81 | |
| | | | |
Egypt (Cost $185,546) | | | | | | | | | | | | | | | | |
Egypt (Rep of), 14.051%, 07/21/2022 | | | EGP | | | | 154,000 | | | | 9,835 | | | | 0.12 | |
Egypt (Rep of), 14.138%, 10/20/2022 | | | EGP | | | | 94,000 | | | | 5,998 | | | | 0.08 | |
Egypt (Rep of), 14.313%, 10/13/2023 | | | EGP | | | | 136,000 | | | | 8,637 | | | | 0.11 | |
Egypt (Rep of), 14.483%, 04/06/2026 | | | EGP | | | | 650,000 | | | | 41,415 | | | | 0.52 | |
Egypt (Rep of), 14.563%, 07/06/2026 | | | EGP | | | | 309,000 | | | | 19,735 | | | | 0.25 | |
Egypt Treasury Bills, 11.953%, 11/30/20214 | | | EGP | | | | 625,000 | | | | 39,473 | | | | 0.50 | |
Egypt Treasury Bills, 11.776%, 02/08/20224 | | | EGP | | | | 350,000 | | | | 21,567 | | | | 0.27 | |
Egypt Treasury Bills, 11.613%, 05/10/20224 | | | EGP | | | | 650,000 | | | | 38,844 | | | | 0.49 | |
| | | | | | | | | | | 185,504 | | | | 2.34 | |
| | | | |
Hungary (Cost $275,579) | | | | | | | | | | | | | | | | |
Hungary (Rep of), 3.000%, 06/26/2024 | | | HUF | | | | 19,190,000 | | | | 62,346 | | | | 0.78 | |
Hungary (Rep of), 5.500%, 06/24/2025 | | | HUF | | | | 33,990,000 | | | | 118,814 | | | | 1.50 | |
Hungary (Rep of), 3.000%, 10/27/2027 | | | HUF | | | | 8,090,000 | | | | 25,191 | | | | 0.32 | |
Hungary (Rep of), 3.000%, 08/21/2030 | | | HUF | | | | 15,560,000 | | | | 47,308 | | | | 0.60 | |
| | | | | | | | | | | 253,659 | | | | 3.20 | |
| | | | |
Indonesia (Cost $299,349) | | | | | | | | | | | | | | | | |
Indonesia (Rep of), 6.125%, 05/15/2028 | | | IDR | | | | 780,000,000 | | | | 56,399 | | | | 0.71 | |
Indonesia (Rep of), 7.000%, 09/15/2030 | | | IDR | | | | 465,000,000 | | | | 34,616 | | | | 0.44 | |
Indonesia (Rep of), 6.500%, 02/15/2031 | | | IDR | | | | 294,000,000 | | | | 21,240 | | | | 0.27 | |
Indonesia (Rep of), 8.750%, 05/15/2031 | | | IDR | | | | 881,000,000 | | | | 72,945 | | | | 0.92 | |
Indonesia (Rep of), 6.625%, 05/15/2033 | | | IDR | | | | 1,059,000,000 | | | | 75,439 | | | | 0.95 | |
Indonesia (Rep of), 8.250%, 05/15/2036 | | | IDR | | | | 239,000,000 | | | | 18,987 | | | | 0.24 | |
Indonesia (Rep of), 8.375%, 04/15/2039 | | | IDR | | | | 562,000,000 | | | | 44,860 | | | | 0.57 | |
Indonesia (Rep of), 7.500%, 04/15/2040 | | | IDR | | | | 262,000,000 | | | | 19,473 | | | | 0.24 | |
| | | | | | | | | | | 343,959 | | | | 4.34 | |
| | | | |
Malaysia (Cost $400,173) | | | | | | | | | | | | | | | | |
Malaysia (Rep of), 3.757%, 04/20/2023 | | | MYR | | | | 120,000 | | | | 29,583 | | | | 0.37 | |
Malaysia (Rep of), 3.955%, 09/15/2025 | | | MYR | | | | 284,000 | | | | 70,955 | | | | 0.90 | |
Malaysia (Rep of), 3.906%, 07/15/2026 | | | MYR | | | | 216,000 | | | | 53,824 | | | | 0.68 | |
Malaysia (Rep of), 3.733%, 06/15/2028 | | | MYR | | | | 74,000 | | | | 18,161 | | | | 0.23 | |
Malaysia (Rep of), 3.885%, 08/15/2029 | | | MYR | | | | 144,000 | | | | 35,450 | | | | 0.45 | |
Malaysia (Rep of), 4.642%, 11/07/2033 | | | MYR | | | | 209,000 | | | | 53,228 | | | | 0.67 | |
Malaysia (Rep of), 3.828%, 07/05/2034 | | | MYR | | | | 275,000 | | | | 64,315 | | | | 0.81 | |
Malaysia (Rep of), 3.757%, 05/22/2040 | | | MYR | | | | 105,000 | | | | 23,855 | | | | 0.30 | |
Malaysia (Rep of), 4.065%, 06/15/2050 | | | MYR | | | | 148,000 | | | | 33,884 | | | | 0.43 | |
Malaysia Government Investment Issue, 3.465%, 10/15/2030 | | | MYR | | | | 34,000 | | | | 8,059 | | | | 0.10 | |
| | | | | | | | | | | 391,314 | | | | 4.94 | |
See accompanying notes to the financial statements.
91
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Mexico (Cost $280,654) | | | | | | | | | | | | | | | | |
Comision Federal de Electricidad, 8.180%, 12/23/2027 | | | MXN | | | | 700,000 | | | $ | 32,147 | | | | 0.41 | |
Mexican Bonos, 7.500%, 06/03/2027 | | | MXN | | | | 2,390,000 | | | | 116,560 | | | | 1.47 | |
Mexican Bonos, 8.500%, 11/18/2038 | | | MXN | | | | 890,000 | | | | 45,570 | | | | 0.57 | |
Mexican Bonos, 7.750%, 11/13/2042 | | | MXN | | | | 430,000 | | | | 20,492 | | | | 0.26 | |
Petroleos Mexicanos, 7.190%, 09/12/2024 | | | MXN | | | | 1,320,000 | | | | 61,032 | | | | 0.77 | |
Petroleos Mexicanos, 7.470%, 11/12/2026 | | | MXN | | | | 210,000 | | | | 9,152 | | | | 0.12 | |
| | | | | | | | | | | 284,953 | | | | 3.60 | |
| | | | |
Peru (Cost $241,902) | | | | | | | | | | | | | | | | |
Fondo MIVIVIENDA S.A., 7.000%, 02/14/2024 | | | PEN | | | | 181,000 | | | | 46,325 | | | | 0.58 | |
Peru (Rep of), 6.950%, 08/12/2031 | | | PEN | | | | 210,000 | | | | 56,883 | | | | 0.72 | |
Peru (Rep of), 6.150%, 08/12/2032 | | | PEN | | | | 102,000 | | | | 25,880 | | | | 0.33 | |
Peru (Rep of), 5.400%, 08/12/2034 | | | PEN | | | | 134,000 | | | | 30,622 | | | | 0.39 | |
Peru (Rep of), 6.900%, 08/12/2037 | | | PEN | | | | 106,000 | | | | 26,866 | | | | 0.34 | |
Peru (Rep of), 5.350%, 08/12/2040 | | | PEN | | | | 69,000 | | | | 14,604 | | | | 0.18 | |
| | | | | | | | | | | 201,180 | | | | 2.54 | |
| | | | |
Poland (Cost $40,393) | | | | | | | | | | | | | | | | |
Poland (Rep of), 2.750%, 10/25/2029 | | | PLN | | | | 155,000 | | | | 39,181 | | | | 0.49 | |
| | | | | | | | | | | 39,181 | | | | 0.49 | |
| | | | |
Romania (Cost $157,923) | | | | | | | | | | | | | | | | |
Romania (Rep of), 5.800%, 07/26/2027 | | | RON | | | | 320,000 | | | | 78,854 | | | | 0.99 | |
Romania (Rep of), 4.150%, 01/26/2028 | | | RON | | | | 220,000 | | | | 49,671 | | | | 0.63 | |
Romania (Rep of), 4.150%, 10/24/2030 | | | RON | | | | 85,000 | | | | 18,739 | | | | 0.24 | |
| | | | | | | | | | | 147,264 | | | | 1.86 | |
| | | | |
Russian Federation (Cost $527,583) | | | | | | | | | | | | | | | | |
Russian Federal Bond - OFZ, 7.100%, 10/16/2024 | | | RUB | | | | 3,473,000 | | | | 47,541 | | | | 0.60 | |
Russian Federal Bond - OFZ, 7.150%, 11/12/2025 | | | RUB | | | | 2,287,000 | | | | 31,067 | | | | 0.39 | |
Russian Federal Bond - OFZ, 7.750%, 09/16/2026 | | | RUB | | | | 5,970,000 | | | | 82,724 | | | | 1.04 | |
Russian Federal Bond - OFZ, 8.150%, 02/03/2027 | | | RUB | | | | 2,456,000 | | | | 34,639 | | | | 0.44 | |
Russian Federal Bond - OFZ, 5.700%, 05/17/2028 | | | RUB | | | | 3,586,000 | | | | 44,405 | | | | 0.56 | |
Russian Federal Bond - OFZ, 6.900%, 05/23/2029 | | | RUB | | | | 1,657,000 | | | | 21,839 | | | | 0.28 | |
Russian Federal Bond - OFZ, 8.500%, 09/17/2031 | | | RUB | | | | 4,968,000 | | | | 72,270 | | | | 0.91 | |
Russian Federal Bond - OFZ, 7.700%, 03/23/2033 | | | RUB | | | | 5,254,000 | | | | 72,287 | | | | 0.91 | |
Russian Federal Bond - OFZ, 7.250%, 05/10/2034 | | | RUB | | | | 6,571,000 | | | | 87,351 | | | | 1.10 | |
Russian Federal Bond - OFZ, 7.700%, 03/16/2039 | | | RUB | | | | 200,000 | | | | 2,747 | | | | 0.04 | |
| | | | | | | | | | | 496,870 | | | | 6.27 | |
| | | | |
South Africa (Cost $631,626) | | | | | | | | | | | | | | | | |
South Africa (Rep of), 10.500%, 12/21/2026 | | | ZAR | | | | 1,235,000 | | | | 88,572 | | | | 1.12 | |
South Africa (Rep of), 8.000%, 01/31/2030 | | | ZAR | | | | 1,773,270 | | | | 105,340 | | | | 1.33 | |
South Africa (Rep of), 7.000%, 02/28/2031 | | | ZAR | | | | 1,612,000 | | | | 86,695 | | | | 1.09 | |
South Africa (Rep of), 8.250%, 03/31/2032 | | | ZAR | | | | 1,928,986 | | | | 110,688 | | | | 1.40 | |
South Africa (Rep of), 8.500%, 01/31/2037 | | | ZAR | | | | 1,449,000 | | | | 78,924 | | | | 0.99 | |
South Africa (Rep of), 9.000%, 01/31/2040 | | | ZAR | | | | 3,910 | | | | 218 | | | | — | |
See accompanying notes to the financial statements.
92
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
South Africa (continued) | | | | | | | | | | | | | | | | |
South Africa (Rep of), 6.500%, 02/28/2041 | | | ZAR | | | | 580,000 | | | $ | 24,668 | | | | 0.31 | |
South Africa (Rep of), 8.750%, 01/31/2044 | | | ZAR | | | | 1,408,000 | | | | 75,843 | | | | 0.96 | |
South Africa (Rep of), 8.750%, 02/28/2048 | | | ZAR | | | | 1,773,010 | | | | 95,160 | | | | 1.20 | |
| | | | | | | | | | | 666,108 | | | | 8.40 | |
| | | | |
Thailand (Cost $314,121) | | | | | | | | | | | | | | | | |
Thailand (Rep of), 4.875%, 06/22/2029 | | | THB | | | | 239,000 | | | | 8,774 | | | | 0.11 | |
Thailand (Rep of), 3.775%, 06/25/2032 | | | THB | | | | 1,228,000 | | | | 43,004 | | | | 0.54 | |
Thailand (Rep of), 1.585%, 12/17/2035 | | | THB | | | | 430,000 | | | | 11,597 | | | | 0.15 | |
Thailand (Rep of), 3.400%, 06/17/2036 | | | THB | | | | 2,087,000 | | | | 69,016 | | | | 0.87 | |
Thailand (Rep of), 3.300%, 06/17/2038 | | | THB | | | | 1,667,000 | | | | 54,627 | | | | 0.69 | |
Thailand (Rep of), 2.000%, 06/17/2042 | | | THB | | | | 1,358,000 | | | | 36,378 | | | | 0.46 | |
Thailand (Rep of), 2.875%, 06/17/2046 | | | THB | | | | 1,448,000 | | | | 44,439 | | | | 0.56 | |
Thailand (Rep of), 3.600%, 06/17/2067 | | | THB | | | | 555,000 | | | | 18,883 | | | | 0.24 | |
| | | | | �� | | | | | | 286,718 | | | | 3.62 | |
| | | | |
Turkey (Cost $270,001) | | | | | | | | | | | | | | | | |
Turkey (Rep of), 3.000%, 02/23/2022 | | | TRY | | | | 81,000 | | | | 23,879 | | | | 0.30 | |
Turkey (Rep of), 11.000%, 03/02/2022 | | | TRY | | | | 209,000 | | | | 21,342 | | | | 0.27 | |
Turkey (Rep of), 12.600%, 10/01/2025 | | | TRY | | | | 120,000 | | | | 10,435 | | | | 0.13 | |
Turkey (Rep of), 10.600%, 02/11/2026 | | | TRY | | | | 329,000 | | | | 26,316 | | | | 0.33 | |
Turkey (Rep of), 10.500%, 08/11/2027 | | | TRY | | | | 408,016 | | | | 29,878 | | | | 0.38 | |
Turkey (Rep of), 11.700%, 11/13/2030 | | | TRY | | | | 120,000 | | | | 8,587 | | | | 0.11 | |
| | | | | | | | | | | 120,437 | | | | 1.52 | |
| | | | |
Ukraine (Cost $49,379) | | | | | | | | | | | | | | | | |
Ukraine (Rep of), 15.840%, 02/26/2025 | | | UAH | | | | 1,154,000 | | | | 47,118 | | | | 0.59 | |
| | | | | | | | | | | 47,118 | | | | 0.59 | |
| | | | |
Uruguay (Cost $99,175) | | | | | | | | | | | | | | | | |
Uruguay (Rep of), 8.500%, 03/15/2028 | | | UYU | | | | 605,000 | | | | 14,182 | | | | 0.18 | |
Uruguay (Rep of), 4.375%, 12/15/2028 | | | UYU | | | | 113,754 | | | | 6,676 | | | | 0.09 | |
Uruguay (Rep of), 8.250%, 05/21/2031 | | | UYU | | | | 1,455,000 | | | | 32,688 | | | | 0.41 | |
Uruguay (Rep of), 3.875%, 07/02/2040 | | | UYU | | | | 1,721,000 | | | | 48,545 | | | | 0.61 | |
| | | | | | | | | | | 102,091 | | | | 1.29 | |
| | | | |
Total Debt Securities (Cost $6,624,302) | | | | | | | | | | | 5,951,248 | | | | 75.08 | |
| | | | |
Credit Linked Notes | | | | | | | | | | | | | | | | |
| | | | |
Indonesia (Cost $664,084) | | | | | | | | | | | | | | | | |
Indonesia (Rep of), Issued by JPMorgan Chase Bank N.A., 7.500%, 08/17/20323 | | | IDR | | | | 885,000,000 | | | | 67,223 | | | | 0.85 | |
Indonesia (Rep of), Issued by Standard Chartered, 8.375%, 03/19/20243 | | | IDR | | | | 855,000,000 | | | | 66,005 | | | | 0.83 | |
Indonesia (Rep of), Issued by Standard Chartered, 8.125%, 05/17/20243 | | | IDR | | | | 2,746,000,000 | | | | 211,946 | | | | 2.67 | |
Indonesia (Rep of), Issued by Standard Chartered, 7.000%, 05/24/20273 | | | IDR | | | | 2,381,000,000 | | | | 180,334 | | | | 2.27 | |
See accompanying notes to the financial statements.
93
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Indonesia (continued) | | | | | | | | | | | | | | | | |
Indonesia (Rep of), Issued by Standard Chartered, 10.500%, 08/19/20303 | | | IDR | | | | 350,000,000 | | | $ | 31,873 | | | | 0.40 | |
Indonesia (Rep of), Issued by Standard Chartered, 8.375%, 03/17/20343 | | | IDR | | | | 1,544,000,000 | | | | 123,415 | | | | 1.56 | |
Indonesia (Rep of), Issued by Standard Chartered, 8.250%, 05/19/20363 | | | IDR | | | | 665,000,000 | | | | 52,830 | | | | 0.67 | |
| | | | | | | | | | | 733,626 | | | | 9.25 | |
| | | | |
Total Credit Linked Notes (Cost $664,084) | | | | | | | | | | | 733,626 | | | | 9.25 | |
| | | | |
Total Investments in Securities (Cost $7,288,386) | | | | | | | | | | | 6,684,874 | | | | 84.33 | |
| | | | |
Total Investments (Total Cost $7,288,386) | | | | | | | | | | | 6,684,874 | | | | 84.33 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | | | 1,241,727 | | | | 15.67 | |
| | | | |
Net Assets | | | | | | | | | | $ | 7,926,601 | | | | 100.00 | |
| 1 | Local currency is United States Dollars unless otherwise noted below. |
| 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 – interest rate reflects effective yield on the date of purchase. |
Percentages shown are based on net assets.
At October 31, 2021, the Ashmore Emerging Markets Local Currency Bond Fund had outstanding forward foreign currency exchange contracts as follows:
| | | | | | | | | | | | | | | | | | |
Settlement Date | | Counterparty | | Currency Buy | | Currency
Buy Amount (Local Currency) | | | Currency Sell | | Currency Sell Amount (Local Currency) | | | Unrealized
Gain/(Loss) | |
11/03/2021 | | Credit Suisse | | United States Dollar | | | 48,900 | | | Brazilian Real | | | 270,412 | | | $ | 1,016 | |
11/03/2021 | | Deutsche Bank | | United States Dollar | | | 86,100 | | | Brazilian Real | | | 471,873 | | | | 2,541 | |
11/03/2021 | | JP Morgan | | United States Dollar | | | 888,343 | | | Brazilian Real | | | 4,768,183 | | | | 43,995 | |
11/10/2021 | | Barclays | | Chinese Offshore Yuan | | | 305,300 | | | United States Dollar | | | 46,917 | | | | 693 | |
11/10/2021 | | BNP Paribas | | Chinese Offshore Yuan | | | 3,248,580 | | | United States Dollar | | | 498,983 | | | | 7,619 | |
11/10/2021 | | HSBC Bank | | Chinese Offshore Yuan | | | 674,391 | | | United States Dollar | | | 103,167 | | | | 2,003 | |
11/10/2021 | | Merrill Lynch | | Chinese Offshore Yuan | | | 195,852 | | | United States Dollar | | | 29,962 | | | | 580 | |
11/10/2021 | | Deutsche Bank | | United States Dollar | | | 31,299 | | | Chinese Offshore Yuan | | | 200,000 | | | | 110 | |
11/10/2021 | | HSBC Bank | | United States Dollar | | | 388,416 | | | Chinese Offshore Yuan | | | 2,482,175 | | | | 1,332 | |
11/10/2021 | | State Street | | United States Dollar | | | 20,030 | | | Chinese Offshore Yuan | | | 128,037 | | | | 63 | |
11/29/2021 | | Merrill Lynch | | United States Dollar | | | 9,671 | | | Romanian Leu | | | 40,752 | | | | 170 | |
11/30/2021 | | HSBC Bank | | Malaysian Ringgit | | | 224,653 | | | United States Dollar | | | 54,059 | | | | 117 | |
11/30/2021 | | Merrill Lynch | | Russian Ruble | | | 11,972,472 | | | United States Dollar | | | 162,138 | | | | 5,641 | |
11/30/2021 | | Deutsche Bank | | Thai Baht | | | 6,052,000 | | | United States Dollar | | | 181,714 | | | | 619 | |
See accompanying notes to the financial statements.
94
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | | | |
Settlement Date | | Counterparty | | Currency Buy | | Currency
Buy Amount (Local Currency) | | | Currency Sell | | Currency Sell Amount (Local Currency) | | | Unrealized
Gain/(Loss) | |
11/30/2021 | | HSBC Bank | | Thai Baht | | | 601,110 | | | United States Dollar | | | 18,000 | | | $ | 110 | |
11/30/2021 | | Merrill Lynch | | Thai Baht | | | 1,058,763 | | | United States Dollar | | | 31,650 | | | | 248 | |
11/30/2021 | | BNP Paribas | | United States Dollar | | | 10,610 | | | Czech Koruna | | | 234,469 | | | | 66 | |
11/30/2021 | | JP Morgan | | United States Dollar | | | 8,536 | | | Czech Koruna | | | 189,134 | | | | 31 | |
11/30/2021 | | State Street | | United States Dollar | | | 13,850 | | | Polish Zloty | | | 54,827 | | | | 117 | |
11/30/2021 | | Barclays | | United States Dollar | | | 41,470 | | | Russian Ruble | | | 2,897,596 | | | | 864 | |
11/30/2021 | | Morgan Stanley | | United States Dollar | | | 14,850 | | | Russian Ruble | | | 1,055,357 | | | | 61 | |
12/02/2021 | | BNP Paribas | | United States Dollar | | | 986,796 | | | Brazilian Real | | | 5,510,468 | | | | 16,717 | |
12/02/2021 | | Credit Suisse | | United States Dollar | | | 40,000 | | | Brazilian Real | | | 226,812 | | | | 71 | |
12/02/2021 | | Deutsche Bank | | United States Dollar | | | 30,000 | | | Brazilian Real | | | 168,003 | | | | 424 | |
12/15/2021 | | Barclays | | Thai Baht | | | 1,385,000 | | | United States Dollar | | | 41,424 | | | | 302 | |
12/15/2021 | | Standard Chartered | | Thai Baht | | | 1,472,000 | | | United States Dollar | | | 44,012 | | | | 335 | |
01/12/2022 | | Barclays | | United States Dollar | | | 48,596 | | | South African Rand | | | 741,175 | | | | 536 | |
01/31/2022 | | Merrill Lynch | | Chilean Peso | | | 28,571,608 | | | United States Dollar | | | 34,320 | | | | 405 | |
01/31/2022 | | Standard Chartered | | Malaysian Ringgit | | | 845,000 | | | United States Dollar | | | 202,426 | | | | 843 | |
01/31/2022 | | Standard Chartered | | Philippine Peso | | | 507,849 | | | United States Dollar | | | 9,910 | | | | 77 | |
01/31/2022 | | Barclays | | Russian Ruble | | | 7,938,397 | | | United States Dollar | | | 105,806 | | | | 3,958 | |
01/31/2022 | | HSBC Bank | | Russian Ruble | | | 967,688 | | | United States Dollar | | | 13,000 | | | | 380 | |
01/31/2022 | | Deutsche Bank | | Thai Baht | | | 4,655,664 | | | United States Dollar | | | 140,030 | | | | 200 | |
01/31/2022 | | Standard Chartered | | Thai Baht | | | 898,806 | | | United States Dollar | | | 27,000 | | | | 72 | |
01/31/2022 | | Standard Chartered | | United States Dollar | | | 24,692 | | | Indonesian Rupiah | | | 352,281,831 | | | | 176 | |
01/31/2022 | | Barclays | | United States Dollar | | | 54,059 | | | Mexican Peso | | | 1,114,799 | | | | 713 | |
01/31/2022 | | BNP Paribas | | United States Dollar | | | 13,623 | | | Mexican Peso | | | 283,627 | | | | 51 | |
01/31/2022 | | Credit Suisse | | United States Dollar | | | 13,950 | | | Mexican Peso | | | 286,265 | | | | 251 | |
01/31/2022 | | Banco Santander | | United States Dollar | | | 4,390 | | | Peruvian Nuevo Sol | | | 17,480 | | | | 28 | |
02/09/2022 | | Barclays | | United States Dollar | | | 36,855 | | | South African Rand | | | 551,401 | | | | 1,234 | |
02/10/2022 | | Deutsche Bank | | United States Dollar | | | 59,794 | | | Indonesian Rupiah | | | 855,230,000 | | | | 342 | |
02/28/2022 | | Deutsche Bank | | Hungarian Forint | | | 16,937,095 | | | United States Dollar | | | 53,855 | | | | 231 | |
02/28/2022 | | Merrill Lynch | | United States Dollar | | | 31,301 | | | Czech Koruna | | | 692,978 | | | | 270 | |
| | | | | | | | | | | | | | | | | | |
Subtotal Appreciation | | | | | | | | | | | | | | | 95,612 | |
| | | | | | | | | | | | | | | | | | |
11/03/2021 | | BNP Paribas | | Brazilian Real | | | 5,510,468 | | | United States Dollar | | | 992,073 | | | | (16,281 | ) |
11/10/2021 | | State Street | | Chinese Offshore Yuan | | | 98,500 | | | United States Dollar | | | 15,429 | | | | (69 | ) |
11/10/2021 | | Deutsche Bank | | Indonesian Rupiah | | | 855,230,000 | | | United States Dollar | | | 60,376 | | | | (155 | ) |
11/10/2021 | | Barclays | | United States Dollar | | | 103,000 | | | Chinese Offshore Yuan | | | 673,422 | | | | (2,017 | ) |
11/10/2021 | | BNP Paribas | | United States Dollar | | | 72,000 | | | Chinese Offshore Yuan | | | 471,172 | | | | (1,477 | ) |
11/10/2021 | | HSBC Bank | | United States Dollar | | | 71,000 | | | Chinese Offshore Yuan | | | 464,585 | | | | (1,450 | ) |
11/10/2021 | | Standard Chartered | | United States Dollar | | | 16,000 | | | Chinese Offshore Yuan | | | 103,234 | | | | (99 | ) |
11/10/2021 | | HSBC Bank | | United States Dollar | | | 58,632 | | | Indonesian Rupiah | | | 855,230,000 | | | | (1,589 | ) |
11/30/2021 | | Barclays | | Czech Koruna | | | 4,380,053 | | | United States Dollar | | | 201,248 | | | | (4,280 | ) |
11/30/2021 | | BNP Paribas | | Czech Koruna | | | 641,481 | | | United States Dollar | | | 29,810 | | | | (963 | ) |
11/30/2021 | | Barclays | | Turkish Lira | | | 127,115 | | | United States Dollar | | | 13,223 | | | | (190 | ) |
11/30/2021 | | Merrill Lynch | | Turkish Lira | | | 2,115 | | | United States Dollar | | | 235 | | | | (18 | ) |
See accompanying notes to the financial statements.
95
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | | | |
Settlement Date | | Counterparty | | Currency Buy | | Currency
Buy Amount (Local Currency) | | | Currency Sell | | Currency Sell Amount (Local Currency) | | | Unrealized
Gain/(Loss) | |
11/30/2021 | | HSBC Bank | | United States Dollar | | | 21,689 | | | Malaysian Ringgit | | | 90,168 | | | $ | (56 | ) |
12/02/2021 | | BNP Paribas | | Brazilian Real | | | 140,580 | | | United States Dollar | | | 25,000 | | | | (252 | ) |
12/10/2021 | | JP Morgan | | United States Dollar | | | 61,556 | | | Indonesian Rupiah | | | 888,557,829 | | | | (642 | ) |
01/12/2022 | | Barclays | | South African Rand | | | 524,557 | | | United States Dollar | | | 34,296 | | | | (282 | ) |
01/12/2022 | | JP Morgan | | United States Dollar | | | 56,332 | | | Indonesian Rupiah | | | 815,750,000 | | | | (559 | ) |
01/31/2022 | | Credit Suisse | | Colombian Peso | | | 13,553,894 | | | United States Dollar | | | 3,576 | | | | (1 | ) |
01/31/2022 | | HSBC Bank | | Czech Koruna | | | 3,725,559 | | | United States Dollar | | | 171,570 | | | | (4,416 | ) |
01/31/2022 | | BNP Paribas | | Hungarian Forint | | | 10,873,718 | | | United States Dollar | | | 36,645 | | | | (1,855 | ) |
01/31/2022 | | BNP Paribas | | Mexican Peso | | | 10,970,018 | | | United States Dollar | | | 528,345 | | | | (3,401 | ) |
01/31/2022 | | Merrill Lynch | | Peruvian Nuevo Sol | | | 235,917 | | | United States Dollar | | | 59,477 | | | | (607 | ) |
01/31/2022 | | BNP Paribas | | Polish Zloty | | | 123,811 | | | United States Dollar | | | 31,380 | | | | (420 | ) |
01/31/2022 | | HSBC Bank | | Polish Zloty | | | 123,811 | | | United States Dollar | | | 31,532 | | | | (572 | ) |
01/31/2022 | | JP Morgan | | Romanian Leu | | | 383,390 | | | United States Dollar | | | 89,546 | | | | (638 | ) |
01/31/2022 | | BNP Paribas | | Russian Ruble | | | 1,373,300 | | | United States Dollar | | | 19,065 | | | | (76 | ) |
01/31/2022 | | Deutsche Bank | | United States Dollar | | | 85,000 | | | Chilean Peso | | | 70,329,000 | | | | (476 | ) |
01/31/2022 | | Banco Santander | | United States Dollar | | | 7,790 | | | Colombian Peso | | | 29,637,445 | | | | (28 | ) |
01/31/2022 | | Deutsche Bank | | United States Dollar | | | 25,000 | | | Colombian Peso | | | 95,425,000 | | | | (172 | ) |
02/10/2022 | | Deutsche Bank | | Chinese Offshore Yuan | | | 200,000 | | | United States Dollar | | | 31,065 | | | | (124 | ) |
02/10/2022 | | HSBC Bank | | Chinese Offshore Yuan | | | 2,482,175 | | | United States Dollar | | | 385,497 | | | | (1,492 | ) |
02/28/2022 | | Deutsche Bank | | Polish Zloty | | | 1,721,533 | | | United States Dollar | | | 434,143 | | | | (4,239 | ) |
02/28/2022 | | Barclays | | Russian Ruble | | | 4,226,679 | | | United States Dollar | | | 58,358 | | | | (281 | ) |
02/28/2022 | | Deutsche Bank | | Russian Ruble | | | 5,630,245 | | | United States Dollar | | | 78,211 | | | | (849 | ) |
02/28/2022 | | HSBC Bank | | Russian Ruble | | | 5,630,245 | | | United States Dollar | | | 78,411 | | | | (1,048 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Subtotal Depreciation | | | | | | | | | | | | | | | (51,074 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
Total | | | | | | | | | | | | | | | | $ | 44,538 | |
| | | | | | | | | | | | | | | | | | |
At October 31, 2021, 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 | | Fair Value/
Unrealized
Appreciation
(Depreciation)** | | | | Variation
Margin
Receivable (Payable) | | Counterparty |
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | | |
| 2.010% (Receive
Quarterly) |
| | | | CNY | | | | | 1,900,000 | | | | | 9/16/2025 | | | | $ | (6,252 | ) | | | | | | | | | $ (69 | ) | | | | BNP Paribas | |
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | | |
| 2.828% Receive
Quarterly) |
| | | | CNY | | | | | 570,000 | | | | | 6/16/2026 | | | | | 849 | | | | | | | | | | (26 | ) | | | | Merrill Lynch | |
MXN-TIIE-BANXICO 28 Day Rate (Pay Lunar) | | |
| 6.563% (Receive
Lunar) |
| | | | MXN | | | | | 8,800,000 | | | | | 12/31/2024 | | | | | (10,376 | ) | | | | | | | | | (23 | ) | | | | Merrill Lynch | |
WIBOR Poland 6 Month Rate (Pay Semiannually) | | |
| 2.400% (Receive
Annually) |
| | | | PLN | | | | | 822,000 | | | | | 3/26/2023 | | | | | 4,160 | | | | | | | | | | (248 | ) | | | | Merrill Lynch | |
| | | | | | | | | | | | | | | | | | | | | | | $ | (11,619 | ) | | | | | | | | $ | (366 | ) | | | | | |
See accompanying notes to the financial statements.
96
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
**Includes cumulative appreciation/depreciation on centrally cleared swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Local Currency Bond Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2021:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Debt Securities | | | | | | | | | | | | | | | | |
Corporate Bonds | | $ | — | | | $ | 102,331 | | | $ | — | | | $ | 102,331 | |
Government Agencies | | | — | | | | 46,325 | | | | — | | | | 46,325 | |
Government Bonds | | | — | | | | 5,503,983 | | | | — | | | | 5,503,983 | |
Index Linked Government Bonds | | | — | | | | 198,725 | | | | — | | | | 198,725 | |
Short Term Bills and Notes | | | — | | | | 99,884 | | | | — | | | | 99,884 | |
| | | | | | | | | | | | | | | | |
Total Debt Securities | | | — | | | | 5,951,248 | | | | — | | | | 5,951,248 | |
Credit Linked Notes | | | | | | | | | | | | | | | | |
Indonesia | | | — | | | | 733,626 | | | | — | | | | 733,626 | |
| |
Total Investments | | $ | — | | | $ | 6,684,874 | | | $ | — | | | $ | 6,684,874 | |
| |
| | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 95,612 | | | $ | — | | | $ | 95,612 | |
Centrally Cleared Swap Contracts† | | | — | | | | 5,009 | | | | — | | | | 5,009 | |
Liabilities: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | — | | | | (51,074 | ) | | | — | | | | (51,074 | ) |
Centrally Cleared Swap Contracts† | | | — | | | | (16,628 | ) | | | — | | | | (16,628 | ) |
| |
Total Other Financial Instruments | | $ | — | | | $ | 32,919 | | | $ | — | | | $ | 32,919 | |
| |
† Includes cumulative appreciation/depreciation on centrally cleared swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2021:
| | | | | | | | | | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign
Exchange Risk | | | Interest Rate
Risk | |
| |
Assets: | | | | | | | | | | | | |
Unrealized Appreciation on Centrally Cleared Swap Contracts | | | | | | $ | — | | | $ | 5,009 | † |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | | | | | 95,612 | | | | — | |
| | | | |
| | | | | | $ | 95,612 | | | $ | 5,009 | |
| | | | |
Liabilities: | | | | | | | | | | | | |
Unrealized Depreciation on Centrally Cleared Swap Contracts | | | | | | $ | — | | | $ | (16,628 | )† |
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | | | | | | (51,074) | | | | — | |
| | | | |
| | | | | | $ | (51,074) | | | $ | (16,628 | ) |
| | | | |
See accompanying notes to the financial statements.
