Ashmore Funds

Quantitative Information about Level 3 Fair Value Measurements

Ashmore Emerging Markets Small-Cap Equity Fund

Fair Value at

Unobservable

Techniques

Common Stocks

Discount from last
traded price

Discount

Percentage of 25%^(a)

N-CSRS 1 d550615dncsrs.htm ASHMORE FUNDS Ashmore Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22468

Ashmore Funds

(Exact name of registrant as specified in charter)

c/o Ashmore Investment Management Limited

61 Aldwych

London WC2B 4AE

England

(Address of principal executive offices) (Zip code)

Corporation Service Company

84 State Street

Boston, MA 20109

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2013

Item 1. Reports to Stockholders.

ASHMORE FUNDS

SEMI ANNUAL FINANCIAL STATEMENTS

April 30, 2013

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ASHMORE FUNDS

TABLE OF CONTENTS


	Page
FINANCIAL STATEMENTS:

Investment Managers Report		2

Important Information about the Funds		6

Statements of Assets and Liabilities		16

Statements of Operations		18

Statements of Changes in Net Assets		20

Financial Highlights		22

Schedules of Investments

Ashmore Emerging Markets Corporate Debt Fund		36

Ashmore Emerging Markets Local Currency Bond Fund		46

Ashmore Emerging Markets Currency Fund		56

Ashmore Emerging Markets Sovereign Debt Fund		62

Ashmore Emerging Markets Total Return Fund		69

Ashmore Emerging Markets Equity Fund		89

Ashmore Emerging Markets Small-Cap Equity Fund		95

Notes to Financial Statements		101

Advisory Agreement Approval		121

For More Information		124

Privacy Policy		125

Other Information		126

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

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

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

ASHMORE FUNDS

INVESTMENT MANAGERS REPORT

For the period November 1, 2012 to April 30, 2013

Overview

During the six months ending April 30, 2013, investors were treated to a fairly benign global risk event environment which permitted a return of risk appetite. The re-election of President Obama removed one significant potential risk event and the dreaded “Fiscal Cliff” ended up as we expected it would: With neither the Republicans nor Democrats able to agree on any longer-term solution, the issue was effectively punted into the future. The volatility around the Fiscal Cliff deadline did provide some good entry points for longer-term investors; price movements were generally behaviorally-driven and had little connection to underlying issuer/company fundamentals.

In the absence of any material negative events, developed markets, flush with Central Bank sourced liquidity, saw asset prices pushing higher. While it is true that there were signs of recovering growth in the United States, our view remained that equity prices were too far beyond fundamentals and future earnings potential. Market sentiment was enforced when the European Central Bank lowered its already insignificant policy interest rate from 0.75% to 0.50% and indicated that it would do all that was necessary to support and promote growth. At the same time, we saw Japan effectively call the bluff of its G7 partners, by announcing a massive yen devaluation program to jump-start their crippled economy. Those who sought “safety” in the yen woke up to material losses relative to other G7 currencies. Japanese equities rallied on the basis that a strongly lower yen would make their exports more attractive and thus improve both company and domestic economic performance. The danger is that if this strategy appears to work, there will be little political will amongst other anaemically growing developed markets not to follow Japan’s example and we may see the start of a currency war among developed markets to devalue their currencies in order to boost growth. This would clearly impact the emerging markets (“EM”) and in particular EM currencies. It is a scenario that we believe will ultimately take place; indeed we are already seeing it start to unfold.

The lure of strong domestic Developed markets created some technical outflows from EM asset classes, principally in hard currency sovereign debt. The need to look outside of ones country to find more attractive returns was replaced by higher Developed Market equity prices. We expect this technical trade to reverse in due course, as a dip in the market should force investors to refocus on fundamentals as opposed to momentum investment.

There were however bright spots across EM asset classes during the reporting period, with corporate debt for example performing relatively well. Investor focus appeared to be on credit-specifics and cash flows which was an encouraging development. We see EM Corporate Debt as providing attractive exposure to investors both through access to credit across the ratings spectrum in diversified industries and through the benefit of the favourable longer-term macro dynamics of EM countries, such as higher growth, a growing middle class, increasing disposable income and a proliferation of new pension programs.

We expect 2013 to be a year of two halves, with the first half being muted due to lower global growth and the second half providing greater alpha opportunities as growth picks up. We believe the medium to longer-term outlook for the Emerging Markets remains strong: EM capital markets continue to mature and offer investors varied sources of both return and investment exposure to fit their portfolios. We have seen strong demand across investor types for EM investments, and given the large (and growing) proportion of global economic activity that the Emerging Markets represent, there is little reason to believe that this trend will stop.

Portfolio Overview

Ashmore Emerging Markets Corporate Debt Fund

The Ashmore Emerging Markets Corporate Debt Fund (“the Fund” or “USCDF”) 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. EM corporates operate in an environment that typically consists of higher growth and maturing capital markets. Increased “south/south” trade (i.e. trade between EM countries as opposed to trade with developed markets) represents a material structural change for EM corporates and has helped them to broaden their customer base. In most cases, EM corporates are characterized by new and growing

ASHMORE FUNDS

INVESTMENT MANAGERS REPORT (CONTINUED)

businesses in industries such as mobile communications, technology and food production. These are the industries we expect to reap larger rewards from the developing economies in which they operate. Ashmore continues to focus its efforts on companies that may attract less attention from market participants and thus allow us to add maximum value based on our views, research and global network capabilities in the EM. For example, this strategy will often include positions that do not feature in indices, which can have restrictions based on issuer-currency, size of issue or maturity. Our deep research capabilities and knowledge of the investment universe allows us to access a much broader opportunity set that can improve not only alpha, but liquidity and diversification.

Over the reporting period, the Fund continued to produce attractive returns: The USCDF portfolio rose 4.97% in the six months ended April 30, 2013, compared to the JP Morgan CEMBI BD benchmark return of 3.59%. Issuer selection was a key driver of performance: With continued strong issuance across the EM corporate debt space, the Ashmore Investment Team was selective in its primary purchases and focused on its core strengths to drive alpha, namely credit analysis complimented by a robust global macro overlay. We remain highly constructive on the outlook for EM corporate debt which is the fastest growing part of the EM debt universe.

Ashmore Emerging Markets Local Currency Bond Fund

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

Performance for the Fund in the six month reporting period was strong, with net returns of 8.00% compared to the JP Morgan GBI EM GD benchmark return of 7.02%. Low growth, benign inflation and a softer 2013 outlook all helped to push local currency bond returns higher. While EM currencies themselves did not contribute materially to performance, there were strong gains from the credit side. The outlook for this asset class remains positive, with global growth currently at the lower end of 2013 full-year estimates. Central Banks have generally shown a willingness to adopt a more accommodating stance where possible, such as in Poland and Mexico, where 0.50% rate cuts were seen in the first quarter of 2013.

Ashmore Emerging Markets Local Currency Fund

The Ashmore Emerging Markets Local Currency Fund (“the Fund” or “USLCF”) seeks to provide investment exposure to the local currencies of EM countries, principally by investing in derivatives and other instruments that mature in under a year (“short-dated instruments”). The Fund also has the flexibility to invest in longer-dated derivative instruments or debt instruments of any maturity from sovereign or quasi-sovereign issuers, denominated in the local currency of the issuer.

Gains in the reporting period were moderate, with the Fund outperforming its JP Morgan ELMI+ benchmark by approximately 0.55%. EM currencies generally traded higher, although the pace of their appreciation waned in the stronger US dollar environment. With EM Central Banks principally focused on supporting their local economies, the broad view was that there was reduced pressure for EM currencies to trade higher. On a country-by-country basis, there were material differences in performance: The Mexican peso-demonstrated strong resilience by rising despite a cut in Mexican rates; the Brazilian real was volatile and despite the clear presence of upward pressure, the currency remained artificially low due to government intervention aimed at protecting exporters; Chinese renmimbi grinded downwards over the six month period, hitting a one-year low. The outlook for EM local currencies is positive although a clear understanding of country dynamics and growth will be a key to alpha generation in this theme until global growth picks up.

Ashmore Emerging Markets Sovereign Debt Fund

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

ASHMORE FUNDS

INVESTMENT MANAGERS REPORT (CONTINUED)

The performance of this theme, while positive for the reporting period, was disappointing. The 2.2% net return provided investors with a positive result to the end of April, but returns were hurt by performance in the first three months of 2013. Materially higher prices for both equities and other higher yielding assets in the Developed markets drew back cross-over capital which had previously sought the relative safety and higher yields of hard currency EM sovereign debt. The resulting performance of the USSDF portfolio, and the EM hard currency asset class in general, did not reflect a change in fundamentals, but rather a change in investor behaviour and preference. Typically with cross-over investments, the move is not strategic or longer-term in nature. While the volatility that these movements create offers ‘real money’ investors like Ashmore good buying opportunities, it can result in lower returns over the short term.

Our view is that the expected gradual increase in US Treasury rates is unlikely to have a material impact on EM hard currency in the near term. We believe a spike in US Treasury rates could threaten the fragile US recovery and we do not see the US Fed allowing this to happen: A slow and steady rate of yield appreciation is the more likely scenario and in this case, EM hard currency bonds should be able to absorb any technical price movements and still offer good value from a credit perspective.

Ashmore Emerging Markets Total Return Fund

The Ashmore Emerging Markets Total Return Fund (“the Fund” or “USTRF”) 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 the external debt, corporate debt and local currency debt themes.

Investors in the Fund benefitted from its ability to dynamically allocate among the three main EM debt investment themes. The overall return for the period was 5.10% compared to a benchmark1 return of 3.6%. Overweight allocations to corporate debt and local currency debt helped to support and drive alpha. The corporate debt theme continues to provide the Fund with attractive credit opportunities, offering both higher yields and potential credit improvements. The local currency bond allocation performed well in the accommodative lower growth monetary policy environment. Allocations to hard currency involved the tactical selection of countries like Ukraine and Venezuela. In the case of the former, the Fund targeted steady improvements on the fiscal side ahead of a likely IMF deal, and for the latter, the Fund’s allocation was based on the potential for both structural reforms and changes in the political landscape that may encourage both the return of foreign investment and an improvement in the management of domestic finances.

Ashmore Emerging Markets Equity Fund

The Ashmore Emerging Markets Equity 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.

Emerging Market equities ended the period on a positive note, up 5.3% (MSCI EM Index, net), led by strong returns in markets such as the Philippines (+31.9%), Thailand (+22.3%), Turkey (+18.3%), Indonesia (+13.6%) and Taiwan (+12.3%). Markets such as Egypt (-18.0%), Czech Republic (-16.8%), Peru (-7.8%) and Hungary (-5.4%), however, came under pressure. The portfolio outperformed the MSCI EM index for the 6 month period ending April 30, 2013. Country allocation and stock selection both added value to relative performance. The portfolio’s underweight in South Africa and Malaysia added most to allocation, with the overweight to South Korea detracting the most. Stock selection in Brazil (energy and consumer discretionary plays) and Turkey (industrials and financials) were beneficial, while selection in South Korea (consumer discretionary and industrials) and Taiwan (financials) lagged.

Many investors have allocated to what they believe are “safe haven” companies since the 2008 financial crisis. We believe the result is a “safety bubble” where stocks viewed as having more predictable earnings streams and higher dividend yields carry very high valuations that are unlikely to be sustainable over time. In sharp contrast, we believe larger markets that have more global exposure and/or have experienced domestic challenges are priced near historical lows offering serious opportunities for longer term appreciation as the concerns on government policy/leadership transitions and macro variables, including growth, inflation, and interest rates, begin to wane.

¹ Benchmark consists of 50% JP Morgan EMBI GD, 25% JP Morgan ELMI+ and 25% JP Morgan GBI-EM GD

ASHMORE FUNDS

INVESTMENT MANAGERS REPORT (CONTINUED)

As a result, the Fund maintains an overweight position in China, Brazil, South Korea and Russia on the back of attractive valuations and superior earnings prospects. All four markets continue to offer compelling valuations, trading at 9.2x, 11.1x, 8.3x and 4.8x consensus price to 2013 earnings estimates, respectively, below the MSCI EM Index average of 11.7x. Overall we continue to seek companies trading at a discount to long-term fundamental value. The portfolio positioning favors value markets and stocks that we believe will benefit most as we move into a more positive macro environment. As a result of our value-oriented stock selection approach, we are also finding compelling opportunities in the more cyclical areas of the market, and as such have an overweight exposure to consumer discretionary and maintain our underweight exposure to the more expensive consumer staples sector.

Ashmore Emerging Markets Small-Cap Equity Fund

The Ashmore Emerging Markets Small-Cap Equity Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of small-capitalization emerging market issuers, which may be denominated in any currency, including the local currency of the issuer.

Emerging Markets small cap equities ended the period on a strong note, up 13.4% (MSCI EM Small Cap Index, net), led by impressive returns in markets such as Thailand (+45.7%), the Philippines (+32.4%), Turkey (+25.1%) and Indonesia (+22.9%). Markets such as Colombia (-53.7%), Peru (-22.7%), Egypt (-17.0%) and Morocco (-12.0%) declined. The portfolio lagged the MSCI EM Small Capitalisation index return for the 6 month period ending April 30, 2013. Country allocation added value, but was offset by stock selection which detracted, particularly in Taiwan (led by information technology), Mexico (consumer discretionary) and China (financials). China has lagged other EM markets more broadly as a result of domestic and political uncertainty surrounding the Chinese Congress elections. As policy issues become clearer, we expect the market to rebound; we believe Chinese stocks are fundamentally undervalued as corporate fundamentals have remained generally robust through this period of uncertainty. Stock picks in Brazil (financials), Peru (industrials) and Thailand (industrials) were beneficial.

The portfolio’s relative performance is also attributed to our adherence to an investment discipline driven by valuation in a market environment that has continued to reward expensive consumer staples at valuation levels we deem unsustainable.

Driven by long-term fundamental value, quality and growth, we have a portfolio of companies that we believe should benefit from a domestic and global environment of low inflation and low interest rates, a pick-up in growth albeit moderate, and high risk premiums that will moderate in such an environment. Should the macro environment be supportive, based on our views, we believe the portfolio contains positions that are quite attractive from a valuation perspective, compared to the MSCI EM index, with internal figures showing Fund positions trading near a 30% discount to the index on a forward price-to-earnings basis. (Sources: Ashmore estimates and MSCI).

IMPORTANT INFORMATION ABOUT THE FUNDS

Ashmore Investment Management Limited

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

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

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

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

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

IMPORTANT INFORMATION ABOUT THE FUNDS (CONTINUED)

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

EXPENSE EXAMPLE

Fund Expenses

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, from November 1, 2012 or the inception date (if later), through April 30, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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ASHMORE FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

As of April 30, 2013 (Unaudited)


	Ashmore Emerging Markets Corporate Debt Fund			Ashmore Emerging Markets Local Currency Bond Fund
ASSETS:
Investments in securities, at value		$	73,650,984		$	69,861,451
Investments in fully funded total return swaps, at value			—			8,772,085
Cash			3,219,146			14,086,877
Cash held at broker (restricted $560,000 and $2,110,000, respectively)			—			560,000
Foreign currency, at value			370,034			163,415
Options purchased, at value			—			93,573
Unrealized appreciation on interest rate swap contracts			—			577,590
Unrealized appreciation on forward foreign currency exchange contracts			11,329			995,834
Receivable for securities and currencies sold			123			339
Receivable for fund shares sold			2,935,239			701,088
Receivable from Investment Manager			13,111			13,335
Interest and dividends receivable			1,273,802			1,094,206
Tax reclaims receivable			—			—
Other assets			22,719			22,463
Total Assets			81,496,487			96,942,256
LIABILITIES:
Unrealized depreciation on interest rate swap contracts			—			29,403
Unrealized depreciation on forward foreign currency exchange contracts			104,548			671,065
Payable for securities and currencies purchased			4,120,826			223,813
Payable for fund units redeemed			—			—
Due to broker for reverse repurchase agreement			—			—
Distributions payable			62,746			67,534
Investment Manager fee payable			62,211			72,980
Trustees’ fees payable			—			2,943
Other liabilities			48,518			70,043
Total Liabilities			4,398,849			1,137,781
Net Assets		$	77,097,638		$	95,804,475
NET ASSETS:
Paid in capital		$	76,355,933		$	89,420,624
Undistributed (distributions in excess of) net investment income (loss)			107,023			404,035
Accumulated net realized gain (loss)			497,576			2,245,156
Net unrealized appreciation			137,106			3,734,660
Net Assets		$	77,097,638		$	95,804,475

Net Assets:
Class A		$	4,727,553		$	1,430,496
Class C			73,646			59,584
Institutional Class			72,296,439			94,314,395

Shares Issued and Outstanding (no par value, unlimited shares authorized):
Class A			482,346			137,356
Class C			7,510			5,723
Institutional Class			7,098,649			8,749,253

Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding):
Class A		$	9.80		$	10.41
Class C			9.81			10.41
Institutional Class			10.18			10.78

Cost of Investments in securities		$	73,380,398		$	66,729,860
Cost of Investments in fully funded total return swaps		$	—		$	8,582,693
Cost of Foreign currency held		$	370,024		$	162,932
Premiums paid for purchased options		$	—		$	141,714

¹	Formerly the Ashmore Emerging Markets Local Currency Fund. See Note 1 to the Financial Statements.

See accompanying notes to the financial statements.


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

	$46,737,870			$37,368,508		$532,332,515		$9,438,895		$28,668,761
	—			—		18,277,050		—		—
	4,000,935			617,026		26,796,647		26,210		81,072
	—			—		2,110,000		—		—
	28,573			149		1,072,146		12,257		4,062
	56,211			—		265,871		—		—
	—			—		86,965		—		—
	1,142,012			—		4,447,611		—		2
	288			647,600		649,880		141,557		45,181
	—			—		176,225		596		2,494
	11,966			11,755		42,263		11,064		11,323
	221,314			534,477		8,949,236		29,757		50,309
	—			—		—		1,152		—
	20,532			19,287		21,692		9,880		2,261
	52,219,701			39,198,802		595,228,101		9,671,368		28,865,465

	—			—		67,457		—		—
	632,916			—		3,646,202		—		—
	288			1,012,329		6,988,589		76,138		44,226
	—			—		1,000		—		—
	—			—		186,118		—		—
	4,158			26,920		470,004		—		—
	35,759			27,906		471,300		8,725		34,797
	4,468			1,152		29,803		—		—
	45,722			41,945		176,709		35,457		43,836
	723,311			1,110,252		12,037,182		120,320		122,859
	$51,496,390			$38,088,550		$583,190,919		$ 9,551,048		$28,742,606

	$49,701,433			$35,065,776		$554,531,739		$10,435,555		$25,606,626
	1,544,820			(21,275)		7,213,086		15,195		(36,758)
	(598,309	)		805,238		7,823,953		(1,172,545)		1,050,308
	848,446			2,238,811		13,622,141		272,843		2,122,430
	$51,496,390			$38,088,550		$583,190,919		$ 9,551,048		$28,742,606


	$ 980			$ 13,808		$ 9,562,082		$ 13,913		$ 3,181,816
	966			1,184		1,057,495		1,087		21,207
	51,494,444			38,073,558		572,571,342		9,536,048		25,539,583


	103			1,252		940,243		1,466		313,488
	103			107		104,086		100		1,950
	5,430,909			3,472,498		55,509,434		1,048,518		2,063,498


	$ 9.48			$ 11.03		$ 10.17		$ 9.49		$ 10.15
	9.34			11.01		10.16		10.84		10.88
	9.48			10.96		10.31		9.09		12.38

	$46,376,820			$35,129,697		$519,086,564		$ 9,166,063		$26,546,432
	$ —			$ —		$ 18,237,611		$ —		$ —
	$ 28,525			$ 150		$ 1,064,159		$ 12,273		$ 3,987
	$ 84,672			$ —		$ 393,779		$ —		$ —

See accompanying notes to the financial statements.

ASHMORE FUNDS

STATEMENTS OF OPERATIONS

For the Six Month Period Ended April 30, 2013 (Unaudited)


	Ashmore Emerging Markets Corporate Debt Fund				Ashmore Emerging Markets Local Currency Bond Fund
INVESTMENT INCOME:
Interest, net of foreign tax withholdings*		$	1,454,527			$	2,757,076
Dividends, net of foreign tax withholdings*			2,115				—
Total Income			1,456,642				2,757,076
EXPENSES:
Investment Manager fees			239,201				400,668
Administration fees			7,241				14,714
Custody fees			5,157				6,888
Professional fees			28,393				30,600
Trustees’ fees			2,593				8,973
Registration fees			27,869				26,830
Insurance fees			1,529				2,409
Printing fees			8,666				8,666
Distribution fees - Class A			1,800				1,410
Distribution fees - Class C			231				426
Other			2,381				8,559
Total Expenses			325,061				510,143
Less expenses reimbursed by the Investment Manager			(79,493	)			(99,278	)
Net Expenses			245,568				410,865
Net Investment Income (Loss)			1,211,074				2,346,211
NET REALIZED AND UNREALIZED GAINS (LOSSES):
NET REALIZED GAIN (LOSS) ON:
Investments in securities			492,111				787,972
Forward foreign currency exchange contracts			119,941				1,004,521
Interest rate swap contracts			—				226,762
Foreign exchange transactions			(53,261	)			(5,758	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities			133,183				1,530,968
Forward foreign currency exchange contracts			(87,144	)			114,674
Investments in fully funded total return swaps			—				(31,000	)
Interest rate swap contracts			—				233,064
Purchased option contracts			—				(48,141	)
Foreign exchange translations			(883	)			3,543
Net Realized and Unrealized Gains (Losses)			603,947				3,816,605
Net Increase (Decrease) in Net Assets Resulting from Operations		$	1,815,021			$	6,162,816
* Foreign tax withholdings		$	—			$	28,126

¹	Formerly the Ashmore Emerging Markets Local Currency Fund. See Note 1 to the Financial Statements.

See accompanying notes to the financial statements.


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

	$ 297,926			$1,063,821			$16,966,853			$ —			$ —
	—			—			—			73,859			158,143
	297,926			1,063,821			16,966,853			73,859			158,143

	244,667			180,361			2,761,686			53,291			191,486
	10,062			6,990			96,386			1,614			4,481
	6,090			4,534			70,293			793			3,124
	29,599			29,002			40,699			26,240			26,620
	8,601			4,551			61,661			1,397			1,969
	24,484			24,881			44,954			20,599			20,091
	2,260			1,892			6,221			7,269			5,735
	8,666			8,666			8,666			8,666			8,666
	1			17			7,467			9			743
	5			6			3,647			5			56
	7,194			5,232			47,068			1,024			1,238
	341,629			266,132			3,148,748			120,907			264,209
	(91,808	)		(81,813	)		(318,574	)		(66,673	)		(69,308	)
	249,821			184,319			2,830,174			54,234			194,901
	48,105			879,502			14,136,679			19,625			(36,758	)


	(9,281	)		807,272			9,395,515			238,321			1,079,874
	1,229,141			861			4,561,652			(1,422	)		(1,014	)
	—			—			590,572			—			—
	(1,070	)		(785	)		40,354			(1,577	)		(12,338	)

	330,077			(988,694	)		115,107			234,399			1,369,402
	145,817			—			(181,590	)		—			2
	—			—			143,542			—			—
	—			—			(796,499	)		—			—
	(28,461	)		—			(127,908	)		—			—
	6,615			(3	)		(113,315	)		(30	)		(121	)
	1,672,838			(181,349	)		13,627,430			469,691			2,435,805
	$1,720,943			$ 698,153			$27,764,109			$489,316			$2,399,047
	$ —			$ 2,499			$ 79,602			$ 7,981			$ 15,727

See accompanying notes to the financial statements.

ASHMORE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Year Ended October 31, 2012


	Ashmore Emerging Markets Corporate Debt Fund						Ashmore Emerging Markets Local Currency Bond Fund
	2013			2012			2013			2012
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income (loss)		$ 1,211,074			$ 1,071,632			$ 2,346,211			$ 2,443,770
Net realized gain (loss)		558,791			185,475			2,013,497			191,996
Net change in unrealized appreciation (depreciation)		45,156			949,384			1,803,108			2,475,262
Net Increase (Decrease) in Net Assets Resulting from Operations		1,815,021			2,206,491			6,162,816			5,111,028

DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income		(39,200	)		(3,531	)		(21,279	)		(10,601	)
From net realized gain		(8,260	)		(6	)		—			—
Tax return of capital		—			—			—			(128	)

Total distributions to Class A shareholders		(47,460	)		(3,537	)		(21,279	)		(10,729	)

DISTRIBUTIONS TO CLASS C SHAREHOLDERS:
From net investment income		(1,098	)		(413	)		(1,311	)		(119	)
From net realized gain		(203	)		(5	)		—			—
Tax return of capital		—			—			—			(1	)

Total distributions to Class C shareholders		(1,301	)		(418	)		(1,311	)		(120	)

DISTRIBUTIONS TO INSTITUTIONAL CLASS SHAREHOLDERS:
From net investment income		(1,157,351	)		(1,067,910	)		(1,666,730	)		(2,484,804	)
From net realized gain		(216,215	)		(66,313	)		—			—
Tax return of capital		—			—			—			(20,104	)

Total distributions to Institutional Class shareholders		(1,373,566	)		(1,134,223	)		(1,666,730	)		(2,504,908	)

FUND SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Class A share transactions		4,246,748			475,184			990,379			114,504
Net increase (decrease) in net assets resulting from Class C share transactions		46,265			25,392			43,202			17,125
Net increase (decrease) in net assets resulting from Institutional Class share transactions		54,248,606			4,768,171			17,192,746			7,561,234


Net increase (decrease) in net assets resulting from Fund share transactions		58,541,619			5,268,747			18,226,327			7,692,863
Total Increase (Decrease) in Net Assets		58,934,313			6,337,060			22,699,823			10,288,134
NET ASSETS:
Net assets at the beginning of the period		18,163,325			11,826,265			73,104,652			62,816,518
Net assets at the end of the period		$77,097,638			$18,163,325			$95,804,475			$73,104,652
Undistributed (Distributions in excess of) Net Investment Income (Loss)		$ 107,023			$ 57,372			$ 404,035			$ (252,856	)

¹	Formerly the Ashmore Emerging Markets Local Currency Fund. See Note 1 to the Financial Statements.

See accompanying notes to the financial statements.


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


	$ 48,105			$ (344,589	)		$ 879,502			$ 1,507,465			$14,136,679			$ 9,896,216			$ 19,625			$ 93,417			$ (36,758	)		$ 52,680
	1,218,790			1,727,486			807,348			147,323			14,588,093			7,624,239			235,322			(555,607	)		1,066,522			1,120,964
	454,048			1,003,093			(988,697	)		3,028,754			(960,663	)		19,131,776			234,369			379,690			1,369,283			(789,890	)
	1,720,943			2,385,990			698,153			4,683,542			27,764,109			36,652,231			489,316			(82,500	)		2,399,047			383,754


	—			—			(295	)		(263	)		(132,977	)		(34,655	)		(8	)		(9	)		—			(1,149	)
	(30	)		—			(43	)		—			(64,654	)		—			—			—			(13,704	)		—
	—			—			—			—			—			—			—			—			—			—

	(30	)		—			(338	)		(263	)		(197,631	)		(34,655	)		(8	)		(9	)		(13,704	)		(1,149	)


	—			—			(20	)		(40	)		(13,335	)		(4,414	)		—			(3	)		—			(5	)
	(30	)		—			(3	)		—			(9,191	)		—			—			—			(51	)		—
	—			—			—			—			—			—			—			—			—			—

	(30	)		—			(23	)		(40	)		(22,526	)		(4,414	)		—			(3	)		(51	)		(5	)


	(70,553	)		—			(885,218	)		(1,527,944	)		(12,590,519	)		(9,890,635	)		(3,991	)		(101,630	)		—			(53,188	)
	(1,809,755	)		—			(126,668	)		—			(8,496,687	)		—			—			—			(1,116,479	)		(38,656	)
	—			—			—			—			—			—			—			(4,929	)		—			—

	(1,880,308	)		—			(1,011,886	)		(1,527,944	)		(21,087,206	)		(9,890,635	)		(3,991	)		(106,559	)		(1,116,479	)		(91,844	)


	30			2			(317	)		11,932			6,240,649			2,690,701			12,359			1,007			2,849,018			233,034
	30			2			23			46			506,922			518,650			—			1,005			20,056			1,032
	(16,704,390	)		42,329,736			3,362,789			1,338,057			52,226,233			385,372,014			309,555			82,731			11,006,920			1,496,566


	(16,704,330	)		42,329,740			3,362,495			1,350,035			58,973,804			388,581,365			321,914			84,743			13,875,994			1,730,632
	(16,863,755	)		44,715,730			3,048,401			4,505,330			65,430,550			415,303,892			807,231			(104,328	)		15,144,807			2,021,388

	68,360,145			23,644,415			35,040,149			30,534,819			517,760,369			102,456,477			8,743,817			8,848,145			13,597,799			11,576,411
	$ 51,496,390			$68,360,145			$38,088,550			$35,040,149			$583,190,919			$517,760,369			$9,551,048			$8,743,817			$28,742,606			$13,597,799
	$ 1,544,820			$ 1,567,268			$ (21,275	)		$ (15,244	)		$ 7,213,086			$ 5,252,821			$ 15,195			$ (431	)		$ (36,758	)		$ —

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Corporate Debt Fund


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

Income (loss) from investment operations:
Net investment income (loss)		0.31		0.67²		0.32²		0.27		0.60²		0.28²
Net realized and unrealized gain (loss)		0.14		0.67		(0.86)		0.15		0.68		(0.86)

Total from investment operations		0.45		1.34		(0.54)		0.42		1.28		(0.58)

Less distributions:

From net investment income		(0.27)		(0.69)		(0.37)		(0.24)		(0.62)		(0.33)
From net realized gain		(0.07)		(0.05)		—		(0.07)		(0.05)		—


Total distributions		(0.34)		(0.74)		(0.37)		(0.31)		(0.67)		(0.33)

Net asset value at end of period		$ 9.80		$ 9.69		$ 9.09		$ 9.81		$ 9.70		$ 9.09



Total return³		4.75%		15.54%		(5.44%)		4.38%		14.78%		(5.78%)

Portfolio turnover rate⁴		33%		50%		22%		33%		50%		22%

Net assets, end of period (in thousands)		$4,728		$485		$1		$ 74		$27		$ 1

Ratios to average net assets:⁵
Total expenses to average net assets:
Total expenses before reimbursements		1.83%		2.89%		4.36%		2.58%		3.60%		5.12%
Total expenses after reimbursements		1.45%		1.45%		1.45%		2.20%		2.20%		2.20%

Net investment income to average net assets:
Net investment income before reimbursements		5.46%		5.19%		4.35%		4.62%		4.73%		3.59%
Net investment income after reimbursements		5.84%		6.63%		7.26%		5.00%		6.13%		6.51%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011


Ashmore Emerging Markets Corporate Debt Fund	Institutional Class
	2013		2012		2011⁶

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

Income (loss) from investment operations:
Net investment income (loss)		0.29		0.73²		0.63²
Net realized and unrealized gain (loss)		0.19		0.70		(0.60)

Total from investment operations		0.48		1.43		0.03

Less distributions:

From net investment income		(0.30)		(0.74)		(0.60)
From net realized gains		(0.07)		(0.05)		—


Total distributions		(0.37)		(0.79)		(0.60)

Net asset value at end of period		$ 10.18		$ 10.07		$ 9.43



Total return³		4.97%		15.97%		0.27%

Portfolio turnover rate⁴		33%		50%		22%

Net assets, end of period (in thousands)		$72,296		$17,651		$11,824

Ratios to average net assets:⁵
Total expenses to average net assets:
Total expenses before reimbursements		1.55%		2.66%		3.78%
Total expenses after reimbursements		1.17%		1.17%		1.17%

Net investment income to average net assets:
Net investment income before reimbursements		5.64%		6.16%		4.60%
Net investment income after reimbursements		6.02%		7.65%		7.21%

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

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

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

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

⁵	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Local Currency Bond Fund


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

Income (loss) from investment operations:
Net investment income (loss)²		0.33		0.43		0.13		0.27		0.22		0.13
Net realized and unrealized gain (loss)		0.44		0.31		(0.48)		0.46		0.45		(0.51)

Total from investment operations		0.77		0.74		(0.35)		0.73		0.67		(0.38)

Less distributions:

From net investment income		(0.19)		(0.34)		(0.13)		(0.15)		(0.27)		(0.11)
Tax return of capital		—		—³		(0.09)		—		—³		(0.08)


Total distributions		(0.19)		(0.34)		(0.22)		(0.15)		(0.27)		(0.19)

Net asset value at end of period		$ 10.41		$ 9.83		$ 9.43		$ 10.41		$ 9.83		$ 9.43



Total return⁴		7.88%		8.02%		(3.60%)		7.46%		7.33%		(4.01%)

Portfolio turnover rate⁵		62%		101%		31%		62%		101%		31%

Net assets, end of period (in thousands)		$1,430		$413		$286		$60		$19		$1

Ratios to average net assets:⁶
Total expenses to average net assets:
Total expenses before reimbursements		1.49%		1.64%		1.99%		2.24%		2.47%		2.87%
Total expenses after reimbursements		1.25%		1.25%		1.25%		2.00%		2.00%		2.00%

Net investment income to average net assets:
Net investment income before reimbursements		5.50%		3.03%		2.34%		4.82%		1.87%		1.87%
Net investment income after reimbursements		5.74%		3.42%		3.08%		5.06%		2.34%		2.74%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Local Currency Bond Fund


	Institutional Class
	2013		2012		2011⁷

Net asset value at beginning of period		$ 10.18		$ 9.76		$ 10.00

Income (loss) from investment operations:
Net investment income (loss)²		0.30		0.37		0.29
Net realized and unrealized gain (loss)		0.51		0.42		0.06

Total from investment operations		0.81		0.79		0.35

Less distributions:

From net investment income		(0.21)		(0.37)		(0.35)
Tax return of capital		—		—³		(0.24)


Total distributions		(0.21)		(0.37)		(0.59)

Net asset value at end of period		$ 10.78		$ 10.18		$ 9.76



Total return⁴		8.00%		8.39%		3.35%

Portfolio turnover rate⁵		62%		101%		31%

Net assets, end of period (in thousands)		$94,314		$72,673		$62,530

Ratios to average net assets:⁶
Total expenses to average net assets:
Total expenses before reimbursements		1.21%		1.39%		1.70%
Total expenses after reimbursements		0.97%		0.97%		0.97%

Net investment income to average net assets:
Net investment income before reimbursements		5.32%		3.31%		2.55%
Net investment income after reimbursements		5.56%		3.73%		3.28%

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

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

³	Amount is less than $0.005 per share.

⁴

⁵

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

⁶	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Currency Fund¹


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

Income (loss) from investment operations:
Net investment gain (loss)³		—⁴		(0.09)		(0.03)		(0.07)		(0.17)		(0.06)
Net realized and unrealized gain (loss)		0.27		0.22		(0.57)		0.30		0.23		(0.58)

Total from investment operations		0.27		0.13		(0.60)		0.23		0.06		(0.64)

Less distributions:

Net realized gains		(0.30)		—		(0.02)		(0.30)		—		(0.01)


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

Net asset value at end of period		$ 9.48		$ 9.51		$ 9.38		$ 9.34		$ 9.41		$ 9.35



Total return⁵		2.80%		1.50%		(6.12%)		2.40%		0.77%		(6.46%)

Portfolio turnover rate⁶		0%		157%		37%		0%		157%		37%

Net assets, end of period (in thousands)		$980		$1		$1		$966		$1		$1

Ratios to average net assets:⁷
Total expenses to average net assets:
Total expenses before reimbursements		1.47%		1.46%		2.17%		2.22%		2.22%		2.90%
Total expenses after reimbursements		1.15%		1.15%		1.15%		1.90%		1.90%		1.90%

Net investment loss to average net assets:
Net investment loss before reimbursements		(0.56%)		(1.31%)		(1.60%)		(1.30%)		(2.07%)		(2.33%)
Net investment loss after reimbursements		(0.24%)		(1.00%)		(0.58%)		(0.98%)		(1.75%)		(1.33%)

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Currency Fund¹


	Institutional Class
	2013		2012		2011⁸
Net asset value at beginning of period		$ 9.51		$ 9.35		$ 10.00

Income (loss) from investment operations:
Net investment income (loss)³		0.01		(0.10)		(0.04)
Net realized and unrealized gain (loss)		0.26		0.26		0.06

Total from investment operations		0.27		0.16		0.02

Less distributions:

Net realized gains		(0.30)		—		(0.67)


Total distributions		(0.30)		—		(0.67)

Net asset value at end of period		$ 9.48		$ 9.51		$ 9.35



Total return⁵		3.04%		1.71%		(0.12%)

Portfolio turnover rate⁶		0%		157%		37%

Net assets, end of period (in thousands)		$51,494		$68,358		$23,643

Ratios to average net assets:⁷
Total expenses to average net assets:
Total expenses before reimbursements		1.19%		1.32%		2.03%
Total expenses after reimbursements		0.87%		0.87%		0.87%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(0.15%)		(1.05%)		(1.58%)
Net investment income (loss) after reimbursements		0.17%		(0.60%)		(0.42%)

¹	Formerly the Ashmore Emerging Markets Local Currency Fund. See Note 1 to the Financial Statements.

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

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

⁴	Amount is less than $0.005 per share.

⁵

⁶	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁷	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Sovereign Debt Fund


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

Income (loss) from investment operations:
Net investment income (loss)²		0.23		0.44		0.19		0.19		0.37		0.15
Net realized and unrealized gain (loss)		—		1.03		0.04		—		1.01		0.05

Total from investment operations		0.23		1.47		0.23		0.19		1.38		0.20

Less distributions:

From net investment income		(0.23)		(0.45)		(0.19)		(0.19)		(0.38)		(0.16)
From net realized gain		(0.03)		—		—		(0.03)		—		—


Total distributions		(0.26)		(0.45)		(0.19)		(0.22)		(0.38)		(0.16)

Net asset value at end of period		$ 11.03		$ 11.06		$ 10.04		$ 11.01		$ 11.04		$ 10.04



Total return³		2.09%		15.24%		2.26%		1.74%		14.28%		1.90%

Portfolio turnover rate⁴		62%		30%		9%		62%		30%		9%

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

Ratios to average net assets:⁵
Total expenses to average net assets:
Total expenses before reimbursements		1.61%		1.93%		4.61%		2.36%		2.73%		5.35%
Total expenses after reimbursements		1.20%		1.20%		1.20%		1.95%		1.95%		1.95%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		3.65%		3.62%		0.57%		2.93%		2.86%		(0.18%)
Net investment income after reimbursements		4.06%		4.35%		3.98%		3.34%		3.64%		3.22%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Sovereign Debt Fund


	Institutional Class
	2013		2012		2011⁶

Net asset value at beginning of period		$ 10.99		$ 9.99		$ 10.00

Income (loss) from investment operations:
Net investment income (loss)²		0.24		0.48		0.40
Net realized and unrealized gain (loss)		—		1.01		—

Total from investment operations		0.24		1.49		0.40

Less distributions

From net investment income		(0.24)		(0.49)		(0.41)
From net realized gain		(0.03)		—		—


Total distributions		(0.27)		(0.49)		(0.41)

Net asset value at end of period		$ 10.96		$ 10.99		$ 9.99



Total return³		2.23%		15.32%		4.15%

Portfolio turnover rate⁴		62%		30%		9%

Net assets, end of period (in thousands)		$38,074		$35,025		$30,533

Ratios to average net assets:⁵
Total expenses to average net assets:
Total expenses before reimbursements		1.33%		1.63%		3.63%
Total expenses after reimbursements		0.92%		0.92%		0.92%

Net investment income to average net assets:
Net investment income before reimbursements		3.93%		3.95%		1.74%
Net investment income after reimbursements		4.34%		4.66%		4.45%

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

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

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

⁵	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Total Return Fund


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

Income (loss) from investment operations:
Net investment income (loss)		0.21		0.43²		0.22²		0.16		0.39²		0.19²
Net realized and unrealized gain (loss)		0.29		0.68		(0.66)		0.29		0.66		(0.66)

Total from investment operations		0.50		1.11		(0.44)		0.45		1.05		(0.47)

Less distributions:

From net investment income		(0.22)		(0.43)		(0.09)		(0.18)		(0.36)		(0.08)
From net realized gain		(0.16)		—		—		(0.16)		—		—
Tax return of capital		—		—		(0.10)		—		—		(0.09)


Total distributions		(0.38)		(0.43)		(0.19)		(0.34)		(0.36)		(0.17)

Net asset value at end of period		$ 10.17		$ 10.05		$ 9.37		$ 10.16		$ 10.05		$ 9.36



Total return³		5.04%		12.20%		(4.40%)		4.66%		11.42%		(4.79%)

Portfolio turnover rate⁴		49%		83%		39%		49%		83%		39%

Net assets, end of period (in thousands)		$9,562		$3,263		$509		$1,057		$541		$1

Ratios to average net assets:⁵
Total expenses to average net assets:
Total expenses before reimbursements		1.42%		1.48%		1.75%		2.17%		2.21%		2.82%
Total expenses after reimbursements		1.30%		1.30%		1.30%		2.05%		2.05%		2.05%

Net investment income to average net assets:
Net investment income before reimbursements		5.13%		3.99%		4.21%		4.32%		2.62%		3.32%
Net investment income after reimbursements		5.25%		4.17%		4.66%		4.44%		2.78%		4.09%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Total Return Fund


	Institutional Class
	2013		2012		2011⁶

Net asset value at beginning of period		$ 10.20		$ 9.50		$ 10.00

Income (loss) from investment operations:
Net investment income (loss)		0.26		0.44²		0.46²
Net realized and unrealized gain (loss)		0.24		0.72		(0.34)

Total from investment operations		0.50		1.16		0.12

Less distributions:

From net investment income		(0.23)		(0.46)		(0.29)
From net realized gain		(0.16)		—		—
Tax return of capital		—		—		(0.33)


Total distributions		(0.39)		(0.46)		(0.62)

Net asset value at end of period		$ 10.31		$ 10.20		$ 9.50



Total return³		5.12%		12.50%		1.11%

Portfolio turnover rate⁴		49%		83%		39%

Net assets, end of period (in thousands)		$572,571		$513,956		$101,947

Ratios to average net assets:⁵
Total expenses to average net assets:
Total expenses before reimbursements		1.14%		1.22%		1.63%
Total expenses after reimbursements		1.02%		1.02%		1.02%

Net investment income to average net assets:
Net investment income before reimbursements		5.22%		4.11%		4.63%
Net investment income after reimbursements		5.34%		4.31%		5.24%

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

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

⁴

⁵	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Equity Fund


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

Income (loss) from investment operations:
Net investment income (loss)³		0.07		0.08		(0.07)		(0.01)
Net realized and unrealized gain (loss)		0.41		(0.98)		0.59		0.36

Total from investment operations		0.48		(0.90)		0.52		0.35

Less distributions:

From net investment income		—⁴		(0.09)		4		(0.03)
Tax return of capital		—		—		—		—


Total distributions		—		(0.09)		—		(0.03)

Net asset value at end of period		$ 9.49		$ 9.01		$ 10.84		$ 10.32



Total return⁵		5.37%		(8.94%)		5.28%		3.26%

Portfolio turnover rate⁶		49%		95%		49%		95%

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

Ratios to average net assets:⁷
Total expenses to average net assets:
Total expenses before reimbursements		2.89%		4.40%		3.64%		5.40%
Total expenses after reimbursements		1.45%		1.45%		2.20%		2.20%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(0.02%)		(1.60%)		(2.05%)		(3.82%)
Net investment income (loss) after reimbursements		1.42%		1.35%		(0.61%)		(0.62%)

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Equity Fund


	Institutional Class
	2013		2012		2011⁸
Net asset value at beginning of period		$ 8.62		$ 8.81		$ 10.00

Income (loss) from investment operations:
Net investment income (loss)³		0.02		0.09		0.05
Net realized and unrealized gain (loss)		0.45		(0.17)		(1.19)

Total from investment operations		0.47		(0.08)		(1.14)

Less distributions:

From net investment income		—⁴		(0.10)		(0.05)
Tax return of capital		—		(0.01)		—


Total distributions		—		(0.11)		(0.05)

Net asset value at end of period		$ 9.09		$ 8.62		$ 8.81



Total return⁵		5.50%		(0.87%)		(11.37%)

Portfolio turnover rate⁶		49%		95%		75%

Net assets, end of period (in thousands)		$9,536		$8,742		$8,848

Ratios to average net assets:⁷
Total expenses to average net assets:
Total expenses before reimbursements		2.61%		4.09%		5.34%
Total expenses after reimbursements		1.17%		1.17%		1.17%

Net investment income/(loss) to average net assets:
Net investment loss before reimbursements		(1.01%)		(1.84%)		(2.55%)
Net investment income after reimbursements		0.43%		1.08%		1.62%

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

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

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

⁴	Amount is less than $0.005 per share.

⁵

⁶	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁷	Annualized for periods less than one year.

⁸	The Institutional Class commenced investment operations on June 22, 2011.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Small-Cap Equity Fund


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

Income (loss) from investment operations:
Net investment income (loss)		(0.06)		0.02³		(0.12)		(0.01)³
Net realized and unrealized gain (loss)		0.96		(0.20)		1.04		0.54

Total from investment operations		0.90		(0.18)		0.92		0.53

Less distributions:

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


Total distributions		(0.52)		(0.05)		(0.52)		(0.05)

Net asset value at end of period		$ 10.15		$ 9.77		$ 10.88		$ 10.48



Total return⁴		9.34%		(1.73%)		9.09%		5.17%

Portfolio turnover rate⁵		51%		94%		51%		94%

Net assets, end of period (in thousands)		$3,182		$238		$21		$1

Ratios to average net assets:⁶
Total expenses to average net assets:
Total expenses before reimbursements		2.34%		3.43%		3.09%		5.12%
Total expenses after reimbursements		1.80%		1.80%		2.55%		2.55%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(0.23%)		(1.15%)		(1.60%)		(3.35%)
Net investment income (loss) after reimbursements		0.31%		0.48%		(1.06%)		(0.78%)

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

For the Six Month Period Ended April 30, 2013 (Unaudited) and the Periods Ended October 31, 2012 and October 31, 2011

Ashmore Emerging Markets Small-Cap Equity Fund


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

Income (loss) from investment operations:
Net investment income (loss)		(0.02)		0.05³		(0.01)³
Net realized and unrealized gain (loss)		1.13		0.25		1.59

Total from investment operations		1.11		0.30		1.58

Less distributions:

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


Total distributions		(0.52)		(0.09)		—

Net asset value at end of period		$ 12.38		$ 11.79		$ 11.58



Total return⁴		9.61%		2.61%		15.80%

Portfolio turnover rate⁵		51%		94%		20%

Net assets, end of period (in thousands)		$25,540		$13,359		$11,576

Ratios to average net assets:⁶
Total expenses to average net assets:
Total expenses before reimbursements		2.06%		3.43%		15.42%
Total expenses after reimbursements		1.52%		1.52%		1.52%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(0.85%)		(1.46%)		(14.76%)
Net investment income (loss) after reimbursements		(0.31%)		0.45%		(0.86%)

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

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

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

⁴

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

⁶	Annualized for periods less than one year.

⁷	The Fund commenced investment operations on October 4, 2011.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2013 (Unaudited)


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

Argentina (Cost $195,794)
WPE International Cooperatief UA 10.375%, 09/30/2020			200,000	$	183,000		0.24
					183,000		0.24
Barbados (Cost $435,629)
Columbus International, Inc. 11.500%, 11/20/2014			400,000		445,000		0.58
					445,000		0.58
Brazil (Cost $5,929,139)
Banco do Brasil S.A. 3.875%, 10/10/2022			200,000		198,700		0.26
Banco do Brasil S.A. 8.500%, 10/29/2049			100,000		122,500		0.16
Banco Santander Brasil S.A. 8.000%, 03/18/2016⁽²⁾	BRL		600,000		304,446		0.39
Banco Votorantim S.A. 6.250%, 05/16/2016	BRL		300,000		174,726		0.23
Braskem Finance Ltd. 5.750%, 04/15/2021			200,000		213,750		0.28
BRF S.A. 5.875%, 06/06/2022			200,000		227,600		0.30
Cia Energetica de Sao Paulo 9.750%, 01/15/2015	BRL		250,000		188,783		0.24
Cosan Luxembourg S.A. 9.500%, 03/14/2018⁽²⁾	BRL		500,000		259,902		0.34
Gerdau Holdings, Inc. 7.000%, 01/20/2020			100,000		114,750		0.15
Itau Unibanco Holding S.A. 5.650%, 03/19/2022			200,000		215,000		0.28
JBS Finance II Ltd. 8.250%, 01/29/2018			200,000		216,000		0.28
Marfrig Holding Europe B.V. 9.875%, 07/24/2017			700,000		654,500		0.85
Marfrig Holding Europe B.V. 8.375%, 05/09/2018			200,000		178,000		0.23
Marfrig Overseas Ltd. 9.500%, 05/04/2020			300,000		273,000		0.35
Minerva Luxembourg S.A. 12.250%, 02/10/2022			200,000		247,000		0.32
Minerva Luxembourg S.A. 7.750%, 01/31/2023			700,000		747,390		0.97
Mirabela Nickel Ltd. 8.750%, 04/15/2018			100,000		85,000		0.11
Mirabela Nickel Ltd. 8.750%, 04/15/2018			83,000		70,550		0.09
NII Capital Corp. 8.875%, 12/15/2019			100,000		94,000		0.12
NII Capital Corp. 7.625%, 04/01/2021			200,000		177,000		0.23
Odebrecht Finance Ltd. 4.375%, 04/25/2025⁽²⁾			230,000		227,700		0.30
OGX Austria GmbH 8.500%, 06/01/2018			700,000		439,250		0.57
OSX 3 Leasing B.V. 9.250%, 03/20/2015⁽²⁾			200,000		185,000		0.24
Vale Overseas Ltd. 4.375%, 01/11/2022			200,000		210,476		0.27
					5,825,023		7.56
Chile (Cost $1,528,382)
Automotores Gildemeister S.A. 8.250%, 05/24/2021			100,000		108,500		0.14
Banco Santander Chile 6.500%, 09/22/2020	CLP		50,000,000		105,106		0.14
Cencosud S.A. 4.875%, 01/20/2021			200,000		207,020		0.27
Cencosud S.A. 5.500%, 01/20/2023			150,000		162,777		0.21
Inversiones Alsacia S.A. 8.000%, 08/18/2018			130,862		109,270		0.14
SACI Falabella 3.750%, 04/30/2023⁽²⁾			200,000		200,400		0.26
SMU S.A. 7.750%, 02/08/2020			400,000		425,500		0.55
Telefonica Chile S.A. 3.875%, 10/12/2022			200,000		197,195		0.26
					1,515,768		1.97
China (Cost $8,715,526)
21Vianet Group, Inc. 7.875%, 03/22/2016	CNY		1,000,000		160,878		0.21
Agile Property Holdings Ltd. 9.875%, 03/20/2017			200,000		228,000		0.30
Bestgain Real Estate Ltd. 2.625%, 03/13/2018			200,000		197,674		0.26
Chaowei Power Holdings Ltd. 7.250%, 09/24/2017	CNY		1,000,000		161,679		0.21
China Automation Group Ltd. 7.750%, 04/20/2016			200,000		198,930		0.26
China CITIC Bank International Ltd. 6.875%, 06/24/2020			100,000		117,790		0.15
China Forestry Holdings Co. Ltd. 10.250%, 11/17/2015			60,000		27,300		0.04
China Hongqiao Group Ltd. 6.500%, 04/10/2017			200,000		208,700		0.27
China Liansu Group Holdings Ltd. 7.875%, 05/13/2016			200,000		213,000		0.28
China Oriental Group Co. Ltd. 8.000%, 08/18/2015			100,000		104,750		0.14

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30,2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
China - (continued)
China Overseas Finance Cayman II Ltd. 5.500%, 11/10/2020			100,000	$	114,296		0.15
China Railway Resources Huitung Ltd. 3.850%, 02/05/2023			200,000		204,447		0.26
China SCE Property Holdings Ltd. 11.500%, 11/14/2017			200,000		222,009		0.29
Country Garden Holdings Co. Ltd. 11.250%, 04/22/2017			100,000		111,750		0.14
Country Garden Holdings Co. Ltd. 11.125%, 02/23/2018			400,000		459,000		0.59
Country Garden Holdings Co. Ltd. 7.500%, 01/10/2023			700,000		729,750		0.95
Emerald Plantation Holdings Ltd. 6.000%, 01/30/2020			78,018		48,761		0.06
ENN Energy Holdings Ltd. 6.000%, 05/13/2021			200,000		234,346		0.30
Evergrande Real Estate Group Ltd. 13.000%, 01/27/2015			100,000		109,000		0.14
Evergrande Real Estate Group Ltd. 9.250%, 01/19/2016	CNY		1,000,000		166,576		0.22
Far East Energy Bermuda Ltd. 13.000%, 01/15/2016			200,000		200,000		0.26
Franshion Development Ltd. 6.750%, 04/15/2021			200,000		216,000		0.28
Fufeng Group Ltd. 7.625%, 04/13/2016			200,000		204,500		0.26
Gemdale International Investment Ltd. 7.125%, 11/16/2017			400,000		417,771		0.54
Hengdeli Holdings Ltd. 6.250%, 01/29/2018			300,000		314,301		0.41
Hidili Industry International Development Ltd. 8.625%, 11/04/2015			100,000		74,000		0.10
Hyva Global B.V. 8.625%, 03/24/2016			200,000		196,760		0.25
KWG Property Holding Ltd. 13.250%, 03/22/2017			200,000		238,661		0.31
KWG Property Holding Ltd. 12.500%, 08/18/2017			100,000		113,681		0.15
Lonking Holdings Ltd. 8.500%, 06/03/2016			200,000		209,500		0.27
Nord Anglia Education, Inc. 8.500%, 02/15/2018			200,000		204,000		0.26
Powerlong Real Estate Holdings Ltd. 11.250%, 01/25/2018			200,000		197,205		0.26
Shimao Property Holdings Ltd. 9.650%, 08/03/2017			100,000		110,118		0.14
Shimao Property Holdings Ltd. 11.000%, 03/08/2018			200,000		229,928		0.30
Shimao Property Holdings Ltd. 6.625%, 01/14/2020			200,000		199,716		0.26
Sino-Forest Corp. 5.000%, 08/01/2013⁽³⁾			14,000		—		—
Sino-Forest Corp. 5.000%, 08/01/2013⁽³⁾			7,000		—		—
Sino-Forest Corp. 10.250%, 07/28/2014⁽³⁾			62,000		—		—
Sino-Forest Corp. 10.250%, 07/28/2014⁽³⁾			20,000		—		—
Sino-Forest Corp. 4.250%, 12/15/2016⁽³⁾			113,000		—		—
Sino-Forest Corp. 6.250%, 10/21/2017⁽³⁾			132,000		—		—
Sino-Forest Corp. 6.250%, 10/21/2017⁽³⁾			120,000		—		—
Sunac China Holdings Ltd. 12.500%, 10/16/2017			600,000		692,996		0.90
West China Cement Ltd. 7.500%, 01/25/2016			500,000		515,000		0.67
Yingde Gases Investment Ltd. 8.125%, 04/22/2018⁽²⁾			200,000		207,500		0.27
Yuzhou Properties Co. 11.750%, 10/25/2017			200,000		227,534		0.29
					8,787,807		11.40
Colombia (Cost $1,390,065)
Banco de Bogota S.A. 5.375%, 02/19/2023			200,000		209,400		0.27
Bancolombia S.A. 5.125%, 09/11/2022			350,000		357,525		0.46
Empresa de Energia de Bogota S.A. 6.125%, 11/10/2021			200,000		222,500		0.29
Empresa de Telecomunicaciones de Bogota 7.000%, 01/17/2023	COP		300,000,000		174,321		0.23
Grupo Aval Ltd. 4.750%, 09/26/2022			200,000		201,750		0.26
Gruposura Finance 5.700%, 05/18/2021			200,000		222,000		0.29
					1,387,496		1.80
Croatia (Cost $116,970)
Zagrebacki Holding D.O.O. 5.500%, 07/10/2017	EUR		100,000		112,059		0.14
					112,059		0.14

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30,2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Czech Republic (Cost $1,352,792)
Central European Media Enterprises Ltd. 11.625%, 09/15/2016	EUR		470,000	$	662,294		0.86
EP Energy A.S. 5.875%, 11/01/2019	EUR		200,000		289,071		0.38
New World Resources N.V. 7.875%, 05/01/2018	EUR		150,000		185,690		0.24
New World Resources N.V. 7.875%, 01/15/2021	EUR		200,000		211,368		0.27
					1,348,423		1.75
Hong Kong (Cost $1,028,909)
CFG Investment S.A.C. 9.750%, 07/30/2019			200,000		183,000		0.24
Fosun International Ltd. 7.500%, 05/12/2016			200,000		212,500		0.28
Nord Anglia Education UK Holdings PLC 10.250%, 04/01/2017			200,000		224,000		0.29
Pacnet Ltd. 9.250%, 11/09/2015			200,000		209,000		0.27
PCCW-HKT Capital No 5 Ltd. 3.750%, 03/08/2023			200,000		201,136		0.26
					1,029,636		1.34
India (Cost $1,841,620)
Bank of Baroda 6.625%, 05/25/2022			100,000		105,083		0.14
Bharat Petroleum Corp. Ltd. 4.625%, 10/25/2022			200,000		208,631		0.27
Bharti Airtel International Netherlands B.V. 5.125%, 03/11/2023⁽²⁾			200,000		205,520		0.27
ICICI Bank Ltd. 5.750%, 11/16/2020			100,000		111,460		0.14
Reliance Holdings USA, Inc. 5.400%, 02/14/2022			250,000		281,775		0.36
Vedanta Resources Jersey Ltd. 5.500%, 07/13/2016			300,000		309,900		0.40
Vedanta Resources PLC 8.250%, 06/07/2021			600,000		654,000		0.85
					1,876,369		2.43
Indonesia (Cost $419,201)
Bumi Investment Pte Ltd. 10.750%, 10/06/2017			100,000		80,750		0.10
Indo Energy Finance II B.V. 6.375%, 01/24/2023			200,000		203,240		0.26
Indosat Palapa Co. B.V. 7.375%, 07/29/2020			100,000		112,375		0.15
					396,365		0.51
Israel (Cost $2,385,482)
Altice Financing S.A. 7.875%, 12/15/2019			600,000		663,000		0.86
Altice Financing S.A. 8.000%, 12/15/2019	EUR		600,000		869,187		1.13
Altice Finco S.A. 9.875%, 12/15/2020			600,000		683,400		0.89
Israel Electric Corp. Ltd. 7.250%, 01/15/2019			200,000		233,500		0.30
					2,449,087		3.18
Jamaica (Cost $3,785,686)
Digicel Group Ltd. 10.500%, 04/15/2018			800,000		886,000		1.15
Digicel Group Ltd. 8.250%, 09/30/2020			2,300,000		2,461,000		3.19
Digicel Ltd. 7.000%, 02/15/2020			200,000		210,500		0.27
Digicel Ltd. 6.000%, 04/15/2021⁽²⁾			200,000		200,500		0.26
					3,758,000		4.87
Kazakhstan (Cost $2,751,821)
ATF Bank JSC 9.000%, 05/11/2016			200,000		190,770		0.25
BTA Bank JSC 5.500%, 12/21/2022			100,000		75,500		0.10
Development Bank of Kazakhstan JSC 4.125%, 12/10/2022			200,000		197,100		0.26
Kazkommertsbank JSC 8.000%, 11/03/2015			200,000		201,500		0.26
Kazkommertsbank JSC 7.500%, 11/29/2016			500,000		490,225		0.64
Kazkommertsbank JSC 8.500%, 05/11/2018			700,000		687,750		0.89
KazMunayGas National Co. JSC 5.750%, 04/30/2043⁽²⁾			200,000		203,250		0.26
Zhaikmunai L.P. 7.125%, 11/13/2019			700,000		757,750		0.98
					2,803,845		3.64