97
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
† Includes cumulative appreciation/depreciation on centrally cleared swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2021:
| | | | | | | | | | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign
Exchange
Risk | | | Interest Rate
Risk | |
| |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | | | | | | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | | | | | $ | 217,709 | | | $ | — | |
Net Realized Gain on Interest Rate Swap Contracts | | | | | | | — | | | | 111,187 | |
| | | | |
| | | | | | $ | 217,709 | | | $ | 111,187 | |
| | | | |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | | | | | | | | | | | |
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | | | | $ | 64,834 | | | $ | — | |
Net Change in Unrealized Depreciation on Interest Rate Swap Contracts | | | | | | | — | | | | (116,595 | ) |
| | | | |
| | | | | | $ | 64,834 | | | $ | (116,595 | ) |
| | | | | | | | | | | | |
* See note 10 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
98
ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS
As of October 31, 2021
| | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
| | | | |
Debt Securities | | | | | | | | | | | | | | |
| | | | |
Argentina (Cost $1,810,318) | | | | | | | | | | | | | | |
IRSA Propiedades Comerciales S.A., 8.750%, 03/23/2023 | | | | | 293,000 | | | $ | 279,818 | | | | 0.09 | |
YPF S.A., (Step to 9.000% on 01/01/2023), 4.000%, 02/12/20262 | | | | | 1,244,205 | | | | 1,070,638 | | | | 0.36 | |
YPF S.A., (Step to 9.000% on 01/01/2023), 2.500%, 06/30/20292 | | | | | 944,200 | | | | 633,804 | | | | 0.22 | |
| | | | | | | | | 1,984,260 | | | | 0.67 | |
| | | | |
Belarus (Cost $748,620) | | | | | | | | | | | | | | |
Eurotorg LLC Via Bonitron DAC, 9.000%, 10/22/2025 | | | | | 700,000 | | | | 728,350 | | | | 0.25 | |
| | | | | | | | | 728,350 | | | | 0.25 | |
| | | | |
Brazil (Cost $41,819,482) | | | | | | | | | | | | | | |
Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/20243 | | | | | 3,063,000 | | | | 3,011,358 | | | | 1.02 | |
Braskem America Finance Co., 7.125%, 07/22/2041 | | | | | 455,000 | | | | 551,578 | | | | 0.19 | |
Braskem Netherlands Finance B.V., 4.500%, 01/10/2028 | | | | | 535,000 | | | | 546,374 | | | | 0.19 | |
Braskem Netherlands Finance B.V., 4.500%, 01/31/2030 | | | | | 340,000 | | | | 345,018 | | | | 0.12 | |
Braskem Netherlands Finance B.V., 5.875%, 01/31/2050 | | | | | 985,000 | | | | 1,048,286 | | | | 0.36 | |
Braskem Netherlands Finance B.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 8.220%), 8.500%, 01/23/20813 | | | | | 1,385,000 | | | | 1,541,865 | | | | 0.52 | |
BRF S.A., 5.750%, 09/21/2050 | | | | | 3,335,000 | | | | 3,114,056 | | | | 1.06 | |
CSN Inova Ventures, 6.750%, 01/28/2028 | | | | | 1,785,000 | | | | 1,895,670 | | | | 0.64 | |
Gol Finance S.A., 7.000%, 01/31/2025 | | | | | 535,000 | | | | 481,907 | | | | 0.16 | |
Gol Finance S.A., 8.000%, 06/30/20264 | | | | | 1,300,000 | | | | 1,256,463 | | | | 0.43 | |
InterCement Financial Operations B.V., 5.750%, 07/17/2024 | | | | | 3,105,000 | | | | 2,883,800 | | | | 0.98 | |
Itau Unibanco Holding S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.981%), 6.125%, 12/12/20223 | | | | | 1,090,000 | | | | 1,081,836 | | | | 0.37 | |
JBS Finance Luxembourg S.a.r.l., 3.625%, 01/15/2032 | | | | | 500,000 | | | | 493,670 | | | | 0.17 | |
Klabin Austria GmbH, 3.200%, 01/12/2031 | | | | | 810,000 | | | | 744,175 | | | | 0.25 | |
Klabin Austria GmbH, 7.000%, 04/03/2049 | | | | | 1,735,000 | | | | 2,002,797 | | | | 0.68 | |
MARB BondCo PLC, 3.950%, 01/29/2031 | | | | | 1,110,000 | | | | 1,055,788 | | | | 0.36 | |
MC Brazil Downstream Trading S.A.R.L., 7.250%, 06/30/20314 | | | | | 2,400,000 | | | | 2,335,296 | | | | 0.79 | |
Movida Europe S.A., 5.250%, 02/08/20314 | | | | | 1,300,000 | | | | 1,226,784 | | | | 0.42 | |
Oi S.A., 10.000%, (100% Cash), 07/27/20255 | | | | | 3,066,000 | | | | 2,760,933 | | | | 0.94 | |
Petrobras Global Finance B.V., 5.500%, 06/10/2051 | | | | | 1,800,000 | | | | 1,579,986 | | | | 0.54 | |
Petrobras Global Finance B.V., 6.850%, 06/05/2115 | | | | | 8,000,000 | | | | 7,860,080 | | | | 2.67 | |
St Marys Cement, Inc., 5.750%, 01/28/2027 | | | | | 245,000 | | | | 276,853 | | | | 0.09 | |
Suzano Austria GmbH, 6.000%, 01/15/2029 | | | | | 215,000 | | | | 247,250 | | | | 0.08 | |
Suzano Austria GmbH, 7.000%, 03/16/2047 | | | | | 1,285,000 | | | | 1,615,714 | | | | 0.55 | |
Vale Overseas Ltd., 8.250%, 01/17/2034 | | | | | 705,000 | | | | 991,406 | | | | 0.34 | |
| | | | | | | | | 40,948,943 | | | | 13.92 | |
| | | | |
Chile (Cost $10,312,944) | | | | | | | | | | | | | | |
AES Andes S.A., (Variable, USD Swap 5Y + 4.644%), 7.125%, 03/26/20793 | | | | | 2,075,000 | | | | 2,170,969 | | | | 0.74 | |
See accompanying notes to the financial statements.
99
ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Chile (continued) | | | | | | | | | | | | | | | | |
Celulosa Arauco y Constitucion S.A., 4.200%, 01/29/2030 | | | | | | | 335,000 | | | $ | 354,581 | | | | 0.12 | |
Cencosud S.A., 4.375%, 07/17/2027 | | | | | | | 535,000 | | | | 568,705 | | | | 0.19 | |
Cencosud S.A., 6.625%, 02/12/2045 | | | | | | | 285,000 | | | | 362,662 | | | | 0.12 | |
Corp. Nacional del Cobre de Chile, 3.750%, 01/15/2031 | | | | | | | 300,000 | | | | 317,829 | | | | 0.11 | |
Empresa de los Ferrocarriles del Estado, 3.830%, 09/14/20614 | | | | | | | 500,000 | | | | 481,255 | | | | 0.16 | |
Enel Chile S.A., 4.875%, 06/12/2028 | | | | | | | 210,000 | | | | 237,607 | | | | 0.08 | |
Engie Energia Chile S.A., 3.400%, 01/28/2030 | | | | | | | 350,000 | | | | 351,753 | | | | 0.12 | |
Falabella S.A., 3.375%, 01/15/20324 | | | | | | | 480,000 | | | | 476,400 | | | | 0.16 | |
GNL Quintero S.A., 4.634%, 07/31/2029 | | | | | | | 832,962 | | | | 897,100 | | | | 0.31 | |
Guacolda Energia S.A., 4.560%, 04/30/2025 | | | | | | | 2,012,000 | | | | 1,285,185 | | | | 0.44 | |
Inversiones CMPC S.A., 4.750%, 09/15/2024 | | | | | | | 215,000 | | | | 230,689 | | | | 0.08 | |
Inversiones CMPC S.A., 3.850%, 01/13/2030 | | | | | | | 230,000 | | | | 238,251 | | | | 0.08 | |
VTR Comunicaciones S.p.A., 5.125%, 01/15/2028 | | | | | | | 265,000 | | | | 274,938 | | | | 0.09 | |
VTR Comunicaciones S.p.A., 4.375%, 04/15/2029 | | | | | | | 314,000 | | | | 316,636 | | | | 0.11 | |
VTR Finance N.V., 6.375%, 07/15/2028 | | | | | | | 1,402,000 | | | | 1,494,462 | | | | 0.51 | |
| | | | | | | | | | | 10,059,022 | | | | 3.42 | |
| | | | |
China (Cost $46,440,246) | | | | | | | | | | | | | | | | |
Central China Real Estate Ltd., 7.250%, 08/13/2024 | | | | | | | 1,475,000 | | | | 670,388 | | | | 0.23 | |
CFLD Cayman Investment Ltd., 8.625%, 02/28/20216,7 | | | | | | | 600,000 | | | | 206,100 | | | | 0.07 | |
CFLD Cayman Investment Ltd., 8.600%, 04/08/2024 | | | | | | | 4,880,000 | | | | 1,723,616 | | | | 0.59 | |
China Evergrande Group, 8.250%, 03/23/2022 | | | | | | | 860,000 | | | | 235,084 | | | | 0.08 | |
China Evergrande Group, 10.000%, 04/11/2023 | | | | | | | 1,035,000 | | | | 238,038 | | | | 0.08 | |
China Evergrande Group, 7.500%, 06/28/2023 | | | | | | | 4,600,000 | | | | 1,057,923 | | | | 0.36 | |
China Evergrande Group, 9.500%, 03/29/2024 | | | | | | | 1,025,000 | | | | 246,513 | | | | 0.08 | |
China Evergrande Group, 8.750%, 06/28/2025 | | | | | | | 2,145,000 | | | | 504,092 | | | | 0.17 | |
Country Garden Holdings Co. Ltd., 7.125%, 01/27/2022 | | | | | | | 480,000 | | | | 480,378 | | | | 0.16 | |
Country Garden Holdings Co. Ltd., 8.000%, 01/27/2024 | | | | | | | 400,000 | | | | 411,901 | | | | 0.14 | |
ENN Energy Holdings Ltd., 2.625%, 09/17/2030 | | | | | | | 370,000 | | | | 364,700 | | | | 0.12 | |
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/2021 | | | | | | | 830,000 | | | | 248,925 | | | | 0.09 | |
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022 | | | | | | | 2,119,000 | | | | 635,904 | | | | 0.22 | |
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022 | | | | | | | 1,840,000 | | | | 540,615 | | | | 0.18 | |
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023 | | | | | | | 925,000 | | | | 271,825 | | | | 0.09 | |
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023 | | | | | | | 770,000 | | | | 225,655 | | | | 0.08 | |
Kaisa Group Holdings Ltd., 8.500%, 06/30/2022 | | | | | | | 2,017,000 | | | | 685,780 | | | | 0.23 | |
Kaisa Group Holdings Ltd., 11.500%, 01/30/2023 | | | | | | | 1,850,000 | | | | 546,681 | | | | 0.19 | |
Kaisa Group Holdings Ltd., 10.875%, 07/23/2023 | | | | | | | 1,070,000 | | | | 317,255 | | | | 0.11 | |
Kaisa Group Holdings Ltd., 9.375%, 06/30/2024 | | | | | | | 2,070,000 | | | | 588,917 | | | | 0.20 | |
Kaisa Group Holdings Ltd., 11.250%, 04/16/2025 | | | | | | | 1,180,000 | | | | 358,980 | | | | 0.12 | |
Kaisa Group Holdings Ltd., 11.700%, 11/11/2025 | | | | | | | 950,000 | | | | 259,475 | | | | 0.09 | |
Prime Bloom Holdings Ltd., 6.950%, 07/05/2022 | | | | | | | 2,545,000 | | | | 445,375 | | | | 0.15 | |
Radiance Capital Investments Ltd., 8.800%, 09/17/2023 | | | | | | | 2,785,000 | | | | 2,532,816 | | | | 0.86 | |
Redco Properties Group Ltd., 9.900%, 02/17/2024 | | | | | | | 980,000 | | | | 666,329 | | | | 0.23 | |
Redsun Properties Group Ltd., 7.300%, 01/13/2025 | | | | | | | 980,000 | | | | 590,316 | | | | 0.20 | |
Scenery Journey Ltd., 11.500%, 10/24/2022 | | | | | | | 1,050,000 | | | | 199,498 | | | | 0.07 | |
See accompanying notes to the financial statements.
100
ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
China (continued) | | | | | | | | | | | | | | | | |
Scenery Journey Ltd., 12.000%, 10/24/2023 | | | | | | | 2,925,000 | | | $ | 565,892 | | | | 0.19 | |
Shimao Group Holdings Ltd., 6.125%, 02/21/2024 | | | | | | | 400,000 | | | | 382,069 | | | | 0.13 | |
Sunac China Holdings Ltd., 7.250%, 06/14/2022 | | | | | | | 1,090,000 | | | | 910,700 | | | | 0.31 | |
Sunac China Holdings Ltd., 7.500%, 02/01/2024 | | | | | | | 835,000 | | | | 617,859 | | | | 0.21 | |
Sunac China Holdings Ltd., 6.500%, 01/10/2025 | | | | | | | 1,305,000 | | | | 931,415 | | | | 0.32 | |
Tencent Holdings Ltd., 3.975%, 04/11/2029 | | | | | | | 375,000 | | | | 408,930 | | | | 0.14 | |
Tingyi Cayman Islands Holding Corp., 1.625%, 09/24/2025 | | | | | | | 379,000 | | | | 372,880 | | | | 0.13 | |
Tunghsu Venus Holdings Ltd., 7.000%, 06/12/20206,7 | | | | | | | 2,785,000 | | | | 743,595 | | | | 0.25 | |
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/2027 | | | | | | | 810,000 | | | | 357,811 | | | | 0.12 | |
Zhenro Properties Group Ltd., 8.700%, 08/03/2022 | | | | | | | 1,160,000 | | | | 900,780 | | | | 0.31 | |
Zhenro Properties Group Ltd., 9.150%, 05/06/2023 | | | | | | | 1,048,000 | | | | 777,202 | | | | 0.26 | |
Zhenro Properties Group Ltd., 7.875%, 04/14/2024 | | | | | | | 1,120,000 | | | | 793,607 | | | | 0.27 | |
| | | | | | | | | | | 23,015,819 | | | | 7.83 | |
| | | | |
Colombia (Cost $11,965,688) | | | | | | | | | | | | | | | | |
Ecopetrol S.A., 6.875%, 04/29/2030 | | | | | | | 3,230,000 | | | | 3,730,650 | | | | 1.27 | |
Frontera Energy Corp., 7.875%, 06/21/2028 | | | | | | | 2,390,000 | | | | 2,300,375 | | | | 0.78 | |
Geopark Ltd., 5.500%, 01/17/2027 | | | | | | | 1,200,000 | | | | 1,192,212 | | | | 0.41 | |
Grupo Aval Ltd., 4.375%, 02/04/2030 | | | | | | | 1,015,000 | | | | 992,163 | | | | 0.34 | |
Millicom International Cellular S.A., 4.500%, 04/27/20314 | | | | | | | 1,099,000 | | | | 1,127,860 | | | | 0.38 | |
Millicom International Cellular S.A., 4.500%, 04/27/2031 | | | | | | | 920,000 | | | | 944,159 | | | | 0.32 | |
Oleoducto Central S.A., 4.000%, 07/14/2027 | | | | | | | 640,000 | | | | 654,720 | | | | 0.22 | |
SURA Asset Management S.A., 4.875%, 04/17/2024 | | | | | | | 215,000 | | | | 230,590 | | | | 0.08 | |
SURA Asset Management S.A., 4.375%, 04/11/2027 | | | | | | | 175,000 | | | | 189,000 | | | | 0.06 | |
Transportadora de Gas Internacional S.A. ESP, 5.550%, 11/01/2028 | | | | | | | 290,000 | | | | 325,165 | | | | 0.11 | |
| | | | | | | | | | | 11,686,894 | | | | 3.97 | |
| | | | |
Czech Republic (Cost $1,965,282) | | | | | | | | | | | | | | | | |
New World Resources N.V., 8.000%, 04/07/20206,7,8 | | | EUR | | | | 1,685,299 | | | | — | | | | — | |
New World Resources N.V., 0.000%, 10/07/20204,6,7,8,9,10 | | | EUR | | | | 101,612 | | | | — | | | | — | |
New World Resources N.V., 4.000%, 10/07/20206,7,8 | | | EUR | | | | 700,590 | | | | — | | | | — | |
| | | | |
| | | | | | | | | | | — | | | | — | |
| | | | |
Ecuador (Cost $4,730,752) | | | | | | | | | | | | | | | | |
International Airport Finance S.A., 12.000%, 03/15/2033 | | | | | | | 4,428,058 | | | | 4,814,229 | | | | 1.64 | |
Petroamazonas EP, 4.625%, 12/06/2021 | | | | | | | 153,440 | | | | 152,097 | | | | 0.05 | |
| | | | | | | | | | | 4,966,326 | | | | 1.69 | |
| | | | |
Ghana (Cost $4,675,116) | | | | | | | | | | | | | | | | |
Tullow Oil PLC, 7.000%, 03/01/2025 | | | | | | | 2,500,000 | | | | 2,187,500 | | | | 0.74 | |
Tullow Oil PLC, 10.250%, 05/15/2026 | | | | | | | 2,400,000 | | | | 2,528,400 | | | | 0.86 | |
| | | | | | | | | | | 4,715,900 | | | | 1.60 | |
| | | | |
Hong Kong (Cost $1,155,864) | | | | | | | | | | | | | | | | |
Airport Authority, (Variable, 4.697% - U.S. Treasury Yield Curve Rate CMT 5Y), 2.100%, 03/08/20263 | | | | | | | 615,000 | | | | 609,259 | | | | 0.21 | |
See accompanying notes to the financial statements.
101
ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Hong Kong (continued) | | | | | | | | | | | | | | | | |
CK Hutchison Capital Securities 17 Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.070%), 4.000%, 05/12/20223 | | | | | | | 530,000 | | | $ | 533,519 | | | | 0.18 | |
| | | | | | | | | | | 1,142,778 | | | | 0.39 | |
| | | | |
India (Cost $7,667,926) | | | | | | | | | | | | | | | | |
Bharti Airtel Ltd., 3.250%, 06/03/2031 | | | | | | | 550,000 | | | | 554,049 | | | | 0.19 | |
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026 | | | | | | | 523,000 | | | | 550,250 | | | | 0.19 | |
India Green Energy Holdings, 5.375%, 04/29/2024 | | | | | | | 450,000 | | | | 466,785 | | | | 0.16 | |
Network i2i Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.390%), 3.975%, 03/03/20263 | | | | | | | 1,560,000 | | | | 1,573,650 | | | | 0.53 | |
Power Finance Corp. Ltd., 4.500%, 06/18/2029 | | | | | | | 475,000 | | | | 503,364 | | | | 0.17 | |
Vedanta Resources Finance II PLC, 8.000%, 04/23/2023 | | | | | | | 560,000 | | | | 550,200 | | | | 0.19 | |
Vedanta Resources Finance II PLC, 8.950%, 03/11/2025 | | | | | | | 2,250,000 | | | | 2,283,750 | | | | 0.78 | |
Vedanta Resources Ltd., 6.375%, 07/30/2022 | | | | | | | 815,000 | | | | 808,480 | | | | 0.27 | |
Vedanta Resources Ltd., 6.125%, 08/09/2024 | | | | | | | 730,000 | | | | 664,665 | | | | 0.23 | |
| | | | | | | | | | | 7,955,193 | | | | 2.71 | |
| | | | |
Indonesia (Cost $7,004,516) | | | | | | | | | | | | | | | | |
Eterna Capital Pte. Ltd., 8.000%, 12/11/20225 | | | | | | | 2,162,859 | | | | 934,485 | | | | 0.32 | |
Indonesia Asahan Aluminium Persero PT, 6.530%, 11/15/2028 | | | | | | | 920,000 | | | | 1,105,840 | | | | 0.38 | |
Minejesa Capital B.V., 4.625%, 08/10/2030 | | | | | | | 1,085,000 | | | | 1,117,550 | | | | 0.38 | |
Minejesa Capital B.V., 5.625%, 08/10/2037 | | | | | | | 560,000 | | | | 592,900 | | | | 0.20 | |
Pertamina Persero PT, 6.000%, 05/03/2042 | | | | | | | 795,000 | | | | 976,243 | | | | 0.33 | |
Sri Rejeki Isman Tbk PT, 7.250%, 01/16/2025 | | | | | | | 4,200,000 | | | | 861,000 | | | | 0.29 | |
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038 | | | | | | | 250,000 | | | | 278,125 | | | | 0.09 | |
| | | | | | | | | | | 5,866,143 | | | | 1.99 | |
| | | | |
Iraq (Cost $6,921,029) | | | | | | | | | | | | | | | | |
DNO A.S.A., 8.375%, 05/29/20244 | | | | | | | 3,139,000 | | | | 3,256,712 | | | | 1.11 | |
DNO A.S.A., 7.875%, 09/09/20264 | | | | | | | 3,300,000 | | | | 3,399,000 | | | | 1.15 | |
Oilflow SPV 1 DAC, 12.000%, 01/13/2022 | | | | | | | 696,429 | | | | 696,429 | | | | 0.24 | |
| | | | | | | | | | | 7,352,141 | | | | 2.50 | |
| | | | |
Israel (Cost $18,241,410) | | | | | | | | | | | | | | | | |
Altice Financing S.A., 5.750%, 08/15/20294 | | | | | | | 1,090,000 | | | | 1,072,287 | | | | 0.36 | |
Bank Hapoalim B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.155%), 3.255%, 01/21/20323,4 | | | | | | | 800,000 | | | | 799,016 | | | | 0.27 | |
Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/20313,4 | | | | | | | 1,120,000 | | | | 1,128,400 | | | | 0.38 | |
ICL Group Ltd., 6.375%, 05/31/20384 | | | | | | | 251,000 | | | | 325,673 | | | | 0.11 | |
Leviathan Bond Ltd., 5.750%, 06/30/20234 | | | | | | | 390,000 | | | | 404,528 | | | | 0.14 | |
Leviathan Bond Ltd., 6.125%, 06/30/20254 | | | | | | | 930,000 | | | | 1,002,075 | | | | 0.34 | |
Leviathan Bond Ltd., 6.500%, 06/30/20274 | | | | | | | 998,000 | | | | 1,087,820 | | | | 0.37 | |
Leviathan Bond Ltd., 6.750%, 06/30/20304 | | | | | | | 2,165,000 | | | | 2,373,381 | | | | 0.81 | |
Mizrahi Tefahot Bank Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.250%), 3.077%, 04/07/20313,4 | | | | | | | 905,000 | | | | 903,190 | | | | 0.31 | |
See accompanying notes to the financial statements.
102
ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Israel (continued) | | | | | | | | | | | | | | | | |
Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/2036 | | | | | | | 3,615,000 | | | $ | 3,869,351 | | | | 1.32 | |
Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028 | | | | | | | 5,260,000 | | | | 5,759,700 | | | | 1.96 | |
| | | | | | | | | | | 18,725,421 | | | | 6.37 | |
| | | | |
Jamaica (Cost $3,013,109) | | | | | | | | | | | | | | | | |
Digicel Group Holdings Ltd., 7.000%, 11/18/20215 | | | | | | | 2,142,450 | | | | 1,949,629 | | | | 0.66 | |
Digicel Group Holdings Ltd., 10.000%, 04/01/20245 | | | | | | | 1,614,699 | | | | 1,628,828 | | | | 0.56 | |
Digicel Ltd., 6.750%, 03/01/2023 | | | | | | | 1,280,000 | | | | 1,238,400 | | | | 0.42 | |
| | | | | | | | | | | 4,816,857 | | | | 1.64 | |
| | | | |
Jordan (Cost $453,225) | | | | | | | | | | | | | | | | |
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025 | | | | | | | 445,000 | | | | 461,972 | | | | 0.16 | |
| | | | | | | | | | | 461,972 | | | | 0.16 | |
| | | | |
Kazakhstan (Cost $1,938,333) | | | | | | | | | | | | | | | | |
Kazakhstan Temir Zholy Finance B.V., 6.950%, 07/10/2042 | | | | | | | 380,000 | | | | 513,730 | | | | 0.17 | |
KazMunayGas National Co. JSC, 6.375%, 10/24/2048 | | | | | | | 270,000 | | | | 346,966 | | | | 0.12 | |
Tengizchevroil Finance Co. International Ltd., 4.000%, 08/15/2026 | | | | | | | 690,000 | | | | 739,085 | | | | 0.25 | |
Tengizchevroil Finance Co. International Ltd., 3.250%, 08/15/2030 | | | | | | | 350,000 | | | | 350,924 | | | | 0.12 | |
| | | | | | | | | | | 1,950,705 | | | | 0.66 | |
| | | | |
Kuwait (Cost $3,084,518) | | | | | | | | | | | | | | | | |
Equate Petrochemical B.V., 4.250%, 11/03/2026 | | | | | | | 200,000 | | | | 218,016 | | | | 0.07 | |
MEGlobal Canada ULC, 5.875%, 05/18/2030 | | | | | | | 580,000 | | | | 704,236 | | | | 0.24 | |
NBK Tier 1 Financing 2 Ltd., (Variable, USD Swap 6Y + 2.832%), 4.500%, 08/27/20253 | | | | | | | 315,000 | | | | 323,498 | | | | 0.11 | |
NBK Tier 1 Financing Ltd., (Variable, USD Swap 6Y + 2.875%), 3.625%, 08/24/20263 | | | | | | | 1,000,000 | | | | 993,440 | | | | 0.34 | |
Nbk Tier 2 Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.108%), 2.500%, 11/24/20303 | | | | | | | 815,000 | | | | 816,845 | | | | 0.28 | |
| | | | | | | | | | | 3,056,035 | | | | 1.04 | |
| | | | |
Mexico (Cost $32,756,608) | | | | | | | | | | | | | | | | |
Alfa S.A.B. de C.V., 6.875%, 03/25/2044 | | | | | | | 840,000 | | | | 1,100,408 | | | | 0.37 | |
Axtel S.A.B. de C.V., 6.375%, 11/14/2024 | | | | | | | 786,000 | | | | 810,767 | | | | 0.28 | |
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.035%), 6.875%, 07/06/20223 | | | | | | | 1,695,000 | | | | 1,721,484 | | | | 0.58 | |
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.353%), 7.625%, 01/10/20283 | | | | | | | 1,105,000 | | | | 1,212,738 | | | | 0.41 | |
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/20333 | | | | | | | 2,055,000 | | | | 2,119,733 | | | | 0.72 | |
Braskem Idesa S.A.P.I., 7.450%, 11/15/2029 | | | | | | | 2,360,000 | | | | 2,503,830 | | | | 0.85 | |
Braskem Idesa S.A.P.I., 6.990%, 02/20/20324 | | | | | | | 1,400,000 | | | | 1,433,033 | | | | 0.49 | |
Cemex S.A.B. de C.V., 7.375%, 06/05/2027 | | | | | | | 520,000 | | | | 574,929 | | | | 0.20 | |
Cemex S.A.B. de C.V., 5.450%, 11/19/2029 | | | | | | | 1,195,000 | | | | 1,294,424 | | | | 0.44 | |
See accompanying notes to the financial statements.
103
ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Mexico (continued) | | | | | | | | | | | | | | | | |
CIBANCO S.A. Institucion de Banca Multiple Trust CIB/3332, 4.375%, 07/22/20314 | | | | | | | 960,000 | | | $ | 919,296 | | | | 0.31 | |
Cometa Energia S.A. de C.V., 6.375%, 04/24/2035 | | | | | �� | | 876,525 | | | | 995,820 | | | | 0.34 | |
Comision Federal de Electricidad, 3.348%, 02/09/2031 | | | | | | | 680,000 | | | | 654,507 | | | | 0.22 | |
Comision Federal de Electricidad, 4.677%, 02/09/2051 | | | | | | | 440,000 | | | | 408,654 | | | | 0.14 | |
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031 | | | | | | | 400,000 | | | | 388,000 | | | | 0.13 | |
Electricidad Firme de Mexico Holdings S.A. de C.V., 4.900%, 11/20/20264 | | | | | | | 1,600,000 | | | | 1,560,800 | | | | 0.53 | |
Fresnillo PLC, 4.250%, 10/02/2050 | | | | | | | 350,000 | | | | 357,875 | | | | 0.12 | |
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026 | | | | | | | 1,925,000 | | | | 1,963,500 | | | | 0.67 | |
Infraestructura Energetica Nova S.A.B. de C.V., 4.750%, 01/15/2051 | | | | | | | 380,000 | | | | 388,033 | | | | 0.13 | |
Metalsa S.A. de C.V., 3.750%, 05/04/2031 | | | | | | | 705,000 | | | | 663,412 | | | | 0.23 | |
Mexico Generadora de Energia S. de r.l., 5.500%, 12/06/2032 | | | | | | | 803,702 | | | | 892,118 | | | | 0.30 | |
Nemak S.A.B. de C.V., 3.625%, 06/28/2031 | | | | | | | 600,000 | | | | 561,600 | | | | 0.19 | |
Petroleos Mexicanos, 6.500%, 03/13/2027 | | | | | | | 575,000 | | | | 612,950 | | | | 0.21 | |
Petroleos Mexicanos, 6.750%, 09/21/2047 | | | | | | | 3,090,000 | | | | 2,733,105 | | | | 0.93 | |
Petroleos Mexicanos, 7.690%, 01/23/2050 | | | | | | | 2,915,000 | | | | 2,783,825 | | | | 0.95 | |
Petroleos Mexicanos, 6.950%, 01/28/2060 | | | | | | | 3,175,000 | | | | 2,816,098 | | | | 0.96 | |
Trust Fibra Uno, 4.869%, 01/15/2030 | | | | | | | 625,000 | | | | 667,194 | | | | 0.23 | |
Trust Fibra Uno, 6.390%, 01/15/2050 | | | | | | | 1,273,000 | | | | 1,484,649 | | | | 0.50 | |
| | | | | | | | | | | 33,622,782 | | | | 11.43 | |
| | | | |
Mongolia (Cost $2,618,243) | | | | | | | | | | | | | | | | |
Mongolian Mining Corp., 1.634%, 04/01/20225,9 | | | | | | | 2,120,888 | | | | 911,982 | | | | 0.31 | |
Mongolian Mining Corp./Energy Resources LLC, 9.250%, 04/15/2024 | | | | | | | 1,565,000 | | | | 1,385,025 | | | | 0.47 | |
| | | | | | | | | | | 2,297,007 | | | | 0.78 | |
| | | | |
Morocco (Cost $1,008,621) | | | | | | | | | | | | | | | | |
OCP S.A., 5.125%, 06/23/2051 | | | | | | | 1,035,000 | | | | 1,007,573 | | | | 0.34 | |
| | | | | | | | | | | 1,007,573 | | | | 0.34 | |
| | | | |
Panama (Cost $3,885,860) | | | | | | | | | | | | | | | | |
AES Panama Generation Holdings SRL, 4.375%, 05/31/2030 | | | | | | | 1,935,000 | | | | 1,995,333 | | | | 0.68 | |
C&W Senior Financing DAC, 6.875%, 09/15/2027 | | | | | | | 840,000 | | | | 885,150 | | | | 0.30 | |
Cable Onda S.A., 4.500%, 01/30/2030 | | | | | | | 940,000 | | | | 975,015 | | | | 0.33 | |
| | | | | | | | | | | 3,855,498 | | | | 1.31 | |
| | | | |
Peru (Cost $4,765,944) | | | | | | | | | | | | | | | | |
Banco de Credito del Peru, (Variable, U.S. Treasury Yield | | | | | | | | | | | | | | | | |
Curve Rate CMT 5Y + 2.450%), 3.250%, 09/30/20313 | | | | | | | 340,000 | | | | 336,940 | | | | 0.11 | |
Banco Internacional del Peru S.A.A. Interbank, 3.250%, 10/04/2026 | | | | | | | 310,000 | | | | 317,502 | | | | 0.11 | |
Consorcio Transmantaro S.A., 4.375%, 05/07/2023 | | | | | | | 310,000 | | | | 322,868 | | | | 0.11 | |
InRetail Consumer, 3.250%, 03/22/2028 | | | | | | | 460,000 | | | | 452,042 | | | | 0.15 | |
Intercorp Peru Ltd., 3.875%, 08/15/2029 | | | | | | | 620,000 | | | | 605,182 | | | | 0.21 | |
Minsur S.A., 4.500%, 10/28/20314 | | | | | | | 700,000 | | | | 690,550 | | | | 0.24 | |
See accompanying notes to the financial statements.
104
ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Peru (continued) | | | | | | | | | | | | | | | | |
Peru LNG S.R.L., 5.375%, 03/22/2030 | | | | | | | 2,445,000 | | | $ | 2,071,832 | | | | 0.70 | |
| | | | | | | | | | | 4,796,916 | | | | 1.63 | |
| | | | |
Poland (Cost $2,913,818) | | | | | | | | | | | | | | | | |
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | | | EUR | | | | 975,000 | | | | 1,138,394 | | | | 0.39 | |
Oriflame Investment Holding PLC, 5.125%, 05/04/2026 | | | | | | | 1,700,000 | | | | 1,681,470 | | | | 0.57 | |
| | | | | | | | | | | 2,819,864 | | | | 0.96 | |
| | | | |
Qatar (Cost $2,727,470) | | | | | | | | | | | | | | | | |
ABQ Finance Ltd., 3.125%, 09/24/2024 | | | | | | | 605,000 | | | | 630,289 | | | | 0.21 | |
Doha Finance Ltd., 2.375%, 03/31/2026 | | | | | | | 780,000 | | | | 789,154 | | | | 0.27 | |
Nakilat, Inc., 6.067%, 12/31/2033 | | | | | | | 136,381 | | | | 166,562 | | | | 0.06 | |
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 1.475%, 02/07/2025 | | | | | | | 1,160,000 | | | | 1,172,971 | | | | 0.40 | |
| | | | | | | | | | | 2,758,976 | | | | 0.94 | |
| | | | |
Romania (Cost $611,119) | | | | | | | | | | | | | | | | |
NE Property B.V., 1.875%, 10/09/2026 | | | EUR | | | | 550,000 | | | | 654,963 | | | | 0.22 | |
| | | | | | | | | | | 654,963 | | | | 0.22 | |
| | | | |
Russian Federation (Cost $17,786,504) | | | | | | | | | | | | | | | | |
Credit Bank of Moscow Via CBOM Finance PLC, (Variable, USD Swap 5Y + 6.942%), 8.875%, 11/10/20223 | | | | | | | 1,375,000 | | | | 1,394,663 | | | | 0.47 | |
Credit Bank of Moscow Via CBOM Finance PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 6.561%), 7.625%, 04/04/20273,4 | | | | | | | 2,700,000 | | | | 2,614,410 | | | | 0.89 | |
Credit Bank of Moscow Via CBOM Finance PLC, (Variable, USD Swap 5Y + 5.416%), 7.500%, 10/05/20273 | | | | | | | 5,479,000 | | | | 5,547,487 | | | | 1.89 | |
Gazprom PJSC Via Gaz Capital S.A., 8.625%, 04/28/2034 | | | | | | | 290,000 | | | | 417,136 | | | | 0.14 | |
Gazprom PJSC via Gaz Finance PLC, 3.000%, 06/29/2027 | | | | | | | 900,000 | | | | 900,000 | | | | 0.31 | |
Lukoil Capital DAC, 3.600%, 10/26/20314 | | | | | | | 600,000 | | | | 598,760 | | | | 0.20 | |
Lukoil Securities B.V., 3.875%, 05/06/2030 | | | | | | | 780,000 | | | | 809,640 | | | | 0.28 | |
Metalloinvest Finance DAC, 3.375%, 10/22/20284 | | | | | | | 600,000 | | | | 598,608 | | | | 0.20 | |
PJSC Koks via IMH Capital DAC, 5.900%, 09/23/2025 | | | | | | | 875,000 | | | | 923,738 | | | | 0.31 | |
Sovcombank Via SovCom Capital DAC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 6.427%), 8.000%, 04/07/20303 | | | | | | | 1,815,000 | | | | 1,944,598 | | | | 0.66 | |
TMK OAO Via TMK Capital S.A., 4.300%, 02/12/2027 | | | | | | | 865,000 | | | | 869,567 | | | | 0.30 | |
VEON Holdings B.V., 4.000%, 04/09/2025 | | | | | | | 890,000 | | | | 921,880 | | | | 0.31 | |
VEON Holdings B.V., 3.375%, 11/25/2027 | | | | | | | 600,000 | | | | 601,686 | | | | 0.21 | |
| | | | | | | | | | | 18,142,173 | | | | 6.17 | |
| | | | |
Saudi Arabia (Cost $8,240,477) | | | | | | | | | | | | | | | | |
Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039 | | | | | | | 1,168,748 | | | | 1,393,966 | | | | 0.47 | |
Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026 | | | | | | | 1,925,000 | | | | 2,004,964 | | | | 0.68 | |
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025 | | | | | | | 1,500,000 | | | | 1,580,685 | | | | 0.54 | |
Riyad Sukuk Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.791%), 3.174%, 02/25/20303 | | | | | | | 200,000 | | | | 204,913 | | | | 0.07 | |
See accompanying notes to the financial statements.