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30,2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Kuwait (Cost $234,114)
Kuwait Projects Co. 9.375%, 07/15/2020			200,000	$	257,020		0.33
					257,020		0.33
Lithuania (Cost $265,260)
Bite Finance International B.V. 7.733%, 02/15/2018	EUR		200,000		267,341		0.35
					267,341		0.35
Malaysia (Cost $208,127)
IOI Investment L Bhd. 4.375%, 06/27/2022			200,000		209,157		0.27
					209,157		0.27
Mexico (Cost $7,679,504)
Alpek S.A. de C.V. 4.500%, 11/20/2022			200,000		208,750		0.27
America Movil S.A.B. de C.V. 6.450%, 12/05/2022	MXN		4,000,000		358,117		0.46
America Movil S.A.B. de C.V. 6.125%, 03/30/2040			100,000		124,983		0.16
BBVA Bancomer S.A. 6.500%, 03/10/2021			150,000		171,000		0.22
BBVA Bancomer S.A. 6.750%, 09/30/2022			350,000		402,500		0.52
Cemex Espana Luxembourg 9.875%, 04/30/2019			400,000		458,000		0.59
Cemex Espana Luxembourg 9.250%, 05/12/2020			950,000		1,045,000		1.36
Cemex Finance LLC 9.375%, 10/12/2022			1,100,000		1,262,250		1.64
Cemex S.A.B. de C.V. 9.000%, 01/11/2018			450,000		490,500		0.64
Cemex S.A.B. de C.V. 9.500%, 06/15/2018			200,000		228,000		0.30
Cemex S.A.B. de C.V. 5.875%, 03/25/2019			200,000		203,500		0.26
Comision Federal de Electricidad 5.750%, 02/14/2042			200,000		226,000		0.29
Corp. GEO S.A.B. de C.V. 9.250%, 06/30/2020			100,000		45,500		0.06
Corp. GEO S.A.B. de C.V. 8.875%, 03/27/2022			200,000		91,000		0.12
Desarrolladora Homex S.A.B. de C.V. 9.500%, 12/11/2019			100,000		60,500		0.08
Desarrolladora Homex S.A.B. de C.V. 9.750%, 03/25/2020			100,000		60,500		0.08
Empresas ICA S.A.B. de C.V. 8.375%, 07/24/2017			350,000		341,250		0.44
Grupo Papelero Scribe S.A. de C.V. 8.875%, 04/07/2020			100,000		99,000		0.13
Grupo Televisa S.A.B. 6.625%, 03/18/2025			100,000		130,317		0.17
Grupo Televisa S.A.B. 8.500%, 03/11/2032			100,000		145,046		0.19
Mexichem S.A.B. de C.V. 4.875%, 09/19/2022			200,000		217,500		0.28
Mexichem S.A.B. de C.V. 6.750%, 09/19/2042			200,000		229,500		0.30
Petroleos Mexicanos 7.650%, 11/24/2021	MXN		2,800,000		265,396		0.34
RDS Ultra-Deepwater Ltd. 11.875%, 03/15/2017			100,000		110,750		0.14
Urbi Desarrollos Urbanos S.A.B. de C.V. 9.500%, 01/21/2020			400,000		122,000		0.16
Urbi Desarrollos Urbanos S.A.B. de C.V. 9.750%, 02/03/2022			650,000		198,250		0.26
					7,295,109		9.46
Mongolia (Cost $921,340)
Mongolian Mining Corp. 8.875%, 03/29/2017			600,000		614,280		0.80
Trade & Development Bank of Mongolia LLC 8.500%, 10/25/2013			100,000		100,936		0.13
Trade & Development Bank of Mongolia LLC 8.500%, 09/20/2015			200,000		201,523		0.26
					916,739		1.19
Nigeria (Cost $929,844)
Afren PLC 11.500%, 02/01/2016			200,000		237,500		0.31
Afren PLC 10.250%, 04/08/2019			200,000		238,500		0.31
Sea Trucks Group 9.000%, 03/26/2018			500,000		506,250		0.65
					982,250		1.27
Panama (Cost $200,000)
Sable International Finance Ltd. 8.750%, 02/01/2020			200,000		226,500		0.29
					226,500		0.29

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30,2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Paraguay (Cost $369,241)
Banco Bilbao Vizcaya Argentaria Paraguay S.A. 9.750%, 02/11/2016			150,000	$	162,750		0.21
Telefonica Celular del Paraguay S.A. 6.750%, 12/13/2022			200,000		218,000		0.28
					380,750		0.49
Peru (Cost $1,162,166)
Ajecorp B.V. 6.500%, 05/14/2022			200,000		218,700		0.28
Banco Internacional del Peru SAA 5.750%, 10/07/2020			100,000		110,250		0.14
BBVA Banco Continental S.A. 5.000%, 08/26/2022			100,000		105,750		0.14
Corp. Azucarera del Peru S.A. 6.375%, 08/02/2022			400,000		428,600		0.56
Southern Copper Corp. 6.750%, 04/16/2040			100,000		115,866		0.15
Transportadora de Gas del Peru S.A. 4.250%, 04/30/2028⁽²⁾			200,000		199,800		0.26
					1,178,966		1.53
Philippines (Cost $700,611)
JGSH Philippines Ltd. 4.375%, 01/23/2023			200,000		198,250		0.26
Petron Corp. 7.000%, 11/10/2017	PHP		20,000,000		511,550		0.66
					709,800		0.92
Poland (Cost $3,084,786)
Eileme 1 AB 14.250%, 08/15/2020			400,000		453,000		0.59
Eileme 2 AB 11.625%, 01/31/2020			450,000		534,375		0.69
Eileme 2 AB 11.750%, 01/31/2020	EUR		700,000		1,092,410		1.42
Koleje Mazowieckie Finance AB 6.750%, 03/09/2016	EUR		125,000		170,380		0.22
PKO Finance AB 4.630%, 09/26/2022			200,000		211,800		0.27
Polish Television Holding B.V. 11.250%, 05/15/2017	EUR		500,000		717,738		0.93
					3,179,703		4.12
Qatar (Cost $460,665)
CBQ Finance Ltd. 7.500%, 11/18/2019			100,000		123,000		0.16
Nakilat, Inc. 6.267%, 12/31/2033			94,881		114,079		0.15
Qtel International Finance Ltd. 5.000%, 10/19/2025			200,000		221,000		0.28
					458,079		0.59
Russian Federation (Cost $9,413,714)
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.500%, 09/26/2019			200,000		215,540		0.28
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.750%, 04/28/2021			400,000		453,080		0.59
Brunswick Rail Finance Ltd. 6.500%, 11/01/2017			600,000		633,000		0.82
CEDC Finance Corp. International, Inc. 8.875%, 12/01/2016⁽⁴⁾	EUR		200,000		202,810		0.26
Credit Bank of Moscow Via CBOM Finance PLC 7.700%, 02/01/2018			200,000		209,000		0.27
Evraz Group S.A. 9.500%, 04/24/2018			100,000		112,550		0.15
Far Eastern Shipping Co. 8.750%, 05/02/2020			300,000		302,640		0.39
Gazprom Neft OAO Via GPN Capital S.A. 4.375%, 09/19/2022			200,000		200,250		0.26
Lukoil International Finance B.V. 4.563%, 04/24/2023⁽²⁾			200,000		202,500		0.26
Metalloinvest Finance Ltd. 5.625%, 04/17/2020⁽²⁾			300,000		299,565		0.39
Novatek OAO via Novatek Finance Ltd. 4.422%, 12/13/2022			200,000		201,250		0.26
Promsvyazbank OJSC Via PSB Finance S.A. 10.200%, 11/06/2019			400,000		430,000		0.56
Rosneft Oil Co. via Rosneft International Finance Ltd. 4.199%, 03/06/2022			200,000		201,000		0.26
Russian Standard Bank Via Russian Standard Finance S.A. 9.250%, 07/11/2017			400,000		434,080		0.56

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30,2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Russian Federation – (continued)
Russian Standard Bank Via Russian Standard Finance S.A. 10.750%, 04/10/2018			800,000	$	872,000		1.13
Sberbank of Russia Via SB Capital S.A. 5.125%, 10/29/2022			200,000		202,620		0.26
Severstal OAO Via Steel Capital S.A. 5.900%, 10/17/2022			200,000		198,540		0.26
Tinkoff Credit Systems Via TCS Finance Ltd. 11.500%, 04/21/2014			200,000		212,188		0.28
Tinkoff Credit Systems Via TCS Finance Ltd. 10.750%, 09/18/2015			800,000		868,000		1.13
Tinkoff Credit Systems Via TCS Finance Ltd. 14.000%, 06/06/2018			200,000		231,500		0.30
TMK OAO Via TMK Capital S.A. 7.750%, 01/27/2018			200,000		211,500		0.27
TNK-BP Finance S.A. 7.875%, 03/13/2018			100,000		120,500		0.16
Uralkali OJSC via Uralkali Finance Ltd. 3.723%, 04/30/2018⁽²⁾			200,000		200,500		0.26
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 9.125%, 04/30/2018			200,000		240,180		0.31
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748%, 02/02/2021			800,000		915,000		1.19
VimpelCom Holdings B.V. 9.000%, 02/13/2018	RUB		6,000,000		201,627		0.26
VimpelCom Holdings B.V. 7.504%, 03/01/2022			400,000		452,000		0.59
Vnesheconombank Via VEB Finance PLC 6.800%, 11/22/2025			200,000		240,500		0.31
VTB Bank OJSC Via VTB Capital S.A. 6.551%, 10/13/2020			100,000		111,625		0.14
VTB Bank OJSC Via VTB Capital S.A. 6.950%, 10/17/2022			200,000		212,000		0.28
					9,587,545		12.44
Saudi Arabia (Cost $216,138)
Saudi Electricity Global Sukuk Co. 4.211%, 04/03/2022			200,000		215,750		0.28
					215,750		0.28
Singapore (Cost $1,289,606)
MMI International Ltd. 8.000%, 03/01/2017			400,000		405,500		0.53
Noble Group Ltd. 6.750%, 01/29/2020			200,000		222,500		0.29
Yanlord Land Group Ltd. 10.625%, 05/04/2017			400,000		456,000		0.59
Yanlord Land Group Ltd. 9.500%, 03/29/2018			200,000		217,500		0.28
					1,301,500		1.69
South Africa (Cost $2,374,612)
African Bank Ltd. 8.125%, 02/24/2017			200,000		222,400		0.29
Edcon Holdings Pty Ltd., FRN 5.703%, 06/15/2015	EUR		600,000		760,539		0.99
Edcon Pty Ltd., FRN 3.453%, 06/15/2014	EUR		59,000		77,700		0.10
Edcon Pty Ltd. 9.500%, 03/01/2018			350,000		361,375		0.47
Edcon Pty Ltd. 9.500%, 03/01/2018	EUR		200,000		271,818		0.35
Foodcorp Pty Ltd. 8.750%, 03/01/2018	EUR		200,000		289,071		0.37
Sappi Papier Holding GmbH 8.375%, 06/15/2019			200,000		224,000		0.29
Standard Bank PLC 8.125%, 12/02/2019			200,000		236,000		0.31
					2,442,903		3.17
South Korea (Cost $657,099)
Korea Hydro & Nuclear Power Co. Ltd. 4.750%, 07/13/2021			200,000		225,639		0.29
Shinhan Bank 1.875%, 07/30/2018			200,000		198,907		0.26
Woori Bank Co. Ltd. 5.875%, 04/13/2021			200,000		233,825		0.30
					658,371		0.85

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30,2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Thailand (Cost $212,894)
PTT Global Chemical PCL 4.250%, 09/19/2022			200,000	$	212,960		0.28
					212,960		0.28

Turkey (Cost $1,311,424)
Akbank T.A.S. 5.000%, 10/24/2022			200,000		213,000		0.28
KOC Holding A.S. 3.500%, 04/24/2020⁽²⁾			200,000		198,750		0.26
Turkiye Garanti Bankasi A.S. 7.375%, 03/07/2018	TRY		400,000		226,155		0.29
Turkiye Halk Bankasi A.S. 3.875%, 02/05/2020			200,000		200,756		0.26
Turkiye Is Bankasi 3.750%, 10/10/2018⁽²⁾			200,000		203,500		0.26
Yapi ve Kredi Bankasi A.S. 4.000%, 01/22/2020			200,000		200,500		0.26
Yuksel Insaat A.S. 9.500%, 11/10/2015			100,000		74,000		0.10
					1,316,661		1.71
Ukraine (Cost $2,859,189)
Avangardco Investments Public Ltd. 10.000%, 10/29/2015			100,000		99,000		0.13
DTEK Finance B.V. 9.500%, 04/28/2015			100,000		104,625		0.14
DTEK Finance PLC 7.875%, 04/04/2018⁽²⁾			200,000		197,700		0.26
Metinvest B.V. 10.250%, 05/20/2015			500,000		533,750		0.69
Metinvest B.V. 8.750%, 02/14/2018			250,000		255,000		0.33
MHP S.A. 10.250%, 04/29/2015			600,000		635,268		0.82
MHP S.A. 8.250%, 04/02/2020⁽²⁾			200,000		198,058		0.26
Mriya Agro Holding PLC 9.450%, 04/19/2018⁽²⁾			300,000		294,750		0.38
NTRP Via Interpipe Ltd. 10.250%, 08/02/2017			200,000		172,000		0.22
Privatbank CJSC Via UK SPV Credit Finance PLC 9.375%, 09/23/2015			200,000		194,500		0.25
Ukrlandfarming PLC 10.875%, 03/26/2018			200,000		198,250		0.26
					2,882,901		3.74
United Arab Emirates (Cost $6,734,622)
Abu Dhabi National Energy Co. 3.625%, 01/12/2023			200,000		202,800		0.26
Anka a Sukuk Ltd. 10.000%, 08/25/2016	AED		3,600,000		1,028,151		1.33
Dana Gas Sukuk Ltd. 7.500%, 10/31/2049			600,000		562,110		0.73
DP World Ltd. 6.850%, 07/02/2037			350,000		420,438		0.55
Dubai Holding Commercial Operations MTN Ltd. 4.750%, 01/30/2014	EUR		1,350,000		1,793,439		2.33
Dubai Holding Commercial Operations MTN Ltd. 6.000%, 02/01/2017	GBP		1,300,000		2,062,266		2.67
Jafz Sukuk Ltd. 7.000%, 06/19/2019			400,000		456,000		0.59
MAF Global Securities Ltd. 5.250%, 07/05/2019			200,000		221,954		0.29
Pyrus Ltd. 7.500%, 12/20/2015			200,000		268,200		0.35
					7,015,358		9.10
Total Debt Securities (Cost $73,161,972)					73,613,241		95.48

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30,2013 (Unaudited)

Currency⁽¹⁾

Shares

Value

% of Net
Assets

Equity Securities

China (Cost $ — )

Emerald Plantation Holdings Ltd.

72,168

25,259

0.03

25,259

0.03

Kazakhstan (Cost $214,500)

BTA Bank JSC GDR (Registered)

7,399

5,380

0.01

5,380

0.01

Total Equity Securities (Cost $214,500)

30,639

0.04

Currency⁽¹⁾

Number
of
Warrants

Value

% of Net
Assets

Warrants

China (Cost $3,926)

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

186,955

7,104

0.01

Total Warrants (Cost $3,926)

7,104

0.01

Total Investments (Total Cost $73,380,398)

73,650,984

95.53

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

3,446,654

4.47

Net Assets

77,097,638

100.00

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

⁽²⁾	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

⁽³⁾	Security has been deemed worthless and is a Level 3 investment. (4) Issuer has defaulted on terms of debt obligation.

Percentages shown are based on net assets.

At April 30, 2013, the Ashmore Emerging Markets Corporate Debt Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/03/2013	Union Bank of Switzerland - London	Brazilian Real		602,604	United States Dollar		299,803	$	1,279
05/03/2013	Goldman Sachs International Ltd. London	Brazilian Real		1,280,961	United States Dollar		640,480		(468	)
05/03/2013	Barclays Wholesale GTS	United States Dollar		950,000	Brazilian Real		1,883,565		8,905
05/20/2013	Deutsche Bank London	United States Dollar		269,892	Euro		206,822		(2,518	)
07/22/2013	Barclays Wholesale GTS	United States Dollar		315,297	British Pound		207,063		(6,184	)
07/22/2013	Deutsche Bank London	United States Dollar		927,371	British Pound		607,161		(15,293	)
07/22/2013	Goldman Sachs International Ltd. London	United States Dollar		790,684	British Pound		518,740		(14,699	)
07/22/2013	Bank of America Los Angeles	United States Dollar		423,210	Euro		321,185		(22	)
07/22/2013	Barclays Wholesale GTS	United States Dollar		147,036	Euro		112,433		(1,119	)
07/22/2013	Chase Manhattan Bank London	United States Dollar		433,134	Euro		332,693		(5,262	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30,2013 (Unaudited)


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
07/22/2013	Deutsche Bank London	United States Dollar		6,709,834	Euro		5,133,021		$(54,039	)
07/22/2013	HSBC Bank PLC	United States Dollar		62,444	Euro		47,947		(736	)
07/22/2013	HSBC Bank PLC	United States Dollar		281,743	Euro		216,332		(3,321	)
08/02/2013	Goldman Sachs International Ltd. London	United States Dollar		632,589	Brazilian Real		1,280,961		1,145
08/02/2013	Union Bank of Switzerland - London	United States Dollar		296,164	Brazilian Real		602,604		(887	)

Total									$(93,219	)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Debt Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2013:


	Level 1	Level 2			Level 3	Total
Investments
Assets:
Common Stock	$—	$	30,639		$—	$	30,639
Corporate Bonds	—		69,916,742		—		69,916,742
Corporate Convertible Bonds	—		948,479		—		948,479
Government Bonds	—		122,500		—		122,500
Financial Certificates	—		2,262,011		—		2,262,011
Index Linked Corporate Bonds	—		363,509		—		363,509
Warrants	—		7,104		—		7,104

Total Investments	$—	$	73,650,984		$—	$	73,650,984


Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts	$—	$	11,329		$—	$	11,329
Liabilities:
Forward Foreign Currency Exchange Contracts	—		(104,548	)	—		(104,548	)

Total Other Financial Instruments	$—	$	(93,219	)	$—	$	(93,219	)

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2013 there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2012. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30,2013 (Unaudited)

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2013:


	Derivatives Not Accounted for as Hedging Instruments
Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	11,329


Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(104,548	)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Month Period Ended April 30, 2013:


	Derivatives Not Accounted for as Hedging Instruments Foreign Exchange

Realized Gain on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	119,941


Net Change in Unrealized Depreciation on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(87,144	)

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

At April 30, 2013, for U.S. federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation/(depreciation) on investments in securities (including the effects of foreign currency translation) and the cost basis of investments were as follows:


Federal tax cost of investments	$73,380,398

Gross tax appreciation of investments	$1,703,131
Gross tax depreciation of investments	(1,432,545	)

Net tax appreciation of investments	$270,586

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2013 (Unaudited)


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

Brazil (Cost $6,771,186)
Brazil (Fed Rep of) 8.500%, 01/05/2024	BRL		2,560,000	$	1,424,106		1.48
Brazil Letras do Tesouro Nacional 7.050%, 01/01/2015⁽²⁾	BRL		3,250,000		1,418,249		1.48
Brazil Notas do Tesouro Nacional Serie B 6.000%, 08/15/2016	BRL		30,000		37,059		0.04
Brazil Notas do Tesouro Nacional Serie B 6.000%, 08/15/2020	BRL		2,280,000		2,968,381		3.10
Brazil Notas do Tesouro Nacional Serie B 6.000%, 08/15/2050	BRL		540,000		786,981		0.82
					6,634,776		6.92
Chile (Cost $289,546)
Chile (Rep of) 5.500%, 08/05/2020	CLP		131,000,000		294,378		0.31
					294,378		0.31
Colombia (Cost $3,338,172)
Colombia (Rep of) 12.000%, 10/22/2015	COP		1,036,000,000		678,620		0.71
Colombia (Rep of) 7.750%, 04/14/2021	COP		1,683,000,000		1,153,424		1.20
Colombia (Rep of) 4.375%, 03/21/2023	COP		602,000,000		333,113		0.35
Colombia (Rep of) 9.850%, 06/28/2027	COP		275,000,000		233,822		0.24
Colombian TES 10.000%, 07/24/2024	COP		656,000,000		514,783		0.54
Colombian TES 7.500%, 08/26/2026	COP		1,095,000,000		726,146		0.76
					3,639,908		3.80
Ghana (Cost $171,870)
Ghana (Rep of) 21.000%, 10/26/2015	GHS		320,000		170,202		0.18
					170,202		0.18
Hungary (Cost $3,714,971)
Hungary (Rep of) 7.750%, 08/24/2015	HUF		229,170,000		1,082,958		1.13
Hungary (Rep of) 5.500%, 12/22/2016	HUF		133,700,000		603,511		0.63
Hungary (Rep of) 6.750%, 11/24/2017	HUF		274,260,000		1,295,635		1.35
Hungary (Rep of) 7.000%, 06/24/2022	HUF		184,000,000		903,169		0.95
					3,885,273		4.06
India (Cost $847,008)
India (Rep of) 8.070%, 07/03/2017	INR		35,000,000		662,165		0.69
India (Rep of) 8.330%, 07/09/2026	INR		10,000,000		193,978		0.20
					856,143		0.89
Indonesia (Cost $423,943)
Indonesia Treasury Bond 6.125%, 05/15/2028	IDR		4,100,000,000		421,811		0.44
					421,811		0.44
Malaysia (Cost $4,384,081)
Malaysia (Rep of) 4.012%, 09/15/2017	MYR		2,420,000		821,997		0.86
Malaysia (Rep of) 3.314%, 10/31/2017	MYR		1,150,000		379,920		0.40
Malaysia (Rep of) 3.580%, 09/28/2018	MYR		1,600,000		534,364		0.56
Malaysia (Rep of) 4.378%, 11/29/2019	MYR		2,359,000		823,240		0.86
Malaysia (Rep of) 3.492%, 03/31/2020	MYR		2,400,000		797,142		0.83
Malaysia (Rep of) 4.160%, 07/15/2021	MYR		2,330,000		808,605		0.84
Malaysia (Rep of) 4.392%, 04/15/2026	MYR		400,000		142,229		0.15
Malaysia (Rep of) 4.498%, 04/15/2030	MYR		535,000		191,951		0.20
					4,499,448		4.70
Mexico (Cost $3,342,683)
Mexican Bonos 8.500%, 05/31/2029	MXN		1,500,000		172,259		0.18
Mexican Bonos 7.750%, 05/29/2031	MXN		4,300,000		466,060		0.49

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Mexico - (continued)
Mexican Bonos 10.000%, 11/20/2036	MXN		10,450,000	$	1,406,051		1.47
Mexican Bonos 8.500%, 11/18/2038	MXN		5,600,000		666,428		0.69
Mexican Bonos 7.750%, 11/13/2042	MXN		8,000,000		894,683		0.93
Mexican Udibonos 4.000%, 11/15/2040	MXN		930,000		543,075		0.57
					4,148,556		4.33
Nigeria (Cost $2,829,348)
Nigeria (Rep of) 16.000%, 06/29/2019	NGN		78,000,000		576,065		0.60
Nigeria (Rep of) 16.390%, 01/27/2022	NGN		79,500,000		627,295		0.65
Nigeria Treasury Bill 11.000%, 06/27/2013⁽²⁾	NGN		20,000,000		124,315		0.13
Nigeria Treasury Bill 12.880%, 08/08/2013⁽²⁾	NGN		54,500,000		334,247		0.35
Nigeria Treasury Bill 10.680%, 09/26/2013⁽²⁾	NGN		73,000,000		439,548		0.46
Nigeria Treasury Bill 10.340%, 03/20/2014⁽²⁾	NGN		20,000,000		114,081		0.12
Nigeria Treasury Bill 10.440%, 04/10/2014⁽²⁾	NGN		50,000,000		283,924		0.30
Nigeria Treasury Bill 10.910%, 04/24/2014⁽²⁾	NGN		60,000,000		339,262		0.35
					2,838,737		2.96
Peru (Cost $1,066,623)
Peru (Rep of) 8.600%, 08/12/2017	PEN		710,000		328,647		0.34
Peru (Rep of) 7.840%, 08/12/2020	PEN		999,000		472,928		0.50
Peru (Rep of) 8.200%, 08/12/2026	PEN		387,000		203,559		0.21
Peru (Rep of) 6.950%, 08/12/2031	PEN		530,000		249,780		0.26
					1,254,914		1.31
Philippines (Cost $520,706)
Philippines (Rep of) 6.250%, 01/14/2036	PHP		20,000,000		634,759		0.66
					634,759		0.66
Poland (Cost $4,123,797)
Poland (Rep of) 3.000%, 08/24/2016	PLN		3,840,000		1,649,779		1.72
Poland (Rep of) 5.750%, 10/25/2021	PLN		1,130,000		426,273		0.45
Poland (Rep of) 5.750%, 09/23/2022	PLN		4,510,000		1,721,517		1.80
Poland (Rep of) 2.750%, 08/25/2023	PLN		800,000		328,794		0.34
Poland (Rep of) 5.750%, 04/25/2029	PLN		990,000		397,429		0.41
					4,523,792		4.72
Romania (Cost $1,361,141)
Romania (Rep of) 5.850%, 07/28/2014	RON		1,520,000		467,969		0.49
Romania (Rep of) 5.800%, 10/26/2015	RON		1,460,000		452,348		0.47
Romania (Rep of) 5.900%, 07/26/2017	RON		760,000		239,596		0.25
Romania (Rep of) 5.600%, 11/28/2018	RON		170,000		53,072		0.06
Romania (Rep of) 5.750%, 04/29/2020	RON		400,000		125,394		0.13
Romania (Rep of) 5.850%, 04/26/2023	RON		270,000		85,695		0.09
					1,424,074		1.49
Russian Federation (Cost $11,708,881)
Russian Federal Bond - OFZ 7.350%, 01/20/2016	RUB		9,740,000		324,883		0.34
Russian Federal Bond - OFZ 6.900%, 08/03/2016	RUB		18,430,000		610,007		0.64
Russian Federal Bond - OFZ 7.400%, 04/19/2017	RUB		73,893,000		2,496,070		2.61
Russian Federal Bond - OFZ 7.400%, 06/14/2017	RUB		84,172,000		2,849,508		2.97
Russian Federal Bond - OFZ 7.500%, 03/15/2018	RUB		21,834,000		746,869		0.78
Russian Federal Bond - OFZ 7.500%, 02/27/2019	RUB		57,487,000		1,980,289		2.07
Russian Federal Bond - OFZ 7.600%, 04/14/2021	RUB		19,700,000		684,526		0.71
Russian Federal Bond - OFZ 7.600%, 07/20/2022	RUB		22,280,000		780,016		0.81
Russian Federal Bond - OFZ 8.150%, 02/03/2027	RUB		31,979,000		1,162,200		1.21
Russian Federal Bond - OFZ 7.050%, 01/19/2028	RUB		12,637,000		416,643		0.44
					12,051,011		12.58
South Africa (Cost $10,828,429)
South Africa (Rep of) 8.250%, 09/15/2017	ZAR		17,950,000		2,202,968		2.30
South Africa (Rep of) 8.000%, 12/21/2018	ZAR		14,410,000		1,774,934		1.85

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
South Africa - (continued)
South Africa (Rep of) 7.750%, 02/28/2023	ZAR		18,770,000	$	2,316,716		2.42
South Africa (Rep of) 10.500%, 12/21/2026	ZAR		9,400,000		1,392,585		1.46
South Africa (Rep of) 7.000%, 02/28/2031	ZAR		17,650,000		1,908,112		1.99
South Africa (Rep of) 6.250%, 03/31/2036	ZAR		4,010,000		383,287		0.40
South Africa (Rep of) 6.500%, 02/28/2041	ZAR		4,420,000		428,327		0.45
South Africa (Rep of) 8.750%, 02/28/2048	ZAR		2,800,000		347,489		0.36
					10,754,418		11.23
Thailand (Cost $3,741,127)
Thailand (Rep of) 3.625%, 05/22/2015	THB		2,500,000		86,516		0.09
Thailand (Rep of) 3.450%, 03/08/2019	THB		2,500,000		86,637		0.09
Thailand (Rep of) 3.875%, 06/13/2019	THB		7,000,000		248,013		0.26
Thailand (Rep of) 1.200%, 07/14/2021	THB		15,000,000		547,697		0.57
Thailand (Rep of) 3.650%, 12/17/2021	THB		36,200,000		1,261,987		1.32
Thailand (Rep of) 5.500%, 03/13/2023	THB		1,700,000		68,022		0.07
Thailand (Rep of) 3.625%, 06/16/2023	THB		11,185,000		387,832		0.40
Thailand (Rep of) 4.750%, 12/20/2024	THB		5,280,000		201,373		0.21
Thailand (Rep of) 3.580%, 12/17/2027	THB		10,600,000		363,390		0.38
Thailand (Rep of) 1.250%, 03/12/2028	THB		9,000,000		311,501		0.33
Thailand (Rep of) 5.670%, 03/13/2028	THB		1,000,000		41,935		0.04
Thailand (Rep of) 3.775%, 06/25/2032	THB		8,000,000		270,262		0.28
					3,875,165		4.04
Turkey (Cost $5,862,703)
Turkey (Rep of) 9.000%, 05/21/2014	TRY		1,147,000		945,579		0.99
Turkey (Rep of) 4.000%, 04/01/2020	TRY		741,000		621,861		0.65
Turkey (Rep of) 9.500%, 01/12/2022	TRY		730,000		493,318		0.51
Turkey (Rep of) 3.000%, 02/23/2022	TRY		3,770,000		2,677,752		2.79
Turkey (Rep of) 8.500%, 09/14/2022	TRY		1,470,000		949,647		0.99
Turkey (Rep of) 7.100%, 03/08/2023	TRY		1,000,000		591,549		0.62
					6,279,706		6.55
Uruguay (Cost $1,403,645)
Uruguay (Rep of) 5.000%, 09/14/2018	UYU		6,200,000		628,995		0.65
Uruguay (Rep of) 4.250%, 04/05/2027	UYU		1,929,000		200,173		0.21
Uruguay (Rep of) 4.375%, 12/15/2028	UYU		5,200,000		391,360		0.41
Uruguay (Rep of) 3.700%, 06/26/2037	UYU		2,570,000		256,050		0.27
Uruguay Notas del Tesoro 9.000%, 01/27/2014	UYU		1,800,000		94,317		0.10
Uruguay Notas del Tesoro 3.250%, 01/27/2019	UYU		700,000		103,485		0.11
					1,674,380		1.75
Total Debt Securities (Cost $66,729,860)					69,861,451		72.92

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

United States (Cost $141,714)
Euro Volatility Quoted American Style Options, Exp. 09/11/2013, Strike Price $1.2709/11/2013	EUR		3,800,000	$	41,273		0.04
Euro Volatility Quoted American Style Options, Exp. 07/12/2013, Strike Price $1.3107/12/2013	EUR		3,350,000		52,300		0.06
Total Purchased Options (Cost $141,714)					93,573		0.10
Total Investments in Securities (Cost $66,871,574)					69,955,024		73.02

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


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

India (Cost $3,010,872)
India (Rep of), Issued by HSBC 7.490%, 04/16/2017	INR		4,960,000	$	91,766		0.10
India (Rep of), Issued by HSBC 8.070%, 07/03/2017	INR		11,000,000		208,109		0.22
India (Rep of), Issued by HSBC 8.070%, 07/03/2017	INR		10,660,000		201,677		0.21
India (Rep of), Issued by HSBC 7.830%, 04/11/2018	INR		15,440,000		289,819		0.30
India (Rep of), Issued by Standard Chartered, 7.830%, 04/11/2018	INR		47,300,000		901,747		0.94
India (Rep of), Issued by Standard Chartered, 8.190%, 01/16/2020	INR		45,000,000		860,940		0.90
India (Rep of), Issued by Standard Chartered, 8.330%, 07/09/2026	INR		23,000,000		446,149		0.46
					3,000,207		3.13
Indonesia (Cost $5,571,821)
Indonesia (Rep of), Issued by Barclays, 9.500%, 07/15/2031	IDR		2,932,000,000		402,667		0.42
Indonesia (Rep of), Issued by Credit Suisse, 9.500%, 06/15/2015	IDR		1,500,000,000		169,793		0.18
Indonesia (Rep of), Issued by Credit Suisse, 8.375%, 09/15/2026	IDR		2,100,000,000		260,382		0.27
Indonesia (Rep of), Issued by Deutsche Bank, 11.500%, 09/15/2019	IDR		10,536,000,000		1,446,926		1.51
Indonesia (Rep of), Issued by Deutsche Bank, 7.000%, 05/15/2027	IDR		4,300,000,000		477,984		0.50
Indonesia (Rep of), Issued by Deutsche Bank, 7.000%, 05/15/2027	IDR		900,000,000		100,043		0.10
Indonesia (Rep of), Issued by Deutsche Bank, 9.500%, 07/15/2031	IDR		3,200,000,000		439,473		0.46
Indonesia (Rep of), Issued by Deutsche Bank, 6.625%, 05/15/2033	IDR		1,000,000,000		105,195		0.11
Indonesia (Rep of), Issued by Deutsche Bank, 6.625%, 05/15/2033	IDR		470,000,000		49,441		0.05
Indonesia (Rep of), Issued by HSBC, 10.500%, 08/15/2030	IDR		2,180,000,000		321,843		0.34
Indonesia (Rep of), Issued by HSBC, 9.500%, 07/15/2031	IDR		2,350,000,000		322,738		0.34
Indonesia (Rep of), Issued by HSBC, 9.500%, 07/15/2031	IDR		4,200,000,000		518,014		0.54
Indonesia (Rep of), Issued by Standard Chartered, 8.375%, 09/15/2026	IDR		3,500,000,000		433,971		0.45

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

Currency⁽¹⁾

Par

Value

% of Net

Assets

Indonesia - (continued)

Indonesia (Rep of), Issued by Standard Chartered, 10.500%, 08/15/2030

IDR

4,900,000,000

723,408

0.75

5,771,878

6.02

Total Fully Funded Total Return Swaps (Cost $8,582,693)

8,772,085

9.15

Total Investments (Total Cost $75,454,267)

78,727,109

82.17

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

17,077,366

17.83

Net Assets

95,804,475

100.00

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

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

Percentages shown are based on net assets.

At April 30, 2013, the Ashmore Emerging Markets Local Currency Bond Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/02/2013	Standard Chartered London	Chinese Offshore Yuan		8,562,600	United States Dollar		1,340,000		$49,299
05/02/2013	Standard Chartered London	Chinese Offshore Yuan		158,120	United States Dollar		24,864		792
05/02/2013	Standard Chartered London	United States Dollar		220,423	Chinese Offshore Yuan		1,413,570		(8,932	)
05/02/2013	Standard Chartered London	United States Dollar		1,149,375	Chinese Offshore Yuan		7,307,150		(36,225	)
05/03/2013	Goldman Sachs International Ltd. London	Brazilian Real		1,493,078	United States Dollar		746,539		(546	)
05/03/2013	HSBC Bank PLC	Brazilian Real		1,106,689	United States Dollar		537,463		15,478
05/03/2013	Morgan Stanley & Co. International	Brazilian Real		1,641,692	United States Dollar		820,641		(395	)
05/03/2013	Union Bank of Switzerland - London	Brazilian Real		1,474,694	United States Dollar		733,679		3,129
05/03/2013	Bank of America Los Angeles	United States Dollar		900,000	Brazilian Real		1,781,667		9,817
05/03/2013	Barclays Wholesale GTS	United States Dollar		600,000	Brazilian Real		1,200,401		238
05/03/2013	Barclays Wholesale GTS	United States Dollar		230,000	Brazilian Real		465,750		(2,705	)
05/03/2013	Barclays Wholesale GTS	United States Dollar		940,000	Brazilian Real		1,911,575		(15,089	)
05/03/2013	Union Bank of Switzerland - London	United States Dollar		180,000	Brazilian Real		356,760		1,750
05/06/2013	Liaison	United States Dollar		23,978	Russian Ruble		746,630		22
05/15/2013	Barclays Wholesale GTS	Indonesian Rupiah		1,851,550,000	United States Dollar		190,000		171
05/15/2013	Deutsche Bank London	Indonesian Rupiah		7,538,627,118	United States Dollar		769,169		5,116
05/15/2013	Standard Chartered London	Indonesian Rupiah		1,587,151,620	United States Dollar		162,037		978
05/15/2013	Barclays Wholesale GTS	Philippine Peso		45,506,892	United States Dollar		1,118,518		(12,706	)
05/15/2013	HSBC Bank PLC	Philippine Peso		14,208,892	United States Dollar		343,583		1,691
05/15/2013	Deutsche Bank London	United States Dollar		434,191	Indonesian Rupiah		4,232,061,000		(480	)
05/15/2013	Citibank London	United States Dollar		1,261,668	Philippine Peso		51,670,353		6,086
05/15/2013	HSBC Bank PLC	United States Dollar		150,000	Philippine Peso		6,103,500		1,686
05/16/2013	Barclays Wholesale GTS	Indian Rupee		51,471,298	United States Dollar		940,000		15,384
05/16/2013	Deutsche Bank London	United States Dollar		2,045,004	Indian Rupee		112,833,087		(49,346	)
05/16/2013	HSBC Bank PLC	United States Dollar		661,765	Indian Rupee		36,000,000		(6,449	)
05/17/2013	Citibank London	Colombian Peso		30,539,479	United States Dollar		16,799		(88	)
05/17/2013	Citibank London	Colombian Peso		91,503,722	United States Dollar		50,333		(263	)
05/17/2013	Citibank London	Colombian Peso		115,547,942	United States Dollar		63,559		(332	)
05/17/2013	Deutsche Bank London	Colombian Peso		25,673,842	United States Dollar		13,879		170
05/17/2013	HSBC Bank PLC	Colombian Peso		85,427,764	United States Dollar		46,436		310
05/17/2013	HSBC Bank PLC	Colombian Peso		77,198,975	United States Dollar		42,076		167

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/17/2013	HSBC Bank PLC	Colombian Peso		128,070,702	United States Dollar		69,974		$106
05/17/2013	HSBC Bank PLC	Colombian Peso		167,381,302	United States Dollar		91,590		1
05/17/2013	HSBC Bank PLC	Colombian Peso		144,091,735	United States Dollar		79,215		(368	)
05/17/2013	Bank of America Los Angeles	Mexican Peso		2,115,137	United States Dollar		170,000		3,942
05/17/2013	Citibank London	Mexican Peso		40,987,097	United States Dollar		3,241,881		128,772
05/17/2013	Deutsche Bank London	Mexican Peso		10,662,168	United States Dollar		844,000		32,824
05/17/2013	Deutsche Bank London	Mexican Peso		3,280,581	United States Dollar		270,000		(215	)
05/17/2013	HSBC Bank PLC	Mexican Peso		1,560,000	United States Dollar		123,770		4,519
05/17/2013	Bank of America Los Angeles	Peruvian Neuevo Sol		823,176	United States Dollar		319,494		(8,432	)
05/17/2013	Citibank London	Peruvian Neuevo Sol		699,851	United States Dollar		269,744		(5,284	)
05/17/2013	Deutsche Bank London	Thai Baht		27,112,500	United States Dollar		900,000		22,821
05/17/2013	Union Bank of Switzerland - London	United States Dollar		123,749	Chilean Peso		58,133,335		621
05/17/2013	Union Bank of Switzerland - London	United States Dollar		813,788	Colombian Peso		1,492,243,825		(2,766	)
05/17/2013	Deutsche Bank London	United States Dollar		980,000	Peruvian Neuevo Sol		2,537,220		21,234
05/17/2013	Barclays Wholesale GTS	United States Dollar		105,000	Thai Baht		3,053,925		1,054
05/17/2013	Deutsche Bank London	United States Dollar		105,000	Thai Baht		3,052,875		1,090
05/17/2013	Deutsche Bank London	United States Dollar		34,393	Thai Baht		1,000,000		356
05/17/2013	HSBC Bank PLC	United States Dollar		190,000	Thai Baht		5,582,390		(6	)
05/17/2013	HSBC Bank PLC	United States Dollar		790,000	Thai Baht		23,264,394		(1,844	)
05/17/2013	Northern Trust Securities	United States Dollar		323,691	Thai Baht		9,303,860		7,018
05/21/2013	Union Bank of Switzerland - London	Russian Ruble		27,715,188	United States Dollar		910,000		(23,027	)
05/21/2013	Bank of America Los Angeles	United States Dollar		590,120	Russian Ruble		18,600,000		(5,138	)
05/21/2013	Goldman Sachs International Ltd. London	United States Dollar		554,194	Russian Ruble		17,487,600		(5,463	)
05/22/2013	Deutsche Bank London	Malaysian Ringgit		668,360	United States Dollar		220,000		(590	)
05/22/2013	HSBC Bank PLC	Malaysian Ringgit		960,014	United States Dollar		308,488		6,667
05/22/2013	Standard Chartered London	Malaysian Ringgit		610,889	United States Dollar		197,884		2,659
05/22/2013	Morgan Stanley & Co. International	United States Dollar		230,000	Malaysian Ringgit		711,850		(3,687	)
05/24/2013	Bank of America Los Angeles	Korean Won		1,054,774,000	United States Dollar		940,000		17,475
05/24/2013	Chase Manhattan Bank London	Philippine Peso		3,629,647	United States Dollar		89,312		(1,103	)
05/24/2013	Citibank London	United States Dollar		88,638	Philippine Peso		3,629,647		429
05/24/2013	HSBC Bank PLC	United States Dollar		122,779	Philippine Peso		5,046,200		143
05/31/2013	Bank of America Los Angeles	Hungarian Forint		41,059,566	United States Dollar		180,000		26
05/31/2013	Barclays Wholesale GTS	Hungarian Forint		21,630,000	United States Dollar		96,427		(1,590	)
05/31/2013	Goldman Sachs International Ltd. London	Hungarian Forint		80,969,000	United States Dollar		350,000		5,009
05/31/2013	Bank of America Los Angeles	Polish Zloty		1,025,855	United States Dollar		320,000		3,886
05/31/2013	Barclays Wholesale GTS	Polish Zloty		21,317,563	United States Dollar		6,776,623		(46,184	)
05/31/2013	Union Bank of Switzerland - London	Polish Zloty		752,634	United States Dollar		228,703		8,921
05/31/2013	Bank of America Los Angeles	Romanian Leu		343,972	United States Dollar		100,000		4,327
05/31/2013	Citibank London	Romanian Leu		941,360	United States Dollar		280,000		5,514
05/31/2013	Citibank London	Romanian Leu		831,809	United States Dollar		249,239		3,049
05/31/2013	Union Bank of Switzerland - London	Romanian Leu		371,106	United States Dollar		110,000		2,556
05/31/2013	Union Bank of Switzerland - London	Romanian Leu		28,181	United States Dollar		8,411		136
05/31/2013	Chase Manhattan Bank London	Russian Ruble		5,305,682	United States Dollar		170,000		(495	)
05/31/2013	CSFB Global Foreign Exchange London	Russian Ruble		8,135,050	United States Dollar		256,375		3,522
05/31/2013	CSFB Global Foreign Exchange London	Russian Ruble		4,428,578	United States Dollar		142,830		(1,346	)
05/31/2013	Deutsche Bank London	Russian Ruble		5,577,500	United States Dollar		179,630		(1,440	)
05/31/2013	HSBC Bank PLC	Russian Ruble		20,303,232	United States Dollar		645,449		3,196
05/31/2013	Union Bank of Switzerland - London	Russian Ruble		16,737,240	United States Dollar		540,000		(5,281	)
05/31/2013	Deutsche Bank London	South African Rand		3,226,000	United States Dollar		360,000		(2,046	)
05/31/2013	HSBC Bank PLC	South African Rand		16,692,920	United States Dollar		1,850,000		2,229
05/31/2013	Union Bank of Switzerland - London	South African Rand		1,611,303	United States Dollar		174,123		4,666
05/31/2013	Bank of America Los Angeles	Turkish Lira		165,015	United States Dollar		90,000		1,730
05/31/2013	Citibank London	Turkish Lira		3,056,071	United States Dollar		1,682,117		16,734
05/31/2013	CSFB Global Foreign Exchange London	Turkish Lira		636,972	United States Dollar		350,000		4,089
05/31/2013	HSBC Bank PLC	Turkish Lira		3,056,071	United States Dollar		1,683,693		15,159
05/31/2013	Deutsche Bank London	United States Dollar		950,000	Hungarian Forint		217,554,750		(3,871	)
05/31/2013	Union Bank of Switzerland - London	United States Dollar		45,951	Hungarian Forint		10,890,000		(1,796	)
05/31/2013	Deutsche Bank London	United States Dollar		137,295	Polish Zloty		450,000		(4,780	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/31/2013	Goldman Sachs International Ltd. London	United States Dollar		940,000	Polish Zloty		3,043,156	$	(20,794	)
05/31/2013	HSBC Bank PLC	United States Dollar		392,893	Polish Zloty		1,287,352		(13,554	)
05/31/2013	Barclays Wholesale GTS	United States Dollar		37,454	Romanian Leu		130,000		(1,975	)
05/31/2013	Deutsche Bank London	United States Dollar		130,000	Romanian Leu		438,462		(2,986	)
05/31/2013	ING Bank Amsterdam	United States Dollar		129,206	Romanian Leu		434,443		(2,560	)
05/31/2013	Northern Trust Securities	United States Dollar		52,296	Romanian Leu		175,966		(1,074	)
05/31/2013	Northern Trust Securities	United States Dollar		84,480	Romanian Leu		282,729		(1,272	)
05/31/2013	Barclays Wholesale GTS	United States Dollar		1,180,000	Russian Ruble		36,715,700		7,013
05/31/2013	Chase Manhattan Bank London	United States Dollar		172,472	Russian Ruble		5,450,000		(1,644	)
05/31/2013	CSFB Global Foreign Exchange London	United States Dollar		1,390,000	Russian Ruble		43,978,071		(15,004	)
05/31/2013	Deutsche Bank London	United States Dollar		403,232	Russian Ruble		12,594,352		870
05/31/2013	Deutsche Bank London	United States Dollar		160,000	Russian Ruble		4,983,184		798
05/31/2013	Union Bank of Switzerland - London	United States Dollar		778,432	Russian Ruble		24,044,974		10,247
05/31/2013	Bank of America Los Angeles	United States Dollar		908,811	South African Rand		8,200,970		(1,160	)
05/31/2013	Bank of America Los Angeles	United States Dollar		170,000	South African Rand		1,579,074		(5,212	)
05/31/2013	CSFB Global Foreign Exchange London	United States Dollar		500,000	South African Rand		4,567,000		(6,749	)
05/31/2013	CSFB Global Foreign Exchange London	United States Dollar		440,000	South African Rand		4,026,792		(6,809	)
05/31/2013	Deutsche Bank London	United States Dollar		913,086	South African Rand		8,200,970		3,115
05/31/2013	HSBC Bank PLC	United States Dollar		720,529	South African Rand		6,627,790		(14,883	)
05/31/2013	Bank of America Los Angeles	United States Dollar		130,000	Turkish Lira		236,370		(1,397	)
05/31/2013	Deutsche Bank London	United States Dollar		543,690	Turkish Lira		998,650		(11,453	)
06/03/2013	Union Bank of Switzerland - London	Peruvian Neuevo Sol		1,666,560	United States Dollar		630,000		(978	)
06/04/2013	Morgan Stanley & Co. International	Brazilian Real		1,038,596	United States Dollar		520,000		(3,098	)
06/10/2013	HSBC Bank PLC	Polish Zloty		6,561,578	United States Dollar		2,046,337		23,825
06/10/2013	Barclays Wholesale GTS	United States Dollar		586,905	Polish Zloty		1,848,956		3,564
06/10/2013	Deutsche Bank London	United States Dollar		1,005,406	Polish Zloty		3,106,302		25,375
06/10/2013	Deutsche Bank London	United States Dollar		390,257	Polish Zloty		1,231,174		1,824
06/10/2013	Union Bank of Switzerland - London	United States Dollar		880,000	Polish Zloty		2,784,760		1,415
06/14/2013	Bank of America Los Angeles	Mexican Peso		23,430,917	United States Dollar		1,930,043		(7,669	)
06/14/2013	Barclays Wholesale GTS	Mexican Peso		3,000,000	United States Dollar		241,043		5,090
06/14/2013	Goldman Sachs International Ltd. London	Mexican Peso		10,561,131	United States Dollar		850,000		16,481
06/14/2013	HSBC Bank PLC	Mexican Peso		1,900,000	United States Dollar		152,733		3,151
06/14/2013	Morgan Stanley & Co. International	Mexican Peso		3,233,547	United States Dollar		264,925		369
06/14/2013	Barclays Wholesale GTS	Thai Baht		45,133,519	United States Dollar		1,509,886		23,840
06/14/2013	Union Bank of Switzerland - London	Thai Baht		4,964,082	United States Dollar		170,558		(1,868	)
06/14/2013	Citibank London	United States Dollar		467,000	Mexican Peso		5,829,094		(11,244	)
06/14/2013	Deutsche Bank London	United States Dollar		330,000	Mexican Peso		4,020,139		170
06/17/2013	Deutsche Bank London	United States Dollar		1,077,973	Indian Rupee		60,000,000		(32,568	)
06/18/2013	Deutsche Bank London	Malaysian Ringgit		7,928,940	United States Dollar		2,539,780		59,414
06/24/2013	Deutsche Bank London	Taiwan Dollar		6,281,100	United States Dollar		210,000		3,262
06/24/2013	Chase Manhattan Bank London	United States Dollar		2,256,216	Taiwan Dollar		66,862,950		(13,981	)
06/24/2013	Morgan Stanley & Co. International	United States Dollar		70,000	Taiwan Dollar		2,085,300		(802	)
06/28/2013	Citibank London	Romanian Leu		1,129,752	United States Dollar		340,000		1,819
06/28/2013	HSBC Bank PLC	Russian Ruble		1,273,226	United States Dollar		40,783		(307	)
06/28/2013	Deutsche Bank London	United States Dollar		284,147	Russian Ruble		9,096,414		(5,028	)
06/28/2013	HSBC Bank PLC	United States Dollar		221,455	Russian Ruble		6,934,427		1,010
07/12/2013	Barclays Wholesale GTS	Thai Baht		25,755,709	United States Dollar		873,549		311
07/12/2013	Deutsche Bank London	Thai Baht		29,354,990	United States Dollar		995,337		641
07/15/2013	Barclays Wholesale GTS	Malaysian Ringgit		6,138,316	United States Dollar		1,993,283		15,764
07/17/2013	Standard Chartered London	Chinese Offshore Yuan		4,780,030	United States Dollar		740,000		33,311
07/17/2013	Standard Chartered London	Chinese Offshore Yuan		125,800	United States Dollar		19,705		647
07/17/2013	Standard Chartered London	United States Dollar		19,710	Chinese Offshore Yuan		125,800		(642	)
07/17/2013	Standard Chartered London	United States Dollar		742,587	Chinese Offshore Yuan		4,780,030		(30,725	)
07/23/2013	Union Bank of Switzerland - London	Thai Baht		18,097,598	United States Dollar		613,166		479
07/26/2013	Deutsche Bank London	Mexican Peso		21,219,736	United States Dollar		1,742,894		(8,266	)
07/31/2013	Union Bank of Switzerland - London	Czech Koruna		429,984	United States Dollar		21,707		258
07/31/2013	Barclays Wholesale GTS	Hungarian Forint		37,008,080	United States Dollar		158,978		2,385
08/02/2013	Goldman Sachs International Ltd. London	United States Dollar		737,341	Brazilian Real		1,493,078		1,334

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
08/02/2013	Morgan Stanley & Co. International	United States Dollar		810,532	Brazilian Real		1,641,692		$1,267
08/02/2013	Union Bank of Switzerland - London	United States Dollar		724,772	Brazilian Real		1,474,694		(2,172	)
09/04/2013	Barclays Wholesale GTS	Brazilian Real		6,757,403	United States Dollar		3,273,935		39,861
09/04/2013	Union Bank of Switzerland - London	Brazilian Real		2,193,032	United States Dollar		1,087,166		(11,715	)
09/18/2013	CSFB Global Foreign Exchange London	Argentine Peso		642,286	United States Dollar		100,000		5,086
09/23/2013	Union Bank of Switzerland - London	Argentine Peso		639,000	United States Dollar		100,000		3,742
09/25/2013	Citibank London	Argentine Peso		652,150	United States Dollar		100,000		5,548
09/27/2013	Union Bank of Switzerland - London	Argentine Peso		835,900	United States Dollar		130,000		4,866
09/30/2013	Citibank London	Argentine Peso		1,047,136	United States Dollar		160,000		8,155
10/03/2013	Citibank London	Argentine Peso		1,236,900	United States Dollar		190,000		7,692
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		7,218,720	United States Dollar		1,080,000		67,320
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		8,846,915	United States Dollar		1,349,129		56,971
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		22,111	United States Dollar		3,374		141
04/13/2015	HSBC Bank PLC	United States Dollar		670,000	Chinese Offshore Yuan		4,330,210		(18,230	)
04/13/2015	HSBC Bank PLC	United States Dollar		670,000	Chinese Offshore Yuan		4,343,945		(20,413	)
04/13/2015	HSBC Bank PLC	United States Dollar		1,130,000	Chinese Offshore Yuan		7,413,591		(48,292	)
05/04/2015	Standard Chartered London	Chinese Offshore Yuan		7,307,150	United States Dollar		1,113,895		46,950
05/04/2015	Standard Chartered London	Chinese Offshore Yuan		1,413,570	United States Dollar		213,337		11,229
05/04/2015	Standard Chartered London	United States Dollar		1,340,000	Chinese Offshore Yuan		8,720,720		(45,410	)
07/17/2015	Standard Chartered London	Chinese Offshore Yuan		4,780,030	United States Dollar		719,234		39,617
07/17/2015	Standard Chartered London	Chinese Offshore Yuan		125,800	United States Dollar		19,129		843
07/17/2015	Standard Chartered London	United States Dollar		740,000	Chinese Offshore Yuan		4,905,830		(38,823	)

									$324,769

At April 30, 2013, the Ashmore Emerging Markets Local Currency Bond Fund had the following interest rate swap contracts outstanding:


Pay Rate Index/ Pay Rate	Receive Rate/ Receive Rate Index	Notional Amount		Expiration Date		Unrealized Gain/(Loss)			Counterparty
Brazil CETIP Interbank
Deposit Rate	9.644%	BRL	4,688,715		01/02/2017		$142,093		HSBC
Mexico Interbank TIIE 28 Day Rate	6.320%	MXN	23,000,000		11/15/2027		123,883		Barclays Capital
Mexico Interbank TIIE 28 Day Rate	6.080%	MXN	7,000,000		02/10/2028		29,808		HSBC
MYR-KLIBOR-BNM 3 Month	3.725%	MYR	1,300,000		04/09/2023		7,803		Barclays Capital
WIBOR Poland 6 Month	3.600%	PLN	11,000,000		12/07/2017		113,495		HSBC
WIBOR Poland 6 Month	3.865%	PLN	5,000,000		02/22/2023		107,398		HSBC
WIBOR Poland 6 Month	3.355%	PLN	2,000,000		04/11/2023		14,883		HSBC
1.820%	Singapore Offer Rate Fixing 6 Month	SGD	1,140,000		06/14/2022		(29,403	)	Barclays Capital
Singapore Offer Rate Fixing 6 Month	2.760%	SGD	660,000		06/14/2032		38,227		Barclays Capital

							$548,187

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Local Currency Bond Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2013:


	Level 1		Level 2				Level 3		Total
Investments
Assets:
Government Bonds		$—		$	56,966,416			$—		$	56,966,416
Index Linked Government Bonds		—			12,895,035			—			12,895,035
Fully Funded Total Return Swaps		—			8,772,085			—			8,772,085
Purchased Options					93,573			—			93,573
Total Investments		$—		$	78,727,109			$—		$	78,727,109

Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$	995,834			$—		$	995,834
Interest Rate Swap Contracts		—			577,590			—			577,590
Liabilities:
Forward Foreign Currency Exchange Contracts		—			(671,065	)		—			(671,065	)
Interest Rate Swap Contracts		—			(29,403	)		—			(29,403	)
Total Other Financial Instruments		$—		$	872,956			$—		$	872,956

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2013, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2012. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2013:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange			Fixed Income/ Interest Rate
Assets:
Unrealized Appreciation on Interest Rate Swap Contracts	$	—		$	577,590
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		995,834			—
	$	995,834		$	577,590

Liabilities:
Unrealized Depreciation on Interest Rate Swap Contracts	$	—		$	(29,403	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(671,065	)		—
	$	(671,065	)	$	(29,403	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Month Period Ended April 30, 2013:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange		Fixed Income/ Interest Rate
Realized Gain on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	1,004,521	$	—
Net Realized Gain on Interest Rate Swap Contracts		—		226,762
	$	1,004,521	$	226,762

Net Change in Unrealized Appreciation on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	114,674	$	—
Net Change in Unrealized Appreciation on Interest Rate Swap Contracts		—		233,064
	$	114,674	$	233,064

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


Federal tax cost of investments	$75,465,954
Gross tax appreciation of investments	$3,854,610
Gross tax depreciation of investments	(593,455	)
Net tax appreciation of investments	$3,261,155

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CURRENCY FUND^(A)

SCHEDULE OF INVESTMENTS

As of April 30, 2013 (Unaudited)


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

Mexico (Cost $6,386,890)
Mexican Bonos 9.000%, 06/20/2013	MXN		45,300,000	$	3,754,972		7.29
Mexican Bonos 8.000%, 12/19/2013	MXN		35,000,000		2,955,095		5.74
					6,710,067		13.03
Nigeria (Cost $828,428)
Nigeria Treasury Bill 11.000%, 06/27/2013⁽²⁾	NGN		20,000,000		124,315		0.24
Nigeria Treasury Bill 14.520%, 08/08/2013⁽²⁾	NGN		40,200,000		246,545		0.48
Nigeria Treasury Bill 10.770%, 09/26/2013⁽²⁾	NGN		30,000,000		180,636		0.35
Nigeria Treasury Bill 10.430%, 04/10/2014⁽²⁾	NGN		10,000,000		56,785		0.11
Nigeria Treasury Bill 10.910%, 04/24/2014⁽²⁾	NGN		40,000,000		226,175		0.44
					834,456		1.62
Romania (Cost $273,100)
Romania Government Bond 5.850%, 07/28/2014	RON		900,000		277,087		0.54
					277,087		0.54
Turkey (Cost $2,889,985)
Turkey (Rep of) 6.370%, 09/11/2013⁽²⁾	TRY		4,400,000		2,412,705		4.68
Turkiye Garanti Bankasi AS 6.790%, 11/15/2013⁽²⁾	TRY		931,107		504,270		0.98
					2,916,975		5.66
Total Debt Securities (Cost $10,378,403)					10,738,585		20.85

Short-Term Investments

ABN Amro Bank Jersey, Time Deposit 0.120%, 05/02/2013			8,000,000		8,000,000		15.54
Landesbank-Hessen Thueringen, Time Deposit 0.160%, 05/01/2013			8,000,000		8,000,000		15.53
Riyad Bank London, Time Deposit 0.120%, 05/01/2013			10,000,000		10,000,000		19.42
UBS A.G. - London, Certificate of Deposit 0.190%, 05/31/2013			10,000,000		9,999,285		19.42

Total Short-Term Investments (Cost $35,998,417)					35,999,285		69.91

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

United States (Cost $84,672)
Euro Volatility Quoted American Style Options, Exp. 09/11/2013, Strike Price $1.27	EUR		2,200,000		$23,895		0.05
Euro Volatility Quoted American Style Options, Exp. 07/12/2013, Strike Price $1.31	EUR		2,070,000		32,316		0.06

Total Purchased Options (Cost $84,672)					56,211		0.11

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CURRENCY FUND^(A)

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

Currency⁽¹⁾

Number
of
Contracts

Value

% of Net
Assets

Total Investments (Total Cost $46,461,492)

46,794,081

90.87

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

4,702,309

9.13

Net Assets

51,496,390

100.00

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

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

Percentages shown are based on net assets.