105
ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Saudi Arabia (continued) | | | | | | | | | | | | | | | | |
SA Global Sukuk Ltd., 1.602%, 06/17/2026 | | | | | | | 330,000 | | | $ | 325,760 | | | | 0.11 | |
SA Global Sukuk Ltd., 2.694%, 06/17/2031 | | | | | | | 660,000 | | | | 661,056 | | | | 0.23 | |
Samba Funding Ltd., 2.750%, 10/02/2024 | | | | | | | 395,000 | | | | 408,256 | | | | 0.14 | |
Saudi Arabian Oil Co., 4.250%, 04/16/2039 | | | | | | | 665,000 | | | | 743,989 | | | | 0.25 | |
Saudi Electricity Global Sukuk Co. 3, 5.500%, 04/08/2044 | | | | | | | 910,000 | | | | 1,162,518 | | | | 0.40 | |
| | | | | | | | | | | 8,486,107 | | | | 2.89 | |
| | | | |
Singapore (Cost $5,518,645) | | | | | | | | | | | | | | | | |
DBS Group Holdings Ltd., (Variable, U.S. Treasury Yield | | | | | | | | | | | | | | | | |
Curve Rate CMT 5Y + 1.915%), 3.300%, 02/27/20253 | | | | | | | 570,000 | | | | 578,590 | | | | 0.20 | |
GLP Pte. Ltd., 3.875%, 06/04/2025 | | | | | | | 800,000 | | | | 830,098 | | | | 0.28 | |
Puma International Financing S.A., 5.000%, 01/24/2026 | | | | | | | 4,285,000 | | | | 4,301,283 | | | | 1.46 | |
United Overseas Bank Ltd., (Variable, USD Swap 5Y + 1.794%), 3.875%, 10/19/20233 | | | | | | | 455,000 | | | | 466,175 | | | | 0.16 | |
| | | | | | | | | | | 6,176,146 | | | | 2.10 | |
| | | | |
South Africa (Cost $11,214,589) | | | | | | | | | | | | | | | | |
Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate | | | | | | | | | | | | | | | | |
CMT 5Y + 5.411%), 6.375%, 05/27/20263 | | | | | | | 1,410,000 | | | | 1,461,112 | | | | 0.50 | |
AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028 | | | | | | | 470,000 | | | | 467,111 | | | | 0.16 | |
AngloGold Ashanti Holdings PLC, 3.750%, 10/01/2030 | | | | | | | 345,000 | | | | 348,881 | | | | 0.12 | |
Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029 | | | | | | | 340,000 | | | | 393,890 | | | | 0.13 | |
Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026 | | | | | | | 1,630,000 | | | | 1,691,125 | | | | 0.58 | |
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026 | | | | | | | 1,890,000 | | | | 2,140,425 | | | | 0.73 | |
Prosus N.V., 3.680%, 01/21/2030 | | | | | | | 300,000 | | | | 308,462 | | | | 0.10 | |
Prosus N.V., 3.061%, 07/13/2031 | | | | | | | 610,000 | | | | 592,062 | | | | 0.20 | |
Sasol Financing U.S.A. LLC, 4.375%, 09/18/2026 | | | | | | | 700,000 | | | | 711,410 | | | | 0.24 | |
Sasol Financing U.S.A. LLC, 6.500%, 09/27/2028 | | | | | | | 1,815,000 | | | | 2,010,112 | | | | 0.68 | |
Sasol Financing U.S.A. LLC, 5.500%, 03/18/2031 | | | | | | | 1,400,000 | | | | 1,438,220 | | | | 0.49 | |
| | | | | | | | | | | 11,562,810 | | | | 3.93 | |
| | | | |
South Korea (Cost $1,026,721) | | | | | | | | | | | | | | | | |
Kookmin Bank, 2.500%, 11/04/2030 | | | | | | | 240,000 | | | | 235,798 | | | | 0.08 | |
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.500%), 3.340%, 02/05/20303 | | | | | | | 765,000 | | | | 790,357 | | | | 0.27 | |
| | | | | | | | | | | 1,026,155 | | | | 0.35 | |
| | | | |
Taiwan (Cost $367,458) | | | | | | | | | | | | | | | | |
Foxconn Far East Ltd., 2.500%, 10/28/2030 | | | | | | | 355,000 | | | | 350,446 | | | | 0.12 | |
| | | | | | | | | | | 350,446 | | | | 0.12 | |
| | | | |
Tanzania (Cost $1,237,668) | | | | | | | | | | | | | | | | |
HTA Group Ltd., 7.000%, 12/18/2025 | | | | | | | 1,175,000 | | | | 1,227,711 | | | | 0.42 | |
| | | | | | | | | | | 1,227,711 | | | | 0.42 | |
| | | | |
Thailand (Cost $1,557,709) | | | | | | | | | | | | | | | | |
Bangkok Bank PCL, 9.025%, 03/15/2029 | | | | | | | 630,000 | | | | 858,540 | | | | 0.29 | |
GC Treasury Center Co. Ltd., 2.980%, 03/18/2031 | | | | | | | 385,000 | | | | 387,716 | | | | 0.13 | |
See accompanying notes to the financial statements.
106
ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Thailand (continued) | | | | | | | | | | | | | | | | |
PTTEP Treasury Center Co. Ltd., 3.903%, 12/06/2059 | | | | | | | 295,000 | | | $ | 304,580 | | | | 0.11 | |
| | | | | | | | | | | 1,550,836 | | | | 0.53 | |
| | | | |
Turkey (Cost $8,727,254) | | | | | | | | | | | | | | | | |
Akbank T.A.S., (Variable, USD Swap 5Y + 5.026%), 7.200%, 03/16/20273 | | | | | | | 215,000 | | | | 215,667 | | | | 0.07 | |
Akbank T.A.S., (Variable, USD Swap 5Y + 4.029%), 6.797%, 04/27/20283 | | | | | | | 1,564,000 | | | | 1,562,373 | | | | 0.53 | |
Turkiye Garanti Bankasi A.S., (Variable, USD Swap 5Y + 4.220%), 6.125%, 05/24/20273 | | | | | | | 1,575,000 | | | | 1,574,276 | | | | 0.54 | |
Turkiye Is Bankasi A.S., (Variable, USD Swap 5Y + 5.117%), 7.000%, 06/29/20283 | | | | | | | 1,276,000 | | | | 1,285,570 | | | | 0.44 | |
Yapi ve Kredi Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 7.415%), 7.875%, 01/22/20313 | | | | | | | 1,640,000 | | | | 1,675,955 | | | | 0.57 | |
Zorlu Yenilenebilir Enerji A.S., 9.000%, 06/01/2026 | | | | | | | 2,500,000 | | | | 2,332,650 | | | | 0.79 | |
| | | | | | | | | | | 8,646,491 | | | | 2.94 | |
| | | | |
Ukraine (Cost $8,628,404) | | | | | | | | | | | | | | | | |
Metinvest B.V., 8.500%, 04/23/2026 | | | | | | | 3,517,000 | | | | 3,950,787 | | | | 1.34 | |
Metinvest B.V., 7.750%, 10/17/2029 | | | | | | | 2,065,000 | | | | 2,245,068 | | | | 0.76 | |
NGD Holdings B.V., 6.750%, 12/31/2026 | | | | | | | 1,134,092 | | | | 1,112,771 | | | | 0.38 | |
VF Ukraine PAT via VFU Funding PLC, 6.200%, 02/11/2025 | | | | | | | 1,985,000 | | | | 2,049,512 | | | | 0.70 | |
| | | | | | | | | | | 9,358,138 | | | | 3.18 | |
| | | | |
United Arab Emirates (Cost $8,036,229) | | | | | | | | | | | | | | | | |
Abu Dhabi National Energy Co. PJSC, 6.500%, 10/27/2036 | | | | | | | 380,000 | | | | 538,076 | | | | 0.18 | |
Aldar Sukuk No. 2 Ltd., 3.875%, 10/22/2029 | | | | | | | 460,000 | | | | 497,260 | | | | 0.17 | |
DIB Sukuk Ltd., 2.950%, 01/16/2026 | | | | | | | 1,010,000 | | | | 1,045,108 | | | | 0.36 | |
DP World Ltd., 6.850%, 07/02/2037 | | | | | | | 940,000 | | | | 1,238,450 | | | | 0.42 | |
DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/20253 | | | | | | | 2,015,000 | | | | 2,201,387 | | | | 0.75 | |
First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield | | | | | | | | | | | | | | | | |
Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/20263 | | | | | | | 780,000 | | | | 820,966 | | | | 0.28 | |
Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040 | | | | | | | 800,000 | | | | 785,799 | | | | 0.27 | |
Galaxy Pipeline Assets Bidco Ltd., 3.250%, 09/30/2040 | | | | | | | 705,000 | | | | 700,764 | | | | 0.24 | |
MAF Sukuk Ltd., 4.638%, 05/14/2029 | | | | | | | 275,000 | | | | 309,375 | | | | 0.10 | |
| | | | | | | | | | | 8,137,185 | | | | 2.77 | |
| | | | |
Venezuela (Cost $8,318,882) | | | | | | | | | | | | | | | | |
Petroleos de Venezuela S.A., 8.500%, 10/27/20206,7 | | | | | | | 7,112,500 | | | | 1,909,706 | | | | 0.65 | |
Petroleos de Venezuela S.A., 9.750%, 05/17/20356 | | | | | | | 6,744,093 | | | | 337,205 | | | | 0.11 | |
| | | | | | | | | | | 2,246,911 | | | | 0.76 | |
| | | | |
Zambia (Cost $7,463,139) | | | | | | | | | | | | | | | | |
First Quantum Minerals Ltd., 7.250%, 04/01/2023 | | | | | | | 3,755,000 | | | | 3,823,341 | | | | 1.30 | |
First Quantum Minerals Ltd., 6.875%, 03/01/2026 | | | | | | | 2,740,000 | | | | 2,853,025 | | | | 0.97 | |
See accompanying notes to the financial statements.
107
ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Par | | | Value | | | % of Net
Assets | |
Zambia (continued) | | | | | | | | | | | | | | | | |
First Quantum Minerals Ltd., 6.875%, 10/15/2027 | | | | | | | 1,100,000 | | | $ | 1,174,250 | | | | 0.40 | |
| | | | | | | | | | | 7,850,616 | | | | 2.67 | |
| | | | |
Total Debt Securities (Cost $313,359,740) | | | | | | | | | | �� | 286,008,063 | | | | 97.25 | |
| | | | |
Bank Loans | | | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $2,100,000) | | | | | | | | | | | | | | | | |
Samarco Mineracao S.A., 0.930%, 09/09/20187,11 | | | | | | | 3,000,000 | | | | 1,800,000 | | | | 0.61 | |
| | | | | | | | | | | 1,800,000 | | | | 0.61 | |
| | | | |
Czech Republic (Cost $362,933) | | | | | | | | | | | | | | | | |
New World Resources N.V., 8.500%, 10/07/20167,8 | | | EUR | | | | 702,275 | | | | — | | | | — | |
| | | | | | | | | | | — | | | | — | |
| | | | |
Ghana (Cost $2,143,182) | | | | | | | | | | | | | | | | |
Karpower International B.V., 8.920%, 11/16/202311 | | | | | | | 2,143,182 | | | | 2,121,750 | | | | 0.72 | |
| | | | | | | | | | | 2,121,750 | | | | 0.72 | |
| | | | |
Total Bank Loans (Cost $4,606,115) | | | | | | | | | | | 3,921,750 | | | | 1.33 | |
| | | | |
| | | Currency1 | | Shares | | | Value | | | % of Net
Assets | |
| | | | |
Equity Securities | | | | | | | | | | | | | | | | |
| | | | |
Czech Republic (Cost $1,093,254) | | | | | | | | | | | | | | | | |
New World Resources PLC, Class A*,8 | | | GBP | | | | 36,580,138 | | | $ | — | | | | — | |
| | | | | | | | | | | — | | | | — | |
| | | | |
Niger (Cost $877,496) | | | | | | | | | | | | | | | | |
Savannah Energy PLC*,11 | | | GBP | | | | 2,258,852 | | | | 598,176 | | | | 0.20 | |
| | | | | | | | | | | 598,176 | | | | 0.20 | |
| | | | |
Total Equity Securities (Cost $1,970,750) | | | | | | | | | | | 598,176 | | | | 0.20 | |
| | | | |
Total Investments (Total Cost $319,936,605) | | | | | | | | | | | 290,527,989 | | | | 98.78 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | | | 3,575,094 | | | | 1.22 | |
| | | | |
Net Assets | | | | | | | | | | $ | 294,103,083 | | | | 100.00 | |
| * | Non-income producing security. |
| 1 | Local currency is United States Dollars unless otherwise noted below. |
| 2 | Step coupon bond. Rate as of October 31, 2021 is disclosed. |
| 3 | Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
| 4 | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. |
| 5 | Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis. |
| 6 | Issuer has defaulted on terms of debt obligation. |
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| 7 | Maturity has been extended under the terms of a plan of reorganization. |
| 8 | Security has been deemed worthless and is a Level 3 investment. |
| 9 | Zero coupon bond – interest rate reflects effective yield on the date of purchase. |
| 10 | Restricted security that has been deemed illiquid. At October 31, 2021 the value of these restricted illiquid securities amount to $0 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows: |
| | | | |
| SECURITY | | ACQUISITION DATE | | ACQUISITION COST |
| | |
New World Resources N.V., 0.0000%, 10/07/2020 | | 10/7/2014 | | $— |
| 11 | Security is a Level 3 investment. |
Percentages shown are based on net assets.
At October 31, 2021, the Ashmore Emerging Markets Corporate Income Fund had outstanding forward foreign currency exchange contracts as follows:
| | | | | | | | | | | | | | | | | | |
Settlement Date | | Counterparty | | Currency Buy | | Currency
Buy Amount
(Local
Currency) | | Currency Sell | | Currency
Sell Amount
(Local
Currency) | | | Unrealized
Gain/(Loss) |
| | | | | | |
11/17/2021 | | Deutsche Bank | | United States Dollar | | | 1,759,605 | | | Euro | | | 1,521,274 | | | $ | 436 | |
| | | | | | |
11/30/2021 | | State Street | | United States Dollar | | | 601,142 | | | British Pound | | | 435,000 | | | | 5,814 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
Subtotal Appreciation | | | | | | | | | | | | | | | | | 6,250 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
Total | | | | | | | | | | | | | | | | $ | 6,250 | |
| | | | | | | | | | | | | | | | | | |
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 Income Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2021:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Debt Securities | | | | | | | | | | | | | | | | |
Corporate Bonds | | | $— | | | | $251,962,834 | | | | $— | | | | $251,962,834 | |
Corporate Convertible Bonds | | | — | | | | 10,427,509 | | | | — | | | | 10,427,509 | |
Financial Certificates | | | — | | | | 7,659,929 | | | | — | | | | 7,659,929 | |
Government Agencies | | | — | | | | 15,957,791 | | | | — | | | | 15,957,791 | |
| | | | | | | | | | | | | | | | |
Total Debt Securities | | | — | | | | 286,008,063 | | | | — | | | | 286,008,063 | |
Bank Loans | | | | | | | | | | | | | | | | |
Brazil | | | — | | | | — | | | | 1,800,000 | | | | 1,800,000 | |
Ghana | | | — | | | | — | | | | 2,121,750 | | | �� | 2,121,750 | |
| | | | | | | | | | | | | | | | |
Total Bank Loans | | | — | | | | — | | | | 3,921,750 | | | | 3,921,750 | |
Equity Securities | | | | | | | | | | | | | | | | |
Common Stock | | | | | | | | | | | | | | | | |
Niger | | | — | | | | — | | | | 598,176 | | | | 598,176 | |
| | | | | | | | | | | | | | | | |
Total Common Stock | | | — | | | | — | | | | 598,176 | | | | 598,176 | |
| |
Total Investments | | | $— | | | | $286,008,063 | | | | $4,519,926 | | | | $290,527,989 | |
| |
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | $ — | | | | $ 6,250 | | | | $ — | | | | $ 6,250 | |
| |
Total Other Financial Instruments | | | $ — | | | | $ 6,250 | | | | $ — | | | | $ 6,250 | |
| |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended October 31, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Category and
Subcategory | | Beginning
Balance
at 10/31/2020 | | Accrued
Discounts
(Premiums) | | Purchases | | Sales | | Realized
Gains
(Losses) | | Change in
Unrealized
Appreciation
(Depreciation) | | Transfers
into
Level 3 | | Transfers
out of
Level 3 | | Ending
Balance
at 10/31/2021 | | Change in
Unrealized
Appreciation
(Depreciation)
from Investments
still held
10/31/2021 |
| | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bank Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Brazil | | | $ | 1,350,000 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 450,000 | | | | $ | — | | | | $ | — | | | | $ | 1,800,000 | | | | $ | 450,000 | |
Ghana | | | | 2,865,000 | | | | | — | | | | | — | | | | | (856,818 | ) | | | | — | | | | | 113,568 | | | | | — | | | | | — | | | | | 2,121,750 | | | | | 113,568 | |
Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Russian Federation | | | | 116,273 | | | | | — | | | | | — | | | | | (211,405 | ) | | | | (443,951 | ) | | | | 539,083 | | | | | — | | | | | — | | | | | — | | | | | — | |
Niger | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 598,176 | | | | | — | | | | | 598,176 | | | | | (279,320 | ) |
Total | | | $ | 4,331,273 | | | | $ | — | | | | $ | — | | | | $ | (1,068,223 | ) | | | $ | (443,951 | ) | | | $ | 1,102,651 | | | | $ | 598,176 | | | | $ | — | | | | $ | 4,519,926 | | | | $ | 284,248 | |
The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at October 31, 2021:
| | | | | | | | | | | | |
| Quantitative Information about Level 3 Fair Value Measurements | |
| | | |
| | | Fair Value at
10/31/2021 | | | Valuation Technique | | | Unobservable Input | |
| | | |
Bank Loans | | $ | 3,921,750 | | | | Broker Quote | | | | Inputs to broker model | |
Common Stock | | | 598,176 | | | | Last traded price | | | | Stale quoted market price | |
| | | |
Total | | $ | 4,519,926 | | | | | | | | | |
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign Exchange Risk | |
| |
Assets: | | | | |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | $ 6,250 | |
| | | | |
The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign Exchange Risk | |
| |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | | $ 52,963 | |
| | | | |
| |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | | | |
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | | $ (4,716 | ) |
| | | | |
* See note 10 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
111
ASHMORE EMERGING MARKETS SHORT DURATION FUND
SCHEDULE OF INVESTMENTS
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Debt Securities | | | | | | | | | | | | | | | | |
| | | | |
Argentina (Cost $9,018,075) | | | | | | | | | | | | | | | | |
IRSA Propiedades Comerciales S.A., 8.750%, 03/23/2023 | | | | | | | 4,770,000 | | | $ | 4,555,398 | | | | 3.43 | |
YPF S.A., (Step to 9.000% on 01/01/2023), 4.000%, 02/12/20262 | | | | | | | 5,321,164 | | | | 4,578,861 | | | | 3.44 | |
| | | | | | | | | | | 9,134,259 | | | | 6.87 | |
| | | | |
Bahrain (Cost $1,865,530) | | | | | | | | | | | | | | | | |
BBK BSC, 5.500%, 07/09/2024 | | | | | | | 1,770,000 | | | | 1,831,702 | | | | 1.38 | |
| | | | | | | | | | | 1,831,702 | | | | 1.38 | |
| | | | |
Belarus (Cost $1,517,643) | | | | | | | | | | | | | | | | |
Eurotorg LLC Via Bonitron DAC, 9.000%, 10/22/2025 | | | | | | | 1,400,000 | | | | 1,456,700 | | | | 1.09 | |
| | | | | | | | | | | 1,456,700 | | | | 1.09 | |
| | | | |
Brazil (Cost $23,884,306) | | | | | | | | | | | | | | | | |
Azul Investments LLP, 5.875%, 10/26/2024 | | | | | | | 3,950,000 | | | | 3,663,665 | | | | 2.75 | |
Gol Finance S.A., 7.000%, 01/31/2025 | | | | | | | 3,370,000 | | | | 3,035,561 | | | | 2.28 | |
InterCement Financial Operations B.V., 5.750%, 07/17/2024 | | | | | | | 8,500,000 | | | | 7,894,460 | | | | 5.94 | |
Oi S.A., 10.000%, (100% Cash), 07/27/20253 | | | | | | | 11,740,000 | | | | 10,571,870 | | | | 7.95 | |
| | | | | | | | | | | 25,165,556 | | | | 18.92 | |
| | | | |
China (Cost $49,929,706) | | | | | | | | | | | | | | | | |
CFLD Cayman Investment Ltd., 8.625%, 02/28/20214,5 | | | | | | | 600,000 | | | | 206,100 | | | | 0.16 | |
CFLD Cayman Investment Ltd., 9.000%, 07/31/20214,5 | | | | | | | 780,000 | | | | 267,251 | | | | 0.20 | |
CFLD Cayman Investment Ltd., 8.600%, 04/08/2024 | | | | | | | 1,035,000 | | | | 365,562 | | | | 0.27 | |
CFLD Cayman Investment Ltd., 8.050%, 01/13/2025 | | | | | | | 2,975,000 | | | | 1,035,740 | | | | 0.78 | |
China Evergrande Group, 8.250%, 03/23/2022 | | | | | | | 5,721,000 | | | | 1,563,858 | | | | 1.18 | |
China Evergrande Group, 10.000%, 04/11/2023 | | | | | | | 6,395,000 | | | | 1,470,776 | | | | 1.11 | |
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022 | | | | | | | 4,000,000 | | | | 1,175,250 | | | | 0.88 | |
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023 | | | | | | | 4,160,000 | | | | 1,222,476 | | | | 0.92 | |
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023 | | | | | | | 1,510,000 | | | | 442,519 | | | | 0.33 | |
Kaisa Group Holdings Ltd., 11.500%, 01/30/2023 | | | | | | | 4,875,000 | | | | 1,440,577 | | | | 1.08 | |
Kaisa Group Holdings Ltd., 10.875%, 07/23/2023 | | | | | | | 3,930,000 | | | | 1,165,245 | | | | 0.88 | |
Kaisa Group Holdings Ltd., 11.250%, 04/16/2025 | | | | | | | 4,280,000 | | | | 1,302,065 | | | | 0.98 | |
Prime Bloom Holdings Ltd., 6.950%, 07/05/2022 | | | | | | | 6,470,000 | | | | 1,132,250 | | | | 0.85 | |
Radiance Capital Investments Ltd., 8.800%, 09/17/2023 | | | | | | | 1,600,000 | | | | 1,455,119 | | | | 1.09 | |
Scenery Journey Ltd., 11.500%, 10/24/2022 | | | | | | | 1,890,000 | | | | 359,096 | | | | 0.27 | |
Tunghsu Venus Holdings Ltd., 7.000%, 06/12/20204,5 | | | | | | | 2,640,000 | | | | 704,880 | | | | 0.53 | |
| | | | | | | | | | | 15,308,764 | | | | 11.51 | |
| | | | |
Ecuador (Cost $1,442,365) | | | | | | | | | | | | | | | | |
Petroamazonas EP, 4.625%, 12/06/2021 | | | | | | | 1,445,016 | | | | 1,432,372 | | | | 1.08 | |
| | | | | | | | | | | 1,432,372 | | | | 1.08 | |
| | | | |
Ghana (Cost $1,021,115) | | | | | | | | | | | | | | | | |
Tullow Oil PLC, 10.250%, 05/15/2026 | | | | | | | 965,000 | | | | 1,016,628 | | | | 0.76 | |
| | | | | | | | | | | 1,016,628 | | | | 0.76 | |
See accompanying notes to the financial statements.
112
ASHMORE EMERGING MARKETS SHORT DURATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
India (Cost $1,752,324) | | | | | | | | | | | | | | | | |
Vedanta Resources Ltd., 6.375%, 07/30/2022 | | | | | | | 1,764,000 | | | $ | 1,749,888 | | | | 1.32 | |
| | | | | | | | | | | 1,749,888 | | | | 1.32 | |
| | | | |
Indonesia (Cost $1,134,352) | | | | | | | | | | | | | | | | |
Eterna Capital Pte. Ltd., 7.500%, (12% PIK), 12/11/20223 | | | | | | | 118,804 | | | | 89,675 | | | | 0.07 | |
Indika Energy Capital III Pte. Ltd., 5.875%, 11/09/2024 | | | | | | | 1,000,000 | | | | 1,015,500 | | | | 0.76 | |
| | | | | | | | | | | 1,105,175 | | | | 0.83 | |
| | | | |
Iraq (Cost $4,478,697) | | | | | | | | | | | | | | | | |
DNO A.S.A., 8.375%, 05/29/20246 | | | | | | | 3,863,000 | | | | 4,007,863 | | | | 3.01 | |
Oilflow SPV 1 DAC, 12.000%, 01/13/2022 | | | | | | | 550,331 | | | | 550,331 | | | | 0.42 | |
| | | | | | | | | | | 4,558,194 | | | | 3.43 | |
| | | | |
Jamaica (Cost $5,034,603) | | | | | | | | | | | | | | | | |
Digicel Group Holdings Ltd., 7.000%, 11/18/20213 | | | | | | | 115,191 | | | | 104,824 | | | | 0.08 | |
Digicel Group Holdings Ltd., 10.000%, (60% PIK), 04/01/20243 | | | | | | | 2,389,768 | | | | 2,410,678 | | | | 1.81 | |
Digicel International Finance Ltd./Digicel International | | | | | | | | | | | | | | | | |
Holdings Ltd., 8.750%, 05/25/2024 | | | | | | | 3,000,000 | | | | 3,112,500 | | | | 2.34 | |
| | | | | | | | | | | 5,628,002 | | | | 4.23 | |
| | | | |
Lebanon (Cost $58,414,883) | | | | | | | | | | | | | | | | |
Lebanon (Rep of), 6.375%, 03/09/20204,5 | | | | | | | 12,197,000 | | | | 1,831,989 | | | | 1.38 | |
Lebanon (Rep of), 5.800%, 04/14/20204,5 | | | | | | | 29,248,000 | | | | 4,393,050 | | | | 3.30 | |
Lebanon (Rep of), 6.150%, 06/19/20204,5 | | | | | | | 19,996,000 | | | | 3,003,399 | | | | 2.26 | |
| | | | | | | | | | | 9,228,438 | | | | 6.94 | |
| | | | |
Mexico (Cost $9,766,523) | | | | | | | | | | | | | | | | |
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026 | | | | | | | 1,025,000 | | | | 1,045,500 | | | | 0.79 | |
Petroleos Mexicanos, 6.875%, 10/16/2025 | | | | | | | 8,043,000 | | | | 8,785,851 | | | | 6.60 | |
| | | | | | | | | | | 9,831,351 | | | | 7.39 | |
| | | | |
Poland (Cost $266,974) | | | | | | | | | | | | | | | | |
Oriflame Investment Holding PLC, 5.125%, 05/04/2026 | | | | | | | 260,000 | | | | 257,166 | | | | 0.19 | |
| | | | | | | | | | | 257,166 | | | | 0.19 | |
| | | | |
Russian Federation (Cost $1,391,771) | | | | | | | | | | | | | | | | |
PJSC Koks via IMH Capital DAC, 5.900%, 09/23/2025 | | | | | | | 1,300,000 | | | | 1,372,410 | | | | 1.03 | |
| | | | | | | | | | | 1,372,410 | | | | 1.03 | |
| | | | |
Saudi Arabia (Cost $5,372,065) | | | | | | | | | | | | | | | | |
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024 | | | | | | | 2,799,000 | | | | 2,914,039 | | | | 2.19 | |
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025 | | | | | | | 2,575,000 | | | | 2,713,509 | | | | 2.04 | |
| | | | | | | | | | | 5,627,548 | | | | 4.23 | |
| | | | |
Singapore (Cost $4,931,830) | | | | | | | | | | | | | | | | |
Puma International Financing S.A., 5.125%, 10/06/2024 | | | | | | | 5,400,000 | | | | 5,429,700 | | | | 4.08 | |
| | | | | | | | | | | 5,429,700 | | | | 4.08 | |
See accompanying notes to the financial statements.
113
ASHMORE EMERGING MARKETS SHORT DURATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Turkey (Cost $3,195,593) | | | | | | | | | | | | | | | | |
KOC Holding A.S., 6.500%, 03/11/2025 | | | | | | | 545,000 | | | $ | 572,424 | | | | 0.43 | |
Turk Telekomunikasyon A.S., 6.875%, 02/28/2025 | | | | | | | 530,000 | | | | 565,699 | | | | 0.43 | |
Turkiye Is Bankasi A.S., 6.000%, 10/24/2022 | | | | | | | 2,010,000 | | | | 2,048,612 | | | | 1.54 | |
| | | | | | | | | | | 3,186,735 | | | | 2.40 | |
| | | | |
Ukraine (Cost $5,326,822) | | | | | | | | | | | | | | | | |
Metinvest B.V., 5.625%, 06/17/2025 | | | EUR | | | | 940,000 | | | | 1,149,122 | | | | 0.86 | |
Metinvest B.V., 8.500%, 04/23/2026 | | | | | | | 890,000 | | | | 999,773 | | | | 0.75 | |
VF Ukraine PAT via VFU Funding PLC, 6.200%, 02/11/2025 | | | | | | | 2,995,000 | | | | 3,092,337 | | | | 2.33 | |
| | | | | | | | | | | 5,241,232 | | | | 3.94 | |
| | | | |
Venezuela (Cost $32,680,072) | | | | | | | | | | | | | | | | |
Petroleos de Venezuela S.A., 8.500%, 10/27/20204,5 | | | | | | | 37,855,500 | | | | 10,164,202 | | | | 7.64 | |
| | | | | | | | | | | 10,164,202 | | | | 7.64 | |
| | | | |
Zambia (Cost $5,829,435) | | | | | | | | | | | | | | | | |
First Quantum Minerals Ltd., 7.250%, 04/01/2023 | | | | | | | 1,850,000 | | | | 1,883,670 | | | | 1.42 | |
First Quantum Minerals Ltd., 6.500%, 03/01/2024 | | | | | | | 4,160,000 | | | | 4,222,400 | | | | 3.17 | |
| | | | | | | | | | | 6,106,070 | | | | 4.59 | |
| | | | |
Total Debt Securities (Cost $228,254,684) | | | | | | | | | | | 124,832,092 | | | | 93.85 | |
| | | | |
Total Investments (Total Cost $228,254,684) | | | | | | | | | | | 124,832,092 | | | | 93.85 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | | | 8,174,567 | | | | 6.15 | |
| | | | |
Net Assets | | | | | | | | | | $ | 133,006,659 | | | | 100.00 | |
| 1 | Local currency is United States Dollars unless otherwise noted below. |
| 2 | Step coupon bond. Rate as of October 31, 2021 is disclosed. |
| 3 | Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis. |
| 4 | Issuer has defaulted on terms of debt obligation. |
| 5 | Maturity has been extended under the terms of a plan of reorganization. |
| 6 | 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.
See accompanying notes to the financial statements.
114
ASHMORE EMERGING MARKETS SHORT DURATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
At October 31, 2021, 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) | |
| | | | | | |
11/17/2021 | | Deutsche Bank | | United States Dollar | | | 1,156,950 | | | Euro | | | 1,000,246 | | | | $286 | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Subtotal Appreciation | | | | | | | | | | | | | | | 286 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
Total | | | | | | | | | | | | | | | | | $286 | |
| | | | | | | | | | | | | | | | | | |
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 October 31, 2021:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Debt Securities | | | | | | | | | | | | | | | | |
Corporate Bonds | | | $— | | | | $ 96,611,394 | | | | $— | | | | $ 96,611,394 | |
Financial Certificates | | | — | | | | 5,627,548 | | | | — | | | | 5,627,548 | |
Government Agencies | | | — | | | | 13,364,712 | | | | — | | | | 13,364,712 | |
Government Bonds | | | — | | | | 9,228,438 | | | | — | | | | 9,228,438 | |
| | | | | | | | | | | | | | | | |
Total Debt Securities | | | — | | | | 124,832,092 | | | | — | | | | 124,832,092 | |
| |
Total Investments | | | $— | | | | $124,832,092 | | | | $— | | | | $124,832,092 | |
| |
| | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | $— | | | | $286 | | | | $— | | | | $286 | |
| |
Total Other Financial Instruments | | | $— | | | | $286 | | | | $— | | | | $286 | |
| |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended October 31, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Category and
Subcategory | | Beginning
Balance
at 10/31/2020 | | Accrued
Discounts
(Premiums) | | Purchases | | Sales | | Realized
Gains
(Losses) | | Change in
Unrealized
Appreciation
(Depreciation) | | Transfers
into
Level 3 | | Transfers
out of
Level 3 | | Ending
Balance
at 10/31/2021 | | Change in
Unrealized
Appreciation
(Depreciation)
from Investments
still held
10/31/2021 |
| | | | | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Bank Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Ukraine | | | $ | 8,311,213 | | | | $ | 11,412 | | | | $ | — | | | | $ | (8,395,165 | ) | | | $ | 198,020 | | | | $ | (125,480 | ) | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | |
| | | | | | | | | | |
Total | | | $ | 8,311,213 | | | | $ | 11,412 | | | | $ | — | | | | $ | (8,395,165 | ) | | | $ | 198,020 | | | | $ | (125,480 | ) | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | |
See accompanying notes to the financial statements.
115
ASHMORE EMERGING MARKETS SHORT DURATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign Exchange Risk | |
| |
| |
Assets: | | | | |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | $286 | |
| | | | |
The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign Exchange Risk | |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | | $58,286 | |
| | | | |
| |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | | | |
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | $286 | |
| | | | |
*See note 10 in the Notes to the Financial Statements for the additional information.
See accompanying notes to the financial statements.