At April 30, 2013, the Ashmore Emerging Markets Currency Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/02/2013	Standard Chartered London	Chinese Offshore Yuan		7,476,300	United States Dollar		1,170,000	$	43,045
05/02/2013	Standard Chartered London	Chinese Offshore Yuan		138,060	United States Dollar		21,709		691
05/02/2013	Standard Chartered London	United States Dollar		1,197,697	Chinese Offshore Yuan		7,614,360		(37,748)
05/03/2013	Chase Manhattan Bank London	Brazilian Real		484,896	United States Dollar		240,000		2,271
05/03/2013	Goldman Sachs Intl Ltd London	Brazilian Real		1,327,408	United States Dollar		663,704		(485)
05/03/2013	HSBC Bank PLC	Brazilian Real		273,342	United States Dollar		132,748		3,823
05/03/2013	Morgan Stanley & Co. International	Brazilian Real		1,459,532	United States Dollar		729,584		(351)
05/03/2013	Union Bank of Switzerland - London	Brazilian Real		1,311,064	United States Dollar		652,271		2,782
05/03/2013	Bank of America Los Angeles	United States Dollar		520,000	Brazilian Real		1,029,408		5,672
05/03/2013	Barclays Wholesale GTS	United States Dollar		470,000	Brazilian Real		940,314		186
05/03/2013	Barclays Wholesale GTS	United States Dollar		370,000	Brazilian Real		749,990		(4,721)
05/03/2013	Barclays Wholesale GTS	United States Dollar		560,000	Brazilian Real		1,138,810		(8,989)
05/03/2013	Union Bank of Switzerland - London	United States Dollar		180,000	Brazilian Real		356,760		1,750
05/03/2013	Union Bank of Switzerland - London	United States Dollar		320,000	Brazilian Real		640,960		(246)
05/15/2013	Deutsche Bank London	Indonesian Rupiah		6,903,277,500	United States Dollar		704,344		4,685
05/15/2013	Barclays Wholesale GTS	Philippine Peso		40,997,200	United States Dollar		1,007,674		(11,447)
05/15/2013	Deutsche Bank London	United States Dollar		60,000	Indonesian Rupiah		581,400,000		285
05/15/2013	Citibank London	United States Dollar		839,967	Philippine Peso		34,400,000		4,052
05/16/2013	Barclays Wholesale GTS	Indian Rupee		27,925,917	United States Dollar		510,000		8,347
05/16/2013	Chase Manhattan Bank London	Indian Rupee		10,844,000	United States Dollar		200,000		1,281
05/16/2013	Deutsche Bank London	Indian Rupee		206,453,724	United States Dollar		3,741,798		90,289
05/17/2013	Union Bank of Switzerland - London	Chilean Peso		362,825,325	United States Dollar		772,347		(3,873)
05/17/2013	Union Bank of Switzerland - London	Colombian Peso		990,024,950	United States Dollar		539,906		1,835
05/17/2013	Bank of America Los Angeles	Mexican Peso		5,638,275	United States Dollar		450,000		13,674
05/17/2013	Citibank London	Mexican Peso		46,729,706	United States Dollar		3,696,093		146,814
05/17/2013	Deutsche Bank London	Mexican Peso		6,720,703	United States Dollar		532,000		20,690
05/17/2013	Deutsche Bank London	Mexican Peso		1,854,970	United States Dollar		150,000		2,547
05/17/2013	Deutsche Bank London	Mexican Peso		972,024	United States Dollar		80,000		(64)
05/17/2013	Bank of America Los Angeles	Peruvian Neuevo Sol		758,564	United States Dollar		294,416		(7,770)
05/17/2013	Citibank London	Peruvian Neuevo Sol		235,224	United States Dollar		90,663		(1,776)
05/17/2013	Barclays Wholesale GTS	Thai Baht		581,700	United States Dollar		20,000		(201)
05/17/2013	Deutsche Bank London	Thai Baht		18,677,500	United States Dollar		620,000		15,721
05/17/2013	Deutsche Bank London	Thai Baht		581,500	United States Dollar		20,000		(208)
05/17/2013	Bank of America Los Angeles	United States Dollar		260,000	Peruvian Neuevo Sol		674,050		5,290
05/17/2013	Deutsche Bank London	United States Dollar		490,000	Peruvian Neuevo Sol		1,268,610		10,617
05/17/2013	HSBC Bank PLC	United States Dollar		510,000	Thai Baht		15,018,786		(1,191)
05/21/2013	Union Bank of Switzerland - London	Russian Ruble		17,055,500	United States Dollar		560,000		(14,171)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CURRENCY FUND^(A)

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/21/2013	Bank of America Los Angeles	United States Dollar		355,341	Russian Ruble		11,200,000	$	(3,094)
05/21/2013	Goldman Sachs Intl Ltd London	United States Dollar		335,193	Russian Ruble		10,577,000		(3,304)
05/22/2013	HSBC Bank PLC	Malaysian Ringgit		2,416,095	United States Dollar		776,380		16,779
05/24/2013	Bank of America Los Angeles	Chinese Yuan Renminbi		35,366,593	United States Dollar		5,618,650		80,370
05/24/2013	Bank of America Los Angeles	Korean Won		572,271,000	United States Dollar		510,000		9,481
05/24/2013	HSBC Bank PLC	Korean Won		313,992,000	United States Dollar		280,000		5,028
05/24/2013	Chase Manhattan Bank London	Philippine Peso		51,874,765	United States Dollar		1,276,446		(15,759)
05/24/2013	Barclays Wholesale GTS	United States Dollar		510,000	Chinese Yuan Renminbi		3,199,638		(5,594)
05/24/2013	HSBC Bank PLC	United States Dollar		50,000	Chinese Yuan Renminbi		313,640		(540)
05/24/2013	Deutsche Bank London	United States Dollar		400,000	Philippine Peso		16,312,000		3,577
05/24/2013	HSBC Bank PLC	United States Dollar		387,261	Philippine Peso		15,916,424		452
05/31/2013	Citibank London	Israeli Shekel		3,432,698	United States Dollar		920,048		36,346
05/31/2013	Barclays Wholesale GTS	Polish Zloty		5,248,398	United States Dollar		1,668,409		(11,370)
05/31/2013	Citibank London	Romanian Leu		4,926,183	United States Dollar		1,476,054		18,057
05/31/2013	Union Bank of Switzerland - London	Romanian Leu		1,510,236	United States Dollar		450,749		7,305
05/31/2013	Deutsche Bank London	Russian Ruble		1,557,245	United States Dollar		50,000		(249)
05/31/2013	Union Bank of Switzerland - London	Russian Ruble		254,102,184	United States Dollar		8,226,300		(108,284)
05/31/2013	Deutsche Bank London	Singapore Dollar		1,296,459	United States Dollar		1,044,883		7,704
05/31/2013	Bank of America Los Angeles	South African Rand		1,565,514	United States Dollar		170,000		3,708
05/31/2013	Bank of America Los Angeles	South African Rand		2,670,193	United States Dollar		295,904		378
05/31/2013	Deutsche Bank London	South African Rand		2,670,193	United States Dollar		297,296		(1,014)
05/31/2013	HSBC Bank PLC	South African Rand		9,023,200	United States Dollar		1,000,000		1,205
05/31/2013	Bank of America Los Angeles	United States Dollar		90,000	Czech Koruna		1,809,673		(2,407)
05/31/2013	Deutsche Bank London	United States Dollar		215,255	Hungarian Forint		48,280,000		3,571
05/31/2013	Deutsche Bank London	United States Dollar		520,000	Hungarian Forint		119,082,600		(2,119)
05/31/2013	Deutsche Bank London	United States Dollar		50,000	Hungarian Forint		11,892,930		(2,145)
05/31/2013	Deutsche Bank London	United States Dollar		50,000	Hungarian Forint		11,894,970		(2,154)
05/31/2013	Bank of America Los Angeles	United States Dollar		50,000	Israeli Shekel		181,698		(623)
05/31/2013	Deutsche Bank London	United States Dollar		80,000	Israeli Shekel		291,640		(1,255)
05/31/2013	Bank of America Los Angeles	United States Dollar		100,000	Polish Zloty		320,913		(1,319)
05/31/2013	Goldman Sachs Intl Ltd London	United States Dollar		50,000	Polish Zloty		163,082		(1,489)
05/31/2013	Goldman Sachs Intl Ltd London	United States Dollar		560,000	Polish Zloty		1,812,944		(12,388)
05/31/2013	HSBC Bank PLC	United States Dollar		220,000	Polish Zloty		703,604		(2,144)
05/31/2013	HSBC Bank PLC	United States Dollar		280,000	Polish Zloty		916,524		(9,367)
05/31/2013	Bank of America Los Angeles	United States Dollar		75,000	Romanian Leu		260,223		(3,925)
05/31/2013	Deutsche Bank London	United States Dollar		10,000	Romanian Leu		34,633		(504)
05/31/2013	Deutsche Bank London	United States Dollar		40,000	Romanian Leu		134,912		(919)
05/31/2013	Deutsche Bank London	United States Dollar		75,000	Romanian Leu		260,118		(3,894)
05/31/2013	HSBC Bank PLC	United States Dollar		283,935	Romanian Leu		950,017		(4,205)
05/31/2013	Barclays Wholesale GTS	United States Dollar		700,000	Russian Ruble		21,780,500		4,160
05/31/2013	CSFB Global Foreign Exchange London	United States Dollar		750,000	Russian Ruble		23,729,175		(8,096)
05/31/2013	Deutsche Bank London	United States Dollar		220,000	Russian Ruble		6,870,446		504
05/31/2013	Union Bank of Switzerland - London	United States Dollar		630,000	Russian Ruble		19,811,925		(2,948)
05/31/2013	Bank of America Los Angeles	United States Dollar		160,000	South African Rand		1,484,499		(4,718)
05/31/2013	Barclays Wholesale GTS	United States Dollar		80,000	South African Rand		742,618		(2,400)
05/31/2013	CSFB Global Foreign Exchange London	United States Dollar		210,000	South African Rand		1,921,878		(3,250)
05/31/2013	CSFB Global Foreign Exchange London	United States Dollar		300,000	South African Rand		2,740,200		(4,050)
05/31/2013	Citibank London	United States Dollar		310,305	Turkish Lira		563,762		(3,087)
05/31/2013	Deutsche Bank London	United States Dollar		170,000	Turkish Lira		310,216		(2,447)
05/31/2013	HSBC Bank PLC	United States Dollar		310,596	Turkish Lira		563,762		(2,796)
06/03/2013	Union Bank of Switzerland - London	Peruvian Neuevo Sol		1,402,027	United States Dollar		530,000		(823)
06/10/2013	HSBC Bank PLC	Polish Zloty		7,133,974	United States Dollar		2,224,848		25,904
06/10/2013	Union Bank of Switzerland - London	United States Dollar		560,000	Polish Zloty		1,772,120		900
06/14/2013	Citibank London	Mexican Peso		624,100	United States Dollar		50,000		1,204
06/14/2013	Deutsche Bank London	Mexican Peso		1,218,224	United States Dollar		100,000		(52)
06/14/2013	Goldman Sachs Intl Ltd London	Mexican Peso		6,585,176	United States Dollar		530,000		10,276
06/14/2013	Barclays Wholesale GTS	Thai Baht		46,717,825	United States Dollar		1,562,887		24,677
06/14/2013	Union Bank of Switzerland - London	Thai Baht		13,407,114	United States Dollar		460,646		(5,046)
06/14/2013	Bank of America Los Angeles	United States Dollar		2,635,277	Mexican Peso		31,992,529		10,471

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CURRENCY FUND^(A)

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
06/14/2013	Citibank London	United States Dollar		350,000	Mexican Peso		4,351,200	$	(6,991)
06/18/2013	Deutsche Bank London	Malaysian Ringgit		1,073,280	United States Dollar		343,791		8,042
06/24/2013	Chase Manhattan Bank London	Taiwan Dollar		52,319,562	United States Dollar		1,765,465		10,940
06/24/2013	Chase Manhattan Bank London	United States Dollar		110,000	Taiwan Dollar		3,273,820		(1,156)
06/24/2013	Deutsche Bank London	United States Dollar		80,000	Taiwan Dollar		2,392,800		(1,243)
06/24/2013	Union Bank of Switzerland - London	United States Dollar		330,000	Taiwan Dollar		9,842,250		(4,174)
06/28/2013	Chase Manhattan Bank London	Singapore Dollar		3,545,150	United States Dollar		2,838,254		40,094
06/28/2013	Deutsche Bank London	United States Dollar		545,472	Russian Ruble		17,462,200		(9,651)
06/28/2013	HSBC Bank PLC	United States Dollar		449,052	Russian Ruble		14,019,191		3,382
07/12/2013	Barclays Wholesale GTS	Thai Baht		11,671,613	United States Dollar		395,863		141
07/12/2013	Deutsche Bank London	Thai Baht		13,302,685	United States Dollar		451,053		291
07/15/2013	Barclays Wholesale GTS	Malaysian Ringgit		3,237,328	United States Dollar		1,051,251		8,314
07/17/2013	Standard Chartered London	Chinese Offshore Yuan		8,332,755	United States Dollar		1,290,000		58,070
07/17/2013	Standard Chartered London	Chinese Offshore Yuan		219,300	United States Dollar		34,350		1,128
07/17/2013	Standard Chartered London	United States Dollar		220,988	Chinese Offshore Yuan		1,410,455		(7,195)
07/17/2013	Standard Chartered London	United States Dollar		1,109,461	Chinese Offshore Yuan		7,141,600		(45,905)
07/18/2013	Citibank London	Argentine Peso		2,361,810	United States Dollar		421,000		572
07/23/2013	Union Bank of Switzerland - London	Thai Baht		11,996,816	United States Dollar		406,465		318
07/26/2013	Deutsche Bank London	United States Dollar		2,379,744	Mexican Peso		28,973,387		11,286
07/31/2013	Union Bank of Switzerland - London	Czech Koruna		34,065,348	United States Dollar		1,719,734		20,417
07/31/2013	Barclays Wholesale GTS	Hungarian Forint		276,822,384	United States Dollar		1,189,165		17,838
08/02/2013	Goldman Sachs Intl Ltd London	United States Dollar		655,526	Brazilian Real		1,327,408		1,186
08/02/2013	Morgan Stanley & Co. International	United States Dollar		720,597	Brazilian Real		1,459,532		1,127
08/02/2013	Union Bank of Switzerland - London	United States Dollar		644,353	Brazilian Real		1,311,064		(1,931)
09/04/2013	Barclays Wholesale GTS	Brazilian Real		7,687,574	United States Dollar		3,724,600		45,348
09/04/2013	Union Bank of Switzerland - London	Brazilian Real		1,606,443	United States Dollar		796,373		(8,581)
09/18/2013	CSFB Global Foreign Exchange London	Argentine Peso		385,372	United States Dollar		60,000		3,051
09/23/2013	Union Bank of Switzerland - London	Argentine Peso		383,400	United States Dollar		60,000		2,245
09/25/2013	Citibank London	Argentine Peso		456,505	United States Dollar		70,000		3,884
09/27/2013	Union Bank of Switzerland - London	Argentine Peso		514,400	United States Dollar		80,000		2,994
09/30/2013	Citibank London	Argentine Peso		654,460	United States Dollar		100,000		5,097
10/03/2013	Citibank London	Argentine Peso		846,300	United States Dollar		130,000		5,263
10/17/2013	Citibank London	Argentine Peso		2,515,800	United States Dollar		420,000		(26,787)
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		7,419,240	United States Dollar		1,110,000		69,190
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		7,116,635	United States Dollar		1,085,266		45,829
04/13/2015	HSBC Bank PLC	United States Dollar		1,328	Chinese Offshore Yuan		8,705		(55)
04/13/2015	HSBC Bank PLC	United States Dollar		590,000	Chinese Offshore Yuan		3,813,170		(16,053)
04/13/2015	HSBC Bank PLC	United States Dollar		590,000	Chinese Offshore Yuan		3,825,265		(17,975)
04/13/2015	HSBC Bank PLC	United States Dollar		1,050,000	Chinese Offshore Yuan		6,888,735		(44,873)
05/04/2015	Standard Chartered London	Chinese Offshore Yuan		7,614,360	United States Dollar		1,160,726		48,924
05/04/2015	Standard Chartered London	United States Dollar		1,170,000	Chinese Offshore Yuan		7,614,360		(39,649)
07/17/2015	Standard Chartered London	Chinese Offshore Yuan		7,141,600	United States Dollar		1,074,571		59,190
07/17/2015	Standard Chartered London	Chinese Offshore Yuan		1,410,455	United States Dollar		214,469		9,447
07/17/2015	Standard Chartered London	United States Dollar		1,290,000	Chinese Offshore Yuan		8,552,055		(67,678)

Total								$	509,096

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CURRENCY FUND^(A)

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Currency Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2013:


	Level 1		Level 2				Level 3		Total
Investments
Assets:
Corporate Bonds		$—		$	504,270			$—		$	504,270
Government Bonds		—			10,234,315			—			10,234,315
Short-Term Investments		—			35,999,285			—			35,999,285
Purchased Options		—			56,211			—			56,211
Total Investments		$—		$	46,794,081			$—		$	46,794,081
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$	1,142,012			$—		$	1,142,012
Liabilities:
Forward Foreign Currency Exchange Contracts		—			(632,916	)		—			(632,916	)
Total Other Financial Instruments		$—		$	509,096			$—		$	509,096

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2013:


	Derivatives Not Accounted for as Hedging Instruments
		Foreign Exchange
Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts			$1,142,012
Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts			$ (632,916)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CURRENCY FUND^(A)

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Month Period Ended April 30, 2013:


	Derivatives Not Accounted for as Hedging Instruments
		Foreign Exchange
Realized Gain on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts			$1,229,141

Net Change in Unrealized Appreciation on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts			$ 145,817

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


Federal tax cost of investments			$46,461,492
Gross tax appreciation of investments			$361,606
Gross tax depreciation of investments			(29,017)
Net tax appreciation of investments			$332,589

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

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2013 (Unaudited)


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

Argentina (Cost $1,002,975)
Argentina (Rep of) 8.750%, 06/02/2017			104,000	$	81,640		0.21
Argentina (Rep of) 8.280%, 12/31/2033			568,196		333,420		0.88
Argentina (Rep of) 2.500%, 12/31/2038			89,000		29,593		0.08
Argentina Boden Bonds 7.000%, 10/03/2015			399,000		345,985		0.91
Argentina Bonar Bonds 7.000%, 09/12/2013			113,000		114,130		0.30
					904,768		2.38
Azerbaijan (Cost $319,808)
State Oil Co. of the Azerbaijan Republic 5.450%, 02/09/2017			300,000		321,750		0.84

					321,750		0.84
Belarus (Cost $554,131)
Belarus (Rep of) 8.750%, 08/03/2015			300,000		312,750		0.82
Belarus (Rep of) 8.950%, 01/26/2018			280,000		303,800		0.80
					616,550		1.62
Bolivia (Cost $59,446)
Bolivian (Rep of) 4.875%, 10/29/2022			60,000		60,900		0.16
					60,900		0.16
Brazil (Cost $1,602,481)
Banco Nacional de Desenvolvimento Economico e Social 6.500%, 06/10/2019			240,000		287,400		0.76
Banco Nacional de Desenvolvimento Economico e Social 5.500%, 07/12/2020			100,000		115,375		0.30
Brazil (Fed Rep of) 5.875%, 01/15/2019			100,000		122,300		0.32
Brazil (Fed Rep of) 4.875%, 01/22/2021			250,000		297,750		0.78
Brazil (Fed Rep of) 2.625%, 01/05/2023			200,000		199,400		0.52
Brazil (Fed Rep of) 8.875%, 04/15/2024			70,000		110,600		0.29
Brazil (Fed Rep of) 10.125%, 05/15/2027			140,000		249,760		0.66
Brazil (Fed Rep of) 8.250%, 01/20/2034			190,000		304,760		0.80
					1,687,345		4.43
Chile (Cost $599,882)
Banco del Estado de Chile 4.125%, 10/07/2020			110,000		118,754		0.31
Banco del Estado de Chile 3.875%, 02/08/2022			150,000		158,561		0.42
Chile (Rep of) 3.250%, 09/14/2021			100,000		107,000		0.28
Corp. Nacional del Cobre de Chile 7.500%, 01/15/2019			100,000		127,086		0.34
Empresa Nacional del Petroleo 5.250%, 08/10/2020			100,000		107,648		0.28
					619,049		1.63
China (Cost $624,569)
Sinochem Overseas Capital Co. Ltd. 4.500%, 11/12/2020			490,000		538,313		1.41
Sinochem Overseas Capital Co. Ltd. 6.300%, 11/12/2040			100,000		120,137		0.32
					658,450		1.73
Colombia (Cost $1,437,179)
Colombia (Rep of) 7.375%, 03/18/2019			260,000		337,740		0.89
Colombia (Rep of) 11.750%, 02/25/2020			80,000		127,360		0.33
Colombia (Rep of) 4.375%, 07/12/2021			200,000		228,700		0.60
Colombia (Rep of) 8.125%, 05/21/2024			70,000		103,180		0.27
Colombia (Rep of) 7.375%, 09/18/2037			200,000		302,800		0.79
Colombia (Rep of) 6.125%, 01/18/2041			330,000		443,850		1.17
					1,543,630		4.05
Costa Rica (Cost $264,164)
Costa Rica (Rep of) 4.250%, 01/26/2023			140,000		142,100		0.37
Costa Rica (Rep of) 4.375%, 04/30/2025⁽²⁾			60,000		60,420		0.16

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Costa Rica - (continued)
Costa Rica (Rep of) 5.625%, 04/30/2043⁽²⁾			60,000	$	61,680		0.16
					264,200		0.69
Croatia (Cost $827,753)
Croatia (Rep of) 6.250%, 04/27/2017			200,000		220,068		0.58
Croatia (Rep of) 6.750%, 11/05/2019			200,000		228,668		0.60
Croatia (Rep of) 6.625%, 07/14/2020			380,000		433,010		1.14
					881,746		2.32
Dominican Republic (Cost $370,353)
Dominican (Rep of) 7.500%, 05/06/2021			200,000		229,700		0.60
Dominican (Rep of) 5.875%, 04/18/2024⁽²⁾			160,000		164,000		0.43
					393,700		1.03
Ecuador (Cost $100,000)
Ecuador (Rep of) 9.375%, 12/15/2015			100,000		105,000		0.28
					105,000		0.28
Egypt (Cost $197,586)
Egypt (Rep of) 6.875%, 04/30/2040			100,000		86,000		0.22
Nile Finance Ltd. 5.250%, 08/05/2015			100,000		94,250		0.25
					180,250		0.47
El Salvador (Cost $366,694)
El Salvador (Rep of) 7.375%, 12/01/2019			100,000		118,750		0.31
El Salvador (Rep of) 5.875%, 01/30/2025			80,000		84,000		0.22
El Salvador (Rep of) 8.250%, 04/10/2032			80,000		100,000		0.26
El Salvador (Rep of) 7.650%, 06/15/2035			80,000		93,000		0.25
					395,750		1.04
Georgia (Cost $218,546)
Georgian Railway JSC 7.750%, 07/11/2022			200,000		232,500		0.61
					232,500		0.61
Ghana (Cost $108,189)
Ghana (Rep of) 8.500%, 10/04/2017			100,000		115,000		0.30
					115,000		0.30
Guatemala (Cost $150,075)
Guatemala (Rep of) 4.875%, 02/13/2028			150,000		152,250		0.40
					152,250		0.40
Hungary (Cost $737,003)
Hungary (Rep of) 6.250%, 01/29/2020			180,000		200,025		0.52
Hungary (Rep of) 6.375%, 03/29/2021			228,000		255,086		0.67
Hungary (Rep of) 5.375%, 02/21/2023			80,000		82,478		0.22
Hungary (Rep of) 7.625%, 03/29/2041			234,000		274,658		0.72
					812,247		2.13
Indonesia (Cost $1,920,366)
Indonesia (Rep of) 10.375%, 05/04/2014			90,000		98,100		0.26
Indonesia (Rep of) 7.500%, 01/15/2016			150,000		172,500		0.45
Indonesia (Rep of) 6.875%, 01/17/2018			130,000		156,812		0.41
Indonesia (Rep of) 11.625%, 03/04/2019			100,000		148,250		0.39
Indonesia (Rep of) 4.875%, 05/05/2021			200,000		226,750		0.60
Indonesia (Rep of) 8.500%, 10/12/2035			130,000		201,988		0.53
Indonesia (Rep of) 7.750%, 01/17/2038			100,000		148,500		0.39
Majapahit Holding B.V. 7.750%, 10/17/2016			100,000		116,500		0.31
Majapahit Holding B.V. 8.000%, 08/07/2019			110,000		137,775		0.36
Majapahit Holding B.V. 7.750%, 01/20/2020			100,000		124,750		0.33
Pertamina Persero PT 6.000%, 05/03/2042			200,000		215,080		0.56
Perusahaan Listrik Negara PT 5.500%, 11/22/2021			200,000		222,000		0.58
Perusahaan Listrik Negara PT 5.250%, 10/24/2042			35,000		34,737		0.09
					2,003,742		5.26