116
ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND
SCHEDULE OF INVESTMENTS
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Shares | | | Value | | | % of Net
Assets | |
Common Stocks | | | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $5,202,962) | | | | | | | | | | | | | | | | |
CSN Mineracao S.A. | | | BRL | | | | 896,200 | | | $ | 836,843 | | | | 0.85 | |
Hypera S.A.* | | | BRL | | | | 91,000 | | | | 452,436 | | | | 0.46 | |
MercadoLibre, Inc.* | | | | | | | 860 | | | | 1,273,677 | | | | 1.30 | |
Petroleo Brasileiro S.A. ADR | | | | | | | 50,478 | | | | 495,694 | | | | 0.51 | |
Vale S.A. ADR | | | | | | | 84,904 | | | | 1,080,828 | | | | 1.10 | |
| | | | | | | | | | | 4,139,478 | | | | 4.22 | |
| | | | |
China (Cost $25,961,634) | | | | | | | | | | | | | | | | |
Alibaba Group Holding Ltd.* | | | HKD | | | | 75,000 | | | | 1,551,696 | | | | 1.58 | |
Alibaba Group Holding Ltd. ADR* | | | | | | | 12,764 | | | | 2,105,294 | | | | 2.15 | |
ANTA Sports Products Ltd. | | | HKD | | | | 42,200 | | | | 658,141 | | | | 0.67 | |
China International Capital Corp. Ltd., Class H2 | | | HKD | | | | 899,200 | | | | 2,232,324 | | | | 2.28 | |
JD.com, Inc. ADR* | | | | | | | 20,669 | | | | 1,617,969 | | | | 1.65 | |
JD.com, Inc., Class A* | | | HKD | | | | 92,600 | | | | 3,636,943 | | | | 3.71 | |
Meituan, Class B*,2 | | | HKD | | | | 63,600 | | | | 2,218,710 | | | | 2.26 | |
NARI Technology Co. Ltd., Class A | | | CNH | | | | 174,000 | | | | 1,058,555 | | | | 1.08 | |
NetEase, Inc. | | | HKD | | | | 133,400 | | | | 2,609,008 | | | | 2.66 | |
NetEase, Inc. ADR | | | | | | | 18,885 | | | | 1,842,987 | | | | 1.88 | |
Tencent Holdings Ltd. | | | HKD | | | | 94,500 | | | | 5,867,150 | | | | 5.99 | |
| | | | | | | | | | | 25,398,777 | | | | 25.91 | |
| | | | |
Hong Kong (Cost $1,327,468) | | | | | | | | | | | | | | | | |
AIA Group Ltd. | | | HKD | | | | 109,400 | | | | 1,236,312 | | | | 1.26 | |
| | | | | | | | | | | 1,236,312 | | | | 1.26 | |
| | | | |
Hungary (Cost $509,566) | | | | | | | | | | | | | | | | |
OTP Bank Nyrt.* | | | HUF | | | | 9,533 | | | | 572,170 | | | | 0.58 | |
| | | | | | | | | | | 572,170 | | | | 0.58 | |
| | | | |
India (Cost $14,691,831) | | | | | | | | | | | | | | | | |
Axis Bank Ltd.* | | | INR | | | | 232,698 | | | | 2,312,584 | | | | 2.36 | |
HDFC Bank Ltd. ADR | | | | | | | 40,054 | | | | 2,880,283 | | | | 2.94 | |
ICICI Bank Ltd. ADR | | | | | | | 155,208 | | | | 3,282,649 | | | | 3.35 | |
Infosys Ltd. ADR | | | | | | | 41,860 | | | | 932,641 | | | | 0.95 | |
Maruti Suzuki India Ltd. | | | INR | | | | 20,142 | | | | 2,014,771 | | | | 2.05 | |
Reliance Industries Ltd. | | | INR | | | | 84,970 | | | | 2,866,413 | | | | 2.92 | |
Tata Consultancy Services Ltd. | | | INR | | | | 42,041 | | | | 1,909,831 | | | | 1.95 | |
| | | | | | | | | | | 16,199,172 | | | | 16.52 | |
| | | | |
Indonesia (Cost $1,535,861) | | | | | | | | | | | | | | | | |
Bank Central Asia Tbk PT | | | IDR | | | | 3,263,000 | | | | 1,722,002 | | | | 1.76 | |
| | | | | | | | | | | 1,722,002 | | | | 1.76 | |
| | | | |
Mexico (Cost $8,324,153) | | | | | | | | | | | | | | | | |
Cemex S.A.B. de C.V. ADR (Participation Certificate)* | | | | | | | 304,767 | | | | 1,959,652 | | | | 2.00 | |
Grupo Financiero Banorte S.A.B. de C.V., Class O | | | MXN | | | | 214,000 | | | | 1,354,911 | | | | 1.38 | |
See accompanying notes to the financial statements.
117
ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Shares | | | Value | | | % of Net
Assets | |
Mexico (continued) | | | | | | | | | | | | | | | | |
Grupo Mexico S.A.B. de C.V., Series B | | | MXN | | | | 827,167 | | | $ | 3,628,799 | | | | 3.70 | |
Wal-Mart de Mexico S.A.B. de C.V. | | | MXN | | | | 366,800 | | | | 1,279,382 | | | | 1.31 | |
| | | | | | | | | | | 8,222,744 | | | | 8.39 | |
| | | | |
Panama (Cost $1,309,245) | | | | | | | | | | | | | | | | |
Copa Holdings S.A., Class A* | | | | | | | 17,124 | | | | 1,266,491 | | | | 1.29 | |
| | | | | | | | | | | 1,266,491 | | | | 1.29 | |
| | | | |
Peru (Cost $1,590,046) | | | | | | | | | | | | | | | | |
Credicorp Ltd. | | | | | | | 13,337 | | | | 1,729,276 | | | | 1.76 | |
| | | | | | | | | | | 1,729,276 | | | | 1.76 | |
| | | | |
Russian Federation (Cost $1,613,811) | | | | | | | | | | | | | | | | |
LUKOIL PJSC ADR | | | | | | | 20,029 | | | | 2,039,397 | | | | 2.08 | |
| | | | | | | | | | | 2,039,397 | | | | 2.08 | |
| | | | |
South Africa (Cost $3,939,549) | | | | | | | | | | | | | | | | |
Anglo American Platinum Ltd. | | | ZAR | | | | 18,131 | | | | 1,834,955 | | | | 1.87 | |
AngloGold Ashanti Ltd. | | | ZAR | | | | 30,627 | | | | 566,433 | | | | 0.58 | |
FirstRand Ltd. | | | ZAR | | | | 110,086 | | | | 418,499 | | | | 0.43 | |
Impala Platinum Holdings Ltd. | | | ZAR | | | | 33,163 | | | | 430,818 | | | | 0.44 | |
Naspers Ltd., Class N | | | ZAR | | | | 2,949 | | | | 501,760 | | | | 0.51 | |
| | | | | | | | | | | 3,752,465 | | | | 3.83 | |
| | | | |
South Korea (Cost $10,622,434) | | | | | | | | | | | | | | | | |
Hyundai Motor Co. | | | KRW | | | | 7,433 | | | | 1,330,430 | | | | 1.36 | |
Kia Corp. | | | KRW | | | | 13,744 | | | | 1,005,219 | | | | 1.03 | |
LG Chem Ltd. | | | KRW | | | | 791 | | | | 566,798 | | | | 0.58 | |
LG Household & Health Care Ltd. | | | KRW | | | | 1,308 | | | | 1,313,001 | | | | 1.34 | |
POSCO | | | KRW | | | | 5,455 | | | | 1,379,039 | | | | 1.41 | |
Samsung Electronics Co. Ltd. | | | KRW | | | | 37,188 | | | | 2,228,007 | | | | 2.27 | |
Shinhan Financial Group Co. Ltd. | | | KRW | | | | 47,055 | | | | 1,534,493 | | | | 1.56 | |
| | | | | | | | | | | 9,356,987 | | | | 9.55 | |
| | | | |
Taiwan (Cost $12,651,759) | | | | | | | | | | | | | | | | |
Hon Hai Precision Industry Co. Ltd. | | | TWD | | | | 423,000 | | | | 1,636,818 | | | | 1.67 | |
MediaTek, Inc. | | | TWD | | | | 34,000 | | | | 1,124,028 | | | | 1.15 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | TWD | | | | 379,021 | | | | 8,021,086 | | | | 8.18 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | | | | | 16,003 | | | | 1,819,541 | | | | 1.86 | |
Vanguard International Semiconductor Corp. | | | TWD | | | | 272,000 | | | | 1,425,936 | | | | 1.45 | |
| | | | | | | | | | | 14,027,409 | | | | 14.31 | |
| | | | |
Zambia (Cost $1,160,565) | | | | | | | | | | | | | | | | |
First Quantum Minerals Ltd. | | | CAD | | | | 63,700 | | | | 1,508,088 | | | | 1.54 | |
| | | | | | | | | | | 1,508,088 | | | | 1.54 | |
| | | | |
Total Common Stocks (Cost $90,440,884) | | | | | | | | | | | 91,170,768 | | | | 93.00 | |
See accompanying notes to the financial statements.
118
ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Shares | | | Value | | | % of Net
Assets | |
Preferred Stocks | | | | | | | | | | | | | | | | |
| | | | |
Colombia (Cost $1,121,981) | | | | | | | | | | | | | | | | |
Bancolombia S.A. ADR, 0.679%3 | | | | | | | 33,177 | | | $ | 1,192,050 | | | | 1.22 | |
| | | | | | | | | | | 1,192,050 | | | | 1.22 | |
| | | | |
South Korea (Cost $1,007,726) | | | | | | | | | | | | | | | | |
Samsung Electronics Co. Ltd., 2.172%3 | | | KRW | | | | 17,709 | | | | 972,024 | | | | 0.99 | |
| | | | | | | | | | | 972,024 | | | | 0.99 | |
| | | | |
Total Preferred Stocks (Cost $2,129,707) | | | | | | | | | | | 2,164,074 | | | | 2.21 | |
| | | | |
Total Investments (Total Cost $92,570,591) | | | | | | | | | | | 93,334,842 | | | | 95.21 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | | | 4,695,655 | | | | 4.79 | |
| | | | |
Net Assets | | | | | | | | | | $ | 98,030,497 | | | | 100.00 | |
| * | Non-income producing security. |
| 1 | Local currency is 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. |
| 3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
Percentages shown are based on net assets.
At October 31, 2021, the industry sectors for the Ashmore Emerging Markets Active Equity Fund were:
| | | | |
| Sector | | Percentage of
Net Assets | |
Communication Services | | | 10.5% | |
Consumer Discretionary | | | 18.3 | |
Consumer Staples | | | 2.6 | |
Energy | | | 5.5 | |
Financials | | | 20.9 | |
Health Care | | | 0.4 | |
Industrials | | | 2.4 | |
Information Technology | | | 20.5 | |
Materials | | | 14.1 | |
Total Investments | | | 95.2 | |
Other Assets Less Liabilities | | | 4.8 | |
Net Assets | | | 100.0% | |
See accompanying notes to the financial statements.
119
ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
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 Active Equity Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2021:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | | | | | | | | | | | | | | | |
| | | | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Brazil | | $ | 4,139,478 | | | $ | — | | | | $— | | | $ | 4,139,478 | |
China | | | 5,566,250 | | | | 19,832,527 | | | | — | | | | 25,398,777 | |
Hong Kong | | | — | | | | 1,236,312 | | | | — | | | | 1,236,312 | |
Hungary | | | — | | | | 572,170 | | | | — | | | | 572,170 | |
India | | | 7,095,573 | | | | 9,103,599 | | | | — | | | | 16,199,172 | |
Indonesia | | | — | | | | 1,722,002 | | | | — | | | | 1,722,002 | |
Mexico | | | 8,222,744 | | | | — | | | | — | | | | 8,222,744 | |
Panama | | | 1,266,491 | | | | — | | | | — | | | | 1,266,491 | |
Peru | | | 1,729,276 | | | | — | | | | — | | | | 1,729,276 | |
Russian Federation | | | — | | | | 2,039,397 | | | | — | | | | 2,039,397 | |
South Africa | | | — | | | | 3,752,465 | | | | — | | | | 3,752,465 | |
South Korea | | | — | | | | 9,356,987 | | | | — | | | | 9,356,987 | |
Taiwan | | | 1,819,541 | | | | 12,207,868 | | | | — | | | | 14,027,409 | |
Zambia | | | 1,508,088 | | | | — | | | | — | | | | 1,508,088 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 31,347,441 | | | | 59,823,327 | | | | — | | | | 91,170,768 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Colombia | | | 1,192,050 | | | | — | | | | — | | | | 1,192,050 | |
South Korea | | | — | | | | 972,024 | | | | — | | | | 972,024 | |
| | | | | | | | | | | | | | | | |
Total Preferred Stocks | | | 1,192,050 | | | | 972,024 | | | | — | | | �� | 2,164,074 | |
| |
Total Investments | | $ | 32,539,491 | | | $ | 60,795,351 | | | | $— | | | $ | 93,334,842 | |
| |
See accompanying notes to the financial statements.
120
ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
The following is a summary of the fair values of the Fund’s derivative instruments*:
The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign Exchange Risk | |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | | $37,047 | |
| | | | |
| |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | | | |
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | | $(9,607) | |
| | | | |
* See note 10 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
121
ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Shares | | | Value | | | % of Net
Assets | |
| | | | |
Common Stocks | | | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $1,109,418) | | | | | | | | | | | | | | | | |
Arco Platform Ltd., Class A* | | | | | | | 7,600 | | | $ | 129,580 | | | | 1.13 | |
Arezzo Industria e Comercio S.A. | | | BRL | | | | 12,000 | | | | 157,128 | | | | 1.37 | |
Sinqia S.A.* | | | BRL | | | | 45,700 | | | | 137,575 | | | | 1.20 | |
TOTVS S.A. | | | BRL | | | | 19,600 | | | | 113,770 | | | | 0.99 | |
Vasta Platform Ltd.* | | | | | | | 39,600 | | | | 158,400 | | | | 1.38 | |
| | | | | | | | | | | 696,453 | | | | 6.07 | |
| | | | |
China (Cost $1,963,731) | | | | | | | | | | | | | | | | |
Baozun, Inc. ADR* | | | | | | | 7,183 | | | | 124,266 | | | | 1.08 | |
Chinasoft International Ltd.* | | | HKD | | | | 116,000 | | | | 195,222 | | | | 1.70 | |
Fu Shou Yuan International Group Ltd. | | | HKD | | | | 271,000 | | | | 233,090 | | | | 2.03 | |
Hefei Meiya Optoelectronic Technology, Inc., Class A | | | CNH | | | | 28,619 | | | | 179,943 | | | | 1.57 | |
JNBY Design Ltd. | | | HKD | | | | 211,500 | | | | 354,121 | | | | 3.09 | |
Noah Holdings Ltd. ADR* | | | | | | | 5,300 | | | | 225,303 | | | | 1.96 | |
Xiabuxiabu Catering Management China Holdings Co. Ltd.*,2 | | | HKD | | | | 281,500 | | | | 206,251 | | | | 1.80 | |
Yihai International Holding Ltd.* | | | HKD | | | | 26,000 | | | | 153,154 | | | | 1.33 | |
| | | | | | | | | | | 1,671,350 | | | | 14.56 | |
| | | | |
India (Cost $1,243,693) | | | | | | | | | | | | | | | | |
Bajaj Consumer Care Ltd. | | | INR | | | | 49,446 | | | | 153,085 | | | | 1.34 | |
Granules India Ltd. | | | INR | | | | 70,781 | | | | 293,173 | | | | 2.56 | |
Indian Energy Exchange Ltd.2 | | | INR | | | | 38,801 | | | | 368,614 | | | | 3.21 | |
Prince Pipes & Fittings Ltd. | | | INR | | | | 12,251 | | | | 119,159 | | | | 1.04 | |
PVR Ltd.* | | | INR | | | | 9,879 | | | | 222,648 | | | | 1.94 | |
Quess Corp. Ltd.2 | | | INR | | | | 30,956 | | | | 358,465 | | | | 3.12 | |
Radico Khaitan Ltd. | | | INR | | | | 10,887 | | | | 163,179 | | | | 1.42 | |
V-Mart Retail Ltd.* | | | INR | | | | 3,979 | | | | 216,069 | | | | 1.88 | |
| | | | | | | | | | | 1,894,392 | | | | 16.51 | |
| | | | |
Indonesia (Cost $174,200) | | | | | | | | | | | | | | | | |
Ace Hardware Indonesia Tbk PT | | | IDR | | | | 1,902,500 | | | | 189,504 | | | | 1.65 | |
| | | | | | | | | | | 189,504 | | | | 1.65 | |
| | | | |
Malaysia (Cost $412,519) | | | | | | | | | | | | | | | | |
My EG Services Bhd. | | | MYR | | | | 2,500,624 | | | | 629,784 | | | | 5.49 | |
| | | | | | | | | | | 629,784 | | | | 5.49 | |
| | | | |
Mexico (Cost $484,064) | | | | | | | | | | | | | | | | |
Genomma Lab Internacional S.A.B. de C.V., Class B* | | | MXN | | | | 244,100 | | | | 233,572 | | | | 2.03 | |
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR* | | | | | | | 5,900 | | | | 285,501 | | | | 2.49 | |
| | | | | | | | | | | 519,073 | | | | 4.52 | |
| | | | |
Peru (Cost $297,196) | | | | | | | | | | | | | | | | |
Alicorp S.A.A. | | | PEN | | | | 135,988 | | | | 219,808 | | | | 1.91 | |
| | | | | | | | | | | 219,808 | | | | 1.91 | |
See accompanying notes to the financial statements.
122
ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | Shares | | | Value | | | % of Net
Assets | |
| | | | |
Russian Federation (Cost $549,441) | | | | | | | | | | | | | | | | |
Detsky Mir PJSC2 | | | RUB | | | | 119,910 | | | $ | 231,681 | | | | 2.02 | |
Fix Price Group Ltd. GDR2 | | | | | | | 23,083 | | | | 201,053 | | | | 1.75 | |
HeadHunter Group PLC ADR | | | | | | | 3,274 | | | | 173,063 | | | | 1.51 | |
| | | | | | | | | | | 605,797 | | | | 5.28 | |
| | | | |
South Africa (Cost $188,104) | | | | | | | | | | | | | | | | |
Karooooo Ltd.* | | | | | | | 6,718 | | | | 236,474 | | | | 2.06 | |
| | | | | | | | | | | 236,474 | | | | 2.06 | |
| | | | |
South Korea (Cost $2,083,400) | | | | | | | | | | | | | | | | |
Dentium Co. Ltd. | | | KRW | | | | 6,367 | | | | 378,456 | | | | 3.30 | |
Douzone Bizon Co. Ltd. | | | KRW | | | | 4,720 | | | | 329,507 | | | | 2.87 | |
Hana Materials, Inc. | | | KRW | | | | 3,794 | | | | 166,568 | | | | 1.45 | |
Hansol Chemical Co. Ltd. | | | KRW | | | | 1,271 | | | | 359,693 | | | | 3.13 | |
Hugel, Inc.* | | | KRW | | | | 2,124 | | | | 330,363 | | | | 2.88 | |
KoMiCo Ltd. | | | KRW | | | | 6,545 | | | | 459,034 | | | | 4.00 | |
NHN KCP Corp.* | | | KRW | | | | 2,661 | | | | 130,877 | | | | 1.14 | |
Park Systems Corp. | | | KRW | | | | 1,667 | | | | 169,533 | | | | 1.48 | |
SKC Co. Ltd. | | | KRW | | | | 1,255 | | | | 192,669 | | | | 1.68 | |
Tokai Carbon Korea Co. Ltd. | | | KRW | | | | 1,498 | | | | 160,995 | | | | 1.40 | |
| | | | | | | | | | | 2,677,695 | | | | 23.33 | |
| | | | |
Taiwan (Cost $1,593,890) | | | | | | | | | | | | | | | | |
ASPEED Technology, Inc. | | | TWD | | | | 2,000 | | | | 200,120 | | | | 1.74 | |
eCloudvalley Digital Technology Co. Ltd. | | | TWD | | | | 19,281 | | | | 275,315 | | | | 2.40 | |
Nien Made Enterprise Co. Ltd. | | | TWD | | | | 8,000 | | | | 110,234 | | | | 0.96 | |
Parade Technologies Ltd. | | | TWD | | | | 5,000 | | | | 323,544 | | | | 2.82 | |
Poya International Co. Ltd. | | | TWD | | | | 20,510 | | | | 366,991 | | | | 3.20 | |
Sensortek Technology Corp. | | | TWD | | | | 11,000 | | | | 230,226 | | | | 2.00 | |
Sinbon Electronics Co. Ltd. | | | TWD | | | | 13,000 | | | | 107,894 | | | | 0.94 | |
Sporton International, Inc. | | | TWD | | | | 18,900 | | | | 153,380 | | | | 1.34 | |
Sunonwealth Electric Machine Industry Co. Ltd. | | | TWD | | | | 129,000 | | | | 178,918 | | | | 1.56 | |
| | | | | | | | | | | 1,946,622 | | | | 16.96 | |
| | | | |
Total Common Stocks (Cost $10,099,656) | | | | | | | | | | | 11,286,952 | | | | 98.34 | |
| | | | |
Total Investments (Total Cost $10,099,656) | | | | | | | | | | | 11,286,952 | | | | 98.34 | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | | | 190,294 | | | | 1.66 | |
| | | | |
Net Assets | | | | | | | | | | $ | 11,477,246 | | | | 100.00 | |
| * | Non-income producing security. |
| 1 | Local currency is 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. |
Percentages shown are based on net assets.
See accompanying notes to the financial statements.
123
ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
At October 31, 2021, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:
| | | | |
| Sector | | Percentage of Net Assets |
| |
Communication Services | | | 1.9% | |
Consumer Discretionary | | | 23.3 | |
Consumer Staples | | | 6.0 | |
Financials | | | 5.2 | |
Health Care | | | 10.8 | |
Industrials | | | 12.6 | |
Information Technology | | | 33.7 | |
Materials | | | 4.8 | |
| |
Total Investments | | | 98.3 | |
Other Assets Less Liabilities | | | 1.7 | |
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 Small-Cap Equity Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2021:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Brazil | | | $ 696,453 | | | | $ — | | | | $— | | | | $ 696,453 | |
China | | | 349,569 | | | | 1,321,781 | | | | — | | | | 1,671,350 | |
India | | | — | | | | 1,894,392 | | | | — | | | | 1,894,392 | |
Indonesia | | | — | | | | 189,504 | | | | — | | | | 189,504 | |
Malaysia | | | — | | | | 629,784 | | | | — | | | | 629,784 | |
Mexico | | | 519,073 | | | | — | | | | — | | | | 519,073 | |
Peru | | | 219,808 | | | | — | | | | — | | | | 219,808 | |
Russian Federation | | | 374,116 | | | | 231,681 | | | | — | | | | 605,797 | |
South Africa | | | 236,474 | | | | — | | | | — | | | | 236,474 | |
South Korea | | | — | | | | 2,677,695 | | | | — | | | | 2,677,695 | |
Taiwan | | | — | | | | 1,946,622 | | | | — | | | | 1,946,622 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 2,395,493 | | | | 8,891,459 | | | | — | | | | 11,286,952 | |
| |
Total Investments | | | $2,395,493 | | | | $8,891,459 | | | | $— | | | | $11,286,952 | |
| |
See accompanying notes to the financial statements.
124
ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Shares | | | Value | | | % of Net
Assets | |
Common Stocks | | | | | | | | | | | | | | | | |
| | | | |
Argentina (Cost $523,687) | | | | | | | | | | | | | | | | |
Globant S.A.* | | | | | | | 2,700 | | | $ | 861,813 | | | | 1.07 | |
| | | | | | | | | | | 861,813 | | | | 1.07 | |
| | | | |
Bahrain (Cost $1,271,406) | | | | | | | | | | | | | | | | |
Ahli United Bank BSC | | | KWD | | | | 1,635,875 | | | | 1,590,073 | | | | 1.98 | |
| | | | | | | | | | | 1,590,073 | | | | 1.98 | |
| | | | |
Cambodia (Cost $1,051,806) | | | | | | | | | | | | | | | | |
NagaCorp. Ltd. | | | HKD | | | | 928,000 | | | | 851,430 | | | | 1.06 | |
| | | | | | | | | | | 851,430 | | | | 1.06 | |
| | | | |
Egypt (Cost $5,290,580) | | | | | | | | | | | | | | | | |
Commercial International Bank Egypt S.A.E.* | | | EGP | | | | 487,594 | | | | 1,583,266 | | | | 1.97 | |
E-Finance for Digital & Financial Investments* | | | EGP | | | | 802,725 | | | | 1,093,975 | | | | 1.36 | |
Fawry for Banking & Payment Technology Services S.A.E.* | | | EGP | | | | 1,260,816 | | | | 1,208,714 | | | | 1.50 | |
Fertiglobe PLC* | | | AED | | | | 2,297,688 | | | | 1,851,587 | | | | 2.31 | |
| | | | | | | | | | | 5,737,542 | | | | 7.14 | |
| | | | |
Georgia (Cost $973,839) | | | | | | | | | | | | | | | | |
Georgia Capital PLC* | | | GBP | | | | 95,667 | | | | 790,467 | | | | 0.98 | |
| | | | | | | | | | | 790,467 | | | | 0.98 | |
| | | | |
Ghana (Cost $750,448) | | | | | | | | | | | | | | | | |
Scancom PLC | | | GHS | | | | 4,242,442 | | | | 844,997 | | | | 1.05 | |
| | | | | | | | | | | 844,997 | | | | 1.05 | |
| | | | |
Iceland (Cost $416,219) | | | | | | | | | | | | | | | | |
Islandsbanki HF* | | | ISK | | | | 632,379 | | | | 617,088 | | | | 0.77 | |
| | | | | | | | | | | 617,088 | | | | 0.77 | |
| | | | |
Kazakhstan (Cost $3,232,949) | | | | | | | | | | | | | | | | |
Halyk Savings Bank of Kazakhstan JSC GDR2 | | | | | | | 46,590 | | | | 838,620 | | | | 1.04 | |
Halyk Savings Bank of Kazakhstan JSC GDR (Registered) | | | | | | | 65,078 | | | | 1,171,974 | | | | 1.46 | |
Kaspi.KZ JSC GDR2 | | | | | | | 13,904 | | | | 2,016,080 | | | | 2.51 | |
Kaspi.KZ JSC GDR (Registered) | | | | | | | 4,584 | | | | 664,281 | | | | 0.83 | |
NAC Kazatomprom JSC GDR | | | | | | | 17,700 | | | | 770,606 | | | | 0.96 | |
| | | | | | | | | | | 5,461,561 | | | | 6.80 | |
| | | | |
Kenya (Cost $2,443,704) | | | | | | | | | | | | | | | | |
Equity Group Holdings PLC* | | | KES | | | | 2,207,100 | | | | 986,164 | | | | 1.23 | |
Safaricom PLC | | | KES | | | | 6,072,400 | | | | 2,332,106 | | | | 2.90 | |
| | | | | | | | | | | 3,318,270 | | | | 4.13 | |
| | | | |
Kuwait (Cost $1,883,947) | | | | | | | | | | | | | | | | |
Humansoft Holding Co. K.S.C. | | | KWD | | | | 65,610 | | | | 728,337 | | | | 0.91 | |
National Bank of Kuwait S.A.K.P. | | | KWD | | | | 470,283 | | | | 1,546,268 | | | | 1.92 | |
| | | | | | | | | | | 2,274,605 | | | | 2.83 | |
See accompanying notes to the financial statements.
125
ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Shares | | | Value | | | % of Net
Assets | |
Mauritius (Cost $1,224,460) | | | | | | | | | | | | | | | | |
MCB Group Ltd. | | | MUR | | | | 183,685 | | | $ | 1,386,265 | | | | 1.73 | |
| | | | | | | | | | | 1,386,265 | | | | 1.73 | |
| | | | |
Morocco (Cost $3,934,934) | | | | | | | | | | | | | | | | |
Attijariwafa Bank | | | MAD | | | | 27,556 | | | | 1,485,512 | | | | 1.85 | |
Itissalat Al-Maghrib | | | MAD | | | | 72,258 | | | | 1,138,657 | | | | 1.42 | |
Label Vie | | | MAD | | | | 1,207 | | | | 620,305 | | | | 0.77 | |
Vivo Energy PLC2 | | | GBP | | | | 678,324 | | | | 982,294 | | | | 1.22 | |
| | | | | | | | | | | 4,226,768 | | | | 5.26 | |
| | | | |
Nigeria (Cost $36,002) | | | | | | | | | | | | | | | | |
SEPLAT Energy PLC | | | NGN | | | | 20,000 | | | | 25,813 | | | | 0.03 | |
| | | | | | | | | | | 25,813 | | | | 0.03 | |
| | | | |
Pakistan (Cost $2,301,371) | | | | | | | | | | | | | | | | |
Meezan Bank Ltd. | | | PKR | | | | 1,266,507 | | | | 985,540 | | | | 1.23 | |
Systems Ltd. | | | PKR | | | | 483,790 | | | | 1,945,607 | | | | 2.42 | |
| | | | | | | | | | | 2,931,147 | | | | 3.65 | |
| | | | |
Peru (Cost $1,616,906) | | | | | | | | | | | | | | | | |
Credicorp Ltd. | | | | | | | 12,672 | | | | 1,643,051 | | | | 2.05 | |
| | | | | | | | | | | 1,643,051 | | | | 2.05 | |
| | | | |
Philippines (Cost $6,377,629) | | | | | | | | | | | | | | | | |
Ayala Corp. | | | PHP | | | | 154,340 | | | | 2,642,224 | | | | 3.29 | |
GT Capital Holdings, Inc. | | | PHP | | | | 99,170 | | | | 1,110,436 | | | | 1.38 | |
Puregold Price Club, Inc. | | | PHP | | | | 1,411,900 | | | | 1,183,246 | | | | 1.48 | |
Security Bank Corp. | | | PHP | | | | 274,860 | | | | 659,700 | | | | 0.82 | |
SM Prime Holdings, Inc. | | | PHP | | | | 1,401,300 | | | | 921,448 | | | | 1.15 | |
| | | | | | | | | | | 6,517,054 | | | | 8.12 | |
| | | | |
Qatar (Cost $6,271,721) | | | | | | | | | | | | | | | | |
Commercial Bank PSQC (The) | | | QAR | | | | 1,444,943 | | | | 2,421,183 | | | | 3.02 | |
Industries Qatar QSC | | | QAR | | | | 140,855 | | | | 614,161 | | | | 0.76 | |
Ooredoo QPSC | | | QAR | | | | 183,486 | | | | 348,912 | | | | 0.43 | |
Qatar Electricity & Water Co. QSC | | | QAR | | | | 201,697 | | | | 931,733 | | | | 1.16 | |
Qatar National Bank QPSC | | | QAR | | | | 491,675 | | | | 2,768,330 | | | | 3.45 | |
| | | | | | | | | | | 7,084,319 | | | | 8.82 | |
| | | | |
Romania (Cost $2,291,211) | | | | | | | | | | | | | | | | |
Banca Transilvania S.A. | | | RON | | | | 2,478,571 | | | | 1,453,466 | | | | 1.81 | |
BRD-Groupe Societe Generale S.A. | | | RON | | | | 242,586 | | | | 1,046,564 | | | | 1.30 | |
| | | | | | | | | | | 2,500,030 | | | | 3.11 | |
| | | | |
Saudi Arabia (Cost $2,239,347) | | | | | | | | | | | | | | | | |
Al Hammadi Co. for Development and Investment | | | SAR | | | | 85,398 | | | | 964,012 | | | | 1.20 | |
Saudi Kayan Petrochemical Co.* | | | SAR | | | | 147,928 | | | | 803,688 | | | | 1.00 | |
Saudi National Bank (The) | | | SAR | | | | 67,923 | | | | 1,193,647 | | | | 1.49 | |
| | | | | | | | | | | 2,961,347 | | | | 3.69 | |
See accompanying notes to the financial statements.
126
ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Shares | | | Value | | | % of Net
Assets | |
Slovenia (Cost $486,585) | | | | | | | | | | | | | | | | |
Nova Ljubljanska Banka dd GDR (Registered) | | | EUR | | | | 44,081 | | | $ | 760,537 | | | | 0.95 | |
| | | | | | | | | | | 760,537 | | | | 0.95 | |
| | | | |
South Africa (Cost $1,147,815) | | | | | | | | | | | | | | | | |
Anglo American Platinum Ltd. | | | ZAR | | | | 5,579 | | | | 564,625 | | | | 0.70 | |
AngloGold Ashanti Ltd. | | | ZAR | | | | 21,452 | | | | 396,745 | | | | 0.50 | |
| | | | | | | | | | | 961,370 | | | | 1.20 | |
| | | | |
Tanzania (Cost $1,467,607) | | | | | | | | | | | | | | | | |
Helios Towers PLC* | | | GBP | | | | 701,839 | | | | 1,483,767 | | | | 1.85 | |
| | | | | | | | | | | 1,483,767 | | | | 1.85 | |
| | | | |
United Arab Emirates (Cost $4,686,439) | | | | | | | | | | | | | | | | |
ADNOC Drilling Co. PJSC* | | | AED | | | | 1,212,684 | | | | 983,842 | | | | 1.23 | |
Dubai Islamic Bank PJSC | | | AED | | | | 803,514 | | | | 1,119,725 | | | | 1.39 | |
Emaar Development PJSC* | | | AED | | | | 633,003 | | | | 671,775 | | | | 0.84 | |
Emaar Properties PJSC | | | AED | | | | 1,183,200 | | | | 1,294,039 | | | | 1.61 | |
First Abu Dhabi Bank PJSC | | | AED | | | | 328,054 | | | | 1,591,495 | | | | 1.98 | |
| | | | | | | | | | | 5,660,876 | | | | 7.05 | |
| | | | |
Vietnam (Cost $10,068,593) | | | | | | | | | | | | | | | | |
Digiworld Corp. | | | VND | | | | 206,080 | | | | 1,028,726 | | | | 1.28 | |
FPT Corp. | | | VND | | | | 798,398 | | | | 3,402,672 | | | | 4.24 | |
Hoa Phat Group JSC | | | VND | | | | 1,035,684 | | | | 2,600,236 | | | | 3.24 | |
Khang Dien House Trading and Investment JSC* | | | VND | | | | 252,260 | | | | 565,725 | | | | 0.70 | |
Military Commercial Joint Stock Bank* | | | VND | | | | 611,279 | | | | 766,506 | | | | 0.96 | |
Mobile World Investment Corp. | | | VND | | | | 460,399 | | | | 2,660,442 | | | | 3.31 | |
Vietnam Dairy Products JSC | | | VND | | | | 252,306 | | | | 1,005,907 | | | | 1.25 | |
Vingroup JSC* | | | VND | | | | 287,549 | | | | 1,210,856 | | | | 1.51 | |
Vinhomes JSC2 | | | VND | | | | 427,011 | | | | 1,605,611 | | | | 2.00 | |
| | | | | | | | | | | 14,846,681 | | | | 18.49 | |
| | | | |
Zambia (Cost $555,151) | | | | | | | | | | | | | | | | |
First Quantum Minerals Ltd. | | | CAD | | | | 24,900 | | | | 589,504 | | | | 0.73 | |
| | | | | | | | | | | 589,504 | | | | 0.73 | |
| | | | |
Total Common Stocks (Cost $62,544,356) | | | | | | | | | | | 75,926,375 | | | | 94.54 | |
| | | | |
Preferred Stocks | | | | | | | | | | | | | | | | |
| | | | |
Colombia (Cost $1,411,612) | | | | | | | | | | | | | | | | |
Bancolombia S.A. ADR, 0.679%3 | | | | | | | 44,753 | | | | 1,607,975 | | | | 2.00 | |
| | | | | | | | | | | 1,607,975 | | | | 2.00 | |
| | | | |
Total Preferred Stocks (Cost $1,411,612) | | | | | | | | | | | 1,607,975 | | | | 2.00 | |
See accompanying notes to the financial statements.
127
ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Shares | | | Value | | | % of Net
Assets | |
Investment Companies | | | | | | | | | | | | | | | | |
| | | | |
Vietnam Enterprise Investments Ltd., Class C * | | | GBP | | | | 150,833 | | | $ | 1,529,423 | | | | 1.91 | |
Total Investment Companies (Cost $1,478,010) | | | | | | | | | | | 1,529,423 | | | | 1.91 | |
| | | | |
Total Investments (Total Cost $65,433,978) | | | | | | | | | | | 79,063,773 | | | | 98.45 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | | | 1,246,710 | | | | 1.55 | |
| | | | |
Net Assets | | | | | | | | | | $ | 80,310,483 | | | | 100.00 | |
| * | Non-income producing security. |
| 1 | Local currency is 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. |
| 3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
Percentages shown are based on net assets.