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Iraq (Cost $355,581)
Iraq (Rep of) 5.800%, 01/15/2028			390,000	$	355,875		0.93
					355,875		0.93
Ivory Coast (Cost $489,481)
Ivory Coast (Rep of) 5.750%, 12/31/2032			690,000		658,950		1.73
					658,950		1.73
Kazakhstan (Cost $1,489,664)
Development Bank of Kazakhstan JSC 4.125%, 12/10/2022			200,000		197,100		0.52
Kazakhstan Temir Zholy Finance B.V. 6.375%, 10/06/2020			200,000		233,750		0.61
Kazakhstan Temir Zholy Finance B.V. 6.950%, 07/10/2042			57,000		67,545		0.18
Kazatomprom Natsionalnaya Atomnaya Kompaniya A.O. 6.250%, 05/20/2015			100,000		106,750		0.28
KazMunaiGaz Finance Sub B.V. 11.750%, 01/23/2015			150,000		173,625		0.45
KazMunaiGaz Finance Sub B.V. 9.125%, 07/02/2018			130,000		166,075		0.44
KazMunaiGaz Finance Sub B.V. 7.000%, 05/05/2020			70,000		84,350		0.22
KazMunaiGaz Finance Sub B.V. 6.375%, 04/09/2021			210,000		246,225		0.65
KazMunayGas National Co. JSC 4.400%, 04/30/2023⁽²⁾			70,000		70,700		0.18
KazMunayGas National Co. JSC 5.750%, 04/30/2043⁽²⁾			225,000		228,656		0.60
					1,574,776		4.13
Latvia (Cost $196,220)
Latvia (Rep of) 2.750%, 01/12/2020			200,000		199,500		0.52
					199,500		0.52
Lebanon (Cost $753,014)
Lebanon (Rep of) 5.150%, 11/12/2018			70,000		69,650		0.18
Lebanon (Rep of) 6.375%, 03/09/2020			220,000		227,150		0.60
Lebanon (Rep of) 6.100%, 10/04/2022			285,000		284,287		0.75
Lebanon (Rep of) 6.600%, 11/27/2026			160,000		160,400		0.42
					741,487		1.95
Lithuania (Cost $867,755)
Lithuania (Rep of) 5.125%, 09/14/2017			200,000		225,000		0.59
Lithuania (Rep of) 7.375%, 02/11/2020			100,000		129,348		0.34
Lithuania (Rep of) 6.125%, 03/09/2021			100,000		122,875		0.32
Lithuania (Rep of) 6.625%, 02/01/2022			400,000		510,600		1.34
					987,823		2.59
Malaysia (Cost $338,756)
Petronas Capital Ltd. 7.875%, 05/22/2022			50,000		70,288		0.18
Wakala Global Sukuk Bhd. 4.646%, 07/06/2021			250,000		283,617		0.75
					353,905		0.93
Mexico (Cost $1,781,127)
Comision Federal de Electricidad 5.750%, 02/14/2042			200,000		226,000		0.59
Mexico (Rep of) 5.625%, 01/15/2017			44,000		50,732		0.13
Mexico (Rep of) 5.950%, 03/19/2019			70,000		85,925		0.23
Mexico (Rep of) 5.125%, 01/15/2020			116,000		138,620		0.36
Mexico (Rep of) 3.625%, 03/15/2022			80,000		87,200		0.23
Mexico (Rep of) 6.750%, 09/27/2034			185,000		258,537		0.68
Mexico (Rep of) 6.050%, 01/11/2040			114,000		149,910		0.39
Mexico (Rep of) 4.750%, 03/08/2044			244,000		269,986		0.71
Mexico (Rep of) 5.750%, 10/12/2110			86,000		101,308		0.27
Pemex Project Funding Master Trust 5.750%, 03/01/2018			70,000		81,725		0.22
Petroleos Mexicanos 8.000%, 05/03/2019			100,000		130,000		0.34
Petroleos Mexicanos 6.000%, 03/05/2020			50,000		60,200		0.16
Petroleos Mexicanos 6.500%, 06/02/2041			176,000		218,680		0.57
Petroleos Mexicanos 5.500%, 06/27/2044			40,000		43,800		0.12
					1,902,623		5.00

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Mongolia (Cost $83,039)
Mongolia (Rep of) 5.125%, 12/05/2022			85,000	$	80,325		0.21
					80,325		0.21
Morocco (Cost $257,262)
Morocco (Rep of) 4.250%, 12/11/2022			150,000		155,437		0.41
Morocco (Rep of) 5.500%, 12/11/2042			100,000		104,000		0.27
					259,437		0.68
Nigeria (Cost $112,398)
Nigeria (Rep of) 6.750%, 01/28/2021			100,000		117,500		0.31
					117,500		0.31
Pakistan (Cost $128,672)
Pakistan (Rep of) 7.125%, 03/31/2016			150,000		142,500		0.37
					142,500		0.37
Panama (Cost $479,085)
Panama (Rep of) 7.125%, 01/29/2026			100,000		139,000		0.37
Panama (Rep of) 8.875%, 09/30/2027			70,000		111,895		0.29
Panama (Rep of) 9.375%, 04/01/2029			70,000		118,755		0.31
Panama (Rep of) 6.700%, 01/26/2036			85,000		118,278		0.31
Panama (Rep of) 4.300%, 04/29/2053			30,000		30,075		0.08
					518,003		1.36
Paraguay (Cost $150,928)
Paraguay (Rep of) 4.625%, 01/25/2023			150,000		153,000		0.40
					153,000		0.40
Peru (Cost $647,351)
Peru (Rep of) 7.125%, 03/30/2019			80,000		103,800		0.27
Peru (Rep of) 7.350%, 07/21/2025			215,000		312,288		0.82
Peru (Rep of) 8.750%, 11/21/2033			164,000		280,440		0.74
					696,528		1.83
Philippines (Cost $1,715,756)
Philippine (Rep of) 8.375%, 06/17/2019			150,000		203,062		0.53
Philippine (Rep of) 4.000%, 01/15/2021			150,000		169,125		0.45
Philippine (Rep of) 10.625%, 03/16/2025			65,000		111,394		0.29
Philippine (Rep of) 5.500%, 03/30/2026			200,000		251,750		0.66
Philippine (Rep of) 9.500%, 02/02/2030			250,000		428,125		1.13
Philippine (Rep of) 7.750%, 01/14/2031			217,000		328,755		0.86
Philippine (Rep of) 6.375%, 10/23/2034			200,000		278,750		0.73
Power Sector Assets & Liabilities Management Corp. 7.390%, 12/02/2024			100,000		136,250		0.36
					1,907,211		5.01
Poland (Cost $788,835)
Poland (Rep of) 6.375%, 07/15/2019			200,000		247,920		0.65
Poland (Rep of) 5.000%, 03/23/2022			320,000		373,616		0.98
Poland (Rep of) 3.000%, 03/17/2023			210,000		209,628		0.55
					831,164		2.18
Qatar (Cost $415,324)
Qatar (Rep of) 6.400%, 01/20/2040			100,000		136,000		0.36
Qatar (Rep of) 5.750%, 01/20/2042			220,000		279,400		0.73
					415,400		1.09
Romania (Cost $857,272)
Romania (Rep of) 6.750%, 02/07/2022			392,000		480,435		1.26
Romania (Rep of) 4.375%, 08/22/2023			400,000		413,980		1.09
					894,415		2.35

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Russian Federation (Cost $1,926,177)
Russian Agricultural Bank OJSC Via RSHB Capital S.A. 7.750%, 05/29/2018			100,000	$	117,250		0.31
Russian Foreign Bond - Eurobond 5.000%, 04/29/2020			100,000		115,375		0.30
Russian Foreign Bond - Eurobond 12.750%, 06/24/2028			80,000		156,800		0.41
Russian Foreign Bond - Eurobond 7.500%, 03/31/2030			577,375		726,338		1.91
Vnesheconombank Via VEB Finance PLC 5.450%, 11/22/2017			200,000		219,800		0.58
Vnesheconombank Via VEB Finance PLC 6.902%, 07/09/2020			490,000		581,140		1.53
Vnesheconombank Via VEB Finance PLC 6.800%, 11/22/2025			160,000		192,400		0.50
					2,109,103		5.54
Senegal (Cost $228,968)
Senegal (Rep of) 8.750%, 05/13/2021			200,000		241,500		0.63
					241,500		0.63
Serbia (Cost $360,643)
Serbia (Rep of) 4.875%, 02/25/2020			100,000		102,743		0.27
Serbia (Rep of) 7.250%, 09/28/2021			250,000		291,875		0.77
					394,618		1.04
South Africa (Cost $715,739)
South Africa (Rep of) 6.875%, 05/27/2019			120,000		149,700		0.39
South Africa (Rep of) 5.500%, 03/09/2020			150,000		176,625		0.47
South Africa (Rep of) 5.875%, 05/30/2022			130,000		158,438		0.42
South Africa (Rep of) 6.250%, 03/08/2041			200,000		260,000		0.68
					744,763		1.96
Sri Lanka (Cost $417,680)
Bank of Ceylon 6.875%, 05/03/2017			200,000		212,700		0.56
Sri Lanka (Rep of) 6.250%, 07/27/2021			200,000		217,042		0.57
					429,742		1.13
Turkey (Cost $2,262,520)
Turkey (Rep of) 7.000%, 09/26/2016			130,000		150,637		0.40
Turkey (Rep of) 7.500%, 07/14/2017			100,000		120,625		0.32
Turkey (Rep of) 6.750%, 04/03/2018			260,000		310,050		0.81
Turkey (Rep of) 7.000%, 03/11/2019			100,000		123,130		0.32
Turkey (Rep of) 7.500%, 11/07/2019			100,000		127,500		0.33
Turkey (Rep of) 5.625%, 03/30/2021			100,000		117,250		0.31
Turkey (Rep of) 3.250%, 03/23/2023			150,000		147,938		0.39
Turkey (Rep of) 7.375%, 02/05/2025			210,000		280,350		0.74
Turkey (Rep of) 11.875%, 01/15/2030			50,000		95,225		0.25
Turkey (Rep of) 8.000%, 02/14/2034			80,000		116,400		0.31
Turkey (Rep of) 6.875%, 03/17/2036			144,000		188,640		0.49
Turkey (Rep of) 6.750%, 05/30/2040			130,000		170,300		0.45
Turkey (Rep of) 6.000%, 01/14/2041			400,000		481,000		1.26
					2,429,045		6.38
Ukraine (Cost $1,886,496)
National JSC Naftogaz of Ukraine 9.500%, 09/30/2014			110,000		114,081		0.30
State Export-Import Bank of Ukraine JSC via Biz Finance PLC 8.750%, 01/22/2018			260,000		255,450		0.67
Ukraine (Rep of) 9.250%, 07/24/2017			350,000		373,625		0.98
Ukraine (Rep of) 7.750%, 09/23/2020			100,000		101,500		0.27
Ukraine (Rep of) 7.950%, 02/23/2021			350,000		356,125		0.93
Ukraine (Rep of) 7.800%, 11/28/2022			660,000		657,459		1.73
					1,858,240		4.88

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
United Arab Emirates (Cost $813,388)
Emirate of Dubai (Rep of) 7.750%, 10/05/2020			700,000	$	878,500		2.31
					878,500		2.31
Uruguay (Cost $761,738)
Uruguay (Rep of) 8.000%, 11/18/2022			164,554		236,300		0.62
Uruguay (Rep of) 7.875%, 01/15/2033			162,000		245,349		0.65
Uruguay (Rep of) 7.625%, 03/21/2036			126,000		190,071		0.50
Uruguay (Rep of) 4.125%, 11/20/2045			149,920		145,872		0.38
					817,592		2.15
Venezuela (Cost $2,016,013)
Petroleos de Venezuela S.A. 5.250%, 04/12/2017			80,000		69,400		0.18
Petroleos de Venezuela S.A. 12.750%, 02/17/2022			65,000		72,475		0.19
Petroleos de Venezuela S.A. 5.375%, 04/12/2027			290,000		203,000		0.53
Petroleos de Venezuela S.A. 5.500%, 04/12/2037			23,000		15,640		0.04
Venezuela (Rep of) 10.750%, 09/19/2013			10,000		10,200		0.03
Venezuela (Rep of) 8.500%, 10/08/2014			40,000		40,800		0.11
Venezuela (Rep of) 5.750%, 02/26/2016			60,000		56,850		0.15
Venezuela (Rep of) 7.750%, 10/13/2019			110,000		103,400		0.27
Venezuela (Rep of) 6.000%, 12/09/2020			60,000		50,400		0.13
Venezuela (Rep of) 12.750%, 08/23/2022			192,000		219,168		0.58
Venezuela (Rep of) 9.000%, 05/07/2023			121,000		115,132		0.30
Venezuela (Rep of) 8.250%, 10/13/2024			105,000		94,658		0.25
Venezuela (Rep of) 7.650%, 04/21/2025			46,000		39,859		0.11
Venezuela (Rep of) 11.750%, 10/21/2026			427,000		466,070		1.22
Venezuela (Rep of) 9.250%, 09/15/2027			140,000		137,550		0.36
Venezuela (Rep of) 9.250%, 05/07/2028			145,000		138,692		0.36
Venezuela (Rep of) 11.950%, 08/05/2031			450,000		495,675		1.30
					2,328,969		6.11
Vietnam (Cost $321,409)
Vietnam (Rep of) 6.875%, 01/15/2016			100,000		110,750		0.29
Vietnam (Rep of) 6.750%, 01/29/2020			200,000		237,500		0.62
					348,250		0.91
Zambia (Cost $50,206)
Zambia (Rep of) 5.375%, 09/20/2022			50,000		48,937		0.13
					48,937		0.13
Total Debt Securities (Cost $35,129,697)					37,368,508		98.11

Total Investments (Total Cost $35,129,697)					37,368,508		98.11

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					720,042		1.89

Net Assets				$	38,088,550		100.00

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

⁽²⁾	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SOVEREIGN DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Sovereign Debt Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2013:


	Level 1		Level 2			Level 3		Total
Investments
Assets:
Corporate Bonds		$—		$	7,046,922		$—		$	7,046,922
Government Agencies		—			620,750		—			620,750
Government Bonds		—			29,417,220		—			29,417,220
Financial Certificates		—			283,616		—			283,616
Total Investments		$—		$	37,368,508		$—		$	37,368,508

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

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Month Period Ended April 30, 2013:


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

^* See note 9 in the Notes to the Financial Statements for additional information.
At April 30, 2013, for U.S. federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation/(depreciation) on investments in securities (including the effects of foreign currency translation) and the cost basis of investments were as follows:


Federal tax cost of investments	$35,153,249
Gross tax appreciation of investments	$2,487,489
Gross tax depreciation of investments	(272,230	)
Net tax appreciation of investments	$2,215,259

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2013 (Unaudited)


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

Argentina (Cost $9,377,647)
Argentina Boden Bonds 7.000%, 10/03/2015			1,609,000	$	1,395,236		0.24
Argentina Bonar Bonds 7.000%, 09/12/2013			365,000		368,650		0.06
Argentine (Rep of) 8.750%, 06/02/2017			411,000		322,635		0.05
Argentine (Rep of) 8.280%, 12/31/2033			1,739,458		1,028,455		0.18
Argentine (Rep of) 8.280%, 12/31/2033			475,889		272,447		0.05
Argentine (Rep of) 2.500%, 12/31/2038			349,000		116,042		0.02
WPE International Cooperatief UA 10.375%, 09/30/2020			6,100,000		5,581,500		0.96
					9,084,965		1.56
Azerbaijan (Cost $876,541)
State Oil Co. of the Azerbaijan Republic 5.450%, 02/09/2017			830,000		890,175		0.15
					890,175		0.15
Belarus (Cost $2,124,290)
Belarus (Rep of) 8.750%, 08/03/2015			1,050,000		1,094,625		0.19
Belarus (Rep of) 8.950%, 01/26/2018			1,094,000		1,186,990		0.20
					2,281,615		0.39
Bolivia (Cost $527,004)
Bolivian (Rep of) 4.875%, 10/29/2022			530,000		537,950		0.09
					537,950		0.09
Brazil (Cost $42,217,044)
Banco Nacional de Desenvolvimento Economico e Social 6.500%, 06/10/2019			630,000		754,425		0.13
Banco Nacional de Desenvolvimento Economico e Social 5.500%, 07/12/2020			440,000		507,650		0.09
Banco Votorantim S.A. 6.250%, 05/16/2016	BRL		8,700,000		5,067,049		0.87
Brazil (Fed Rep of) 5.875%, 01/15/2019			365,000		446,395		0.08
Brazil (Fed Rep of) 4.875%, 01/22/2021			1,347,000		1,604,277		0.27
Brazil (Fed Rep of) 2.625%, 01/05/2023			300,000		299,100		0.05
Brazil (Fed Rep of) 8.500%, 01/05/2024	BRL		4,590,000		2,553,377		0.44
Brazil (Fed Rep of) 8.875%, 04/15/2024			430,000		679,400		0.12
Brazil (Fed Rep of) 10.125%, 05/15/2027			494,000		881,296		0.15
Brazil (Fed Rep of) 8.250%, 01/20/2034			725,000		1,162,900		0.20
Brazil Letras do Tesouro Nacional 0.000%, 01/01/2015	BRL		920,000		401,474		0.07
Brazil Notas do Tesouro Nacional, Serie B 6.000%, 08/15/2016	BRL		1,080,000		1,334,130		0.23
Brazil Notas do Tesouro Nacional, Serie B 6.000%, 08/15/2020	BRL		4,580,000		5,962,800		1.02
Brazil Notas do Tesouro Nacional, Serie B 6.000%, 08/15/2050	BRL		810,000		1,180,471		0.20
Cosan Luxembourg S.A. 9.500%, 03/14/2018⁽²⁾	BRL		1,600,000		831,688		0.14
Fibria Overseas Finance Ltd. 6.750%, 03/03/2021			1,200,000		1,339,500		0.23
JBS Finance II Ltd. 8.250%, 01/29/2018			3,533,000		3,815,640		0.65
Marfrig Holding Europe B.V. 8.375%, 05/09/2018			2,750,000		2,447,500		0.42
Marfrig Overseas Ltd. 9.500%, 05/04/2020			700,000		637,000		0.11
Minerva Luxembourg S.A. 12.250%, 02/10/2022			1,400,000		1,729,000		0.30
Minerva Luxembourg S.A. 7.750%, 01/31/2023			2,268,000		2,421,544		0.42
NII Capital Corp. 7.625%, 04/01/2021			3,100,000		2,743,500		0.47
OGX Austria GmbH 8.500%, 06/01/2018			2,900,000		1,819,750		0.31
Oi S.A. 9.750%, 09/15/2016	BRL		1,000,000		521,054		0.09

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Brazil - (continued)
OSX 3 Leasing B.V. 9.250%, 03/20/2015⁽²⁾			700,000	$	647,500		0.11
					41,788,420		7.17
Chile (Cost $5,824,283)
Automotores Gildemeister S.A. 6.750%, 01/15/2023			1,100,000		1,127,500		0.19
Banco del Estado de Chile 4.125%, 10/07/2020			510,000		550,584		0.09
Banco del Estado de Chile 3.875%, 02/08/2022			150,000		158,561		0.03
Banco Santander Chile 6.500%, 09/22/2020	CLP		186,500,000		392,048		0.07
Chile (Rep of) 5.500%, 08/05/2020	CLP		330,000,000		741,563		0.13
Corp. Nacional del Cobre de Chile 7.500%, 01/15/2019			200,000		254,173		0.04
Corp. Nacional del Cobre de Chile 3.750%, 11/04/2020			200,000		213,825		0.04
Corp. Nacional del Cobre de Chile 3.875%, 11/03/2021			485,000		522,482		0.09
Empresa Nacional del Petroleo 6.250%, 07/08/2019			170,000		192,960		0.03
Empresa Nacional del Petroleo 5.250%, 08/10/2020			160,000		172,237		0.03
Inversiones Alsacia S.A. 8.000%, 08/18/2018			959,655		801,312		0.14
SMU S.A. 7.750%, 02/08/2020			500,000		531,875		0.09
					5,659,120		0.97
China (Cost $34,581,376)
Agile Property Holdings Ltd. 9.875%, 03/20/2017			1,402,000		1,598,280		0.27
Central China Real Estate Ltd. 12.250%, 10/20/2015			900,000		986,580		0.17
Central China Real Estate Ltd. 8.000%, 01/28/2020			377,000		395,163		0.07
China Oriental Group Co. Ltd. 8.000%, 08/18/2015			1,100,000		1,152,250		0.20
China Oriental Group Co. Ltd. 7.000%, 11/17/2017			1,600,000		1,628,000		0.28
China Oriental Group Co. Ltd. 7.000%, 11/17/2017			194,000		197,395		0.03
China SCE Property Holdings Ltd. 10.500%, 01/14/2016	CNY		5,000,000		856,709		0.15
China Shanshui Cement Group Ltd. 6.500%, 07/22/2014	CNY		3,000,000		497,837		0.08
China Shanshui Cement Group Ltd. 10.500%, 04/27/2017			1,700,000		1,925,250		0.33
China Shanshui Cement Group Ltd. 10.500%, 04/27/2017			500,000		566,250		0.10
Country Garden Holdings Co. Ltd. 10.500%, 08/11/2015			176,000		197,394		0.03
Country Garden Holdings Co. Ltd. 11.125%, 02/23/2018			1,048,000		1,202,580		0.21
Country Garden Holdings Co. Ltd. 7.500%, 01/10/2023			500,000		521,250		0.09
Emerald Plantation Holdings Ltd. 6.000%, 01/30/2020			309,620		193,512		0.03
Evergrande Real Estate Group Ltd. 13.000%, 01/27/2015			2,279,000		2,484,110		0.43
Evergrande Real Estate Group Ltd. 9.250%, 01/19/2016	CNY		5,120,000		852,869		0.15
Far East Energy Bermuda Ltd. 13.000%, 01/15/2016			1,400,000		1,400,000		0.24
Fosun International Ltd. 7.500%, 05/12/2016			1,600,000		1,700,000		0.29
Gemdale International Holding Ltd. 9.150%, 07/26/2015	CNY		4,750,000		839,292		0.14
Gemdale International Investment Ltd. 7.125%, 11/16/2017			1,100,000		1,148,871		0.20
Hengdeli Holdings Ltd. 6.250%, 01/29/2018			2,000,000		2,095,336		0.36
Hidili Industry International Development Ltd. 8.625%, 11/04/2015			2,100,000		1,554,000		0.27
Lafarge Shui on Cement Ltd. 9.000%, 11/14/2014	CNY		2,750,000		479,818		0.08
Longfor Properties Co. Ltd. 9.500%, 04/07/2016			900,000		984,375		0.17
Longfor Properties Co. Ltd. 9.500%, 04/07/2016			300,000		328,125		0.06
Powerlong Real Estate Holdings Ltd. 11.500%, 03/17/2014	CNY		1,000,000		167,284		0.03
RKI Finance 2011 Ltd. 6.000%, 02/25/2014	CNY		1,750,000		288,029		0.05
Shimao Property Holdings Ltd. 9.650%, 08/03/2017			775,000		853,417		0.15
Shimao Property Holdings Ltd. 11.000%, 03/08/2018			475,000		546,080		0.09
Sinochem Overseas Capital Co. Ltd. 4.500%, 11/12/2020			1,662,000		1,825,868		0.31
Sinochem Overseas Capital Co. Ltd. 6.300%, 11/12/2040			660,000		792,907		0.14
Sino-Forest Corp. 5.000%, 08/01/2013⁽³⁾			176,000		—		—
Sino-Forest Corp. 5.000%, 08/01/2013⁽³⁾			100,000		—		—
Sino-Forest Corp. 10.250%, 07/28/2014⁽³⁾			226,000		—		—
Sino-Forest Corp. 10.250%, 07/28/2014⁽³⁾			30,000		—		—

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
China - (continued)
Sino-Forest Corp. 4.250%, 12/15/2016⁽³⁾			694,000	$	—		—
Sino-Forest Corp. 4.250%, 12/15/2016⁽³⁾			10,000		—		—
Sino-Forest Corp. 6.250%, 10/21/2017⁽³⁾			500,000		—		—
Sino-Forest Corp. 6.250%, 10/21/2017⁽³⁾			128,000		—		—
Sunac China Holdings Ltd. 9.375%, 04/05/2018			2,350,000		2,472,106		0.42
Yanlord Land Group Ltd. 9.500%, 03/29/2018			1,425,000		1,549,687		0.26
Yanlord Land Group Ltd. 10.625%, 03/29/2018			775,000		883,500		0.15
					35,164,124		6.03
Colombia (Cost $14,419,969)
Colombia (Rep of) 12.000%, 10/22/2015	COP		4,581,000,000		3,000,729		0.51
Colombia (Rep of) 7.375%, 03/18/2019			880,000		1,143,120		0.20
Colombia (Rep of) 11.750%, 02/25/2020			288,000		458,496		0.08
Colombia (Rep of) 7.750%, 04/14/2021	COP		722,000,000		494,814		0.08
Colombia (Rep of) 4.375%, 07/12/2021			800,000		914,800		0.16
Colombia (Rep of) 4.375%, 03/21/2023	COP		1,030,000,000		569,944		0.10
Colombia (Rep of) 8.125%, 05/21/2024			58,000		85,492		0.01
Colombia (Rep of) 9.850%, 06/28/2027	COP		448,000,000		380,917		0.07
Colombia (Rep of) 7.375%, 09/18/2037			650,000		984,100		0.17
Colombia (Rep of) 6.125%, 01/18/2041			1,672,000		2,248,840		0.39
Colombian TES 10.000%, 07/24/2024	COP		1,505,000,000		1,181,020		0.20
Colombian TES 7.500%, 08/26/2026	COP		1,294,000,000		858,113		0.15
Emgesa S.A. ESP 8.750%, 01/25/2021	COP		818,000,000		542,768		0.09
Empresa de Telecomunicaciones de Bogota 7.000%, 01/17/2023	COP		1,416,000,000		822,793		0.14
Empresas Publicas de Medellin ESP 8.375%, 02/01/2021	COP		1,306,000,000		841,168		0.14
					14,527,114		2.49
Costa Rica (Cost $1,234,458)
Costa Rica (Rep of) 4.250%, 01/26/2023			775,000		786,625		0.13
Costa Rica (Rep of) 4.375%, 04/30/2025⁽²⁾			220,000		221,540		0.04
Costa Rica (Rep of) 5.625%, 04/30/2043⁽²⁾			220,000		226,160		0.04
					1,234,325		0.21
Croatia (Cost $3,338,336)
Croatia (Rep of) 6.250%, 04/27/2017			450,000		495,153		0.08
Croatia (Rep of) 6.750%, 11/05/2019			470,000		537,370		0.09
Croatia (Rep of) 6.625%, 07/14/2020			975,000		1,111,012		0.19
Croatia (Rep of) 6.375%, 03/24/2021			1,221,000		1,379,730		0.24
					3,523,265		0.60
Czech Republic (Cost $3,650,272)
Central European Media Enterprises Ltd. 11.625%, 09/15/2016	EUR		2,750,000		3,875,125		0.66
					3,875,125		0.66
Dominican Republic (Cost $1,476,474)
Dominican (Rep of) 7.500%, 05/06/2021			793,000		910,761		0.16
Dominican (Rep of) 5.875%, 04/18/2024⁽²⁾			600,000		615,000		0.10
					1,525,761		0.26
Ecuador (Cost $318,591)
Ecuador (Rep of) 9.375%, 12/15/2015			310,000		325,500		0.06
					325,500		0.06
Egypt (Cost $660,115)
Egypt (Rep of) 5.750%, 04/29/2020			200,000		185,000		0.03
Egypt (Rep of) 6.875%, 04/30/2040			285,000		245,100		0.04
Nile Finance Ltd. 5.250%, 08/05/2015			200,000		188,500		0.04
					618,600		0.11

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
El Salvador (Cost $2,422,723)
El Salvador (Rep of) 7.375%, 12/01/2019			330,000	$	391,875		0.07
El Salvador (Rep of) 5.875%, 01/30/2025			485,000		509,250		0.09
El Salvador (Rep of) 8.250%, 04/10/2032			75,000		93,750		0.01
El Salvador (Rep of) 7.650%, 06/15/2035			100,000		116,250		0.02
El Salvador (Rep of) 7.625%, 02/01/2041			400,000		465,000		0.08
Telemovil Finance Co. Ltd. 8.000%, 10/01/2017			850,000		918,000		0.16
					2,494,125		0.43
Gabon (Cost $322,692)
Gabonese (Rep of) 8.200%, 12/12/2017			265,000		321,975		0.05
					321,975		0.05
Georgia (Cost $865,091)
Georgia (Rep of) 6.875%, 04/12/2021			415,000		480,155		0.08
Georgian Railway JSC 7.750%, 07/11/2022			370,000		430,125		0.08
					910,280		0.16
Ghana (Cost $1,189,831)
Ghana (Rep of) 21.000%, 10/26/2015	GHS		1,110,000		590,388		0.10
Ghana (Rep of) 8.500%, 10/04/2017			535,000		615,250		0.11
					1,205,638		0.21
Guatemala (Cost $650,324)
Guatemala (Rep of) 4.875%, 02/13/2028			650,000		659,750		0.11
					659,750		0.11
Hong Kong (Cost $2,225,127)
CFG Investment SAC 9.750%, 07/30/2019			2,350,000		2,150,250		0.37
					2,150,250		0.37
Hungary (Cost $11,598,678)
Hungary (Rep of) 5.500%, 02/12/2016	HUF		850,000,000		3,840,982		0.66
Hungary (Rep of) 6.750%, 11/24/2017	HUF		665,000,000		3,141,536		0.54
Hungary (Rep of) 6.500%, 06/24/2019	HUF		60,000,000		283,753		0.05
Hungary (Rep of) 6.250%, 01/29/2020			659,000		732,314		0.12
Hungary (Rep of) 6.375%, 03/29/2021			818,000		915,178		0.16
Hungary (Rep of) 7.000%, 06/24/2022	HUF		330,000,000		1,619,814		0.28
Hungary (Rep of) 5.375%, 02/21/2023			326,000		336,100		0.06
Hungary (Rep of) 7.625%, 03/29/2041			958,000		1,124,452		0.19
					11,994,129		2.06
India (Cost $4,404,584)
Bharti Airtel International Netherlands B.V. 5.125%, 03/11/2023⁽²⁾			600,000		616,560		0.11
Export-Import Bank of India 4.000%, 01/14/2023			468,000		475,961		0.08
India (Rep of) 8.330%, 07/09/2026	INR		30,000,000		581,933		0.10
Reliance Holdings USA, Inc. 6.250%, 10/19/2040			419,000		474,780		0.08
Vedanta Resources PLC 8.250%, 06/07/2021			2,200,000		2,398,000		0.41
					4,547,234		0.78
Indonesia (Cost $8,480,282)
Indo Energy Finance II B.V. 6.375%, 01/24/2023			800,000		812,960		0.14
Indonesia (Rep of) 7.500%, 01/15/2016			486,000		558,900		0.10
Indonesia (Rep of) 6.875%, 01/17/2018			475,000		572,969		0.10
Indonesia (Rep of) 11.625%, 03/04/2019			380,000		563,350		0.10
Indonesia (Rep of) 5.875%, 03/13/2020			336,000		399,000		0.07
Indonesia (Rep of) 4.875%, 05/05/2021			400,000		453,500		0.08
Indonesia (Rep of) 6.125%, 05/15/2028	IDR		3,600,000,000		370,371		0.06
Indonesia (Rep of) 8.500%, 10/12/2035			345,000		536,044		0.09
Indonesia (Rep of) 6.625%, 02/17/2037			425,000		557,812		0.10
Indonesia (Rep of) 7.750%, 01/17/2038			550,000		816,750		0.14

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Indonesia - (continued)
Majapahit Holding B.V. 7.750%, 10/17/2016			355,000	$	413,575		0.07
Majapahit Holding B.V. 8.000%, 08/07/2019			470,000		588,675		0.10
Majapahit Holding B.V. 7.750%, 01/20/2020			300,000		374,250		0.06
Pertamina Persero PT 6.000%, 05/03/2042			635,000		682,879		0.12
Perusahaan Listrik Negara PT 5.500%, 11/22/2021			660,000		732,600		0.12
Perusahaan Listrik Negara PT 5.250%, 10/24/2042			200,000		198,500		0.03
					8,632,135		1.48
Iraq (Cost $1,115,294)
Iraq (Rep of) 5.800%, 01/15/2028			1,240,000		1,131,500		0.19
					1,131,500		0.19
Israel (Cost $5,397,090)
Altice Financing S.A. 7.875%, 12/15/2019			400,000		442,000		0.07
Altice Financing S.A. 8.000%, 12/15/2019	EUR		1,200,000		1,738,374		0.30
Altice Finco S.A. 9.875%, 12/15/2020			2,500,000		2,847,500		0.49
Plaza Centers N.V. 5.400%, 07/01/2015	ILS		2,000,000		507,113		0.09
					5,534,987		0.95
Ivory Coast (Cost $2,281,444)
Ivory Coast (Rep of) 5.750%, 12/31/2032			2,720,000		2,597,600		0.45
					2,597,600		0.45
Jamaica (Cost $5,136,058)
Digicel Group Ltd. 8.250%, 09/30/2020			4,400,000		4,708,000		0.81
Digicel Ltd. 6.000%, 04/15/2021			400,000		401,000		0.07
					5,109,000		0.88
Kazakhstan (Cost $12,912,265)
ATF Bank JSC 9.000%, 05/11/2016			800,000		763,080		0.13
BTA Bank JSC 5.500%, 12/21/2022			200,000		151,000		0.03
Development Bank of Kazakhstan JSC 4.125%, 12/10/2022			1,000,000		985,500		0.17
Halyk Savings Bank of Kazakhstan JSC 7.250%, 01/28/2021			1,100,000		1,171,610		0.20
Kazakhstan Temir Zholy Finance B.V. 6.375%, 10/06/2020			795,000		929,156		0.16
Kazakhstan Temir Zholy Finance B.V. 6.950%, 07/10/2042			500,000		592,500		0.10
Kazatomprom Natsionalnaya Atomnaya Kompaniya A.O. 6.250%, 05/20/2015			455,000		485,712		0.08
Kazkommertsbank JSC 8.500%, 05/11/2018			4,050,000		3,979,125		0.68
KazMunaiGaz Finance Sub B.V. 11.750%, 01/23/2015			278,000		321,785		0.06
KazMunaiGaz Finance Sub B.V. 9.125%, 07/02/2018			291,000		371,753		0.06
KazMunaiGaz Finance Sub B.V. 7.000%, 05/05/2020			280,000		337,400		0.06
KazMunaiGaz Finance Sub B.V. 6.375%, 04/09/2021			450,000		527,625		0.09
KazMunayGas National Co. JSC 4.400%, 04/30/2023⁽²⁾			275,000		277,750		0.05
KazMunayGas National Co. JSC 5.750%, 04/30/2043⁽²⁾			850,000		863,813		0.15
Zhaikmunai L.P. 7.125%, 11/13/2019			1,400,000		1,515,500		0.26
					13,273,309		2.28
Kuwait (Cost $2,785,604)
Kuwait Projects Co. 9.375%, 07/15/2020			2,260,000		2,904,326		0.50
					2,904,326		0.50
Latvia (Cost $833,937)
Latvia (Rep of) 2.750%, 01/12/2020			850,000		847,875		0.15
					847,875		0.15
Lebanon (Cost $2,817,696)
Lebanon (Rep of) 5.150%, 11/12/2018			320,000		318,400		0.06
Lebanon (Rep of) 6.375%, 03/09/2020			811,000		837,358		0.14
Lebanon (Rep of) 8.250%, 04/12/2021			162,000		183,870		0.03
Lebanon (Rep of) 6.100%, 10/04/2022			1,090,000		1,087,275		0.19

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Lebanon - (continued)
Lebanon (Rep of) 6.600%, 11/27/2026			356,000	$	356,890		0.06
					2,783,793		0.48
Lithuania (Cost $3,650,098)
Lithuania (Rep of) 5.125%, 09/14/2017			510,000		573,750		0.10
Lithuania (Rep of) 7.375%, 02/11/2020			900,000		1,164,132		0.20
Lithuania (Rep of) 6.125%, 03/09/2021			420,000		516,075		0.09
Lithuania (Rep of) 6.625%, 02/01/2022			1,291,000		1,647,962		0.28
					3,901,919		0.67
Malaysia (Cost $11,894,483)
Malaysia (Govt of) 4.262%, 09/15/2016	MYR		2,700,000		922,914		0.16
Malaysia (Govt of) 4.012%, 09/15/2017	MYR		3,700,000		1,256,772		0.21
Malaysia (Govt of) 3.314%, 10/31/2017	MYR		2,900,000		958,059		0.16
Malaysia (Govt of) 3.580%, 09/28/2018	MYR		2,600,000		868,342		0.15
Malaysia (Govt of) 4.378%, 11/29/2019	MYR		3,800,000		1,326,118		0.23
Malaysia (Govt of) 3.492%, 03/31/2020	MYR		5,200,000		1,727,142		0.29
Malaysia (Govt of) 4.160%, 07/15/2021	MYR		6,500,000		2,255,766		0.39
Malaysia (Govt of) 3.480%, 03/15/2023	MYR		1,700,000		563,692		0.10
Malaysia (Govt of) 3.502%, 05/31/2027	MYR		2,100,000		678,607		0.12
Petronas Capital Ltd. 5.250%, 08/12/2019			350,000		412,731		0.07
Petronas Capital Ltd. 7.875%, 05/22/2022			340,000		477,961		0.08
Wakala Global Sukuk Bhd. 4.646%, 07/06/2021			500,000		567,233		0.10
					12,015,337		2.06
Mexico (Cost $29,520,769)
America Movil S.A.B de C.V. 6.450%, 12/05/2022	MXN		9,860,000		882,758		0.15
Cemex Espana Luxembourg 9.250%, 05/12/2020			4,136,000		4,549,600		0.78
Comision Federal de Electricidad 4.875%,			295,000		335,562		0.06
Comision Federal de Electricidad 4.875%, 05/26/2021			200,000		227,500		0.04
Comision Federal de Electricidad 5.750%, 02/14/2042			370,000		418,100		0.07
Corp. GEO S.A.B. de C.V. 8.875%, 03/27/2022			1,400,000		637,000		0.11
Desarrolladora Homex S.A.B. de C.V. 9.750%, 03/25/2020			1,250,000		756,250		0.13
Grupo Papelero Scribe S.A. de C.V. 8.875%, 04/07/2020			400,000		396,000		0.07
Mexican Bonos 7.500%, 06/03/2027	MXN		30,440,000		3,199,796		0.55
Mexican Bonos 8.500%, 05/31/2029	MXN		29,460,000		3,383,175		0.58
Mexican Bonos 7.750%, 05/29/2031	MXN		24,950,000		2,704,232		0.46
Mexican Bonos 10.000%, 11/20/2036	MXN		10,800,000		1,453,144		0.25
Mexican Bonos 8.500%, 11/18/2038	MXN		13,700,000		1,630,368		0.28
Mexican Udibonos 4.000%, 11/15/2040	MXN		1,930,000		1,127,027		0.19
Mexico (Rep of) 5.625%, 01/15/2017			180,000		207,540		0.04
Mexico (Rep of) 5.950%, 03/19/2019			286,000		351,065		0.06
Mexico (Rep of) 5.125%, 01/15/2020			400,000		478,000		0.08
Mexico (Rep of) 3.625%, 03/15/2022			330,000		359,700		0.06
Mexico (Rep of) 6.750%, 09/27/2034			829,000		1,158,528		0.20
Mexico (Rep of) 6.050%, 01/11/2040			462,000		607,530		0.10
Mexico (Rep of) 4.750%, 03/08/2044			806,000		891,839		0.15
Mexico (Rep of) 5.750%, 10/12/2110			238,000		280,364		0.05
Pemex Project Funding Master Trust 5.750%, 03/01/2018			327,000		381,773		0.07
Petroleos Mexicanos 8.000%, 05/03/2019			410,000		533,000		0.09
Petroleos Mexicanos 6.000%, 03/05/2020			242,000		291,368		0.05
Petroleos Mexicanos 7.650%, 11/24/2021	MXN		5,500,000		521,314		0.09
Petroleos Mexicanos 6.500%, 06/02/2041			573,000		711,952		0.12
Petroleos Mexicanos 5.500%, 06/27/2044			115,000		125,925		0.02
Urbi Desarrollos Urbanos S.A.B. de C.V. 9.500%, 01/21/2020			875,000		266,875		0.05

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Mexico - (continued)
Urbi Desarrollos Urbanos S.A.B. de C.V. 9.500%, 01/21/2020			200,000	$	61,000		0.01
Urbi Desarrollos Urbanos S.A.B. de C.V. 9.750%, 02/03/2022			3,427,000		1,045,235		0.18
					29,973,520		5.14
Mongolia (Cost $2,403,763)
Mongolia (Rep of) 5.125%, 12/05/2022			270,000		255,150		0.04
Mongolian Mining Corp. 8.875%, 03/29/2017			2,075,000		2,124,385		0.37
					2,379,535		0.41
Morocco (Cost $877,438)
Morocco (Rep of) 4.250%, 12/11/2022			455,000		471,494		0.08
Morocco (Rep of) 5.500%, 12/11/2042			400,000		416,000		0.07
					887,494		0.15
Nigeria (Cost $12,359,863)
Afren PLC 11.500%, 02/01/2016			1,500,000		1,781,250		0.31
Afren PLC 11.500%, 02/01/2016			400,000		475,000		0.08
Afren PLC 10.250%, 04/08/2019			1,900,000		2,265,750		0.39
Nigeria (Rep of) 16.000%, 06/29/2019	NGN		50,000,000		369,272		0.06
Nigeria (Rep of) 6.750%, 01/28/2021			400,000		470,000		0.08
Nigeria (Rep of) 16.390%, 01/27/2022	NGN		261,500,000		2,063,367		0.35
Nigeria Treasury Bill 11.000%, 06/27/2013⁽⁴⁾	NGN		20,000,000		124,315		0.02
Nigeria Treasury Bill 13.760%, 08/08/2013⁽⁴⁾	NGN		176,900,000		1,084,923		0.19
Nigeria Treasury Bill 10.660%, 09/26/2013⁽⁴⁾	NGN		62,000,000		373,314		0.06
Nigeria Treasury Bill 13.100%, 10/10/2013⁽⁴⁾	NGN		143,100,000		860,167		0.15
Nigeria Treasury Bill 10.340%, 03/20/2014⁽⁴⁾	NGN		30,000,000		171,122		0.03
Nigeria Treasury Bill 10.440%, 04/10/2014⁽⁴⁾	NGN		130,000,000		738,203		0.13
Nigeria Treasury Bill 10.910%, 04/24/2014⁽⁴⁾	NGN		100,000,000		565,437		0.10
Sea Trucks Group 9.000%, 03/26/2018⁽²⁾			1,400,000		1,417,500		0.24
					12,759,620		2.19
Pakistan (Cost $388,436)
Pakistan (Rep of) 7.125%, 03/31/2016			305,000		289,750		0.05
Pakistan (Rep of) 6.875%, 06/01/2017			120,000		112,200		0.02
					401,950		0.07
Panama (Cost $2,060,995)
Panama (Rep of) 7.125%, 01/29/2026			356,000		494,840		0.08
Panama (Rep of) 8.875%, 09/30/2027			205,000		327,693		0.06
Panama (Rep of) 9.375%, 04/01/2029			345,000		585,292		0.10
Panama (Rep of) 6.700%, 01/26/2036			419,000		583,038		0.10
Panama (Rep of) 4.300%, 04/29/2053			110,000		110,275		0.02
					2,101,138		0.36
Paraguay (Cost $982,885)
Paraguay (Rep of) 4.625%, 01/25/2023			650,000		663,000		0.11
Telefonica Celular del Paraguay S.A. 6.750%, 12/13/2022			300,000		327,000		0.06
					990,000		0.17
Peru (Cost $4,949,139)
Peru (Rep of) 8.600%, 08/12/2017	PEN		1,400,000		648,036		0.11
Peru (Rep of) 7.125%, 03/30/2019			175,000		227,062		0.04
Peru (Rep of) 7.840%, 08/12/2020	PEN		1,800,000		852,123		0.15
Peru (Rep of) 7.350%, 07/21/2025			821,000		1,192,503		0.20
Peru (Rep of) 8.200%, 08/12/2026	PEN		900,000		473,394		0.08
Peru (Rep of) 6.950%, 08/12/2031	PEN		900,000		424,154		0.07
Peru (Rep of) 8.750%, 11/21/2033			698,000		1,193,580		0.21
					5,010,852		0.86

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Philippines (Cost $8,647,225)
Petron Corp. 7.000%, 11/10/2017	PHP		19,000,000	$	485,972		0.08
Philippines (Rep of) 8.375%, 06/17/2019			370,000		500,888		0.09
Philippines (Rep of) 4.000%, 01/15/2021			608,000		685,520		0.12
Philippines (Rep of) 3.900%, 11/26/2022	PHP		17,000,000		441,934		0.08
Philippines (Rep of) 10.625%, 03/16/2025			231,000		395,876		0.07
Philippines (Rep of) 5.500%, 03/30/2026			1,040,000		1,309,100		0.22
Philippines (Rep of) 9.500%, 02/02/2030			530,000		907,625		0.16
Philippines (Rep of) 7.750%, 01/14/2031			490,000		742,350		0.13
Philippines (Rep of) 7.750%, 01/14/2031			130,000		196,950		0.03
Philippines (Rep of) 6.375%, 10/23/2034			770,000		1,073,188		0.18
Philippines (Rep of) 6.250%, 01/14/2036	PHP		32,000,000		1,015,613		0.17
Power Sector Assets & Liabilities Management Corp. 7.250%, 05/27/2019			320,000		404,000		0.07
Power Sector Assets & Liabilities Management Corp. 7.390%, 12/02/2024			622,000		847,475		0.14
					9,006,491		1.54
Poland (Cost $30,506,552)
CEDC Finance Corp. International, Inc. 8.875%, 12/01/2016⁽⁵⁾	EUR		1,680,000		1,703,607		0.29
Eileme 2 AB 11.625%, 01/31/2020			2,000,000		2,375,000		0.41
Eileme 2 AB 11.750%, 01/31/2020	EUR		1,700,000		2,652,996		0.45
Poland (Rep of) 5.000%, 04/25/2016	PLN		6,800,000		2,295,109		0.39
Poland (Rep of) 3.000%, 08/24/2016	PLN		8,760,000		3,763,558		0.65
Poland (Rep of) 4.750%, 10/25/2016	PLN		6,690,000		2,253,324		0.39
Poland (Rep of) 4.000%, 04/25/2017	PLN		11,300,000		3,811,428		0.65
Poland (Rep of) 4.750%, 04/25/2017	PLN		12,080,000		4,113,129		0.71
Poland (Rep of) 6.375%, 07/15/2019			953,000		1,181,339		0.20
Poland (Rep of) 5.750%, 10/25/2021	PLN		10,400,000		3,923,224		0.67
Poland (Rep of) 5.000%, 03/23/2022			993,000		1,159,377		0.20
Poland (Rep of) 5.750%, 09/23/2022	PLN		1,720,000		656,543		0.11
Poland (Rep of) 3.000%, 03/17/2023			704,000		702,754		0.12
Poland (Rep of) 2.750%, 08/25/2023	PLN		1,760,000		723,347		0.12
Poland (Rep of) 5.750%, 04/25/2029	PLN		3,280,000		1,316,733		0.23
					32,631,468		5.59
Qatar (Cost $1,674,368)
Qatar (Rep of) 6.400%, 01/20/2040			570,000		775,200		0.13
Qatar (Rep of) 5.750%, 01/20/2042			738,000		937,260		0.16
					1,712,460		0.29
Romania (Cost $6,399,695)
Romania (Rep of) 5.850%, 07/28/2014	RON		2,930,000		902,072		0.15
Romania (Rep of) 5.900%, 07/26/2017	RON		1,460,000		460,276		0.08
Romania (Rep of) 5.600%, 11/28/2018	RON		200,000		62,438		0.01
Romania (Rep of) 5.750%, 04/29/2020	RON		800,000		250,787		0.04
Romania (Rep of) 6.750%, 02/07/2022			1,548,000		1,897,229		0.33
Romania (Rep of) 5.850%, 04/26/2023	RON		520,000		165,043		0.03
Romania (Rep of) 4.375%, 08/22/2023			1,368,000		1,415,811		0.24
Romania Treasury Bills 5.770%, 01/08/2014⁽⁴⁾	RON		5,250,000		1,547,358		0.27
					6,701,014		1.15
Russian Federation (Cost $67,267,483)
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.500%, 09/26/2019			1,500,000		1,616,550		0.28
Brunswick Rail Finance Ltd. 6.500%, 11/01/2017			1,450,000		1,529,750		0.26

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Russian Federation - (continued)
CEDC Finance Corp. International, Inc. 9.125%, 12/01/2016⁽²⁾⁽⁵⁾			280,000	$	217,000		0.04
Credit Bank of Moscow Via CBOM Finance PLC 7.700%, 02/01/2018			2,400,000		2,508,000		0.43
Evraz Group S.A. 6.750%, 04/27/2018			3,800,000		3,861,750		0.66
Far Eastern Shipping Co. 8.000%, 05/02/2018			1,350,000		1,357,587		0.23
Far Eastern Shipping Co. 8.750%, 05/02/2020			1,350,000		1,361,880		0.23
Metalloinvest Finance Ltd. 6.500%, 07/21/2016			1,100,000		1,163,250		0.20
Mobile Telesystems OJSC 8.150%, 11/03/2020	RUB		15,250,000		491,529		0.09
MTS International Funding Ltd. 8.625%, 06/22/2020			3,400,000		4,275,500		0.73
Promsvyazbank OJSC Via PSB Finance S.A. 8.500%, 04/25/2017			400,000		428,000		0.07
Promsvyazbank OJSC Via PSB Finance S.A. 10.200%, 11/06/2019			2,250,000		2,418,750		0.42
RusHydro JSC via RusHydro Finance Ltd. 7.875%, 10/28/2015	RUB		5,000,000		161,041		0.03
Russian Agricultural Bank OJSC Via RSHB Capital S.A. 9.000%, 06/11/2014			200,000		216,020		0.04
Russian Agricultural Bank OJSC Via RSHB Capital S.A. 7.750%, 05/29/2018			330,000		386,925		0.07
Russian Federal Bond - OFZ 7.350%, 01/20/2016	RUB		179,540,000		5,988,655		1.03
Russian Federal Bond - OFZ 6.900%, 08/03/2016	RUB		18,000,000		595,775		0.10
Russian Federal Bond - OFZ 7.400%, 04/19/2017	RUB		111,222,000		3,757,026		0.65
Russian Federal Bond - OFZ 7.400%, 06/14/2017	RUB		80,905,000		2,738,909		0.47
Russian Federal Bond - OFZ 7.500%, 03/15/2018	RUB		55,274,000		1,890,741		0.32
Russian Federal Bond - OFZ 7.500%, 02/27/2019	RUB		67,146,000		2,313,018		0.40
Russian Federal Bond - OFZ 6.800%, 12/11/2019	RUB		26,870,000		892,322		0.15
Russian Federal Bond - OFZ 7.600%, 04/14/2021	RUB		84,700,000		2,943,112		0.51
Russian Federal Bond - OFZ 7.600%, 07/20/2022	RUB		32,180,000		1,126,611		0.19
Russian Federal Bond - OFZ 8.150%, 02/03/2027	RUB		60,949,000		2,215,046		0.38
Russian Federal Bond - OFZ 7.050%, 01/19/2028	RUB		28,284,000		932,527		0.16
Russian Foreign Bond - Eurobond 5.000%, 04/29/2020			400,000		461,500		0.08
Russian Foreign Bond - Eurobond 12.750%, 06/24/2028			127,000		248,920		0.04
Russian Foreign Bond - Eurobond 7.500%, 03/31/2030			2,417,525		3,041,246		0.52
Russian Foreign Bond - Eurobond 5.625%, 04/04/2042			1,000,000		1,190,000		0.20
Russian Standard Bank Via Russian Standard Finance S.A. 9.250%, 07/11/2017			2,000,000		2,170,400		0.37
Severstal OAO Via Steel Capital S.A. 5.900%, 10/17/2022			1,100,000		1,091,970		0.19
Severstal OAO Via Steel Capital S.A. 5.900%, 10/17/2022			200,000		198,540		0.03
Sibmetinvest 13.500%, 10/10/2019	RUB		23,250,000		795,679		0.14
SUEK Finance 9.350%, 06/26/2020	RUB		25,500,000		820,459		0.14
TMK OAO Via TMK Capital S.A. 7.750%, 01/27/2018			3,600,000		3,807,000		0.65
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748%, 02/02/2021			4,300,000		4,918,125		0.84
VimpelCom Holdings B.V. 9.000%, 02/13/2018	RUB		25,000,000		840,112		0.14
Vnesheconombank Via VEB Finance PLC 5.450%, 11/22/2017			317,000		348,383		0.06
Vnesheconombank Via VEB Finance PLC 6.902%, 07/09/2020			1,652,000		1,959,272		0.34

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Russian Federation - (continued)
Vnesheconombank Via VEB Finance PLC 6.800%, 11/22/2025			355,000	$	426,888		0.07
					69,705,768		11.95
Saudi Arabia (Cost $2,132,220)
Dar Al-Arkan International Sukuk Co. II 10.750%, 02/18/2015			2,000,000		2,215,000		0.38
					2,215,000		0.38
Senegal (Cost $684,890)
Senegal (Rep of) 8.750%, 05/13/2021			600,000		724,500		0.12
					724,500		0.12
Serbia (Cost $1,255,505)
Serbia (Rep of) 4.875%, 02/25/2020			400,000		410,972		0.07
Serbia (Rep of) 7.250%, 09/28/2021			800,000		934,000		0.16
					1,344,972		0.23
Singapore (Cost $2,260,138)
MMI International Ltd. 8.000%, 03/01/2017			1,300,000		1,317,875		0.22
Olam International Ltd. 6.000%, 10/25/2022	SGD		1,250,000		914,134		0.16
					2,232,009		0.38
South Africa (Cost $28,489,567)
African Bank Ltd. 8.125%, 02/24/2017			1,200,000		1,334,400		0.23
Edcon Pty Ltd., FRN 3.453%, 06/15/2014	EUR		158,000		208,078		0.04
Edcon Pty Ltd. 9.500%, 03/01/2018	EUR		1,400,000		1,901,808		0.33
Edcon Pty Ltd. 9.500%, 03/01/2018			850,000		877,625		0.15
Sappi Papier Holding GmbH 8.375%, 06/15/2019			900,000		1,008,000		0.17
South Africa (Rep of) 8.250%, 09/15/2017	ZAR		31,100,000		3,816,842		0.65
South Africa (Rep of) 8.000%, 12/21/2018	ZAR		32,200,000		3,966,196		0.68
South Africa (Rep of) 6.875%, 05/27/2019			490,000		611,275		0.11
South Africa (Rep of) 5.500%, 03/09/2020			699,000		823,072		0.14
South Africa (Rep of) 5.875%, 05/30/2022			420,000		511,875		0.09
South Africa (Rep of) 7.750%, 02/28/2023	ZAR		35,500,000		4,381,642		0.75
South Africa (Rep of) 10.500%, 12/21/2026	ZAR		23,000,000		3,407,388		0.58
South Africa (Rep of) 7.000%, 02/28/2031	ZAR		29,340,000		3,171,898		0.54
South Africa (Rep of) 6.250%, 03/31/2036	ZAR		8,140,000		778,044		0.13
South Africa (Rep of) 6.500%, 02/28/2041	ZAR		8,700,000		843,087		0.15
South Africa (Rep of) 6.250%, 03/08/2041			450,000		585,000		0.10
South Africa (Rep of) 8.750%, 02/28/2048	ZAR		10,800,000		1,340,315		0.23
					29,566,545		5.07
Sri Lanka (Cost $1,551,502)
Bank of Ceylon 6.875%, 05/03/2017			200,000		212,700		0.04
Sri Lanka (Rep of) 7.400%, 01/22/2015			100,000		106,625		0.02
Sri Lanka (Rep of) 6.250%, 10/04/2020			535,000		580,475		0.10
Sri Lanka (Rep of) 6.250%, 07/27/2021			420,000		455,788		0.08
Sri Lanka (Rep of) 5.875%, 07/25/2022			200,000		211,500		0.03
					1,567,088		0.27
Thailand (Cost $7,650,378)
Thailand (Govt of) 1.200%, 07/14/2021	THB		23,900,000		872,664		0.15
Thailand (Govt of) 3.650%, 12/17/2021	THB		114,400,000		3,988,159		0.68
Thailand (Govt of) 3.625%, 06/16/2023	THB		29,100,000		1,009,022		0.17
Thailand (Govt of) 3.580%, 12/17/2027	THB		41,500,000		1,422,705		0.25
Thailand (Govt of) 1.250%, 03/12/2028	THB		17,800,000		616,080		0.11
					7,908,630		1.36
Turkey (Cost $22,534,613)
Ronesans Holding, FRN 9.000%, 12/18/2015	TRY		610,000		346,554		0.06

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
Turkey - (continued)
Turkey (Rep of) 9.000%, 05/21/2014	TRY		2,700,000	$	2,225,860		0.38
Turkey (Rep of) 7.000%, 09/26/2016			321,000		371,959		0.06
Turkey (Rep of) 7.500%, 07/14/2017			350,000		422,188		0.07
Turkey (Rep of) 6.750%, 04/03/2018			1,208,000		1,440,540		0.25
Turkey (Rep of) 7.000%, 03/11/2019			510,000		627,963		0.11
Turkey (Rep of) 7.500%, 11/07/2019			290,000		369,750		0.06
Turkey (Rep of) 4.000%, 04/01/2020	TRY		1,700,000		1,426,672		0.25
Turkey (Rep of) 5.625%, 03/30/2021			530,000		621,425		0.11
Turkey (Rep of) 9.500%, 01/12/2022	TRY		1,460,000		986,635		0.17
Turkey (Rep of) 3.000%, 02/23/2022	TRY		8,000,000		5,682,233		0.97
Turkey (Rep of) 8.500%, 09/14/2022	TRY		2,940,000		1,899,295		0.33
Turkey (Rep of) 7.100%, 03/08/2023	TRY		2,000,000		1,183,099		0.20
Turkey (Rep of) 3.250%, 03/23/2023			450,000		443,812		0.08
Turkey (Rep of) 7.375%, 02/05/2025			797,000		1,063,995		0.18
Turkey (Rep of) 11.875%, 01/15/2030			255,000		485,648		0.08
Turkey (Rep of) 8.000%, 02/14/2034			409,000		595,095		0.10
Turkey (Rep of) 6.875%, 03/17/2036			520,000		681,200		0.12
Turkey (Rep of) 7.250%, 03/05/2038			225,000		308,812		0.05
Turkey (Rep of) 6.750%, 05/30/2040			487,000		637,970		0.11
Turkey (Rep of) 6.000%, 01/14/2041			600,000		721,500		0.12
Turkey (Rep of) 4.875%, 04/16/2043			450,000		462,375		0.08
Turkiye Garanti Bankasi AS 7.375%, 03/07/2018	TRY		931,000		526,377		0.09
					23,530,957		4.03
Ukraine (Cost $18,606,938)
DTEK Finance B.V. 9.500%, 04/28/2015			225,000		235,406		0.04
DTEK Finance PLC 7.875%, 04/04/2018⁽²⁾			800,000		790,800		0.14
Ferrexpo Finance PLC 7.875%, 04/07/2016			2,300,000		2,282,750		0.39
Metinvest B.V. 10.250%, 05/20/2015			4,300,000		4,590,250		0.79
Metinvest B.V. 8.750%, 02/14/2018			762,000		777,240		0.13
MHP S.A. 10.250%, 04/29/2015			403,000		426,688		0.07
MHP S.A. 8.250%, 04/02/2020⁽²⁾			1,200,000		1,188,348		0.21
Mriya Agro Holding PLC 9.450%, 04/19/2018⁽²⁾			1,200,000		1,179,000		0.20
National JSC Naftogaz of Ukraine 9.500%, 09/30/2014			425,000		440,768		0.08
Oschadbank Via SSB #1 PLC 8.250%, 03/10/2016			600,000		585,000		0.10
Privatbank CJSC Via UK SPV Credit Finance PLC 9.375%, 09/23/2015			600,000		583,500		0.10
State Export-Import Bank of Ukraine JSC via Biz Finance PLC 8.750%, 01/22/2018			970,000		953,025		0.16
Ukraine (Govt of) 6.250%, 06/17/2016			200,000		195,500		0.03
Ukraine (Govt of) 9.250%, 07/24/2017			1,475,000		1,574,562		0.27
Ukraine (Govt of) 7.750%, 09/23/2020			870,000		883,050		0.15
Ukraine (Govt of) 7.950%, 02/23/2021			330,000		335,775		0.06
Ukraine (Govt of) 7.800%, 11/28/2022			1,570,000		1,563,956		0.27
Ukraine (Govt of) 7.500%, 04/17/2023⁽²⁾			250,000		241,250		0.04
					18,826,868		3.23
United Arab Emirates (Cost $18,389,738)
Anka a Sukuk Ltd. 10.000%, 08/25/2016	AED		3,000,000		856,793		0.15
Atlantic Finance Ltd. 10.750%, 05/27/2014			2,200,000		2,392,500		0.41
DP World Ltd. 6.850%, 07/02/2037			2,900,000		3,483,625		0.60
DP World Sukuk Ltd. 6.250%, 07/02/2017			1,200,000		1,344,000		0.23
Dubai DOF Sukuk Ltd. 6.450%, 05/02/2022			200,000		235,500		0.04
Dubai Holding Commercial Operations MTN Ltd. 4.750%, 01/30/2014	EUR		2,650,000		3,520,454		0.60