At October 31, 2021, the industry sectors for the Ashmore Emerging Markets Frontier Equity Fund were:
| | | | |
| Sector | | Percentage of
Net Assets | |
Communication Services | | | 7.6 | % |
Consumer Discretionary | | | 7.9 | |
Consumer Staples | | | 3.5 | |
Energy | | | 2.2 | |
Financials | | | 42.6 | |
Health Care | | | 1.2 | |
Industrials | | | 5.4 | |
Information Technology | | | 10.5 | |
Materials | | | 8.5 | |
Real Estate | | | 7.8 | |
Utilities | | | 1.2 | |
Total Investments | | | 98.4 | |
Other Assets Less Liabilities | | | 1.6 | |
Net Assets | | | 100.0 | % |
See accompanying notes to the financial statements.
128
ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
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 and other financial instruments, which are carried at fair value, as of October 31, 2021:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Argentina | | $ | 861,813 | | | $ | — | | | | $— | | | $ | 861,813 | |
Bahrain | | | — | | | | 1,590,073 | | | | — | | | | 1,590,073 | |
Cambodia | | | — | | | | 851,430 | | | | — | | | | 851,430 | |
Egypt | | | 2,945,562 | | | | 2,791,980 | | | | — | | | | 5,737,542 | |
Georgia | | | — | | | | 790,467 | | | | — | | | | 790,467 | |
Ghana | | | 844,997 | | | | — | | | | — | | | | 844,997 | |
Iceland | | | — | | | | 617,088 | | | | — | | | | 617,088 | |
Kazakhstan | | | 2,016,080 | | | | 3,445,481 | | | | — | | | | 5,461,561 | |
Kenya | | | — | | | | 3,318,270 | | | | — | | | | 3,318,270 | |
Kuwait | | | — | | | | 2,274,605 | | | | — | | | | 2,274,605 | |
Mauritius | | | — | | | | 1,386,265 | | | | — | | | | 1,386,265 | |
Morocco | | | — | | | | 4,226,768 | | | | — | | | | 4,226,768 | |
Nigeria | | | — | | | | 25,813 | | | | — | | | | 25,813 | |
Pakistan | | | — | | | | 2,931,147 | | | | — | | | | 2,931,147 | |
Peru | | | 1,643,051 | | | | — | | | | — | | | | 1,643,051 | |
Philippines | | | — | | | | 6,517,054 | | | | — | | | | 6,517,054 | |
Qatar | | | — | | | | 7,084,319 | | | | — | | | | 7,084,319 | |
Romania | | | — | | | | 2,500,030 | | | | — | | | | 2,500,030 | |
Saudi Arabia | | | — | | | | 2,961,347 | | | | — | | | | 2,961,347 | |
Slovenia | | | — | | | | 760,537 | | | | — | | | | 760,537 | |
South Africa | | | — | | | | 961,370 | | | | — | | | | 961,370 | |
Tanzania | | | — | | | | 1,483,767 | | | | — | | | | 1,483,767 | |
United Arab Emirates | | | 983,842 | | | | 4,677,034 | | | | — | | | | 5,660,876 | |
Vietnam | | | — | | | | 14,846,681 | | | | — | | | | 14,846,681 | |
Zambia | | | 589,504 | | | | — | | | | — | | | | 589,504 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 9,884,849 | | | | 66,041,526 | | | | — | | | | 75,926,375 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Colombia | | | 1,607,975 | | | | — | | | | — | | | | 1,607,975 | |
Investment Companies | | | | | | | | | | | | | | | | |
Vietnam | | | — | | | | 1,529,423 | | | | — | | | | 1,529,423 | |
| |
Total Investments | | $ | 11,492,824 | | | $ | 67,570,949 | | | | $— | | | $ | 79,063,773 | |
| |
See accompanying notes to the financial statements.
129
ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
The following is a summary of the fair values of the Fund’s derivative instruments*:
The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign
Exchange Risk | |
| |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | | $3,899 | |
| | | | |
* See note 10 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
130
ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Shares | | | Value | | | % of Net
Assets | |
Common Stocks | | | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $6,004,736) | | | | | | | | | | | | | | | | |
Arco Platform Ltd., Class A* | | | | | | | 50,800 | | | $ | 866,140 | | | | 0.72 | |
Arezzo Industria e Comercio S.A. | | | BRL | | | | 78,000 | | | | 1,021,333 | | | | 0.85 | |
Lojas Renner S.A. | | | BRL | | | | 146,980 | | | | 839,357 | | | | 0.69 | |
Notre Dame Intermedica Participacoes S.A. | | | BRL | | | | 106,700 | | | | 1,213,368 | | | | 1.00 | |
Pagseguro Digital Ltd., Class A* | | | | | | | 23,600 | | | | 854,320 | | | | 0.71 | |
| | | | | | | | | | | 4,794,518 | | | | 3.97 | |
| | | | |
China (Cost $35,893,638) | | | | | | | | | | | | | | | | |
Angang Steel Co. Ltd., Class H | | | HKD | | | | 1,312,000 | | | | 705,201 | | | | 0.58 | |
Angel Yeast Co. Ltd., Class A | | | CNH | | | | 158,600 | | | | 1,379,222 | | | | 1.14 | |
ANTA Sports Products Ltd. | | | HKD | | | | 124,400 | | | | 1,940,111 | | | | 1.61 | |
Baozun, Inc. ADR* | | | | | | | 77,947 | | | | 1,348,483 | | | | 1.12 | |
Chinasoft International Ltd.* | | | HKD | | | | 1,322,000 | | | | 2,224,861 | | | | 1.84 | |
ENN Energy Holdings Ltd. | | | HKD | | | | 73,600 | | | | 1,275,490 | | | | 1.06 | |
Hefei Meiya Optoelectronic Technology, Inc., Class A | | | CNH | | | | 309,696 | | | | 1,947,229 | | | | 1.61 | |
JD.com, Inc. ADR* | | | | | | | 33,236 | | | | 2,601,714 | | | | 2.16 | |
LONGi Green Energy Technology Co. Ltd., Class A | | | CNH | | | | 97,541 | | | | 1,483,096 | | | | 1.23 | |
Meituan, Class B*,2 | | | HKD | | | | 107,100 | | | | 3,736,225 | | | | 3.09 | |
NetEase, Inc. ADR | | | | | | | 40,049 | | | | 3,908,382 | | | | 3.24 | |
Prosus N.V.* | | | EUR | | | | 26,670 | | | | 2,362,834 | | | | 1.96 | |
Shanghai Putailai New Energy Technology Co. Ltd., Class A | | | CNH | | | | 47,100 | | | | 1,309,931 | | | | 1.08 | |
Sunny Optical Technology Group Co. Ltd. | | | HKD | | | | 45,800 | | | | 1,235,094 | | | | 1.02 | |
Tencent Holdings Ltd. | | | HKD | | | | 60,800 | | | | 3,774,844 | | | | 3.13 | |
WuXi AppTec Co. Ltd., Class H2 | | | HKD | | | | 50,200 | | | | 1,079,714 | | | | 0.89 | |
Xiabuxiabu Catering Management China Holdings Co. Ltd.*,2 | | | HKD | | | | 1,661,000 | | | | 1,216,987 | | | | 1.01 | |
Yihai International Holding Ltd.* | | | HKD | | | | 184,000 | | | | 1,083,860 | | | | 0.90 | |
Yunnan Energy New Material Co. Ltd., Class A | | | CNH | | | | 56,021 | | | | 2,544,201 | | | | 2.11 | |
| | | | | | | | | | | 37,157,479 | | | | 30.78 | |
| | | | |
Hong Kong (Cost $1,580,491) | | | | | | | | | | | | | | | | |
AIA Group Ltd. | | | HKD | | | | 164,000 | | | | 1,853,337 | | | | 1.54 | |
| | | | | | | | | | | 1,853,337 | | | | 1.54 | |
| | | | |
Hungary (Cost $714,790) | | | | | | | | | | | | | | | | |
OTP Bank Nyrt.* | | | HUF | | | | 19,478 | | | | 1,169,069 | | | | 0.97 | |
| | | | | | | | | | | 1,169,069 | | | | 0.97 | |
| | | | |
India (Cost $11,421,473) | | | | | | | | | | | | | | | | |
Eicher Motors Ltd. | | | INR | | | | 45,146 | | | | 1,501,045 | | | | 1.24 | |
Granules India Ltd. | | | INR | | | | 383,109 | | | | 1,586,826 | | | | 1.31 | |
HDFC Bank Ltd. ADR | | | | | | | 37,240 | | | | 2,677,928 | | | | 2.22 | |
ICICI Bank Ltd. ADR | | | | | | | 211,607 | | | | 4,475,488 | | | | 3.71 | |
Indian Energy Exchange Ltd.2 | | | INR | | | | 109,582 | | | | 1,041,043 | | | | 0.86 | |
Larsen & Toubro Ltd. | | | INR | | | | 34,692 | | | | 820,695 | | | | 0.68 | |
Larsen & Toubro Ltd. GDR (Registered) | | | | | | | 54,604 | | | | 1,333,864 | | | | 1.11 | |
See accompanying notes to the financial statements.
131
ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Shares | | | Value | | | % of Net
Assets | |
India (continued) | | | | | | | | | | | | | | | | |
Mahindra & Mahindra Ltd. | | | INR | | | | 32,459 | | | $ | 384,453 | | | | 0.32 | |
Mahindra & Mahindra Ltd. GDR | | | | | | | 176,956 | | | | 2,122,510 | | | | 1.76 | |
PVR Ltd.* | | | INR | | | | 51,965 | | | | 1,171,163 | | | | 0.97 | |
| | | | | | | | | | | 17,115,015 | | | | 14.18 | |
| | | | |
Kazakhstan (Cost $2,011,023) | | | | | | | | | | | | | | | | |
Kaspi.KZ JSC GDR2 | | | | | | | 15,032 | | | | 2,179,640 | | | | 1.81 | |
Kaspi.KZ JSC GDR (Registered) | | | | | | | 1,456 | | | | 210,993 | | | | 0.17 | |
NAC Kazatomprom JSC GDR | | | | | | | 27,909 | | | | 1,215,076 | | | | 1.01 | |
| | | | | | | | | | | 3,605,709 | | | | 2.99 | |
| | | | |
Malaysia (Cost $1,116,445) | | | | | | | | | | | | | | | | |
My EG Services Bhd. | | | MYR | | | | 6,971,154 | | | | 1,755,691 | | | | 1.45 | |
| | | | | | | | | | | 1,755,691 | | | | 1.45 | |
| | | | |
Mexico (Cost $4,132,493) | | | | | | | | | | | | | | | | |
Fomento Economico Mexicano S.A.B. de C.V. ADR | | | | | | | 19,974 | | | | 1,641,663 | | | | 1.36 | |
Grupo Financiero Banorte S.A.B. de C.V., Class O | | | MXN | | | | 293,700 | | | | 1,859,520 | | | | 1.54 | |
Grupo Mexico S.A.B. de C.V., Series B | | | MXN | | | | 294,337 | | | | 1,291,263 | | | | 1.07 | |
| | | | | | | | | | | 4,792,446 | | | | 3.97 | |
| | | | |
Poland (Cost $1,219,778) | | | | | | | | | | | | | | | | |
Dino Polska S.A.*,2 | | | PLN | | | | 15,398 | | | | 1,375,725 | | | | 1.14 | |
| | | | | | | | | | | 1,375,725 | | | | 1.14 | |
| | | | |
Russian Federation (Cost $6,951,050) | | | | | | | | | | | | | | | | |
Fix Price Group Ltd. GDR2 | | | | | | | 315,547 | | | | 2,748,414 | | | | 2.28 | |
HeadHunter Group PLC ADR | | | | | | | 27,176 | | | | 1,436,523 | | | | 1.19 | |
LUKOIL PJSC ADR | | | | | | | 24,202 | | | | 2,464,301 | | | | 2.04 | |
TCS Group Holding PLC GDR (Registered) | | | | | | | 30,434 | | | | 3,120,210 | | | | 2.58 | |
Yandex N.V., Class A* | | | | | | | 14,800 | | | | 1,226,032 | | | | 1.02 | |
| | | | | | | | | | | 10,995,480 | | | | 9.11 | |
| | | | |
South Africa (Cost $1,031,976) | | | | | | | | | | | | | | | | |
Naspers Ltd., Class N | | | ZAR | | | | 7,805 | | | | 1,327,988 | | | | 1.10 | |
| | | | | | | | | | | 1,327,988 | | | | 1.10 | |
| | | | |
South Korea (Cost $9,949,738) | | | | | | | | | | | | | | | | |
Douzone Bizon Co. Ltd. | | | KRW | | | | 15,895 | | | | 1,109,641 | | | | 0.92 | |
Hana Materials, Inc. | | | KRW | | | | 18,846 | | | | 827,398 | | | | 0.69 | |
Hansol Chemical Co. Ltd. | | | KRW | | | | 11,280 | | | | 3,192,237 | | | | 2.64 | |
Hugel, Inc.* | | | KRW | | | | 11,940 | | | | 1,857,127 | | | | 1.54 | |
SK Hynix, Inc. | | | KRW | | | | 30,163 | | | | 2,668,661 | | | | 2.21 | |
SK Materials Co. Ltd. | | | KRW | | | | 3,212 | | | | 1,051,594 | | | | 0.87 | |
SKC Co. Ltd. | | | KRW | | | | 9,162 | | | | 1,406,559 | | | | 1.17 | |
Tokai Carbon Korea Co. Ltd. | | | KRW | | | | 8,479 | | | | 911,269 | | | | 0.75 | |
| | | | | | | | | | | 13,024,486 | | | | 10.79 | |
See accompanying notes to the financial statements.
132
ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Shares | | | Value | | | % of Net
Assets | |
Taiwan (Cost $10,625,514) | | | | | | | | | | | | | | | | |
ASPEED Technology, Inc. | | | TWD | | | | 13,000 | | | $ | 1,300,778 | | | | 1.08 | |
Delta Electronics, Inc. | | | TWD | | | | 109,000 | | | | 963,959 | | | | 0.80 | |
Parade Technologies Ltd. | | | TWD | | | | 20,000 | | | | 1,294,175 | | | | 1.07 | |
Sensortek Technology Corp. | | | TWD | | | | 58,000 | | | | 1,213,920 | | | | 1.01 | |
Silergy Corp. | | | TWD | | | | 8,232 | | | | 1,359,289 | | | | 1.13 | |
Sinbon Electronics Co. Ltd. | | | TWD | | | | 134,000 | | | | 1,112,137 | | | | 0.92 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | TWD | | | | 262,000 | | | | 5,544,613 | | | | 4.59 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | | | | | 37,278 | | | | 4,238,509 | | | | 3.51 | |
| | | | | | | | | | | 17,027,380 | | | | 14.11 | |
| | | | |
Total Common Stocks (Cost $92,653,145) | | | | | | | | | | | 115,994,323 | | | | 96.10 | |
| | | | |
Preferred Stocks | | | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $1,127,933) | | | | | | | | | | | | | | | | |
Gerdau S.A. ADR, 22.327%3 | | | | | | | 207,539 | | | | 981,659 | | | | 0.81 | |
| | | | | | | | | | | 981,659 | | | | 0.81 | |
| | | | |
South Korea (Cost $2,313,945) | | | | | | | | | | | | | | | | |
LG Chem Ltd., 2.662%3 | | | KRW | | | | 6,250 | | | | 2,054,478 | | | | 1.70 | |
| | | | | | | | | | | 2,054,478 | | | | 1.70 | |
| | | | |
Total Preferred Stocks (Cost $3,441,878) | | | | | | | | | | | 3,036,137 | | | | 2.51 | |
| | | | |
Total Investments (Total Cost $96,095,023) | | | | | | | | | | | 119,030,460 | | | | 98.61 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | | | 1,675,916 | | | | 1.39 | |
| | | | |
Net Assets | | | | | | | | | | $ | 120,706,376 | | | | 100.00 | |
| * | Non-income producing security. |
| 1 | Local currency is 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. |
| 3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
Percentages shown are based on net assets.
See accompanying notes to the financial statements.
133
ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
At October 31, 2021, the industry sectors for the Ashmore Emerging Markets Equity Fund were:
| | | | |
| Sector | | Percentage of
Net Assets |
Communication Services | | | 8.4 | % |
Consumer Discretionary | | | 19.9 | |
Consumer Staples | | | 4.5 | |
Energy | | | 3.0 | |
Financials | | | 15.4 | |
Health Care | | | 4.8 | |
Industrials | | | 4.6 | |
Information Technology | | | 24.9 | |
Materials | | | 12.0 | |
Utilities | | | 1.1 | |
Total Investments | | | 98.6 | |
Other Assets Less Liabilities | | | 1.4 | |
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 and other financial instruments, which are carried at fair value, as of October 31, 2021:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Brazil | | | $ 4,794,518 | | | | $ — | | | | $— | | | | $ 4,794,518 | |
China | | | 7,858,579 | | | | 29,298,900 | | | | — | | | | 37,157,479 | |
Hong Kong | | | — | | | | 1,853,337 | | | | — | | | | 1,853,337 | |
Hungary | | | — | | | | 1,169,069 | | | | — | | | | 1,169,069 | |
India | | | 7,153,416 | | | | 9,961,599 | | | | — | | | | 17,115,015 | |
Kazakhstan | | | 2,179,640 | | | | 1,426,069 | | | | — | | | | 3,605,709 | |
Malaysia | | | — | | | | 1,755,691 | | | | — | | | | 1,755,691 | |
Mexico | | | 4,792,446 | | | | — | | | | — | | | | 4,792,446 | |
Poland | | | — | | | | 1,375,725 | | | | — | | | | 1,375,725 | |
Russian Federation | | | 5,410,969 | | | | 5,584,511 | | | | — | | | | 10,995,480 | |
South Africa | | | — | | | | 1,327,988 | | | | — | | | | 1,327,988 | |
South Korea | | | — | | | | 13,024,486 | | | | — | | | | 13,024,486 | |
Taiwan | | | 4,238,509 | | | | 12,788,871 | | | | — | | | | 17,027,380 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 36,428,077 | | | | 79,566,246 | | | | — | | | | 115,994,323 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Brazil | | | 981,659 | | | | — | | | | — | | | | 981,659 | |
South Korea | | | — | | | | 2,054,478 | | | | — | | | | 2,054,478 | |
| | | | | | | | | | | | | | | | |
Total Preferred Stocks | | | 981,659 | | | | 2,054,478 | | | | — | | | | 3,036,137 | |
| |
Total Investments | | | $37,409,736 | | | | $81,620,724 | | | | $— | | | | $119,030,460 | |
| |
See accompanying notes to the financial statements.
134
ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
The following is a summary of the fair values of the Fund’s derivative instruments*:
The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign Exchange Risk | |
| |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | | $2,999 | |
| | | | |
* See note 10 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
135
ASHMORE EMERGING MARKETS EQUITY ESG FUND
SCHEDULE OF INVESTMENTS
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Shares | | | Value | | | % of Net
Assets | |
Common Stocks | | | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $1,105,116) | | | | | | | | | | | | | | | | |
Arco Platform Ltd., Class A* | | | | | | | 9,800 | | | $ | 167,090 | | | | 1.11 | |
Arezzo Industria e Comercio S.A. | | | BRL | | | | 9,900 | | | | 129,631 | | | | 0.86 | |
Lojas Renner S.A. | | | BRL | | | | 27,200 | | | | 155,331 | | | | 1.03 | |
Notre Dame Intermedica Participacoes S.A. | | | BRL | | | | 19,500 | | | | 221,749 | | | | 1.48 | |
StoneCo Ltd., Class A* | | | | | | | 3,700 | | | | 125,282 | | | | 0.83 | |
| | | | | | | | | | | 799,083 | | | | 5.31 | |
| | | | |
China (Cost $3,944,430) | | | | | | | | | | | | | | | | |
ANTA Sports Products Ltd. | | | HKD | | | | 15,000 | | | | 233,936 | | | | 1.55 | |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | | | CNH | | | | 32,800 | | | | 212,652 | | | | 1.41 | |
Hefei Meiya Optoelectronic Technology, Inc., Class A | | | CNH | | | | 47,400 | | | | 298,030 | | | | 1.98 | |
JD.com, Inc. ADR* | | | | | | | 5,492 | | | | 429,914 | | | | 2.86 | |
NetEase, Inc. ADR | | | | | | | 4,150 | | | | 404,998 | | | | 2.69 | |
Prosus N.V.* | | | EUR | | | | 4,103 | | | | 363,506 | | | | 2.42 | |
Shanghai Putailai New Energy Technology Co. Ltd., Class A | | | CNH | | | | 9,400 | | | | 261,430 | | | | 1.74 | |
Sunny Optical Technology Group Co. Ltd. | | | HKD | | | | 7,900 | | | | 213,040 | | | | 1.41 | |
Tencent Holdings Ltd. | | | HKD | | | | 9,700 | | | | 602,237 | | | | 4.00 | |
WuXi AppTec Co. Ltd., Class H2 | | | HKD | | | | 12,580 | | | | 270,574 | | | | 1.80 | |
Xiabuxiabu Catering Management China Holdings Co. Ltd.*,2 | | | HKD | | | | 299,000 | | | | 219,072 | | | | 1.46 | |
Yihai International Holding Ltd.* | | | HKD | | | | 38,000 | | | | 223,841 | | | | 1.49 | |
Yunnan Energy New Material Co. Ltd., Class A | | | CNH | | | | 9,700 | | | | 440,527 | | | | 2.93 | |
| | | | | | | | | | | 4,173,757 | | | | 27.74 | |
| | | | |
Hong Kong (Cost $321,697) | | | | | | | | | | | | | | | | |
AIA Group Ltd. | | | HKD | | | | 32,600 | | | | 368,407 | | | | 2.45 | |
| | | | | | | | | | | 368,407 | | | | 2.45 | |
| | | | |
Hungary (Cost $240,670) | | | | | | | | | | | | | | | | |
OTP Bank Nyrt.* | | | HUF | | | | 5,576 | | | | 334,671 | | | | 2.23 | |
| | | | | | | | | | | 334,671 | | | | 2.23 | |
| | | | |
India (Cost $1,265,504) | | | | | | | | | | | | | | | | |
Granules India Ltd. | | | INR | | | | 64,010 | | | | 265,127 | | | | 1.76 | |
HDFC Bank Ltd. ADR | | | | | | | 7,091 | | | | 509,914 | | | | 3.39 | |
ICICI Bank Ltd. ADR | | | | | | | 24,700 | | | | 522,405 | | | | 3.47 | |
Mahindra & Mahindra Ltd. GDR | | | | | | | 31,685 | | | | 380,048 | | | | 2.53 | |
| | | | | | | | | | | 1,677,494 | | | | 11.15 | |
| | | | |
Kazakhstan (Cost $129,320) | | | | | | | | | | | | | | | | |
Kaspi.KZ JSC GDR2 | | | | | | | 3,127 | | | | 453,415 | | | | 3.01 | |
| | | | | | | | | | | 453,415 | | | | 3.01 | |
| | | | |
Malaysia (Cost $241,809) | | | | | | | | | | | | | | | | |
My EG Services Bhd. | | | MYR | | | | 1,518,480 | | | | 382,430 | | | | 2.54 | |
| | | | | | | | | | | 382,430 | | | | 2.54 | |
See accompanying notes to the financial statements.
136
ASHMORE EMERGING MARKETS EQUITY ESG FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Shares | | | Value | | | % of Net
Assets | |
Mexico (Cost $526,754) | | | | | | | | | | | | | | | | |
Fomento Economico Mexicano S.A.B. de C.V. ADR | | | | | | | 4,025 | | | $ | 330,815 | | | | 2.20 | |
Grupo Financiero Banorte S.A.B. de C.V., Class O | | | MXN | | | | 47,200 | | | | 298,840 | | | | 1.99 | |
| | | | | | | | | | | 629,655 | | | | 4.19 | |
| | | | |
Russian Federation (Cost $860,517) | | | | | | | | | | | | | | | | |
Fix Price Group Ltd. GDR2 | | | | | | | 56,671 | | | | 493,604 | | | | 3.28 | |
HeadHunter Group PLC ADR | | | | | | | 4,086 | | | | 215,986 | | | | 1.43 | |
TCS Group Holding PLC GDR (Registered) | | | | | | | 5,043 | | | | 517,028 | | | | 3.44 | |
Yandex N.V., Class A* | | | | | | | 3,500 | | | | 289,940 | | | | 1.93 | |
| | | | | | | | | | | 1,516,558 | | | | 10.08 | |
| | | | |
South Africa (Cost $163,546) | | | | | | | | | | | | | | | | |
Naspers Ltd., Class N | | | ZAR | | | | 1,014 | | | | 172,528 | | | | 1.15 | |
| | | | | | | | | | | 172,528 | | | | 1.15 | |
| | | | |
South Korea (Cost $1,367,288) | | | | | | | | | | | | | | | | |
Dentium Co. Ltd. | | | KRW | | | | 5,733 | | | | 340,771 | | | | 2.26 | |
Douzone Bizon Co. Ltd. | | | KRW | | | | 4,344 | | | | 303,258 | | | | 2.02 | |
Hansol Chemical Co. Ltd. | | | KRW | | | | 1,858 | | | | 525,813 | | | | 3.49 | |
Hugel, Inc.* | | | KRW | | | | 1,907 | | | | 296,612 | | | | 1.97 | |
SK Hynix, Inc. | | | KRW | | | | 2,935 | | | | 259,673 | | | | 1.73 | |
| | | | | | | | | | | 1,726,127 | | | | 11.47 | |
| | | | |
Taiwan (Cost $1,227,964) | | | | | | | | | | | | | | | | |
ASPEED Technology, Inc. | | | TWD | | | | 2,000 | | | | 200,120 | | | | 1.33 | |
Delta Electronics, Inc. | | | TWD | | | | 37,000 | | | | 327,216 | | | | 2.17 | |
Parade Technologies Ltd. | | | TWD | | | | 4,000 | | | | 258,835 | | | | 1.72 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | TWD | | | | 27,000 | | | | 571,391 | | | | 3.80 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | | | | | 7,444 | | | | 846,383 | | | | 5.63 | |
| | | | | | | | | | | 2,203,945 | | | | 14.65 | |
| | | | |
Total Common Stocks (Cost $11,394,615) | | | | | | | | | | | 14,438,070 | | | | 95.97 | |
| | | | |
Preferred Stocks | | | | | | | | | | | | | | | | |
| | | | |
South Korea (Cost $229,595) | | | | | | | | | | | | | | | | |
LG Chem Ltd., 2.662%3 | | | KRW | | | | 737 | | | | 242,264 | | | | 1.61 | |
| | | | | | | | | | | 242,264 | | | | 1.61 | |
| | | | |
Total Preferred Stocks (Cost $229,595) | | | | | | | | | | | 242,264 | | | | 1.61 | |
| | | | |
Total Investments (Total Cost $11,624,210) | | | | | | | | | | | 14,680,334 | | | | 97.58 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | | | 363,481 | | | | 2.42 | |
| | | | |
Net Assets | | | | | | | | | | $ | 15,043,815 | | | | 100.00 | |
| * | Non-income producing security. |
| 1 | Local currency is United States Dollars unless otherwise noted below. |
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS EQUITY ESG FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| 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. |
| 3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
Percentages shown are based on net assets.
At October 31, 2021, the industry sectors for the Ashmore Emerging Markets Equity ESG Fund were:
| | | | |
| Sector | | Percentage of
Net Assets | |
Communication Services | | | 8.6 | % |
Consumer Discretionary | | | 18.2 | |
Consumer Staples | | | 3.7 | |
Financials | | | 20.0 | |
Health Care | | | 9.3 | |
Industrials | | | 3.4 | |
Information Technology | | | 23.2 | |
Materials | | | 11.2 | |
Total Investments | | | 97.6 | |
Other Assets Less Liabilities | | | 2.4 | |
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 ESG Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2021:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Brazil | | | $ 799,083 | | | | $ — | | | | $— | | | | $ 799,083 | |
China | | | 834,912 | | | | 3,338,845 | | | | — | | | | 4,173,757 | |
Hong Kong | | | — | | | | 368,407 | | | | — | | | | 368,407 | |
Hungary | | | — | | | | 334,671 | | | | — | | | | 334,671 | |
India | | | 1,032,319 | | | | 645,175 | | | | — | | | | 1,677,494 | |
Kazakhstan | | | 453,415 | | | | — | | | | — | | | | 453,415 | |
Malaysia | | | — | | | | 382,430 | | | | — | | | | 382,430 | |
Mexico | | | 629,655 | | | | — | | | | — | | | | 629,655 | |
Russian Federation | | | 999,530 | | | | 517,028 | | | | — | | | | 1,516,558 | |
South Africa | | | — | | | | 172,528 | | | | — | | | | 172,528 | |
South Korea | | | — | | | | 1,726,127 | | | | — | | | | 1,726,127 | |
Taiwan | | | 846,383 | | | | 1,357,562 | | | | — | | | | 2,203,945 | |
Total Common Stocks | | | 5,595,297 | | | | 8,842,773 | | | | — | | | | 14,438,070 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
South Korea | | | — | | | | 242,264 | | | | — | | | | 242,264 | |
Total Investments | | | $5,595,297 | | | | $9,085,037 | | | | $— | | | | $14,680,334 | |
See accompanying notes to the financial statements.
138
ASHMORE EMERGING MARKETS EQUITY ESG FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
The following is a summary of the fair values of the Fund’s derivative instruments*:
The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign
Exchange Risk | |
| |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | |
Net Realized Loss on Forward Foreign Currency Exchange Contracts | | | $(1,692) | |
| | | | |
* See note 10 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
139
ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND
SCHEDULE OF INVESTMENTS
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Debt Securities | | | | | | | | | | | | | | | | |
| | | | |
Bahrain (Cost $204,980) | | | | | | | | | | | | | | | | |
BBK BSC, 5.500%, 07/09/2024 | | | | | | | 200,000 | | | $ | 206,972 | | | | 2.01 | |
| | | | | | | | | | | 206,972 | | | | 2.01 | |
| | | | |
Brazil (Cost $200,000) | | | | | | | | | | | | | | | | |
MercadoLibre, Inc., 2.375%, 01/14/2026 | | | | | | | 200,000 | | | | 194,500 | | | | 1.89 | |
| | | | | | | | | | | 194,500 | | | | 1.89 | |
| | | | |
Colombia (Cost $147,432) | | | | | | | | | | | | | | | | |
Ecopetrol S.A., 4.125%, 01/16/2025 | | | | | | | 140,000 | | | | 144,830 | | | | 1.41 | |
| | | | | | | | | | | 144,830 | | | | 1.41 | |
| | | | |
Ecuador (Cost $11,165) | | | | | | | | | | | | | | | | |
Petroamazonas EP, 4.625%, 12/06/2021 | | | | | | | 11,200 | | | | 11,102 | | | | 0.11 | |
| | | | | | | | | | | 11,102 | | | | 0.11 | |
| | | | |
India (Cost $535,799) | | | | | | | | | | | | | | | | |
Greenko Solar Mauritius Ltd., 5.550%, 01/29/2025 | | | | | | | 200,000 | | | | 203,668 | | | | 1.98 | |
Power Finance Corp. Ltd., 3.750%, 06/18/2024 | | | | | | | 331,000 | | | | 345,974 | | | | 3.36 | |
| | | | | | | | | | | 549,642 | | | | 5.34 | |
| | | | |
Indonesia (Cost $721,826) | | | | | | | | | | | | | | | | |
Bank Rakyat Indonesia Persero Tbk PT, 3.950%, 03/28/2024 | | | | | | | 219,000 | | | | 231,076 | | | | 2.25 | |
Indonesia Asahan Aluminium Persero PT, 5.230%, 11/15/2021 | | | | | | | 288,000 | | | | 288,156 | | | | 2.80 | |
Indonesia Asahan Aluminium Persero PT, 5.710%, 11/15/2023 | | | | | | | 200,000 | | | | 217,210 | | | | 2.11 | |
| | | | | | | | | | | 736,442 | | | | 7.16 | |
| | | | |
Jordan (Cost $205,422) | | | | | | | | | | | | | | | | |
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025 | | | | | | | 200,000 | | | | 207,628 | | | | 2.02 | |
| | | | | | | | | | | 207,628 | | | | 2.02 | |
| | | | |
Kuwait (Cost $547,401) | | | | | | | | | | | | | | | | |
Al Ahli Bank of Kuwait KSCP, 3.500%, 04/05/2022 | | | | | | | 328,000 | | | | 331,352 | | | | 3.22 | |
MEGlobal Canada ULC, 5.000%, 05/18/2025 | | | | | | | 200,000 | | | | 218,968 | | | | 2.13 | |
| | | | | | | | | | | 550,320 | | | | 5.35 | |
| | | | |
Mexico (Cost $811,790) | | | | | | | | | | | | | | | | |
Axtel S.A.B. de C.V., 6.375%, 11/14/2024 | | | | | | | 173,000 | | | | 178,451 | | | | 1.73 | |
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026 | | | | | | | 200,000 | | | | 204,000 | | | | 1.98 | |
Petroleos Mexicanos, 6.875%, 10/16/2025 | | | | | | | 190,000 | | | | 207,549 | | | | 2.02 | |
Trust Fibra Uno, 5.250%, 01/30/2026 | | | | | | | 200,000 | | | | 219,000 | | | | 2.13 | |
| | | | | | | | | | | 809,000 | | | | 7.86 | |
| | | | |
Morocco (Cost $327,009) | | | | | | | | | | | | | | | | |
OCP S.A., 5.625%, 04/25/2024 | | | | | | | 310,000 | | | | 334,054 | | | | 3.25 | |
| | | | | | | | | | | 334,054 | | | | 3.25 | |
| | | | |
Oman (Cost $621,597) | | | | | | | | | | | | | | | | |
Bank Muscat SAOG, 4.750%, 03/17/2026 | | | | | | | 200,000 | | | | 205,716 | | | | 2.00 | |
National Bank of Oman SAOG, 5.625%, 09/25/2023 | | | | | | | 200,000 | | | | 209,004 | | | | 2.03 | |
See accompanying notes to the financial statements.
140
ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Oman (continued) | | | | | | | | | | | | | | | | |
Oztel Holdings SPC Ltd., 5.625%, 10/24/2023 | | | | | | | 200,000 | | | $ | 208,478 | | | | 2.03 | |
| | | | | | | | | | | 623,198 | | | | 6.06 | |
| | | | |
Panama (Cost $204,482) | | | | | | | | | | | | | | | | |
Banco Latinoamericano de Comercio Exterior S.A., 2.375%, 09/14/2025 | | | | | | | 200,000 | | | | 203,000 | | | | 1.97 | |
| | | | | | | | | | | 203,000 | | | | 1.97 | |
| | | | |
Peru (Cost $200,606) | | | | | | | | | | | | | | | | |
Credicorp Ltd., 2.750%, 06/17/2025 | | | | | | | 200,000 | | | | 203,829 | | | | 1.98 | |
| | | | | | | | | | | 203,829 | | | | 1.98 | |
| | | | |
Poland (Cost $357,677) | | | | | | | | | | | | | | | | |
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | | | EUR | | | | 130,000 | | | | 151,786 | | | | 1.48 | |
Oriflame Investment Holding PLC, 5.125%, 05/04/2026 | | | | | | | 200,000 | | | | 197,820 | | | | 1.92 | |
| | | | | | | | | | | 349,606 | | | | 3.40 | |
| | | | |
Russian Federation (Cost $773,814) | | | | | | | | | | | | | | | | |
Credit Bank of Moscow Via CBOM Finance PLC, 3.875%, 09/21/20262 | | | | | | | 200,000 | | | | 194,240 | | | | 1.89 | |
Gazprom PJSC via Gaz Finance PLC, 2.950%, 04/15/2025 | | | EUR | | | | 120,000 | | | | 146,647 | | | | 1.43 | |
PJSC Koks via IMH Capital DAC, 5.900%, 09/23/2025 | | | | | | | 200,000 | | | | 211,140 | | | | 2.05 | |
VEON Holdings B.V., 4.000%, 04/09/2025 | | | | | | | 200,000 | | | | 207,164 | | | | 2.01 | |
| | | | | | | | | | | 759,191 | | | | 7.38 | |
| | | | |
Saudi Arabia (Cost $1,100,192) | | | | | | | | | | | | | | | | |
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024 | | | | | | | 256,000 | | | | 266,522 | | | | 2.59 | |
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025 | | | | | | | 200,000 | | | | 210,758 | | | | 2.05 | |
SABIC Capital II B.V., 4.000%, 10/10/2023 | | | | | | | 317,000 | | | | 334,572 | | | | 3.25 | |
Samba Funding Ltd., 2.750%, 10/02/2024 | | | | | | | 333,000 | | | | 344,175 | | | | 3.35 | |
| | | | | | | | | | | 1,156,027 | | | | 11.24 | |
| | | | |
Singapore (Cost $431,355) | | | | | | | | | | | | | | | | |
GLP Pte. Ltd., 3.875%, 06/04/2025 | | | | | | | 200,000 | | | | 207,524 | | | | 2.02 | |
Puma International Financing S.A., 5.125%, 10/06/2024 | | | | | | | 240,000 | | | | 241,320 | | | | 2.34 | |
| | | | | | | | | | | 448,844 | | | | 4.36 | |
| | | | |
South Africa (Cost $539,643) | | | | | | | | | | | | | | | | |
Gold Fields Orogen Holdings BVI Ltd., 5.125%, 05/15/2024 | | | | | | | 314,000 | | | | 336,263 | | | | 3.27 | |
Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024 | | | | | | | 200,000 | | | | 211,400 | | | | 2.05 | |
| | | | | | | | | | | 547,663 | | | | 5.32 | |
| | | | |
Ukraine (Cost $435,775) | | | | | | | | | | | | | | | | |
Metinvest B.V., 8.500%, 04/23/2026 | | | | | | | 200,000 | | | | 224,668 | | | | 2.18 | |
VF Ukraine PAT via VFU Funding PLC, 6.200%, 02/11/2025 | | | | | | | 200,000 | | | | 206,500 | | | | 2.01 | |
| | | | | | | | | | | 431,168 | | | | 4.19 | |
| | | | |
United Arab Emirates (Cost $1,301,645) | | | | | | | | | | | | | | | | |
Abu Dhabi Commercial Bank PJSC, 4.000%, 03/13/2023 | | | | | | | 213,000 | | | | 221,646 | | | | 2.15 | |
ADCB Finance Cayman Ltd., 4.000%, 03/29/2023 | | | | | | | 214,000 | | | | 222,689 | | | | 2.17 | |
See accompanying notes to the financial statements.
141
ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
United Arab Emirates (continued) | | | | | | | | | | | | | | | | |
DIB Sukuk Ltd., 3.625%, 02/06/2023 | | | | | | | 200,000 | | | $ | 206,090 | | | | 2.00 | |
Fab Sukuk Co. Ltd., 3.625%, 03/05/2023 | | | | | | | 321,000 | | | | 333,045 | | | | 3.24 | |
Mashreqbank PSC, 4.250%, 02/26/2024 | | | | | | | 322,000 | | | | 341,642 | | | | 3.32 | |
| | | | | | | | | | | 1,325,112 | | | | 12.88 | |
| | | | |
Total Debt Securities (Cost $9,679,610) | | | | | | | | | | | 9,792,128 | | | | 95.18 | |
| | | | |
Total Investments (Total Cost $9,679,610) | | | | | | | | | | | 9,792,128 | | | | 95.18 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | | | 495,625 | | | | 4.82 | |
| | | | |
Net Assets | | | | | | | | | | $ | 10,287,753 | | | | 100.00 | |
| 1 | Local currency is 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. |
Percentages shown are based on net assets.
At October 31, 2021, the Ashmore Emerging Markets Short Duration Select Fund had outstanding forward foreign currency exchange contracts as follows:
| | | | | | | | | | | | | | | | | | | | |
Settlement
Date | | Counterparty | | Currency Buy | | Currency
Buy Amount
(Local
Currency) | | | Currency
Sell | | | Currency
Sell Amount
(Local
Currency) | | | Unrealized
Gain/(Loss) | |
| | | | | | |
11/17/2021 | | Morgan Stanley | | United States Dollar | | | 147,036 | | | | Euro | | | | 127,114 | | | | $ 44 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Subtotal Appreciation | | | | | | | | | | | | | | | | | 44 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
11/17/2021 | | Barclays | | United States Dollar | | | 153,192 | | | | Euro | | | | 132,687 | | | | (244) | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Subtotal Depreciation | | | | | | | | | | | | | | | | | (244) | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total | | | | | | | | | | | | | | | | | $(200) | |
| | | | | | | | | | | | | | | | | | | | |
See accompanying notes to the financial statements.
142
ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
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 Select Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2021:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Debt Securities | | | | | | | | | | | | | | | | |
Corporate Bonds | | | $— | | | | $8,220,334 | | | | $— | | | | $8,220,334 | |
Financial Certificates | | | — | | | | 1,016,415 | | | | — | | | | 1,016,415 | |
Government Agencies | | | — | | | | 352,379 | | | | — | | | | 352,379 | |
Municipal Bonds | | | — | | | | 203,000 | | | | — | | | | 203,000 | |
| | | | | | | | | | | | | | | | |
Total Debt Securities | | | — | | | | 9,792,128 | | | | — | | | | 9,792,128 | |
| |
Total Investments | | | $— | | | | $9,792,128 | | | | $— | | | | $9,792,128 | |
| |
| | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | $— | | | | $44 | | | | $— | | | | $ 44 | |
Liabilities: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | — | | | | (244 | ) | | | — | | | | (244 | ) |
| |
Total Other Financial Instruments | | | $— | | | | $(200 | ) | | | $— | | | | $(200 | ) |
| |
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign
Exchange Risk | |
| |
Assets: | | | | |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | $ 44 | |
| | | | |
| |
Liabilities: | | | | |
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | | $(244) | |
| | | | |
The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign
Exchange Risk | |
| |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | | $2,859 | |
| | | | |
| |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | | | |
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | | $ (200 | ) |
| | | | |
* See note 10 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
143
ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND
SCHEDULE OF INVESTMENTS
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Debt Securities | | | | | | | | | | | | | | | | |
| | | | |
Bahrain (Cost $246,005) | | | | | | | | | | | | | | | | |
BBK BSC, 5.500%, 07/09/2024 | | | | | | | 240,000 | | | $ | 248,366 | | | | 1.21 | |
| | | | | | | | | | | 248,366 | | | | 1.21 | |
| | | | |
Brazil (Cost $2,658,874) | | | | | | | | | | | | | | | | |
Braskem Netherlands Finance B.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 8.220%), 8.500%, 01/23/20812 | | | | | | | 200,000 | | | | 222,652 | | | | 1.09 | |
Gerdau Trade, Inc., 4.875%, 10/24/2027 | | | | | | | 220,000 | | | | 240,625 | | | | 1.18 | |
JBS Finance Luxembourg S.a.r.l., 3.625%, 01/15/2032 | | | | | | | 200,000 | | | | 197,468 | | | | 0.96 | |
NBM U.S. Holdings, Inc., 7.000%, 05/14/2026 | | | | | | | 230,000 | | | | 243,455 | | | | 1.19 | |
Petrobras Global Finance B.V., 6.875%, 01/20/2040 | | | | | | | 215,000 | | | | 233,709 | | | | 1.14 | |
St Marys Cement, Inc., 5.750%, 01/28/2027 | | | | | | | 220,000 | | | | 248,602 | | | | 1.22 | |
Suzano Austria GmbH, 5.000%, 01/15/2030 | | | | | | | 225,000 | | | | 242,438 | | | | 1.18 | |
Suzano Austria GmbH, 7.000%, 03/16/2047 | | | | | | | 240,000 | | | | 301,768 | | | | 1.48 | |
Vale Overseas Ltd., 8.250%, 01/17/2034 | | | | | | | 305,000 | | | | 428,906 | | | | 2.10 | |
Votorantim Cimentos International S.A., 7.250%, 04/05/2041 | | | | | | | 200,000 | | | | 262,940 | | | | 1.29 | |
| | | | | | | | | | | 2,622,563 | | | | 12.83 | |
| | | | |
Chile (Cost $828,756) | | | | | | | | | | | | | | | | |
Empresa Nacional del Petroleo, 5.250%, 11/06/2029 | | | | | | | 268,000 | | | | 292,657 | | | | 1.43 | |
Enel Chile S.A., 4.875%, 06/12/2028 | | | | | | | 102,000 | | | | 115,409 | | | | 0.56 | |
GNL Quintero S.A., 4.634%, 07/31/2029 | | | | | | | 216,476 | | | | 233,145 | | | | 1.14 | |
VTR Comunicaciones S.p.A., 5.125%, 01/15/2028 | | | | | | | 161,000 | | | | 167,037 | | | | 0.82 | |
| | | | | | | | | | | 808,248 | | | | 3.95 | |
| | | | |
China (Cost $316,644) | | | | | | | | | | | | | | | | |
Country Garden Holdings Co. Ltd., 8.000%, 01/27/2024 | | | | | | | 300,000 | | | | 308,926 | | | | 1.51 | |
| | | | | | | | | | | 308,926 | | | | 1.51 | |
| | | | |
Colombia (Cost $825,953) | | | | | | | | | | | | | | | | |
Ecopetrol S.A., 6.875%, 04/29/2030 | | | | | | | 430,000 | | | | 496,650 | | | | 2.43 | |
Transportadora de Gas Internacional S.A. ESP, 5.550%, 11/01/2028 | | | | | | | 275,000 | | | | 308,347 | | | | 1.51 | |
| | | | | | | | | | | 804,997 | | | | 3.94 | |
| | | | |
India (Cost $246,955) | | | | | | | | | | | | | | | | |
Power Finance Corp. Ltd., 4.500%, 06/18/2029 | | | | | | | 240,000 | | | | 254,331 | | | | 1.24 | |
| | | | | | | | | | | 254,331 | | | | 1.24 | |
| | | | |
Indonesia (Cost $1,425,585) | | | | | | | | | | | | | | | | |
Indonesia Asahan Aluminium Persero PT, 6.530%, 11/15/2028 | | | | | | | 200,000 | | | | 240,400 | | | | 1.18 | |
Indonesia Asahan Aluminium Persero PT, 6.757%, 11/15/2048 | | | | | | | 200,000 | | | | 257,850 | | | | 1.26 | |
Minejesa Capital B.V., 4.625%, 08/10/2030 | | | | | | | 385,000 | | | | 396,550 | | | | 1.94 | |
Pertamina Persero PT, 6.500%, 11/07/2048 | | | | | | | 200,000 | | | | 264,852 | | | | 1.29 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048 | | | | | | | 200,000 | | | | 246,862 | | | | 1.21 | |
| | | | | | | | | | | 1,406,514 | | | | 6.88 | |
See accompanying notes to the financial statements.
144
ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Israel (Cost $1,173,917) | | | | | | | | | | | | | | | | |
Bank Hapoalim B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.155%), 3.255%, 01/21/20322,3 | | | | | | | 200,000 | | | $ | 199,754 | | | | 0.98 | |
Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/20312,3 | | | | | | | 245,000 | | | | 246,837 | | | | 1.21 | |
Leviathan Bond Ltd., 6.750%, 06/30/20303 | | | | | | | 190,000 | | | | 208,288 | | | | 1.02 | |
Mizrahi Tefahot Bank Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.250%), 3.077%, 04/07/20312,3 | | | | | | | 310,000 | | | | 309,380 | | | | 1.51 | |
Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028 | | | | | | | 200,000 | | | | 219,000 | | | | 1.07 | |
| | | | | | | | | | | 1,183,259 | | | | 5.79 | |
| | | | |
Kazakhstan (Cost $487,873) | | | | | | | | | | | | | | | | |
KazMunayGas National Co. JSC, 6.375%, 10/24/2048 | | | | | | | 211,000 | | | | 271,148 | | | | 1.33 | |
Tengizchevroil Finance Co. International Ltd., 3.250%, 08/15/2030 | | | | | | | 200,000 | | | | 200,528 | | | | 0.98 | |
| | | | | | | | | | | 471,676 | | | | 2.31 | |
| | | | |
Kuwait (Cost $772,130) | | | | | | | | | | | | | | | | |
MEGlobal Canada ULC, 5.875%, 05/18/2030 | | | | | | | 200,000 | | | | 242,840 | | | | 1.19 | |
NBK Tier 1 Financing 2 Ltd., (Variable, USD Swap 6Y + 2.832%), 4.500%, 08/27/20252 | | | | | | | 310,000 | | | | 318,363 | | | | 1.56 | |
Nbk Tier 2 Ltd., (Variable, U.S. Treasury Yield Curve Rate | | | | | | | | | | | | | | | | |
CMT 5Y + 2.108%), 2.500%, 11/24/20302 | | | | | | | 200,000 | | | | 200,453 | | | | 0.98 | |
| | | | | | | | | | | 761,656 | | | | 3.73 | |
| | | | |
Mexico (Cost $2,854,321) | | | | | | | | | | | | | | | | |
Alfa S.A.B. de C.V., 6.875%, 03/25/2044 | | | | | | | 205,000 | | | | 268,552 | | | | 1.31 | |
Axtel S.A.B. de C.V., 6.375%, 11/14/2024 | | | | | | | 173,000 | | | | 178,451 | | | | 0.87 | |
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 04/17/2025 | | | | | | | 220,000 | | | | 243,100 | | | | 1.19 | |
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/20332 | | | | | | | 200,000 | | | | 206,300 | | | | 1.01 | |
CIBANCO S.A. Institucion de Banca Multiple Trust CIB/3332, 4.375%, 07/22/20313 | | | | | | | 200,000 | | | | 191,520 | | | | 0.94 | |
Cometa Energia S.A. de C.V., 6.375%, 04/24/2035 | | | | | | | 256,215 | | | | 291,086 | | | | 1.42 | |
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031 | | | | | | | 300,000 | | | | 291,000 | | | | 1.42 | |
Infraestructura Energetica Nova S.A.B. de C.V., 4.750%, 01/15/2051 | | | | | | | 275,000 | | | | 280,814 | | | | 1.37 | |
Mexico Generadora de Energia S. de r.l., 5.500%, 12/06/2032 | | | | | | | 207,529 | | | | 230,359 | | | | 1.13 | |
Petroleos Mexicanos, 7.690%, 01/23/2050 | | | | | | | 450,000 | | | | 429,750 | | | | 2.10 | |
Trust Fibra Uno, 6.390%, 01/15/2050 | | | | | | | 290,000 | | | | 338,215 | | | | 1.66 | |
| | | | | | | | | | | 2,949,147 | | | | 14.42 | |
| | | | |
Panama (Cost $803,381) | | | | | | | | | | | | | | | | |
AES Panama Generation Holdings SRL, 4.375%, 05/31/2030 | | | | | | | 290,000 | | | | 299,042 | | | | 1.46 | |
C&W Senior Financing DAC, 6.875%, 09/15/2027 | | | | | | | 200,000 | | | | 210,750 | | | | 1.03 | |
Cable Onda S.A., 4.500%, 01/30/2030 | | | | | | | 280,000 | | | | 290,430 | | | | 1.42 | |
| | | | | | | | | | | 800,222 | | | | 3.91 | |
See accompanying notes to the financial statements.
145
ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Peru (Cost $927,261) | | | | | | | | | | | | | | | | |
Banco Internacional del Peru S.A.A. Interbank, 3.250%, 10/04/2026 | | | | | | | 190,000 | | | $ | 194,598 | | | | 0.95 | |
InRetail Consumer, 3.250%, 03/22/2028 | | | | | | | 250,000 | | | | 245,675 | | | | 1.20 | |
Minsur S.A., 4.500%, 10/28/20313 | | | | | | | 200,000 | | | | 197,300 | | | | 0.97 | |
Southern Copper Corp., 6.750%, 04/16/2040 | | | | | | | 200,000 | | | | 277,750 | | | | 1.36 | |
| | | | | | | | | | | 915,323 | | | | 4.48 | |
| | | | |
Poland (Cost $209,838) | | | | | | | | | | | | | | | | |
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | | | EUR | | | | 175,000 | | | | 204,327 | | | | 1.00 | |
| | | | | | | | | | | 204,327 | | | | 1.00 | |
| | | | |
Qatar (Cost $810,602) | | | | | | | | | | | | | | | | |
Doha Finance Ltd., 2.375%, 03/31/2026 | | | | | | | 400,000 | | | | 404,694 | | | | 1.98 | |
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 1.475%, 02/07/2025 | | | | | | | 400,000 | | | | 404,473 | | | | 1.98 | |
| | | | | | | | | | | 809,167 | | | | 3.96 | |
| | | | |
Romania (Cost $309,359) | | | | | | | | | | | | | | | | |
NE Property B.V., 1.875%, 10/09/2026 | | | EUR | | | | 275,000 | | | | 327,482 | | | | 1.60 | |
| | | | | | | | | | | 327,482 | | | | 1.60 | |
| | | | |
Russian Federation (Cost $804,264) | | | | | | | | | | | | | | | | |
Credit Bank of Moscow Via CBOM Finance PLC, (Variable, USD Swap 5Y + 5.416%), 7.500%, 10/05/20272 | | | | | | | 245,000 | | | | 248,062 | | | | 1.21 | |
Gazprom PJSC Via Gaz Capital S.A., 8.625%, 04/28/2034 | | | | | | | 100,000 | | | | 143,840 | | | | 0.71 | |
Lukoil Securities B.V., 3.875%, 05/06/2030 | | | | | | | 200,000 | | | | 207,600 | | | | 1.02 | |
VEON Holdings B.V., 4.000%, 04/09/2025 | | | | | | | 200,000 | | | | 207,164 | | | | 1.01 | |
| | | | | | | | | | | 806,666 | | | | 3.95 | |
| | | | |
Saudi Arabia (Cost $845,010) | | | | | | | | | | | | | | | | |
Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039 | | | | | | | 304,673 | | | | 363,384 | | | | 1.78 | |
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024 | | | | | | | 200,000 | | | | 208,220 | | | | 1.02 | |
Saudi Electricity Global Sukuk Co. 3, 5.500%, 04/08/2044 | | | | | | | 230,000 | | | | 293,823 | | | | 1.43 | |
| | | | | | | | | | | 865,427 | | | | 4.23 | |
| | | | |
Singapore (Cost $455,827) | | | | | | | | | | | | | | | | |
DBS Group Holdings Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.915%), 3.300%, 02/27/20252 | | | | | | | 250,000 | | | | 253,768 | | | | 1.24 | |
GLP Pte. Ltd., 3.875%, 06/04/2025 | | | | | | | 200,000 | | | | 207,524 | | | | 1.02 | |
| | | | | | | | | | | 461,292 | | | | 2.26 | |
| | | | |
South Africa (Cost $965,968) | | | | | | | | | | | | | | | | |
AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028 | | | | | | | 200,000 | | | | 198,771 | | | | 0.97 | |
Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029 | | | | | | | 290,000 | | | | 335,965 | | | | 1.64 | |
Prosus N.V., 3.680%, 01/21/2030 | | | | | | | 200,000 | | | | 205,641 | | | | 1.01 | |
Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024 | | | | | | | 200,000 | | | | 211,400 | | | | 1.04 | |
| | | | | | | | | | | 951,777 | | | | 4.66 | |
See accompanying notes to the financial statements.
146
ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Thailand (Cost $532,376) | | | | | | | | | | | | | | | | |
Bangkok Bank PCL, 9.025%, 03/15/2029 | | | | | | | 190,000 | | | $ | 258,925 | | | | 1.27 | |
PTTEP Treasury Center Co. Ltd., 3.903%, 12/06/2059 | | | | | | | 250,000 | | | | 258,118 | | | | 1.26 | |
| | | | | | | | | | | 517,043 | | | | 2.53 | |
| | | | |
Ukraine (Cost $383,246) | | | | | | | | | | | | | | | | |
Ukraine (Rep of), 9.750%, 11/01/2028 | | | | | | | 339,000 | | | | 393,443 | | | | 1.92 | |
| | | | | | | | | | | 393,443 | | | | 1.92 | |
| | | | |
United Arab Emirates (Cost $1,233,862) | | | | | | | | | | | | | | | | |
Aldar Sukuk No. 2 Ltd., 3.875%, 10/22/2029 | | | | | | | 225,000 | | | | 243,225 | | | | 1.19 | |
DIB Sukuk Ltd., 2.950%, 01/16/2026 | | | | | | | 200,000 | | | | 206,952 | | | | 1.01 | |
DP World Crescent Ltd., 3.750%, 01/30/2030 | | | | | | | 361,000 | | | | 380,927 | | | | 1.87 | |
First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/20262 | | | | | | | 200,000 | | | | 210,504 | | | | 1.03 | |
Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040 | | | | | | | 200,000 | | | | 196,450 | | | | 0.96 | |
| | | | | | | | | | | 1,238,058 | | | | 6.06 | |
| | | | |
Total Debt Securities (Cost $20,118,007) | | | | | | | | | | | 20,109,910 | | | | 98.37 | |
| | | | |
Total Investments in Securities (Cost $20,118,007) | | | | | | | | | | | 20,109,910 | | | | 98.37 | |
| | | | |
Total Investments (Total Cost $20,118,007) | | | | | | | | | | | 20,109,910 | | | | 98.37 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | | | 334,106 | | | | 1.63 | |
| | | | |
Net Assets | | | | | | | | | | $ | 20,444,016 | | | | 100.00 | |
| 1 | Local currency is United States Dollars unless otherwise noted below. |
| 2 | Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
| 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 October 31, 2021, the Ashmore Emerging Markets Investment Grade Income Fund had outstanding forward foreign currency exchange contracts as follows:
| | | | | | | | | | | | | | | | | | | | |
Settlement
Date | | Counterparty | | Currency
Buy | | Currency
Buy Amount
(Local
Currency) | | | Currency
Sell | | | Currency
Sell Amount
(Local
Currency) | | | Unrealized
Gain/(Loss) | |
| | | | | | |
11/17/2021 | | Citibank | | United States Dollar | | | 542,795 | | | | Euro | | | | 469,167 | | | $ | 259 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Subtotal Appreciation | | | | | | | | | | | | | | | | | 259 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total | | | | | | | | | | | | | | | | | | $ | 259 | |
| | | | | | | | | | | | | | | | | | | | |
See accompanying notes to the financial statements.
147
ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
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 Investment Grade Income Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2021:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Debt Securities | | | | | | | | | | | | | | | | |
Corporate Bonds | | | $— | | | | $16,376,322 | | | | $— | | | | $16,376,322 | |
Corporate Convertible Bonds | | | — | | | | 962,271 | | | | — | | | | 962,271 | |
Financial Certificates | | | — | | | | 1,737,620 | | | | — | | | | 1,737,620 | |
Government Agencies | | | — | | | | 640,254 | | | | — | | | | 640,254 | |
Government Bonds | | | — | | | | 393,443 | | | | — | | | | 393,443 | |
| | | | | | | | | | | | | | | | |
Total Debt Securities | | | — | | | | 20,109,910 | | | | — | | | | 20,109,910 | |
| |
Total Investments | | | $— | | | | $20,109,910 | | | | $— | | | | $20,109,910 | |
| |
| | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | $— | | | | $259 | | | | $— | | | | $259 | |
| |
Total Other Financial Instruments | | | $— | | | | $259 | | | | $— | | | | $259 | |
| |
See accompanying notes to the financial statements.
148
ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign
Exchange Risk | |
| |
Assets: | | | | |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | $259 | |
| | | | |
The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign
Exchange Risk | |
| |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | | $18,225 | |
| | | | |
| |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | | | |
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | | $ (4,529 | ) |
| | | | |
* See note 10 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
149
ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND
SCHEDULE OF INVESTMENTS
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Debt Securities | | | | | | | | | | | | | | | | |
| | | | |
Brazil (Cost $1,956,584) | | | | | | | | | | | | | | | | |
Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/20242 | | | | | | | 290,000 | | | $ | 285,111 | | | | 3.04 | |
JSM Global S.a.r.l., 4.750%, 10/20/2030 | | | | | | | 230,000 | | | | 219,077 | | | | 2.34 | |
Klabin Austria GmbH, 7.000%, 04/03/2049 | | | | | | | 230,000 | | | | 265,501 | | | | 2.84 | |
MARB BondCo PLC, 3.950%, 01/29/2031 | | | | | | | 300,000 | | | | 285,348 | | | | 3.05 | |
Oi S.A., 10.000%, (100% Cash), 07/27/20253 | | | | | | | 290,000 | | | | 261,145 | | | | 2.79 | |
Suzano Austria GmbH, 7.000%, 03/16/2047 | | | | | | | 200,000 | | | | 251,473 | | | | 2.69 | |
Votorantim Cimentos International S.A., 7.250%, 04/05/2041 | | | | | | | 210,000 | | | | 276,087 | | | | 2.95 | |
| | | | | | | | | | | 1,843,742 | | | | 19.70 | |
| | | | |
China (Cost $1,690,336) | | | | | | | | | | | | | | | | |
Central China Real Estate Ltd., 7.250%, 08/13/2024 | | | | | | | 300,000 | | | | 136,350 | | | | 1.46 | |
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023 | | | | | | | 280,000 | | | | 82,056 | | | | 0.88 | |
Kaisa Group Holdings Ltd., 11.250%, 04/16/2025 | | | | | | | 280,000 | | | | 85,182 | | | | 0.91 | |
Radiance Capital Investments Ltd., 8.800%, 09/17/2023 | | | | | | | 290,000 | | | | 263,740 | | | | 2.82 | |
Sunac China Holdings Ltd., 7.500%, 02/01/2024 | | | | | | | 260,000 | | | | 192,387 | | | | 2.05 | |
Zhenro Properties Group Ltd., 7.875%, 04/14/2024 | | | | | | | 290,000 | | | | 205,488 | | | | 2.20 | |
| | | | | | | | | | | 965,203 | | | | 10.32 | |
| | | | |
Ecuador (Cost $281,178) | | | | | | | | | | | | | | | | |
International Airport Finance S.A., 12.000%, 03/15/2033 | | | | | | | 286,638 | | | | 311,635 | | | | 3.33 | |
| | | | | | | | | | | 311,635 | | | | 3.33 | |
| | | | |
Israel (Cost $296,403) | | | | | | | | | | | | | | | | |
Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/2036 | | | | | | | 270,000 | | | | 288,997 | | | | 3.09 | |
| | | | | | | | | | | 288,997 | | | | 3.09 | |
| | | | |
Jamaica (Cost $261,381) | | | | | | | | | | | | | | | | |
Digicel Group Holdings Ltd., 10.000%, (59% PIK), 04/01/20243 | | | | | | | 273,050 | | | | 275,439 | | | | 2.94 | |
| | | | | | | | | | | 275,439 | | | | 2.94 | |
| | | | |
Kuwait (Cost $533,516) | | | | | | | | | | | | | | | | |
MEGlobal Canada ULC, 5.875%, 05/18/2030 | | | | | | | 200,000 | | | | 242,840 | | | | 2.59 | |
Nbk Tier 2 Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.108%), 2.500%, 11/24/20302 | | | | | | | 290,000 | | | | 290,657 | | | | 3.11 | |
| | | | | | | | | | | 533,497 | | | | 5.70 | |
| | | | |
Mexico (Cost $1,646,819) | | | | | | | | | | | | | | | | |
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/20302 | | | | | | | 260,000 | | | | 303,940 | | | | 3.25 | |
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/20332 | | | | | | | 240,000 | | | | 247,560 | | | | 2.65 | |
Braskem Idesa S.A.P.I., 7.450%, 11/15/2029 | | | | | | | 300,000 | | | | 318,284 | | | | 3.40 | |
Cemex S.A.B. de C.V., 3.875%, 07/11/2031 | | | | | | | 290,000 | | | | 291,073 | | | | 3.11 | |
Orbia Advance Corp. S.A.B. de C.V., 5.875%, 09/17/2044 | | | | | | | 200,000 | | | | 244,530 | | | | 2.61 | |
See accompanying notes to the financial statements.
150
ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
Mexico (continued) | | | | | | | | | | | | | | | | |
Trust Fibra Uno, 6.390%, 01/15/2050 | | | | | | | 220,000 | | | $ | 256,577 | | | | 2.74 | |
| | | | | | | | | | | 1,661,964 | | | | 17.76 | |
| | | | |
Poland (Cost $205,721) | | | | | | | | | | | | | | | | |
Oriflame Investment Holding PLC, 5.125%, 05/04/2026 | | | | | | | 200,000 | | | | 197,820 | | | | 2.11 | |
| | | | | | | | | | | 197,820 | | | | 2.11 | |
| | | | |
Qatar (Cost $283,898) | | | | | | | | | | | | | | | | |
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 1.475%, 02/07/2025 | | | | | | | 280,000 | | | | 283,131 | | | | 3.03 | |
| | | | | | | | | | | 283,131 | | | | 3.03 | |
| | | | |
Romania (Cost $208,043) | | | | | | | | | | | | | | | | |
NE Property B.V., 1.875%, 10/09/2026 | | | EUR | | | | 170,000 | | | | 202,443 | | | | 2.16 | |
| | | | | | | | | | | 202,443 | | | | 2.16 | |
| | | | |
Russian Federation (Cost $585,017) | | | | | | | | | | | | | | | | |
Sovcombank Via SovCom Capital DAC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 6.427%), 8.000%, 04/07/20302 | | | | | | | 270,000 | | | | 289,279 | | | | 3.09 | |
VEON Holdings B.V., 3.375%, 11/25/2027 | | | | | | | 290,000 | | | | 290,815 | | | | 3.11 | |
| | | | | | | | | | | 580,094 | | | | 6.20 | |
| | | | |
Singapore (Cost $212,114) | | | | | | | | | | | | | | | | |
GLP Pte. Ltd., 3.875%, 06/04/2025 | | | | | | | 200,000 | | | | 207,525 | | | | 2.22 | |
| | | | | | | | | | | 207,525 | | | | 2.22 | |
| | | | |
South Africa (Cost $238,974) | | | | | | | | | | | | | | | | |
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026 | | | | | | | 210,000 | | | | 237,825 | | | | 2.54 | |
| | | | | | | | | | | 237,825 | | | | 2.54 | |
| | | | |
Turkey (Cost $198,418) | | | | | | | | | | | | | | | | |
Zorlu Yenilenebilir Enerji A.S., 9.000%, 06/01/2026 | | | | | | | 200,000 | | | | 186,612 | | | | 1.99 | |
| | | | | | | | | | | 186,612 | | | | 1.99 | |
| | | | |
Ukraine (Cost $239,702) | | | | | | | | | | | | | | | | |
VF Ukraine PAT via VFU Funding PLC, 6.200%, 02/11/2025 | | | | | | | 230,000 | | | | 237,475 | | | | 2.54 | |
| | | | | | | | | | | 237,475 | | | | 2.54 | |
| | | | |
United Arab Emirates (Cost $968,416) | | | | | | | | | | | | | | | | |
Aldar Sukuk No. 2 Ltd., 3.875%, 10/22/2029 | | | | | | | 220,000 | | | | 237,820 | | | | 2.54 | |
DIB Sukuk Ltd., 2.950%, 01/16/2026 | | | | | | | 240,000 | | | | 248,342 | | | | 2.65 | |
DP World Ltd., 6.850%, 07/02/2037 | | | | | | | 200,000 | | | | 263,500 | | | | 2.82 | |
See accompanying notes to the financial statements.
151
ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | Currency1 | | | Par | | | Value | | | % of Net
Assets | |
United Arab Emirates (continued) | | | | | | | | | | | | | | | | |
DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/20252 | | | | | | | 200,000 | | | $ | 218,500 | | | | 2.34 | |
| | | | | | | | | | | 968,162 | | | | 10.35 | |
| | | | |
Total Debt Securities (Cost $9,806,520) | | | | | | | | | | | 8,981,564 | | | | 95.98 | |
| | | | |
Total Investments in Securities (Cost $9,806,520) | | | | | | | | | | | 8,981,564 | | | | 95.98 | |
| | | | |
Total Investments (Total Cost $9,806,520) | | | | | | | | | | | 8,981,564 | | | | 95.98 | |
| | | | |
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) | | | | | | | | | | | 376,105 | | | | 4.02 | |
| | | | |
Net Assets | | | | | | | | | | $ | 9,357,669 | | | | 100.00 | |
| 1 | Local currency is United States Dollars unless otherwise noted below. |
| 2 | Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
| 3 | Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis. |
Percentages shown are based on net assets.
At October 31, 2021, the Ashmore Emerging Markets Corporate Income ESG Fund had outstanding forward foreign currency exchange contracts as follows:
| | | | | | | | | | | | | | | | | | |
Settlement Date | | Counterparty | | Currency Buy | | Currency Buy Amount (Local Currency) | | | Currency Sell | | Currency Sell Amount (Local Currency) | | | Unrealized Gain/(Loss) |
| | | | | | |
11/17/2021 | | Citibank | | United States Dollar | | | 198,382 | | | Euro | | | 171,472 | | | | $95 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
Subtotal Appreciation | | | | | | | | | | | | | | | | | 95 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
Total | | | | | | | | | | | | | | | | | $95 | |
| | | | | | | | | | | | | | | | | | |
See accompanying notes to the financial statements.
152
ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
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 Income ESG Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2021:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Debt Securities | | | | | | | | | | | | | | | | |
Corporate Bonds | | | $— | | | | $7,442,271 | | | | $— | | | | $7,442,271 | |
Corporate Convertible Bonds | | | — | | | | 551,500 | | | | — | | | | 551,500 | |
Financial Certificates | | | — | | | | 987,793 | | | | — | | | | 987,793 | |
| | | | | | | | | | | | | | | | |
Total Debt Securities | | | — | | | | 8,981,564 | | | | — | | | | 8,981,564 | |
| |
Total Investments | | | $— | | | | $8,981,564 | | | | $— | | | | $8,981,564 | |
| |
| | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | | $— | | | | $95 | | | | $— | | | | $95 | |
| |
Total Other Financial Instruments | | | $— | | | | $95 | | | | $— | | | | $95 | |
| |
See accompanying notes to the financial statements.
153
ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of October 31, 2021
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign Exchange Risk | |
| | | | |
Assets: | | | | |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | $95 | |
| | | | |
The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2021:
| | | | |
| | | Derivatives Not Accounted for as
Hedging Instruments | |
| | | Foreign Exchange Risk | |
| |
Realized Gain (Loss) on Derivatives Recognized resulting from Operations: | | | | |
Net Realized Gain on Forward Foreign Currency Exchange Contracts | | | $4,465 | |
| | | | |
| |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations: | | | | |
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | | $95 | |
| | | | |
* See note 10 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
154
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS
As of October 31, 2021
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 management investment company. The Trust follows accounting and reporting guidance under Financial Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” The Trust includes twelve funds as of October 31, 2021, each with its own investment objective. The Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund and Ashmore Emerging Markets Corporate Income ESG Fund (each a “Fund” and collectively, the “Funds”) are separate series of the Trust. The Ashmore Emerging Markets Local Currency Bond Fund and the Ashmore Emerging Markets Short Duration Fund are each non-diversified funds. 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’ financial statements are presented herein. On February 26, 2021, the Trust launched the Ashmore Emerging Markets Corporate Income ESG Fund by offering Class A, Class C and Institutional Class shares of the Fund.
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”). 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.
Related parties or personnel of the Investment Manager may invest in the Funds. The Investment Manager could face a conflict of interest if a related party is invested in a Fund and that party’s interests diverge from those of the Fund, but equally this co-investment may serve to better align the interests of the Funds and the personnel of the Investment Manager. When a related party provides capital for a Fund, it may do so with the intention of redeeming all or part of its interest in the Fund at a future point in time.
The Funds have assessed the impact of the Alternative Investment Fund Managers Directive (AIFMD) (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 (i) being Non-EEA AIFs (“European Economic Area Alternative Investment Funds”), 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 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
155
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
results could differ from these estimates. These financial statements contain all adjustments which are, in the opinion 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 hard to value investments require the use of a number of market based assumptions.
(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 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 for which 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 (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 management investment companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.
If a Fund’s 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 time as of which the Funds calculate their NAVs, 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 Fund 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 time as of which the Funds calculate their NAVs. 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.
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 opens 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.
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. 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,
156
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
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 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 primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of the investment. The Investment Manager may also apply a discount to the last traded price in situations where the last traded price may not represent the fair value of the security, such as if a security’s trading has been suspended on its primary trading market, a security has been de-listed from its primary trading market, a security has not traded for an extended period of time, or a security’s primary trading market is temporarily closed at a time when under normal conditions it would be open. Any such discount is based on a number of factors including but not limited to the circumstances surrounding any potential suspension or de-listing, market and industry conditions, competitor information, and the period of time since the last trading took place.
For Funds that use fair value pricing to determine the NAV of its shares, securities may 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, net of any applicable tax withholding. 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, net of any applicable tax withholding.
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) Foreign Currency
Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments.
157
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year-end, resulting from changes in exchange rates. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation from foreign currency exchange transactions.
(g) Fully funded total return swaps
Each Fund is subject to market risk in the normal course of pursuing its investment objectives. Certain Funds may enter into fully funded total return swaps (“TRS”) to manage their exposure to the market, certain sectors of the market or a particular security or reference asset, or to create exposure to certain investments to which they would otherwise not be exposed.
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. In addition to the market risk of the underlying security, index or reference asset, there is a risk of default by the counterparty to the transaction.
(h) 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. In addition to 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.
(i) 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 October 31, 2021, all inflation-indexed bonds were shown on the Schedule of Investments with their original par and stated coupon rate.
(j) Credit-Linked Notes
Certain Funds may invest in credit-linked notes to provide exposure to the high yield or another fixed income market. The value of a credit-linked note is based on the price movements of a particular credit, known as a reference credit. Credit-linked notes that a Fund invests in are typically listed instruments that typically provide the same return as the underlying reference credit. A Fund generally will receive a fixed or floating coupon and the note’s par value upon maturity. If a specified credit event occurs, such as default or bankruptcy, the Fund may experience a delay in payment or forego interest. The maximum potential risk of loss is limited to the par amount of the credit linked note plus any accrued interest.
158
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
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.
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 portfolio securities and other assets.
Derivative financial instruments may result in off-balance sheet market and credit risk. 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. Derivative risk exposures are discussed in note 10.
Foreign/Emerging Markets Risks
Investments in foreign securities entail risks in addition to those customarily associated with investing in U.S. securities. 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
159
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
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.
Portfolio securities and other assets for which market quotations are readily available 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.
Investments and derivatives classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 instruments may include bank loan agreements and less-liquid corporate debt securities (including distressed debt instruments). Also included in this category are certain bonds and loans for which independent broker prices are used and information relating to the inputs of the price models is not available.
| 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. The 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 the Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. For the year ended October 31, 2021, there were interest payments made by Ashmore Emerging Markets Total Return Fund in the amount of $10,697. 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.
160
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
The following is a summary by counterparty of the market value of reverse repurchase agreements and collateral pledged as of October 31, 2021:
| | | | | | | | | | | | |
| Ashmore Emerging Markets Total Return Fund | |
| Counterparty | | Maturity Date | | | Payable for
Reverse
Repurchase
Agreements | | | Collateral Pledged | |
| |
Barclays | | | Open | | | $ | 795,425 | | | $ | 879,032 | |
ING | | | 11/4/21 | | | | 4,183,200 | | | | 4,531,114 | |
JP Morgan | | | Open | | | | 1,434,982 | | | | 1,669,690 | |
| | | | | | | | | | | | |
Total | | | | | | $ | 6,413,607 | | | $ | 7,079,836 | |
| | | | | | | | | | | | |
Securities with an aggregate market value of $7,079,836 have been pledged as collateral in respect of reverse repurchase agreements as of October 31, 2021, and are included within investments in securities in the Statement of Assets and Liabilities. The actual collateral exceeds the payable for reverse repurchase agreements.
For the seventy-two days that reverse repurchase agreements were outstanding during the year ended year ended October 31, 2021, the average amount outstanding was $1,325,390 at a weighted average interest rate of 0.20%.
| 6. | Capital share transactions |
Transactions in Class A shares for the year ended October 31, 2021, 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 Total Return Fund | | | 384,909 | | | $ | 2,729,205 | | | | 56,093 | | | $ | 399,841 | | | | (1,069,961 | ) | | $ | (7,633,080 | ) | | | (628,959 | ) | | $ | (4,504,034 | ) |
| Ashmore Emerging Markets Local Currency Bond Fund | | | 5,341 | | | | 38,643 | | | | — | | | | — | | | | (31,147 | ) | | | (229,347 | ) | | | (25,806 | ) | | | (190,704 | ) |
| Ashmore Emerging Markets Corporate Income Fund | | | 596,031 | | | | 4,764,320 | | | | 55,076 | | | | 437,597 | | | | (658,376 | ) | | | (5,214,779 | ) | | | (7,269 | ) | | | (12,862 | ) |
| Ashmore Emerging Markets Short Duration Fund | | | 216,716 | | | | 1,655,802 | | | | 99,249 | | | | 771,888 | | | | (1,951,638 | ) | | | (15,144,920 | ) | | | (1,635,673 | ) | | | (12,717,230 | ) |
| Ashmore Emerging Markets Active Equity Fund | | | 4,702 | | | | 62,739 | | | | 1,367 | | | | 17,287 | | | | (23,460 | ) | | | (293,739 | ) | | | (17,391 | ) | | | (213,713 | ) |
161
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| 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 Small-Cap Equity Fund | | | 2,647 | | | $ | 38,225 | | | | — | | | $ | — | | | | (17,044 | ) | | $ | (250,882 | ) | | | (14,397 | ) | | $ | (212,657 | ) |
| Ashmore Emerging Markets Frontier Equity Fund | | | 179,589 | | | | 1,707,937 | | | | 524 | | | | 4,697 | | | | (20,139 | ) | | | (170,098 | ) | | | 159,974 | | | | 1,542,536 | |
| Ashmore Emerging Markets Equity Fund | | | 191,097 | | | | 3,143,529 | | | | 1,562 | | | | 23,482 | | | | (68,277 | ) | | | (1,151,226 | ) | | | 124,382 | | | | 2,015,785 | |
| Ashmore Emerging Markets Equity ESG Fund | | | — | | | | 1 | | | | 1 | | | | 7 | | | | — | | | | — | | | | 1 | | | | 8 | |
| Ashmore Emerging Markets Short Duration Select Fund | | | — | | | | 1 | | | | 4 | | | | 36 | | | | — | | | | — | | | | 4 | | | | 37 | |
| Ashmore Emerging Markets Investment Grade Income Fund | | | — | | | | — | | | | 3 | | | | 28 | | | | — | | | | — | | | | 3 | | | | 28 | |
| Ashmore Emerging Markets Corporate Income ESG Fund | | | 100 | | | | 1,000 | | | | 3 | | | | 25 | | | | — | | | | — | | | | 103 | | | | 1,025 | |
Transactions in Class C shares for the year ended October 31, 2021, 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 Total Return Fund | | | 43,516 | | | $ | 310,825 | | | | 13,852 | | | $ | 98,283 | | | | (270,589 | ) | | $ | (1,917,622 | ) | | | (213,221 | ) | | $ | (1,508,514 | ) |
| Ashmore Emerging Markets Local Currency Bond Fund | | | — | | | | — | | | | — | | | | — | | | | (717 | ) | | | (5,053 | ) | | | (717 | ) | | | (5,053 | ) |
162
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| 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 Income Fund | | | 140,265 | | | $ | 1,112,010 | | | | 27,549 | | | $ | 218,410 | | | | (394,926 | ) | | $ | (3,138,774 | ) | | | (227,112 | ) | | $ | (1,808,354 | ) |
| Ashmore Emerging Markets Short Duration Fund | | | 7,258 | | | | 54,685 | | | | 10,852 | | | | 80,634 | | | | (48,938 | ) | | | (361,136 | ) | | | (30,828 | ) | | | (225,817 | ) |
| Ashmore Emerging Markets Active Equity Fund | | | — | | | | 2 | | | | — | * | | | 5 | | | | — | | | | — | | | | — | | | | 7 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | — | | | | 339 | | | | — | | | | — | | | | (1,571 | ) | | | (23,760 | ) | | | (1,571 | ) | | | (23,421 | ) |
| Ashmore Emerging Markets Frontier Equity Fund | | | 3,543 | | | | 32,356 | | | | 40 | | | | 312 | | | | (24,143 | ) | | | (202,731 | ) | | | (20,560 | ) | | | (170,063 | ) |
| Ashmore Emerging Markets Equity Fund | | | 6,789 | | | | 110,349 | | | | 2 | | | | 32 | | | | (119 | ) | | | (1,844 | ) | | | 6,672 | | | | 108,537 | |
| Ashmore Emerging Markets Equity ESG Fund | | | — | | | | 2 | | | | — | | | | 7 | | | | — | | | | — | | | | — | | | | 9 | |
| Ashmore Emerging Markets Short Duration Select Fund | | | — | | | | 1 | | | | 3 | | | | 29 | | | | — | | | | — | | | | 3 | | | | 30 | |
| Ashmore Emerging Markets Investment Grade Income Fund | | | — | | | | — | | | | 2 | | | | 22 | | | | — | | | | — | | | | 2 | | | | 22 | |
| Ashmore Emerging Markets Corporate Income ESG Fund | | | 100 | | | | 1,000 | | | | 2 | | | | 21 | | | | — | | | | — | | | | 102 | | | | 1,021 | |
| * | Amount rounds to less than 0.5 shares. |
163
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
Transactions in Institutional Class shares for the year ended October 31, 2021, 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 Total Return Fund | | | 49,093,162 | | | $ | 354,306,215 | | | | 8,057,330 | | | $ | 58,073,860 | | | | (53,547,100 | ) | | $ | (384,508,725 | ) | | | 3,603,392 | | | $ | 27,871,350 | |
| Ashmore Emerging Markets Local Currency Bond Fund | | | 488,115 | | | | 3,814,234 | | | | — | | | | — | | | | (3,561,069 | ) | | | (27,230,081 | ) | | | (3,072,954 | ) | | | (23,415,847 | ) |
| Ashmore Emerging Markets Corporate Income Fund | | | 11,450,481 | | | | 95,050,634 | | | | 980,096 | | | | 8,110,557 | | | | (10,439,616 | ) | | | (86,179,554 | ) | | | 1,990,961 | | | | 16,981,637 | |
| Ashmore Emerging Markets Short Duration Fund | | | 3,680,994 | | | | 28,141,184 | | | | 1,299,214 | | | | 9,923,146 | | | | (45,983,702 | ) | | | (347,426,259 | ) | | | (41,003,494 | ) | | | (309,361,929 | ) |
| Ashmore Emerging Markets Active Equity Fund | | | 2,580,352 | | | | 34,011,500 | | | | 46,121 | | | | 589,118 | | | | (2,206,032 | ) | | | (29,825,574 | ) | | | 420,441 | | | | 4,775,044 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | 82,454 | | | | 1,566,505 | | | | — | | | | — | | | | (50,504 | ) | | | (921,337 | ) | | | 31,950 | | | | 645,168 | |
| Ashmore Emerging Markets Frontier Equity Fund | | | 1,566,026 | | | | 15,957,063 | | | | 40,665 | | | | 423,758 | | | | (1,488,253 | ) | | | (14,600,311 | ) | | | 118,438 | | | | 1,780,510 | |
| Ashmore Emerging Markets Equity Fund | | | 3,070,314 | | | | 48,875,902 | | | | 84,075 | | | | 1,221,605 | | | | (2,476,645 | ) | | | (39,876,628 | ) | | | 677,744 | | | | 10,220,879 | |
| Ashmore Emerging Markets Equity ESG Fund | | | — | | | | — | | | | 5,311 | | | | 74,673 | | | | — | | | | (3 | ) | | | 5,311 | | | | 74,670 | |
| Ashmore Emerging Markets Short Duration Select Fund | | | — | | | | 4,911 | | | | 36,985 | | | | 379,992 | | | | — | | | | (1 | ) | | | 36,985 | | | | 384,902 | |
| Ashmore Emerging Markets Investment Grade Income Fund | | | — | | | | — | | | | 59,541 | | | | 601,809 | | | | — | | | | — | | | | 59,541 | | | | 601,809 | |
164
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| 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 Income ESG Fund | | | 999,800 | | | $ | 9,998,000 | | | | 26,894 | | | $ | 263,131 | | | | — | | | $ | — | | | | 1,026,694 | | | $ | 10,261,131 | |
Transactions in Class A shares for the year ended October 31, 2020, 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 Total Return Fund | | | 697,487 | | | $ | 4,987,088 | | | | 62,116 | | | $ | 428,702 | | | | (706,867 | ) | | $ | (5,015,573 | ) | | | 52,736 | | | $ | 400,217 | |
| Ashmore Emerging Markets Local Currency Bond Fund | | | — | | | | — | | | | 136 | | | | 1,011 | | | | (7,189 | ) | | | (42,129 | ) | | | (7,053 | ) | | | (41,118 | ) |
| Ashmore Emerging Markets Corporate Income Fund | | | 973,657 | | | | 7,475,101 | | | | 64,503 | | | | 481,206 | | | | (1,240,230 | ) | | | (9,095,954 | ) | | | (202,070 | ) | | | (1,139,647 | ) |
| Ashmore Emerging Markets Short Duration Fund | | | 2,361,271 | | | | 18,562,319 | | | | 472,177 | | | | 3,827,647 | | | | (12,504,193 | ) | | | (98,146,581 | ) | | | (9,670,745 | ) | | | (75,756,615 | ) |
| Ashmore Emerging Markets Active Equity Fund | | | 158,335 | | | | 1,461,855 | | | | 475 | | | | 4,960 | | | | (33,025 | ) | | | (332,637 | ) | | | 125,785 | | | | 1,134,178 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | 5,426 | | | | 48,329 | | | | — | | | | — | | | | (123,432 | ) | | | (844,871 | ) | | | (118,006 | ) | | | (796,542 | ) |
| Ashmore Emerging Markets Frontier Equity Fund | | | 105,675 | | | | 875,409 | | | | 438 | | | | 2,960 | | | | (884,119 | ) | | | (7,187,717 | ) | | | (778,006 | ) | | | (6,309,348 | ) |
| Ashmore Emerging Markets Equity Fund | | | 102,459 | | | | 1,065,643 | | | | 153 | | | | 1,798 | | | | (53,354 | ) | | | (596,967 | ) | | | 49,258 | | | | 470,474 | |
165
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| 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 Equity ESG Fund | | | 100 | | | $ | 1,000 | | | | — | | | $ | — | | | | — | | | $ | — | ** | | | 100 | | | $ | 1,000 | |
| Ashmore Emerging Markets Short Duration Select Fund | | | 99 | | | | 1,000 | | | | 2 | | | | 12 | | | | — | | | | — | | | | 101 | | | | 1,012 | |
| Ashmore Emerging Markets Investment Grade Income Fund | | | 100 | | | | 1,000 | | | | — | * | | | 2 | | | | — | | | | — | | | | 100 | | | | 1,002 | |
| ** | Amount rounds to less than $0.5. |
| * | Amount rounds to less than 0.5 shares. |
Transactions in Class C shares for the year ended October 31, 2020, 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 Total Return Fund | | | 56,572 | | | $ | 389,027 | | | | 20,123 | | | $ | 138,773 | | | | (232,421 | ) | | $ | (1,609,046 | ) | | | (155,726 | ) | | $ | (1,081,246 | ) |
| Ashmore Emerging Markets Local Currency Bond Fund | | | — | | | | — | | | | 13 | | | | 93 | | | | (3,239 | ) | | | (22,120 | ) | | | (3,226 | ) | | | (22,027 | ) |
| Ashmore Emerging Markets Corporate Income Fund | | | 139,346 | | | | 1,103,488 | | | | 51,137 | | | | 379,687 | | | | (555,172 | ) | | | (4,054,823 | ) | | | (364,689 | ) | | | (2,571,648 | ) |
| Ashmore Emerging Markets Short Duration Fund | | | 133,326 | | | | 926,449 | | | | 12,008 | | | | 91,118 | | | | (198,069 | ) | | | (1,464,588 | ) | | | (52,735 | ) | | | (447,021 | ) |
| Ashmore Emerging Markets Active Equity Fund | | | — | * | | | 2 | | | | — | * | | | 1 | | | | (1,059 | ) | | | (12,001 | ) | | | (1,059 | ) | | | (11,998 | ) |
166
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| 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 Small-Cap Equity Fund | | | — | * | | $ | 343 | | | | — | | | $ | — | | | | (3,762 | ) | | $ | (29,650 | ) | | | (3,762 | ) | | $ | (29,307 | ) |
| Ashmore Emerging Markets Frontier Equity Fund | | | 16,040 | | | | 113,582 | | | | 234 | | | | 1,529 | | | | (13,323 | ) | | | (93,921 | ) | | | 2,951 | | | | 21,190 | |
| Ashmore Emerging Markets Equity Fund | | | — | * | | | 2 | | | | — | | | | — | | | | — | | | | — | | | | — | * | | | 2 | |
| Ashmore Emerging Markets Equity ESG Fund | | | 100 | | | | 1,002 | | | | — | | | | — | | | | — | | | | — | | | | 100 | | | | 1,002 | |
| Ashmore Emerging Markets Short Duration Select Fund | | | 99 | | | | 1,000 | | | | 2 | | | | 10 | | | | — | | | | — | | | | 101 | | | | 1,010 | |
| Ashmore Emerging Markets Investment Grade Income Fund | | | 100 | | | | 1,000 | | | | — | * | | | 2 | | | | — | | | | — | | | | 100 | | | | 1,002 | |
| * | Amount rounds to less than 0.5 shares. |
Transactions in Institutional Class shares for the year ended October 31, 2020, 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 Total Return Fund | | | 61,621,367 | | | $ | 425,771,462 | | | | 9,211,953 | | | $ | 64,665,899 | | | | (92,458,351 | ) | | $ | (628,466,559 | ) | | | (21,625,031 | ) | | $ | (138,029,198 | ) |
| Ashmore Emerging Markets Local Currency Bond Fund | | | 808,852 | | | | 5,707,063 | | | | 64,929 | | | | 503,201 | | | | (2,487,097 | ) | | | (17,794,777 | ) | | | (1,613,316 | ) | | | (11,584,513 | ) |
| Ashmore Emerging Markets Corporate Income Fund | | | 14,558,538 | | | | 115,713,958 | | | | 1,217,687 | | | | 9,454,112 | | | | (36,252,496 | ) | | | (268,373,932 | ) | | | (20,476,271 | ) | | | (143,205,862 | ) |
167
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| 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 Short Duration Fund | | | 39,487,241 | | | $ | 314,827,622 | | | | 3,845,955 | | | $ | 30,504,449 | | | | (118,966,345 | ) | | $ | (884,576,492 | ) | | | (75,633,149 | ) | | $ | (539,244,421 | ) |
| Ashmore Emerging Markets Active Equity Fund | | | 9,760,762 | | | | 102,078,960 | | | | 20,206 | | | | 216,279 | | | | (4,514,931 | ) | | | (45,652,721 | ) | | | 5,266,037 | | | | 56,642,518 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | 50,865 | | | | 494,093 | | | | — | | | | — | | | | (1,836,184 | ) | | | (19,784,023 | ) | | | (1,785,319 | ) | | | (19,289,930 | ) |
| Ashmore Emerging Markets Frontier Equity Fund | | | 1,207,464 | | | | 9,749,172 | | | | 60,407 | | | | 473,827 | | | | (3,488,868 | ) | | | (27,575,140 | ) | | | (2,220,997 | ) | | | (17,352,141 | ) |
| Ashmore Emerging Markets Equity Fund | | | 4,250,973 | | | | 39,896,823 | | | | 10,447 | | | | 119,843 | | | | (989,105 | ) | | | (9,253,620 | ) | | | 3,272,315 | | | | 30,763,046 | |
| Ashmore Emerging Markets Equity ESG Fund | | | 999,800 | | | | 9,998,000 | | | | 29 | | | | 298 | | | | — | | | | (2 | ) | | | 999,829 | | | | 9,998,296 | |
| Ashmore Emerging Markets Short Duration Select Fund | | | 999,800 | | | | 9,998,000 | | | | 13,220 | | | | 134,367 | | | | — | | | | — | | | | 1,013,020 | | | | 10,132,367 | |
| Ashmore Emerging Markets Investment Grade Income Fund | | | 1,999,800 | | | | 19,998,000 | | | | 5,250 | | | | 52,098 | | | | — | | | | — | | | | 2,005,050 | | | | 20,050,098 | |
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 shareholder 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.
168
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| 7. | Investment transactions |
For the year ended October 31, 2021, the aggregate cost 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 Total Return Fund | | $ | 670,178,864 | | | $ | 688,360,335 | |
Ashmore Emerging Markets Local Currency Bond Fund | | | 2,882,335 | | | | 24,297,210 | |
Ashmore Emerging Markets Corporate Income Fund | | | 227,182,211 | | | | 217,891,716 | |
Ashmore Emerging Markets Short Duration Fund | | | 68,772,386 | | | | 382,068,738 | |
Ashmore Emerging Markets Active Equity Fund | | | 190,065,689 | | | | 186,220,123 | |
Ashmore Emerging Markets Small-Cap Equity Fund | | | 8,119,099 | | | | 8,085,066 | |
Ashmore Emerging Markets Frontier Equity Fund | | | 57,763,653 | | | | 55,515,158 | |
Ashmore Emerging Markets Equity Fund | | | 94,760,688 | | | | 85,885,850 | |
Ashmore Emerging Markets Equity ESG Fund | | | 7,952,459 | | | | 8,197,101 | |
Ashmore Emerging Markets Short Duration Select Fund | | | 5,506,722 | | | | 4,351,558 | |
Ashmore Emerging Markets Investment Grade Income Fund | | | 9,554,330 | | | | 8,692,853 | |
Ashmore Emerging Markets Corporate Income ESG Fund | | | 11,385,250 | | | | 1,468,941 | |
The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, deferral of post October currency and capital losses for tax purposes, and the recharacterization of income recognition on investments in PFICs. At October 31, 2021, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including the effects of foreign currency translation and derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:
| | | | | | | | | | | | | | | | |
| Amounts in Thousands | | Unrealized
Appreciation | | | Unrealized
Depreciation | | | Net Appreciation
(Depreciation) | | | Cost Basis of
Investments | |
| Ashmore Emerging Markets Total Return Fund | | | $ 37,952,973 | | | | $ (208,920,680) | | | | $ (170,967,707) | | | | $ 1,334,144,031 | |
| Ashmore Emerging Markets Local Currency Bond Fund | | | 230,440 | | | | (871,836) | | | | (641,396) | | | | 7,359,189 | |
| Ashmore Emerging Markets Corporate Income Fund | | | 9,506,351 | | | | (40,546,884) | | | | (31,040,533) | | | | 321,574,772 | |
| Ashmore Emerging Markets Short Duration Fund | | | 3,684,389 | | | | (108,702,297) | | | | (105,017,908) | | | | 229,850,286 | |
| Ashmore Emerging Markets Active Equity Fund | | | 2,960,120 | | | | (4,608,666) | | | | (1,648,546) | | | | 94,983,388 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | 1,867,901 | | | | (1,161,749) | | | | 706,152 | | | | 10,580,800 | |
| Ashmore Emerging Markets Frontier Equity Fund | | | 13,691,017 | | | | (1,067,233) | | | | 12,623,784 | | | | 66,439,989 | |
| Ashmore Emerging Markets Equity Fund | | | 28,821,112 | | | | (6,967,586) | | | | 21,853,526 | | | | 97,176,934 | |
| Ashmore Emerging Markets Equity ESG Fund | | | 3,946,272 | | | | (956,466) | | | | 2,989,806 | | | | 11,690,528 | |
| Ashmore Emerging Markets Short Duration Select Fund | | | 161,030 | | | | (48,512) | | | | 112,518 | | | | 9,679,410 | |
| Ashmore Emerging Markets Investment Grade Income Fund | | | 242,459 | | | | (250,556) | | | | (8,097) | | | | 20,118,266 | |
| Ashmore Emerging Markets Corporate Income ESG Fund | | | 73,275 | | | | (909,684) | | | | (836,409) | | | | 9,818,068 | |
169
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
No provision for U.S. federal income taxes has been made since each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute, each year, substantially all of its taxable income and capital gains to its shareholders.
For financial reporting purposes the Funds may periodically make reclassifications among components of capital accounts to reflect permanent differences between U.S. GAAP and taxable income. The reclassifications have no impact on the net assets of the Funds. During the year, revisions were also made to previously determined taxable income amounts. As a result, the following reclassifications were made to the Statements of Assets and Liabilities:
| | | | | | | | |
| Fund | | Paid in Capital | | | Distributable earnings/
(Accumulated loss) | |
| Ashmore Emerging Markets Local Currency Bond Fund | | $ | (1,472,857 | ) | | $ | 1,472,857 | |
| Ashmore Emerging Markets Corporate Income ESG Fund | | | (3 | ) | | | 3 | |
During the fiscal year ended October 31, 2021, the Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund and Ashmore Emerging Markets Equity ESG Fund utilized $11,658,853, $421,442, $2,722,155, $1,761,664, $3,267,568, $6,239,646 and $81,429, respectively, in capital loss carryforwards.
The following Funds have available capital loss carryforwards for which there is no expiration date:
| | | | | | | | |
| Fund | | Short-Term Capital Loss
Carryforward at
October 31, 2021 | | | Long-Term Capital Loss
Carryforward at
October 31, 2021 | |
| Ashmore Emerging Markets Total Return Fund | | $ | — | | | $ | (90,570,869 | ) |
| Ashmore Emerging Markets Local Currency Bond Fund | | | — | | | | (508,330 | ) |
| Ashmore Emerging Markets Corporate Income Fund | | | (10,650,200 | ) | | | (55,547,592 | ) |
| Ashmore Emerging Markets Short Duration Fund | | | (90,663,939 | ) | | | (181,274,194 | ) |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | — | | | | (2,520,666 | ) |
| Ashmore Emerging Markets Frontier Equity Fund | | | (4,965,060 | ) | | | (2,038,761 | ) |
| Ashmore Emerging Markets Short Duration Select Fund | | | — | | | | (350,348 | ) |
| Ashmore Emerging Markets Investment Grade Income Fund | | | (103,605 | ) | | | (110,068 | ) |
| Ashmore Emerging Markets Corporate Income ESG Fund | | | (84,308 | ) | | | — | |
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. The Trust 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, the Trust 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.
170
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
As of October 31, 2021, 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 | | | Undistributed
Appreciation
(Depreciation) on
Investments and
Foreign Currencies | | | Total Accumulated
Earnings (Deficit) | |
| Ashmore Emerging Markets Total Return Fund | | $ | — | | | $ | — | | | $ | (91,477,927 | ) | | $ | (171,028,231 | ) | | $ | (262,506,158 | ) |
| Ashmore Emerging Markets Local Currency Bond Fund | | | — | | | | — | | | | (519,331 | ) | | | (659,465 | ) | | | (1,178,796 | ) |
| Ashmore Emerging Markets Corporate Income Fund | | | 906,133 | | | | — | | | | (66,464,983 | ) | | | (31,040,708 | ) | | | (96,599,558 | ) |
| Ashmore Emerging Markets Short Duration Fund | | | 2,122,051 | | | | — | | | | (272,050,362 | ) | | | (105,017,028 | ) | | | (374,945,339 | ) |
| Ashmore Emerging Markets Active Equity Fund | | | 13,016,333 | | | | 3,770,195 | | | | — | | | | (1,762,852 | ) | | | 15,023,676 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | — | | | | — | | | | (2,609,046 | ) | | | 637,937 | | | | (1,971,109 | ) |
| Ashmore Emerging Markets Frontier Equity Fund | | | 882,062 | | | | — | | | | (7,007,398 | ) | | | 12,377,177 | | | | 6,251,841 | |
| Ashmore Emerging Markets Equity Fund | | | 9,747,827 | | | | 10,479,774 | | | | (26,303 | ) | | | 21,638,861 | | | | 41,840,159 | |
| Ashmore Emerging Markets Equity ESG Fund | | | 1,234,205 | | | | 806,922 | | | | (61,981 | ) | | | 2,989,686 | | | | 4,968,832 | |
| Ashmore Emerging Markets Short Duration Select Fund | | | 12,825 | | | | — | | | | (356,887 | ) | | | 112,461 | | | | (231,601 | ) |
| Ashmore Emerging Markets Investment Grade Income Fund | | | 19,652 | | | | — | | | | (221,433 | ) | | | (8,164 | ) | | | (209,945 | ) |
| Ashmore Emerging Markets Corporate Income ESG Fund | | | 34,301 | | | | — | | | | (103,385 | ) | | | (836,421 | ) | | | (905,505 | ) |
The taxable character of distributions paid during the fiscal year ended October 31, 2021, 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 Total Return Fund | | $ | 59,683,830 | | | $ | — | | | $ | — | | | $ | 4,533,480 | | | $ | 64,217,310 | |
171
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | | | | | |
| | | Distributions From | | | | | | | |
| Fund | | Ordinary
Income | | | Short-Term
Capital
Gains | | | Long-Term
Capital
Gains | | | Return of
Capital | | | Total
Distributions
Paid | |
| Ashmore Emerging Markets Local Currency Bond Fund | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Ashmore Emerging Markets Corporate Income Fund | | | 15,503,781 | | | | — | | | | — | | | | — | | | | 15,503,781 | |
| Ashmore Emerging Markets Short Duration Fund | | | 14,880,589 | | | | — | | | | — | | | | — | | | | 14,880,589 | |
| Ashmore Emerging Markets Active Equity Fund | | | 1,070,963 | | | | — | | | | — | | | | — | | | | 1,070,963 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | — | | | | — | | | | — | | | | — | | | | — | |
| Ashmore Emerging Markets Frontier Equity Fund | | | 443,920 | | | | — | | | | — | | | | — | | | | 443,920 | |
| Ashmore Emerging Markets Equity Fund | | | 694,077 | | | | 165,861 | | | | 1,333,335 | | | | — | | | | 2,193,273 | |
| Ashmore Emerging Markets Equity ESG Fund | | | 87,867 | | | | — | | | | — | | | | — | | | | 87,867 | |
| Ashmore Emerging Markets Short Duration Select Fund | | | 414,206 | | | | 32,919 | | | | — | | | | — | | | | 447,125 | |
| Ashmore Emerging Markets Investment Grade Income Fund | | | 708,069 | | | | — | | | | — | | | | — | | | | 708,069 | |
| Ashmore Emerging Markets Corporate Income ESG Fund | | | 309,605 | | | | — | | | | — | | | | — | | | | 309,605 | |
The taxable character of distributions paid during the fiscal year ended October 31, 2020, 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 Total Return Fund | | $ | 26,796,593 | | | $ | — | | | $ | — | | | $ | 45,461,594 | | | $ | 72,258,187 | |
| Ashmore Emerging Markets Local Currency Bond Fund | | | — | | | | — | | | | — | | | | 537,321 | | | | 537,321 | |
| Ashmore Emerging Markets Corporate Income Fund | | | 22,741,875 | | | | — | | | | — | | | | 155,840 | | | | 22,897,715 | |
172
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | | | | | |
| | | Distributions From | | | | | | | |
| Fund | | Ordinary
Income | | | Short-Term
Capital
Gains | | | Long-Term
Capital
Gains | | | Return of
Capital | | | Total
Distributions
Paid | |
| Ashmore Emerging Markets Short Duration Fund | | $ | 56,867,179 | | | $ | — | | | $ | — | | | $ | — | | | $ | 56,867,179 | |
| Ashmore Emerging Markets Active Equity Fund | | | 376,370 | | | | — | | | | — | | | | — | | | | 376,370 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | — | | | | — | | | | — | | | | — | | | | — | |
| Ashmore Emerging Markets Frontier Equity Fund | | | 505,104 | | | | — | | | | — | | | | — | | | | 505,104 | |
| Ashmore Emerging Markets Equity Fund | | | 195,264 | | | | — | | | | — | | | | — | | | | 195,264 | |
| Ashmore Emerging Markets Equity ESG Fund | | | 351 | | | | — | | | | — | | | | — | | | | 351 | |
| Ashmore Emerging Markets Short Duration Select Fund | | | 158,109 | | | | — | | | | — | | | | — | | | | 158,109 | |
| Ashmore Emerging Markets Investment Grade Income Fund | | | 61,297 | | | | — | | | | — | | | | — | | | | 61,297 | |
| 9. | Distributions to shareholders |
The Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund and Ashmore Emerging Markets Corporate Income ESG Fund declare distributions of their net investment income daily and pay such distributions monthly. The Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Equity ESG 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.
173
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
10. Derivative instruments and hedging activities
FASB ASC Topic 815-10 (“Topic 815-10”), Disclosures about Derivative Instruments and Hedging Activities, required 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) 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.
During the year ended October 31, 2021, the Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund, and Ashmore Emerging Markets Corporate Income ESG Fund had average quarterly contract notional exposures of $734,220,169, $9,804,116, $1,460,023, $883,038, $75,057, $373,759 and $151,421, respectively, related to forward foreign currency exchange contracts.
(b) 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 executed in a multilateral or other trade facility platform such as a registered exchange (“centrally cleared swaps”). Swap agreements are recorded at their fair value. The fair
174
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
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. 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 Statements of Assets and Liabilities.
The periodic payments on the swap agreements entered into by the Funds are reflected in the Statements of Operations within net realized gain/(loss) on interest rate swap contracts. 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. 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.
During the year ended October 31, 2021, the Ashmore Emerging Markets Total Return Fund, and Ashmore Emerging Markets Local Currency Bond Fund had average quarterly notional exposures of $49,455,473 and $1,020,196, respectively, related to interest rate 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. No amounts have been offset in the Statements of Assets and Liabilities.
Offsetting of Financial Assets and Derivative Assets as of October 31, 2021:
Over-the-Counter Financial Derivative Instruments:
Forward Currency Contracts
| | | | | | | | | | | | | | | | |
| | | Ashmore Emerging Markets Total Return Fund | | | | |
| Counterparty | | Gross Amounts of
Derivatives Assets
Presented in the Statement of
Assets and Liabilities | | | Derivatives
available
for offset | | | Collateral
Received | | | Net Amount Due
From Counterparty | |
| |
ANZ | | $ | 172,455 | | | $ | — | | | $ | — | | | $ | 172,455 | |
Barclays | | | 955,674 | | | | (670,200 | ) | | | — | | | | 285,474 | |
BNP Paribas | | | 1,712,235 | | | | (1,671,745 | ) | | | — | | | | 40,490 | |
Credit Suisse | | | 85,750 | | | | — | | | | — | | | | 85,750 | |
Deutsche Bank | | | 599,218 | | | | (350,596 | ) | | | (248,622 | ) | | | — | |
HSBC Bank | | | 364,106 | | | | (364,106 | ) | | | — | | | | — | |
JP Morgan | | | 1,739,759 | | | | (37,476 | ) | | | — | | | | 1,702,283 | |
Merrill Lynch | | | 702,073 | | | | (702,073 | ) | | | — | | | | — | |
Standard | | | | | | | | | | | | | | | | |
Chartered | | | 72,518 | | | | (42,583 | ) | | | — | | | | 29,935 | |
UBS | | | 3,559 | | | | (1,156 | ) | | | (585 | ) | | | 1,818 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 6,407,347 | | | $ | (3,839,935 | ) | | $ | (249,207 | ) | | $ | 2,318,205 | |
| | | | | | | | | | | | | | | | |
175
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| |
| Ashmore Emerging Markets Total Return Fund | |
| |
| Counterparty | | Gross Amounts of
Derivatives Liabilities
Presented in the Statement of
Assets and Liabilities | | | Derivatives
available
for offset | | | Collateral
Pledged | | | Net Amount Due
To Counterparty | |
| |
Barclays | | $ | 670,200 | | | $ | (670,200 | ) | | $ | — | | | $ | — | |
BNP Paribas | | | 1,671,745 | | | | (1,671,745 | ) | | | — | | | | — | |
Deutsche Bank | | | 350,596 | | | | (350,596 | ) | | | — | | | | — | |
HSBC Bank | | | 867,199 | | | | (364,106 | ) | | | (503,093 | ) | | | — | |
JP Morgan | | | 37,476 | | | | (37,476 | ) | | | — | | | | — | |
Merrill Lynch | | | 849,458 | | | | (702,073 | ) | | | — | | | | 147,385 | |
Standard | | | | | | | | | | | | | | | | |
Chartered | | | 42,583 | | | | (42,583 | ) | | | — | | | | — | |
State Street | | | 63,049 | | | | — | | | | — | | | | 63,049 | |
UBS | | | 1,156 | | | | (1,156 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total | | $ | 4,553,462 | | | $ | (3,839,935 | ) | | $ | (503,093 | ) | | $ | 210,434 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| |
| Ashmore Emerging Markets Local Currency Bond Fund | |
| |
| Counterparty | | Gross Amounts of
Derivatives Assets
Presented in the Statement of
Assets and Liabilities | | | Derivatives
available
for offset | | | Collateral
Received | | | Net Amount Due
From Counterparty | |
| |
Banco | | | | | | | | | | | | | | | | |
Santander | | $ | 28 | | | $ | (28 | ) | | $ | — | | | $ | — | |
Barclays | | | 8,300 | | | | (7,050 | ) | | | — | | | | 1,250 | |
BNP Paribas | | | 24,453 | | | | (24,453 | ) | | | — | | | | — | |
Credit Suisse | | | 1,338 | | | | (1 | ) | | | — | | | | 1,337 | |
Deutsche Bank | | | 4,467 | | | | (4,467 | ) | | | — | | | | — | |
HSBC Bank | | | 3,942 | | | | (3,942 | ) | | | — | | | | — | |
JP Morgan | | | 44,026 | | | | (1,839 | ) | | | — | | | | 42,187 | |
Merrill Lynch | | | 7,314 | | | | (625 | ) | | | — | | | | 6,689 | |
Morgan Stanley | | | 61 | | | | — | | | | — | | | | 61 | |
Standard | | | | | | | | | | | | | | | | |
Chartered | | | 1,503 | | | | (99 | ) | | | — | | | | 1,404 | |
State Street | | | 180 | | | | (69 | ) | | | — | | | | 111 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 95,612 | | | $ | (42,573 | ) | | $ | — | | | $ | 53,039 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| |
| Ashmore Emerging Markets Local Currency Bond Fund | |
| |
| Counterparty | | Gross Amounts of
Derivatives Liabilities
Presented in the Statement
of Assets and Liabilities | | | Derivatives
available for
offset | | | Collateral Pledged | | | Net Amount Due
To Counterparty | |
| |
Banco | | | | | | | | | | | | | | | | |
Santander | | $ | 28 | | | $ | | (28) | | $ | — | | | $ | — | |
Barclays | | | 7,050 | | | | (7,050 | ) | | | — | | | | — | |
BNP Paribas | | | 24,725 | | | | (24,453 | ) | | | — | | | | 272 | |
Credit Suisse | | | 1 | | | | (1 | ) | | | — | | | | — | |
Deutsche Bank | | | 6,015 | | | | (4,467 | ) | | | — | | | | 1,548 | |
176
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| Ashmore Emerging Markets Local Currency Bond Fund | |
| Counterparty | | Gross Amounts of
Derivatives Liabilities
Presented in the Statement
of Assets and Liabilities | | | Derivatives
available
for offset | | | Collateral Pledged | | | Net Amount Due
To Counterparty | |
HSBC Bank | | $ | 10,623 | | | $ | (3,942 | ) | | $ | 20 | | | $ | 6,661 | |
JP Morgan | | | 1,839 | | | | (1,839 | ) | | | — | | | | — | |
Merrill Lynch | | | 625 | | | | (625 | ) | | | — | | | | — | |
Standard | | | | | | | | | | | | | | | | |
Chartered | | | 99 | | | | (99 | ) | | | — | | | | — | |
State Street | | | 69 | | | | (69 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total | | $ | 51,074 | | | $ | (42,573 | ) | | $ | 20 | | | $ | 8,481 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | | |
| Ashmore Emerging Markets Corporate Income Fund | |
| Counterparty | | Gross Amounts of
Derivatives Assets
Presented in the Statement
of Assets and Liabilities | | | Derivatives
available
for offset | | | Collateral
Received | | | Net Amount Due
From Counterparty | |
Deutsche Bank | | $ | 436 | | | $ | — | | | $ | — | | | $ | 436 | |
State Street | | | 5,814 | | | | — | | | | — | | | | 5,814 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 6,250 | | | $ | — | | | $ | — | | | $ | 6,250 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | | |
| Ashmore Emerging Markets Short Duration Fund | |
| Counterparty | | Gross Amounts of
Derivatives Assets
Presented in the Statement
of Assets and Liabilities | | | Derivatives
available
for offset | | | Collateral
Received | | | Net Amount Due
From Counterparty | |
Deutsche Bank | | $ | 286 | | | $ | — | | | $ | — | | | $ | 286 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 286 | | | $ | — | | | $ | — | | | $ | 286 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | | |
| Ashmore Emerging Markets Short Duration Select Fund | |
| Counterparty | | Gross Amounts of
Derivatives Assets
Presented in the Statement
of Assets and Liabilities | | | Derivatives
available
for offset | | | Collateral
Received | | | Net Amount Due
From Counterparty | |
Morgan Stanley | | $ | 44 | | | $ | — | | | $ | — | | | $ | 44 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 44 | | | $ | — | | | $ | — | | | $ | 44 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | | |
| Ashmore Emerging Markets Short Duration Select Fund | |
| Counterparty | | Gross Amounts of
Derivatives Liabilities
Presented in the Statement
of Assets and Liabilities | | | Derivatives
available
for offset | | | Collateral Pledged | | | Net Amount Due
To Counterparty | |
Barclays | | $ | 244 | | | $ | — | | | $ | — | | | $ | 244 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 244 | | | $ | — | | | $ | — | | | $ | 244 | |
| | | | | | | | | | | | | | | | |
177
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| Ashmore Emerging Markets Investment Grade Income Fund | |
| Counterparty | | Gross Amounts of
Derivatives Assets
Presented in the Statement
of Assets and Liabilities | | | Derivatives
available
for offset | | | Collateral
Received | | | Net Amount Due
From Counterparty | |
Citibank | | $ | 259 | | | $ | — | | | $ | — | | | $ | 259 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 259 | | | $ | — | | | $ | — | | | $ | 259 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | | |
| Ashmore Emerging Markets Corporate Income ESG Fund | |
| Counterparty | | Gross Amounts of
Derivatives Assets
Presented in the Statement
of Assets and Liabilities | | | Derivatives
available
for offset | | | Collateral
Received | | | Net Amount Due
From Counterparty | |
Citibank | | $ | 95 | | | $ | — | | | $ | — | | | $ | 95 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 95 | | | $ | — | | | $ | — | | | $ | 95 | |
| | | | | | | | | | | | | | | | |
Investment management fees
The Trust has an Investment Management Agreement (the “Agreement”) with the Investment Manager, with whom certain Trustees and Officers 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 Total Return Fund | | | 1.00 | % |
Ashmore Emerging Markets Local Currency Bond Fund | | | 0.95 | % |
Ashmore Emerging Markets Corporate Income Fund | | | 1.15 | % |
Ashmore Emerging Markets Short Duration Fund | | | 0.65 | % |
Ashmore Emerging Markets Active Equity Fund | | | 1.00 | % |
Ashmore Emerging Markets Small-Cap Equity Fund | | | 1.50 | % |
Ashmore Emerging Markets Frontier Equity Fund | | | 1.50 | % |
Ashmore Emerging Markets Equity Fund | | | 1.15 | % |
Ashmore Emerging Markets Equity ESG Fund | | | 1.15 | % |
Ashmore Emerging Markets Short Duration Select Fund | | | 0.65 | % |
Ashmore Emerging Markets Investment Grade Income Fund | | | 0.70 | % |
Ashmore Emerging Markets Corporate Income ESG Fund | | | 0.85 | % |
The Investment Manager has contractually agreed to waive its fees or reimburse each Fund for other expenses until February 28, 2022 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 Total Return Fund | | 1.27% | | 2.02% | | 1.02% |
178
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | |
| Fund | | Class A | | Class C | | Institutional
Class |
Ashmore Emerging Markets Local Currency Bond Fund | | 1.22% | | 1.97% | | 0.97% |
Ashmore Emerging Markets Corporate Income Fund | | 1.42% | | 2.17% | | 1.17% |
Ashmore Emerging Markets Short Duration Fund | | 0.92% | | 1.67% | | 0.67% |
Ashmore Emerging Markets Active Equity Fund | | 1.27% | | 2.02% | | 1.02% |
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 Equity Fund | | 1.42% | | 2.17% | | 1.17% |
Ashmore Emerging Markets Equity ESG Fund | | 1.42% | | 2.17% | | 1.17% |
Ashmore Emerging Markets Short Duration Select Fund | | 0.92% | | 1.67% | | 0.67% |
Ashmore Emerging Markets Investment Grade Income Fund | | 0.97% | | 1.72% | | 0.72% |
Ashmore Emerging Markets Corporate Income ESG Fund | | 1.12% | | 1.87% | | 0.87% |
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 amounts recaptured pursuant to the expense limitation agreement will be limited to the lesser of (1) the expense limitation amount that was in effect at the time of the waiver or reimbursement or (2) the expense limitation amount that is in effect at the time of recapture. The total amounts subject to recovery in fiscal years are shown below:
| | | | | | | | | | | | | | | | |
| | | | | |
| Fund | | 2022 | | | 2023 | | | 2024 | | | Total | |
| Ashmore Emerging Markets Total Return Fund | | $ | 1,264,520 | | | $ | 1,453,580 | | | $ | 1,209,234 | | | $ | 3,927,334 | |
| Ashmore Emerging Markets Local Currency Bond Fund | | | 209,246 | | | | 198,265 | | | | 152,924 | | | | 560,435 | |
| Ashmore Emerging Markets Corporate Income Fund | | | 398,019 | | | | 404,041 | | | | 361,106 | | | | 1,163,166 | |
| Ashmore Emerging Markets Short Duration Fund | | | 1,013,327 | | | | 973,684 | | | | 203,439 | | | | 2,190,450 | |
| Ashmore Emerging Markets Active Equity Fund | | | 133,595 | | | | 171,181 | | | | 208,770 | | | | 513,546 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | | 161,504 | | | | 147,694 | | | | 100,902 | | | | 410,100 | |
| Ashmore Emerging Markets Frontier Equity Fund | | | 314,851 | | | | 315,267 | | | | 238,815 | | | | 868,933 | |
| Ashmore Emerging Markets Equity Fund | | | 157,757 | | | | 222,597 | | | | 172,553 | | | | 552,907 | |
| Ashmore Emerging Markets Equity ESG Fund | | | — | | | | 173,755 | | | | 148,942 | | | | 322,697 | |
| Ashmore Emerging Markets Short Duration Select Fund | | | — | | | | 150,410 | | | | 75,473 | | | | 225,883 | |
179
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | | | | | |
| | | | | |
| Fund | | 2022 | | | 2023 | | | 2024 | | | Total | |
| Ashmore Emerging Markets Investment Grade Income Fund | | $ | — | | | $ | 88,408 | | | $ | 155,066 | | | $ | 243,474 | |
| Ashmore Emerging Markets Corporate Income ESG Fund | | | — | | | | — | | | | 146,750 | | | | 146,750 | |
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):
| | | | | | | | |
| | | |
| | | Servicing Fee | | | Distribution Fee | |
Class A shares | | | 0.25 | % | | | None | |
Class C shares | | | 0.25 | % | | | 0.75 | % |
Cross Trades
The 1940 Act prohibits the Funds and their affiliates from knowingly selling any security or other property to the Funds (other than securities of which the buyer is the issuer), or buying any security (other than securities of which the seller is the issuer) or other property from the Funds. Rule 17a-7 under the 1940 Act provides relief from these prohibitions for various types of “cross trades” and similar transactions that may benefit shareholders by allowing the participating funds or accounts to avoid brokerage commissions and other transaction costs of trades.
During the year ended October 31, 2021, the following Funds bought and/or sold securities from an account or accounts that were also advised by the Trust’s investment adviser or its affiliates:
| | | | | | | | |
| | | |
| Fund | | Purchases | | | Sales | |
Ashmore Emerging Markets Total Return Fund | | $ | 10,889,842 | | | $ | — | |
Ashmore Emerging Markets Corporate Income Fund | | | 3,729,105 | | | | 505,700 | |
Ashmore Emerging Markets Short Duration Fund | | | 1,458,750 | | | | — | |
Ashmore Emerging Markets Short Duration Select Fund | | | — | | | | 115,500 | |
As of October 31, 2021, Ashmore Investments UK Limited owned the following percentages of the outstanding shares of each Fund:
| | | | | | | | | | | | |
| | | | |
| Fund | | Class A | | | Class C | | | Institutional
Class | |
Ashmore Emerging Markets Local Currency Bond Fund | | | — | % | | | — | % | | | 55.20 | % |
Ashmore Emerging Markets Active Equity Fund | | | — | % | | | 100.00 | % | | | — | % |
Ashmore Emerging Markets Equity Fund | | | — | % | | | — | % | | | 14.57 | % |
Ashmore Emerging Markets Equity ESG Fund | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % |
Ashmore Emerging Markets Short Duration Select Fund | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % |
180
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | | | | | | | |
| | | | |
| Fund | | Class A | | | Class C | | | Institutional Class | |
Ashmore Emerging Markets Investment Grade Income Fund | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % |
Ashmore Emerging Markets Corporate Income ESG Fund | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % |
In addition to the Ashmore Investments UK Limited ownership, shown in the table above, the following Funds had other investors owning of record or known by the Funds to own beneficially greater than 5% of the outstanding shares of such Funds:
| | | | | | |
| Fund | | Class | | # of Investors
Owning > 5%
of outstanding
Shares | | % of Ownership by Investor |
| Ashmore Emerging Markets Total Return Fund | | Class A | | 3 | | 64.91%, 11.33%, 9.44% |
| | | Class C | | 4 | | 38.92%, 32.22%, 20.00%, 8.86% |
| | | Institutional Class | | 4 | | 23.70%, 20.18%, 17.51%, 8.78% |
| Ashmore Emerging Markets Local Currency Bond Fund | | Class A | | 4 | | 68.12%, 13.12%, 9.77%, 5.82% |
| | | Class C | | 2 | | 88.28%, 11.72% |
| | | Institutional Class | | 1 | | 41.20% |
| Ashmore Emerging Markets Corporate Income Fund | | Class A | | 5 | | 25.96%, 25.82%, 21.06%, 10.28%, 5.18% |
| | | Class C | | 6 | | 78.22%, 55.16%, 28.53%, 17.13%, 11.38%, 9.25% |
| | | Institutional Class | | 6 | | 14.48%, 12.61%, 8.67%, 7.41%, 6.09%, 5.94% |
| Ashmore Emerging Markets Short Duration Fund | | Class A | | 2 | | 48.71%, 31.77% |
| | | Class C | | 2 | | 84.89%, 6.75% |
| | | Institutional Class | | 4 | | 38.04%, 25.48%, 13.18%, 5.13% |
| Ashmore Emerging Markets Active Equity Fund | | Class A | | 2 | | 71.39%, 27.27% |
| | | Institutional Class | | 3 | | 47.89%, 32.68%, 6.74% |
181
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
| | | | | | |
| Fund | | Class | | # of Investors
Owning > 5%
of outstanding
Shares | | % of Ownership by Investor |
| Ashmore Emerging Markets Small-Cap Equity Fund | | Class A | | 5 | | 46.30%, 23.16%, 10.27%, 7.14%, 6.85% |
| | | Class C | | 3 | | 72.37%, 20.31%, 7.32% |
| | | Institutional Class | | 6 | | 24.24%, 22.73%, 13.19%, 11.33%, 10.31%, 9.42% |
| Ashmore Emerging Markets Frontier Equity Fund | | Class A | | 2 | | 21.58%, 17.72% |
| | | Class C | | 3 | | 42.22%, 32.42%, 23.10% |
| | | Institutional Class | | 3 | | 41.42%, 40.45%, 9.61% |
| Ashmore Emerging Markets Equity Fund | | Class A | | 2 | | 57.98%, 39.05% |
| | | Class C | | 5 | | 35.95%, 17.96%, 16.75%, 14.98%, 5.99% |
| | | Institutional Class | | 4 | | 47.23%, 11.04%, 10.32%, 7.93% |
In relation to its investments, some of the Funds of the Trust may from time to time agree to indemnify and/or pre-fund trustees or other agents, either solely or alongside other creditors on a several basis. Generally, such agreements do not have a termination date. The Trustees are not aware of and do not currently expect any claims to be made against the Funds under any such indemnity or pre-funding agreements.
| 13. | New accounting pronouncements |
In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The new guidance is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022, and the adoption of ASU 2020-04 is elective. Management does not believe this update has a material impact on the Funds’ financial statements and disclosures.
Certain of the Funds’ investments, payment obligations, and financing terms may be based on floating rates such as LIBOR, Euro Interbank Offered Rate, and other similar types of reference rates (each, a “Reference Rate”). After years of regulatory and industry wide discussions about how to address issues related to Reference Rates, the UK Financial Conduct Authority (“FCA”), which regulates LIBOR and ICE Benchmark Administration (“IBA”), LIBOR’s administrator, recently announced that most LIBOR settings will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR settings will no longer be published after June 30, 2023. The FCA has announced that it will compel the IBA to publish on a “synthetic” basis a subset of certain non-U.S. dollar LIBOR settings after the end of 2021 and may compel the IBA to publish other LIBOR settings after their indicated cessation dates, but any such publications would be considered non-representative of the underlying market. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most
182
ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021
major currencies. Various financial industry groups have been planning for the transition away from LIBOR, but there are obstacles to converting certain securities and transactions to new Reference Rates. The transition away from Reference Rates may lead to increased volatility and illiquidity in markets that are tied to such Reference Rates and reduced values of Reference Rate-related instruments. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, may have an adverse impact on a Fund’s investments, performance, or financial condition.
COVID-19, the novel respiratory disease also known as “coronavirus”, which was first detected in China in December 2019 and subsequently spread internationally, has resulted in closing borders, enhanced health screenings, healthcare service shortages, quarantines, cancelations, disruptions to supply chains and vendor and customer activity, as well as general concern and uncertainty. COVID-19 has negatively affected the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforseen ways and may continue to do so in the future. Health crises caused by the coronavirus outbreak may exacerbate other pre-existing political, social and economic risks. The effects of the outbreak in developing or emerging market countries may be greater due to less established health care systems. The COVID-19 pandemic has resulted in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand and a resurgence of travel. Despite the positive trends, the uncertainty surrounding COVID-19 continues to linger, as vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag. In addition, there have been increased reports of new COVID-19 variants, which have lead to increased hospitalizations and deaths. The COVID-19 pandemic, and other epidemics and pandemics that may arise in the future, could impair the Funds’ ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of the Funds’ service providers, adversely affect the value and liquidity of the Funds’ investments, and negatively impact the Funds’ performance and your investment in a Fund.
The Trust 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.
183
ASHMORE FUNDS
SUPPLEMENTARY INFORMATION
As of October 31, 2021 (Unaudited)
REMUNERATION DISCLOSURE
Ashmore Investment Advisors Limited (“AIAL”) is a full-scope UK Alternative Investment Fund Manager (“AIFM”) that manages many alternative investment funds (“AIFs”). These AIFs implement a number of investment strategies including; equity, fixed income and alternatives; and invest in many different regions and industry sectors. AIAL manages both open-ended and closed-ended AIFs, several of its AIFs are leveraged and some are listed on regulated markets. Its assets under management was approximately US$5.4 billion at 30 June 2021. AIAL’s parent company (“Ashmore”) is listed on a regulated market, counts eleven offices worldwide and has a number of subsidiaries both in the UK and abroad. Taking into account guidance from the UK Financial Conduct Authority (“FCA”), AIAL has complied with the full AIFM Remuneration Code.
AIAL does not have any direct employees, and as such the amount of remuneration paid to staff by AIAL is zero. All AIAL AIFM Remuneration Code Staff are employed and paid by Ashmore Group plc. Ashmore’s remuneration principles have remained unchanged since it was listed, and are designed to align all employees with the long-term success of the business. These include significant levels of deferral, a clear link between performance and levels of remuneration and strong alignment of executive directors and employees with shareholders and clients through significant employee share ownership. The culture is therefore a collaborative one, with clients’ interests and the creation of shareholder value, including for employee shareholders, the overarching factors for success.
Executive directors, members of the investment team, and indeed all other employees, participate in a single capped incentive pool and are paid under a similar structure, with an annual cash bonus and share award, meaning that all employees are long-term shareholders in the business.
The policy includes:
–– A capped basic salary to contain the fixed cost base;
–– A cap on the total variable compensation including any awards made under Ashmore’s share plan, available for all employees at 25% of profits, which to date has not been fully utilised; and
–– A deferral for five years of a substantial portion of variable compensation into Ashmore shares (or equivalent), which, in the case of executive directors in lieu of a separate LTIP, is also partly subject to additional performance conditions measured over five years.
AIAL’s board of directors reviews the general principles of the remuneration policy and is responsible for its implementation with regard to AIAL’s AIFM Remuneration Code Staff. Ashmore’s Remuneration Committee periodically reviews the ongoing appropriateness and relevance of the remuneration policy, including in connection with the provision of services to AIAL. Ashmore employs the services of; McLagan to provide advice on remuneration benchmarking; Deloitte to provide advice on tax compliance, share plan design and administration, and as Remuneration Committee advisors. The Remuneration Committee’s terms of reference can be found here:
http://www.ashmoregroup.com/investor-relations/corporate-governance.
Performance assessment for AIAL’s AIFM Remuneration Code Staff for their work relating to AIAL is based on a combination of quantitative and qualitative criteria related to the performance of AIAL, the performance of relevant AIF(s) or business units and the performance of the individual. Qualitative criteria include adherence to Ashmore Group plc’s risk and compliance policies. This performance assessment is adjusted for relevant current and future risks related to the AIFs managed by AIAL.
The compensation of control function staff is based on function specific objectives and is independent from the performance of AIAL and/or the AIFs managed by AIAL. The remuneration of the senior officers in AIAL’s control functions is directly overseen by the Remuneration Committee.
184
ASHMORE FUNDS
SUPPLEMENTARY INFORMATION (CONTINUED)
As of October 31, 2021 (Unaudited)
Variable remuneration awarded to AIAL’s Remuneration Code Staff in respect of AIFMD work is subject to performance adjustment which allows Ashmore to reduce the deferred amount, including to nil, in light of the ongoing financial situation and/or performance of Ashmore, AIAL, the AIFs that AIAL manages and the individual concerned.
The total contribution of AIAL’s AIFM Remuneration Code Staff to the business of Ashmore is apportioned between work carried out for AIAL and work carried out for the other businesses and subsidiaries of Ashmore. Their remuneration is similarly apportioned between AIAL and the other businesses and subsidiaries where required.
The remuneration attributable to AIAL for its AIFMD identified staff for the financial year ended June 30, 2021 was as follows:
| | | | | | | | | | | | | | |
| | | | | |
| Fund | | Number of Beneficiaries | | Variable
Remuneration | | | Fixed
Remuneration | | | Total
Remuneration | |
| Ashmore Emerging Markets Total Return Fund | | 18 | | | £288,051 | | | | £30,988 | | | | £319,039 | |
| Ashmore Emerging Markets Local Currency Bond Fund | | 16 | | | 1,229 | | | | 146 | | | | 1,375 | |
| Ashmore Emerging Markets Corporate Income Fund | | 17 | | | 59,966 | | | | 6,592 | | | | 66,558 | |
| Ashmore Emerging Markets Short Duration Fund | | 17 | | | 38,460 | | | | 4,228 | | | | 42,688 | |
| Ashmore Emerging Markets Active Equity Fund | | 18 | | | 70,086 | | | | 6,936 | | | | 77,022 | |
| Ashmore Emerging Markets Small-Cap Equity Fund | | 18 | | | 8,613 | | | | 852 | | | | 9,465 | |
| Ashmore Emerging Markets Frontier Equity Fund | | 18 | | | 52,450 | | | | 5,190 | | | | 57,640 | |
| Ashmore Emerging Markets Equity Fund | | 18 | | | 94,296 | | | | 9,331 | | | | 103,627 | |
| Ashmore Emerging Markets Equity ESG Fund | | 18 | | | 11,887 | | | | 1,176 | | | | 13,063 | |
| Ashmore Emerging Markets Short Duration Select Fund | | 17 | | | 1,979 | | | | 218 | | | | 2,197 | |
| Total AIAL | | 21 | | | £1,307,234 | | | | £140,550 | | | | £1,447,784 | |
All of the remuneration above was attributable to senior management who have a material impact on the Funds’ risk profile. The Funds’ allocation of the AIAL remuneration has been made on the basis of NAV.
185
ASHMORE FUNDS
FOR MORE INFORMATION
As of October 31, 2021
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-PORT. The Funds’ Form N-PORT is available on the SEC’s Web site at www.sec.gov within sixty days after the Funds’ first and third fiscal quarters. In addition, no later than thirty calendar days after the end of each calendar quarter, a list of all portfolio holdings in each Fund as of the end of such calendar quarter is made available at www.ashmoregroup.com.
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.
186
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.
187
ASHMORE FUNDS
OTHER INFORMATION
Administrator, Custodian and Transfer Agent
The Northern Trust Company
333 South Wabash Avenue
Chicago, Illinois 60604
312-630-6000
Investment Manager
Ashmore Investment Advisors Limited
61 Aldwych
London WC2B 4AE
United Kingdom
44-20-3077-6000
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
475 Fifth Avenue
15th Floor
New York, New York 10017
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
188
ASHMORE FUNDS
TRUSTEES AND OFFICERS
Set forth below is information about the Trustees and Officers of the Ashmore Funds. Each Trustee has served in that capacity since he or she was originally elected or appointed to the Board of Trustees. Each Trustee oversees a total of eleven portfolios in the Ashmore Funds. The Ashmore Funds’ Statement of Additional Information contains additional information about the Trustees and is available upon request and without charge by calling 866-876-8294.
INDEPENDENT TRUSTEES
| | | | | | | | | | |
Name, Address* and Age of Independent Trustee | | Positions(s) Held with Trust | | Term of Office and Length of Time Served | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Trustee | | Other Directorships
Held by Trustee During the Past 5 Years |
Yeelong Balladon (Age 63) | | Trustee; Lead Independent Trustee | | Indefinite term; Trustee since inception in 2010 | | Freshfields Bruckhaus Deringer (a law firm) from 1982 to 2009 (Partner from 1999). | | 12 | | None |
Michael Chamberlin (Age 72) | | Trustee | | Indefinite term; Trustee since 2012 | | Executive Director, Emerging Markets Traders Association(1). | | 12 | | None |
Joseph Grainger (Age 67) | | Trustee | | Indefinite term; Trustee since 2014 | | Ernst & Young LLP from 1988 to December 2013 (Partner from October 1990). | | 12 | | None |
| * | Each Trustee may be contacted at 61 Aldwych, London WC2B 4AE, United Kingdom. |
| (1) | Mr. Chamberlin has served as the Executive Director of the Emerging Markets Traders Association (“EMTA”) since 1994. Mark Coombs is Co-Chair of EMTA’s Board of Directors, and the Investment Manager’s ultimate parent company, Ashmore Group plc, is a member of the EMTA. Mr. Coombs is the Investment Manager’s Chief Executive Officer. |
189
ASHMORE FUNDS
TRUSTEES AND OFFICERS (CONTINUED)
| | | | | | | | | | |
Name, Address* and Age of Interested Trustee | | Positions(s) Held with Trust | | Term of Office and Length of Time Served | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Trustee | | Other Directorships
Held by Trustee During the Past 5 Years |
George Grunebaum(2) (Age 58) | | Trustee; Chairman of the Trustees; President and Chief Executive Officer | | Indefinite term; Trustee since inception | | Chief Executive Officer since November 2008, Ashmore Investment Management (US) Corporation. | | 12 | | None |
Stephen Hicks(3) (Age 61) | | Trustee | | Indefinite term; Trustee since 2014 | | CCO of Trinity Street Asset Management LLP, a UK private asset manager, since 2014. | | 12 | | None |
| * | Each Trustee may be contacted at 61 Aldwych, London WC2B 4AE, United Kingdom. |
| (2) | Mr. Grunebaum is an “interested person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to, among other things, his positions with the Distributor and its affiliates. Mr. Grunebaum serves or has served as a trustee or director of other pooled investment vehicles sponsored by Ashmore Group plc (“Ashmore Group”) and its affiliates, including Ashmore Global Emerging Markets Funds, LTD and Ashmore Global Opportunities Limited. |
| (3) | Mr. Hicks is an “interested person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to his former position with Ashmore Group, the parent company of Ashmore Investment Advisors Limited. Ashmore Group indirectly compensates Mr. Hicks, through a separate private company, for his service as a Trustee of the Trust and as a trustee or director of other pooled investment vehicles sponsored by Ashmore Group and its affiliates. |
190
ASHMORE FUNDS
TRUSTEES AND OFFICERS (CONTINUED)
OFFICERS
| | | | | | |
Name, Address** and Age of Officer | | Positions(s) Held with Trust | | Term of Office and Length of Time Served | | Principal Occupation(s) During Past 5 Years |
| George Grunebaum (Age 58) | | Trustee, President and Chief Executive Officer | | Indefinite term; since inception | | Chief Executive Officer since November 2008, Ashmore Investment Management (US) Corporation. |
| Alexandra Autrey (Age 45) | | Chief Legal Officer | | Indefinite term; since inception | | Global Head of Legal and Transaction Management, Ashmore Group plc, since January 2012. |
| Jonathan Kim (Age 35) | | Treasurer and Principal Financial and Accounting Officer | | Indefinite term; since 2018 | | Chief Financial Officer and FinOp, Ashmore Investment Management (US) Corporation, since September 2018; Institutional Account Services, Ashmore Investment Management (US) Corporation, from January 2016 - March 2021. |
| Kevin Hourihan (Age 43) | | Secretary and Chief Compliance Officer | | Indefinite term; Chief Compliance Officer since September 2017; Secretary since September 2018 | | Director, Ashmore Investment Advisors (US) Corp., from March 2017 to present; Director, Ashmore Investment Management (US) Corp., from March 2017 to present; Chief Compliance Officer, Ashmore Equities Investment Management (US) LLC, from November 2015 to present; Chief Compliance Officer, Ashmore Investment Management (US) Corp., from November 2014 to present; Director, Ashmore Equities Investment Management (US) LLC, from March 2014 to present. |
| Paul Robinson (Age 48) | | Assistant Chief Legal Officer | | Indefinite term; since June 2011 | | Group Deputy Head of Legal and Transaction Management since August 2012, Ashmore Group plc. |
| ** | Each Officer may be contacted at 61 Aldwych, London WC2B 4AE, United Kingdom. |
191
Item 2. Code of Ethics.
| (a) | As of October 31, 2021, the registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). |
| (c) | The registrant has not amended its Code of Ethics during the period covered by this report. |
| (d) | The registrant has not granted any waivers, including an implicit waiver, from any provisions of its Code of Ethics during the period covered by this report. |
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR), serving on its audit committee. Joseph Grainger is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).
Under applicable securities laws and regulations, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the registrant’s Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the registrant’s Audit Committee or Board of Trustees.
Item 4. Principal Accountant Fees and Services.
Item 4(a): Audit Fees
The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), independent registered public accounting firm, for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant
2
in connection with statutory and regulatory filings or engagements for those fiscal years are $323,870 in 2021 and $287,151 in 2020.
Item 4(b): Audit-Related Fees
The aggregate fees billed in each of the last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are NONE.
Item 4(c): Tax Fees
The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for RIC tax compliance and diversification review and tax return review are NONE in 2021 and NONE in 2020.
Item 4(d): All Other Fees
The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG and its affiliates, other than the services reported in paragraphs (a) through (c) of this Item, are GBP 97,750 in 2021 and GBP 94,750 in 2020 for reports on internal controls.
Item 4(e)(1): Pre-Approval Policies and Procedures
Pursuant to the registrant’s Audit Committee Charter adopted on November 17, 2010, as revised on December 15, 2021, the Audit Committee shall, to the extent required by applicable regulations, pre-approve (i) all audit and permitted non-audit services rendered by the independent auditors to a Fund and (ii) all non-audit services rendered by the independent auditors to a Fund’s investment adviser(s) (including any sub-advisers) and to certain of the investment adviser’s affiliates, as applicable. The Audit Committee may implement policies and procedures by which such services are pre-approved other than by the full Committee (for example, by the Committee chair).
Item 4(e)(2): Percentage of Fees Pre-Approved Pursuant to Waiver Provision of Paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X
No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Item 4(f): Work Performed by Persons Other than the Principal Accountant
Not applicable.
Item 4(g): Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees and services billed by KPMG and its affiliates for services rendered to the registrant and service affiliates for the last two fiscal years are GBP 97,750 for 2021 and GBP 94,750 for 2020.
Item 4(h): Non-Audit Services and Independent Accountant’s Independence
The registrant’s Audit Committee has considered whether the provision of non-audit services to service affiliates, not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the registered public accountant’s independence in performing audit services.
3
Item 4(i): Not applicable.
Item 4(j): Not applicable.
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 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 period covered by |
4
| | this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
5
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: December 30, 2021
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: December 30, 2021
| | |
| By | | /s/ Jonathan Kim |
| | Jonathan Kim, Treasurer |
| | (Principal Financial and Accounting Officer) |
Date: December 30, 2021
6