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
United Arab Emirates - (continued)
Dubai Holding Commercial Operations MTN Ltd. 6.000%, 02/01/2017	GBP		1,750,000	$	2,776,128		0.48
Emaar Sukuk Ltd. 6.400%, 07/18/2019			1,350,000		1,515,375		0.26
Emirate of Dubai Government International Bonds 7.750%, 10/05/2020			2,660,000		3,338,300		0.57
					19,462,675		3.34
Uruguay (Cost $5,441,564)
Uruguay (Rep of) 5.000%, 09/14/2018	UYU		12,120,000		1,229,583		0.21
Uruguay (Rep of) 8.000%, 11/18/2022			574,854		825,490		0.14
Uruguay (Rep of) 4.250%, 04/05/2027	UYU		4,550,000		472,156		0.08
Uruguay (Rep of) 4.375%, 12/15/2028	UYU		11,490,000		864,754		0.15
Uruguay (Rep of) 7.875%, 01/15/2033			691,000		1,046,520		0.18
Uruguay (Rep of) 7.625%, 03/21/2036			490,000		739,165		0.13
Uruguay (Rep of) 3.700%, 06/26/2037	UYU		4,940,000		492,173		0.09
Uruguay (Rep of) 4.125%, 11/20/2045			426,300		414,790		0.07
Uruguay Notas del Tesoro 9.000%, 01/27/2014	UYU		100,000		5,240		—
Uruguay Notas del Tesoro 3.250%, 01/27/2019	UYU		100,000		14,783		—
					6,104,654		1.05
Venezuela (Cost $8,412,010)
Petroleos de Venezuela S.A. 5.250%, 04/12/2017			370,000		320,975		0.05
Petroleos de Venezuela S.A. 12.750%, 02/17/2022			230,000		256,450		0.04
Petroleos de Venezuela S.A. 5.375%, 04/12/2027			1,105,000		773,500		0.13
Petroleos de Venezuela S.A. 5.500%, 04/12/2037			264,000		179,520		0.03
Venezuela (Rep of) 8.500%, 10/08/2014			194,000		197,880		0.03
Venezuela (Rep of) 7.750%, 10/13/2019			420,000		394,800		0.07
Venezuela (Rep of) 6.000%, 12/09/2020			290,000		243,600		0.04
Venezuela (Rep of) 12.750%, 08/23/2022			706,000		805,899		0.14
Venezuela (Rep of) 9.000%, 05/07/2023			460,000		437,690		0.08
Venezuela (Rep of) 8.250%, 10/13/2024			378,000		340,767		0.06
Venezuela (Rep of) 7.650%, 04/21/2025			305,000		264,282		0.05
Venezuela (Rep of) 11.750%, 10/21/2026			1,667,000		1,819,531		0.31
Venezuela (Rep of) 9.250%, 09/15/2027			485,000		476,512		0.08
Venezuela (Rep of) 9.250%, 05/07/2028			605,000		578,683		0.10
Venezuela (Rep of) 11.950%, 08/05/2031			1,688,000		1,859,332		0.32
					8,949,421		1.53
Vietnam (Cost $1,075,779)
Vietnam (Rep of) 6.875%, 01/15/2016			320,000		354,400		0.06
Vietnam (Rep of) 6.750%, 01/29/2020			643,000		763,563		0.13
					1,117,963		0.19
Zambia (Cost $301,229)
Zambia (Rep of) 5.375%, 09/20/2022			300,000		293,625		0.05
					293,625		0.05
Total Debt Securities (Cost $488,434,383)					502,157,438		86.11

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

Currency⁽¹⁾

Shares

Value

% of Net
Assets

Equity Securities

China (Cost $ — )

Emerald Plantation Holdings Ltd.

286,398

100,239

0.02

100,239

0.02

Kazakhstan (Cost $624,700)

BTA Bank JSC GDR (Registered)

34,532

25,108

—

25,108

—

Total Equity Securities (Cost $624,700)

125,347

0.02

Currency⁽¹⁾

Number

Contracts

Value

% of Net
Assets

Purchased Options

United States (Cost $393,779)

Euro Volatility Quoted American Style Options,
Exp. 07/12/2013, Strike Price $1.31

EUR

10,560,000

164,860

0.03

Euro Volatility Quoted American Style Options,
Exp. 09/11/2013, Strike Price $1.27

EUR

9,300,000

101,011

0.02

Total Purchased Options (Cost $393,779)

265,871

0.05

Currency⁽¹⁾

Number

Warrants

Value

% of Net
Assets

Warrants

China (Cost $27,481)

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

1,308,684

49,730

0.01

Total Warrants (Cost $27,481)

49,730

0.01

Currency⁽¹⁾

Par

Value

% of Net
Assets

Short-Term Investments

Riyad Bank London, Time Deposit 0.120%, 05/01/2013

30,000,000

5.14

Total Short-Term Investments (Cost $30,000,000)

30,000,000

5.14

Total Investments in Securities (Cost $519,480,343)

532,598,386

91.33

Fully Funded Total Return Swaps

India (Cost $6,640,939)

India Government Bond 7.490% 04/16/2017

INR

1,130,000

20,906

—

India Government Bond 8.070% 07/03/2017

INR

116,000,000

2,194,606

0.38

India Government Bond 8.070% 07/03/2017

INR

14,000,000

264,866

0.04

India Government Bond 7.830% 04/11/2018

INR

80,000,000

1,525,154

0.26

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Par		Value		% of Net Assets
India - (continued)
India Government Bond 7.830% 04/11/2018	INR		11,700,000	$	219,617		0.04
India Government Bond 8.190% 01/16/2020	INR		79,000,000		1,511,429		0.26
India Government Bond 8.330% 07/09/2026	INR		33,000,000		640,127		0.11
Rural Electrification Corp. Ltd. 9.350% 10/19/2016	INR		18,000,000		338,591		0.06
					6,715,296		1.15
Indonesia (Cost $11,596,672)
Indonesia (Rep of) 12.800% 06/15/2021	IDR		17,200,000,000		2,619,387		0.45
Indonesia (Rep of) 11.000% 09/15/2025	IDR		1,200,000,000		176,150		0.03
Indonesia (Rep of) 8.375% 09/15/2026	IDR		9,100,000,000		1,128,324		0.19
Indonesia (Rep of) 7.000% 05/15/2027	IDR		8,100,000,000		900,389		0.16
Indonesia (Rep of) 7.000% 05/15/2027	IDR		2,300,000,000		255,666		0.04
Indonesia (Rep of) 10.500% 08/15/2030	IDR		37,300,000,000		5,506,758		0.94
Indonesia (Rep of) 9.500% 07/15/2031	IDR		7,100,000,000		975,080		0.17
					11,561,754		1.98
Total Fully Funded Total Return Swaps (Cost $18,237,611)					18,277,050		3.13

Total Investments (Total Cost $537,717,954)					550,875,436		94.46

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					32,315,483		5.54
Net Assets				$	583,190,919		100.00

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

⁽²⁾	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

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

⁽⁴⁾	Zero coupon bond reflects effective yield on the date of purchase.

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

Percentages shown are based on net assets.

At April 30, 2013, the Ashmore Emerging Markets Total Return Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/02/2013	Standard Chartered London	Chinese Offshore Yuan		80,500,000	United States Dollar		12,500,000		$561,289
05/02/2013	Standard Chartered London	Chinese Offshore Yuan		21,906,200	United States Dollar		3,400,000		154,327
05/02/2013	Standard Chartered London	Chinese Offshore Yuan		7,029,000	United States Dollar		1,100,000		40,470
05/02/2013	Standard Chartered London	Chinese Offshore Yuan		2,404,200	United States Dollar		378,049		12,038
05/02/2013	Standard Chartered London	United States Dollar		970,300	Chinese Offshore Yuan		6,222,535		(39,319)
05/02/2013	Standard Chartered London	United States Dollar		16,612,956	Chinese Offshore Yuan		105,616,865		(523,596)
05/03/2013	Union Bank of Switzerland - London	Brazilian Real		8,749,117	United States Dollar		4,352,795		18,567
05/03/2013	Bank of America Los Angeles	United States Dollar		2,950,000	Brazilian Real		5,839,909		32,180
05/03/2013	Barclays Wholesale GTS	United States Dollar		2,270,000	Brazilian Real		4,541,519		900
05/03/2013	Barclays Wholesale GTS	United States Dollar		750,000	Brazilian Real		1,520,250		(9,569)
05/03/2013	Barclays Wholesale GTS	United States Dollar		2,960,000	Brazilian Real		6,019,426		(47,514)
05/03/2013	HSBC Bank PLC	United States Dollar		4,577,771	Brazilian Real		9,426,089		(131,829)
05/06/2013	Northern Trust Co. London	United States Dollar		65,362	Russian Ruble		2,035,230		60
05/15/2013	Barclays Wholesale GTS	Indonesian Rupiah		2,826,050,000	United States Dollar		290,000		261

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/15/2013	Deutsche Bank London	Indonesian Rupiah		4,744,179,300	United States Dollar		484,051		$3,219
05/15/2013	Standard Chartered London	Indonesian Rupiah		3,720,481,000	United States Dollar		379,835		2,292
05/15/2013	Barclays Wholesale GTS	Philippine Peso		120,763,872	United States Dollar		2,968,265		(33,720)
05/15/2013	Deutsche Bank London	United States Dollar		381,241	Indonesian Rupiah		3,715,956,000		(421)
05/15/2013	Citibank London	United States Dollar		2,948,769	Philippine Peso		120,763,872		14,223
05/16/2013	Barclays Wholesale GTS	Indian Rupee		161,532,265	United States Dollar		2,950,000		48,279
05/16/2013	Deutsche Bank London	Indian Rupee		183,009,054	United States Dollar		3,316,884		80,036
05/17/2013	Union Bank of Switzerland - London	Chilean Peso		596,554,708	United States Dollar		1,269,887		(6,368)
05/17/2013	Citibank London	Colombian Peso		61,078,958	United States Dollar		33,598		(175)
05/17/2013	Citibank London	Colombian Peso		181,402,115	United States Dollar		99,784		(521)
05/17/2013	Citibank London	Colombian Peso		229,767,746	United States Dollar		126,388		(660)
05/17/2013	Deutsche Bank London	Colombian Peso		49,743,068	United States Dollar		26,890		330
05/17/2013	HSBC Bank PLC	Colombian Peso		166,019,993	United States Dollar		90,243		603
05/17/2013	HSBC Bank PLC	Colombian Peso		153,152,806	United States Dollar		83,473		332
05/17/2013	HSBC Bank PLC	Colombian Peso		256,141,405	United States Dollar		139,949		211
05/17/2013	HSBC Bank PLC	Colombian Peso		334,762,604	United States Dollar		183,181		1
05/17/2013	HSBC Bank PLC	Colombian Peso		286,861,527	United States Dollar		157,703		(733)
05/17/2013	Citibank London	Mexican Peso		23,069,527	United States Dollar		1,824,688		72,479
05/17/2013	Deutsche Bank London	Mexican Peso		31,468,554	United States Dollar		2,491,000		96,877
05/17/2013	Deutsche Bank London	Mexican Peso		22,500,718	United States Dollar		1,800,000		50,390
05/17/2013	Deutsche Bank London	Mexican Peso		7,667,208	United States Dollar		620,000		10,528
05/17/2013	HSBC Bank PLC	Mexican Peso		2,910,000	United States Dollar		230,879		8,430
05/17/2013	Bank of America Los Angeles	Peruvian Neuevo Sol		2,333,784	United States Dollar		905,796		(23,905)
05/17/2013	Citibank London	Peruvian Neuevo Sol		1,602,839	United States Dollar		617,783		(12,102)
05/17/2013	Deutsche Bank London	Thai Baht		84,350,000	United States Dollar		2,800,000		71,000
05/17/2013	Union Bank of Switzerland - London	United States Dollar		3,011,912	Colombian Peso		5,522,942,725		(10,237)
05/17/2013	Deutsche Bank London	United States Dollar		500,000	Mexican Peso		6,250,200		(13,997)
05/17/2013	Deutsche Bank London	United States Dollar		2,960,000	Peruvian Neuevo Sol		7,663,440		64,136
05/17/2013	Deutsche Bank London	United States Dollar		48,150	Thai Baht		1,400,000		498
05/17/2013	HSBC Bank PLC	United States Dollar		440,000	Thai Baht		12,927,640		(15)
05/17/2013	HSBC Bank PLC	United States Dollar		3,380,000	Thai Baht		99,536,268		(7,891)
05/17/2013	Northern Trust Securities	United States Dollar		640,190	Thai Baht		18,400,970		13,880
05/21/2013	Union Bank of Switzerland - London	Russian Ruble		47,278,875	United States Dollar		1,550,000		(36,928)
05/21/2013	Union Bank of Switzerland - London	Russian Ruble		81,927,313	United States Dollar		2,690,000		(68,070)
05/21/2013	Bank of America Los Angeles	United States Dollar		1,862,369	Russian Ruble		58,700,000		(16,215)
05/21/2013	Goldman Sachs Intl Ltd. London	United States Dollar		1,758,000	Russian Ruble		55,473,700		(17,331)
05/22/2013	Barclays Wholesale GTS	Malaysian Ringgit		2,022,800	United States Dollar		650,000		14,048
05/22/2013	Bank of America Los Angeles	United States Dollar		197,057	Malaysian Ringgit		600,000		88
05/22/2013	HSBC Bank PLC	United States Dollar		131,148	Malaysian Ringgit		400,000		(165)
05/22/2013	Standard Chartered London	United States Dollar		426,327	Malaysian Ringgit		1,300,000		(439)
05/24/2013	Bank of America Los Angeles	Chinese Yuan Renminbi		84,212,046	United States Dollar		13,378,671		191,370
05/24/2013	Morgan Stanley & Co. International	Chinese Yuan Renminbi		4,836,524	United States Dollar		770,000		9,364
05/24/2013	Union Bank of Switzerland - London	Chinese Yuan Renminbi		2,831,033	United States Dollar		450,000		6,196
05/24/2013	Bank of America Los Angeles	Korean Won		3,310,195,000	United States Dollar		2,950,000		54,843
05/24/2013	Chase Manhattan Bank London	Philippine Peso		81,139,349	United States Dollar		1,996,539		(24,649)
05/24/2013	Barclays Wholesale GTS	United States Dollar		760,000	Chinese Yuan Renminbi		4,768,088		(8,336)
05/24/2013	HSBC Bank PLC	United States Dollar		3,370,000	Chinese Yuan Renminbi		21,139,336		(36,421)
05/24/2013	Standard Chartered London	United States Dollar		300,000	Chinese Yuan Renminbi		1,885,800		(3,880)
05/24/2013	Citibank London	United States Dollar		833,440	Philippine Peso		34,128,528		4,031
05/24/2013	Deutsche Bank London	United States Dollar		120,000	Philippine Peso		4,893,600		1,073
05/31/2013	Bank of America Los Angeles	Czech Koruna		3,217,197	United States Dollar		160,000		4,279
05/31/2013	Bank of America Los Angeles	Czech Koruna		2,944,305	United States Dollar		150,000		344
05/31/2013	Barclays Wholesale GTS	Czech Koruna		2,466,606	United States Dollar		128,057		(2,105)
05/31/2013	Goldman Sachs Intl Ltd. London	Hungarian Forint		166,240,760	United States Dollar		700,000		28,884
05/31/2013	Bank of America Los Angeles	Israeli Shekel		295,388	United States Dollar		80,000		2,299
05/31/2013	Citibank London	Israeli Shekel		8,445,081	United States Dollar		2,263,490		89,418
05/31/2013	Bank of America Los Angeles	Polish Zloty		1,436,672	United States Dollar		450,000		3,590
05/31/2013	Barclays Wholesale GTS	Polish Zloty		23,713,857	United States Dollar		7,538,379		(51,375)
05/31/2013	Goldman Sachs Intl Ltd. London	Polish Zloty		2,707,165	United States Dollar		830,000		24,714

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/31/2013	Citibank London	Romanian Leu		5,985,997	United States Dollar		1,793,611		$21,941
05/31/2013	Citibank London	Romanian Leu		1,412,040	United States Dollar		420,000		8,272
05/31/2013	Deutsche Bank London	Romanian Leu		1,627,758	United States Dollar		470,000		23,699
05/31/2013	Union Bank of Switzerland - London	Romanian Leu		7,713,116	United States Dollar		2,302,079		37,308
05/31/2013	Union Bank of Switzerland - London	Romanian Leu		1,014,773	United States Dollar		300,000		7,781
05/31/2013	Bank of America Los Angeles	Russian Ruble		26,672,403	United States Dollar		860,000		(7,874	)
05/31/2013	CSFB Global Foreign Exchange London	Russian Ruble		20,332,458	United States Dollar		640,776		8,802
05/31/2013	CSFB Global Foreign Exchange London	Russian Ruble		8,559,470	United States Dollar		276,059		(2,602	)
05/31/2013	Deutsche Bank London	Russian Ruble		10,930,808	United States Dollar		352,039		(2,823	)
05/31/2013	HSBC Bank PLC	Russian Ruble		38,068,560	United States Dollar		1,210,216		5,992
05/31/2013	Union Bank of Switzerland - London	Russian Ruble		342,794,127	United States Dollar		11,097,612		(146,080	)
05/31/2013	Deutsche Bank London	Singapore Dollar		7,873,922	United States Dollar		6,345,996		46,788
05/31/2013	Deutsche Bank London	South African Rand		6,816,034	United States Dollar		740,000		16,300
05/31/2013	HSBC Bank PLC	South African Rand		51,612,704	United States Dollar		5,720,000		6,891
05/31/2013	Union Bank of Switzerland - London	South African Rand		3,092,029	United States Dollar		334,135		8,954
05/31/2013	Bank of America Los Angeles	Turkish Lira		1,683,093	United States Dollar		920,000		15,621
05/31/2013	Barclays Wholesale GTS	Turkish Lira		1,999,207	United States Dollar		1,100,000		11,347
05/31/2013	Citibank London	Turkish Lira		6,953,982	United States Dollar		3,827,599		38,078
05/31/2013	HSBC Bank PLC	Turkish Lira		6,953,982	United States Dollar		3,831,184		34,493
05/31/2013	Bank of America Los Angeles	United States Dollar		166,124	Hungarian Forint		37,915,010		(115	)
05/31/2013	Barclays Wholesale GTS	United States Dollar		348,605	Hungarian Forint		78,196,908		5,750
05/31/2013	Deutsche Bank London	United States Dollar		2,930,000	Hungarian Forint		670,984,650		(11,938	)
05/31/2013	Deutsche Bank London	United States Dollar		280,000	Hungarian Forint		66,600,408		(12,010	)
05/31/2013	Deutsche Bank London	United States Dollar		280,000	Hungarian Forint		66,611,832		(12,060	)
05/31/2013	Deutsche Bank London	United States Dollar		590,000	Israeli Shekel		2,150,845		(9,253	)
05/31/2013	Bank of America Los Angeles	United States Dollar		443,633	Polish Zloty		1,420,159		(4,743	)
05/31/2013	Goldman Sachs Intl Ltd. London	United States Dollar		2,870,000	Polish Zloty		9,291,338		(63,487	)
05/31/2013	HSBC Bank PLC	United States Dollar		71,435	Polish Zloty		234,064		(2,464	)
05/31/2013	HSBC Bank PLC	United States Dollar		550,000	Polish Zloty		1,759,010		(5,359	)
05/31/2013	HSBC Bank PLC	United States Dollar		1,500,000	Polish Zloty		4,909,950		(50,183	)
05/31/2013	Bank of America Los Angeles	United States Dollar		215,000	Romanian Leu		745,971		(11,253	)
05/31/2013	Deutsche Bank London	United States Dollar		215,000	Romanian Leu		745,672		(11,162	)
05/31/2013	ING Bank Amsterdam	United States Dollar		258,412	Romanian Leu		868,885		(5,121	)
05/31/2013	Northern Trust Securities	United States Dollar		61,525	Romanian Leu		207,019		(1,264	)
05/31/2013	Northern Trust Securities	United States Dollar		162,702	Romanian Leu		544,515		(2,449	)
05/31/2013	Barclays Wholesale GTS	United States Dollar		3,670,000	Russian Ruble		114,192,050		21,811
05/31/2013	CSFB Global Foreign Exchange London	United States Dollar		4,430,000	Russian Ruble		140,160,327		(47,820	)
05/31/2013	Deutsche Bank London	United States Dollar		1,050,000	Russian Ruble		32,790,765		2,406
05/31/2013	Union Bank of Switzerland - London	United States Dollar		664,540	Russian Ruble		20,626,413		5,571
05/31/2013	Union Bank of Switzerland - London	United States Dollar		2,990,000	Russian Ruble		94,028,025		(13,992	)
05/31/2013	Bank of America Los Angeles	United States Dollar		310,000	South African Rand		2,816,319		(2,496	)
05/31/2013	Bank of America Los Angeles	United States Dollar		2,648,210	South African Rand		23,897,053		(3,382	)
05/31/2013	Barclays Wholesale GTS	United States Dollar		430,000	South African Rand		3,991,574		(12,901	)
05/31/2013	Barclays Wholesale GTS	United States Dollar		1,141,115	South African Rand		10,574,996		(32,276	)
05/31/2013	CSFB Global Foreign Exchange London	United States Dollar		1,500,000	South African Rand		13,701,000		(20,249	)
05/31/2013	CSFB Global Foreign Exchange London	United States Dollar		1,450,000	South African Rand		13,270,110		(22,437	)
05/31/2013	Deutsche Bank London	United States Dollar		2,660,668	South African Rand		23,897,053		9,076
05/31/2013	Deutsche Bank London	United States Dollar		1,076,834	South African Rand		9,984,401		(31,025	)
05/31/2013	Deutsche Bank London	United States Dollar		720,000	Turkish Lira		1,313,856		(10,365	)
05/31/2013	Deutsche Bank London	United States Dollar		1,087,380	Turkish Lira		1,997,300		(22,907	)
05/31/2013	Goldman Sachs Intl Ltd. London	United States Dollar		320,000	Turkish Lira		581,950		(3,503	)
05/31/2013	HSBC Bank PLC	United States Dollar		886,270	Turkish Lira		1,613,940		(10,910	)
06/03/2013	Union Bank of Switzerland - London	Peruvian Neuevo Sol		5,343,573	United States Dollar		2,020,000		(3,136	)
06/10/2013	Northern Trust Securities	Polish Zloty		8,185,935	United States Dollar		2,552,919		29,724
06/10/2013	Barclays Wholesale GTS	United States Dollar		1,989,911	Polish Zloty		6,268,917		12,083
06/10/2013	Deutsche Bank London	United States Dollar		1,918,209	Polish Zloty		5,926,498		48,413
06/10/2013	Deutsche Bank London	United States Dollar		1,292,972	Polish Zloty		4,079,041		6,045
06/10/2013	Union Bank of Switzerland - London	United States Dollar		2,690,000	Polish Zloty		8,512,505		4,325
06/14/2013	Bank of America Los Angeles	Mexican Peso		99,047,261	United States Dollar		8,158,686		(32,419	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
06/14/2013	Barclays Wholesale GTS	Mexican Peso		13,600,000	United States Dollar		1,092,729	$	23,074
06/14/2013	Barclays Wholesale GTS	Mexican Peso		12,944,999	United States Dollar		1,043,893		18,171
06/14/2013	Goldman Sachs Intl Ltd. London	Mexican Peso		33,795,619	United States Dollar		2,720,000		52,739
06/14/2013	HSBC Bank PLC	Mexican Peso		3,000,000	United States Dollar		241,158		4,975
06/14/2013	Barclays Wholesale GTS	Thai Baht		134,444,897	United States Dollar		4,497,688		71,017
06/14/2013	Union Bank of Switzerland - London	Thai Baht		39,685,221	United States Dollar		1,363,519		(14,936	)
06/14/2013	Citibank London	United States Dollar		540,000	Mexican Peso		6,713,280		(10,787	)
06/14/2013	Citibank London	United States Dollar		858,000	Mexican Peso		10,709,556		(20,658	)
06/18/2013	Deutsche Bank London	Malaysian Ringgit		8,562,403	United States Dollar		2,742,690		64,160
06/24/2013	Chase Manhattan Bank London	Taiwan Dollar		30,440,194	United States Dollar		1,027,170		6,365
06/24/2013	Union Bank of Switzerland - London	United States Dollar		1,020,000	Taiwan Dollar		30,421,500		(12,900	)
06/28/2013	Citibank London	Romanian Leu		1,727,856	United States Dollar		520,000		2,781
06/28/2013	Chase Manhattan Bank London	Singapore Dollar		4,544,670	United States Dollar		3,638,472		51,399
06/28/2013	Deutsche Bank London	United States Dollar		2,977,077	Russian Ruble		95,305,168		(52,675	)
06/28/2013	HSBC Bank PLC	United States Dollar		327,718	Russian Ruble		10,231,178		2,468
06/28/2013	HSBC Bank PLC	United States Dollar		442,910	Russian Ruble		13,868,853		2,019
07/12/2013	Barclays Wholesale GTS	Thai Baht		88,792,109	United States Dollar		3,011,535		1,073
07/12/2013	Deutsche Bank London	Thai Baht		101,200,536	United States Dollar		3,431,399		2,212
07/15/2013	Barclays Wholesale GTS	Malaysian Ringgit		22,876,649	United States Dollar		7,428,689		58,749
07/17/2013	HSBC Bank PLC	Chinese Offshore Yuan		3,666,015	United States Dollar		573,577		19,510
07/17/2013	Standard Chartered London	Chinese Offshore Yuan		24,998,265	United States Dollar		3,870,000		174,210
07/17/2013	Standard Chartered London	Chinese Offshore Yuan		657,900	United States Dollar		103,051		3,384
07/17/2013	HSBC Bank PLC	United States Dollar		564,393	Chinese Offshore Yuan		3,666,015		(28,694	)
07/17/2013	Standard Chartered London	United States Dollar		103,079	Chinese Offshore Yuan		657,900		(3,356	)
07/17/2013	Standard Chartered London	United States Dollar		3,883,527	Chinese Offshore Yuan		24,998,265		(160,683	)
07/18/2013	Citibank London	Argentine Peso		6,058,800	United States Dollar		1,080,000		1,467
07/22/2013	Deutsche Bank London	United States Dollar		2,390,674	British Pound		1,565,203		(39,423	)
07/22/2013	Deutsche Bank London	United States Dollar		14,907,498	Euro		11,404,232		(120,060	)
07/23/2013	Union Bank of Switzerland - London	Thai Baht		54,877,979	United States Dollar		1,859,325		1,454
07/26/2013	Deutsche Bank London	Mexican Peso		89,700,149	United States Dollar		7,367,569		(34,942	)
07/31/2013	Union Bank of Switzerland - London	Czech Koruna		81,437,199	United States Dollar		4,111,225		48,808
07/31/2013	Barclays Wholesale GTS	Hungarian Forint		423,788,842	United States Dollar		1,820,499		27,308
08/02/2013	Goldman Sachs Intl Ltd. London	United States Dollar		4,374,521	Brazilian Real		8,858,186		7,917
08/02/2013	Morgan Stanley & Co. International	United States Dollar		4,808,753	Brazilian Real		9,739,889		7,518
08/02/2013	Union Bank of Switzerland - London	United States Dollar		4,299,954	Brazilian Real		8,749,117		(12,884	)
09/04/2013	Barclays Wholesale GTS	Brazilian Real		19,316,782	United States Dollar		9,358,906		113,947
09/04/2013	Union Bank of Switzerland - London	Brazilian Real		18,936,069	United States Dollar		9,387,303		(101,151	)
09/18/2013	CSFB Global Foreign Exchange London	Argentine Peso		1,926,858	United States Dollar		300,000		15,257
09/23/2013	Union Bank of Switzerland - London	Argentine Peso		2,044,800	United States Dollar		320,000		11,975
09/25/2013	Citibank London	Argentine Peso		2,152,095	United States Dollar		330,000		18,309
09/27/2013	Union Bank of Switzerland - London	Argentine Peso		2,700,600	United States Dollar		420,000		15,720
09/30/2013	Citibank London	Argentine Peso		3,403,192	United States Dollar		520,000		26,503
10/03/2013	Citibank London	Argentine Peso		4,166,400	United States Dollar		640,000		25,910
10/17/2013	Citibank London	Argentine Peso		6,289,500	United States Dollar		1,050,000		(66,967	)
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		38,604,157	United States Dollar		5,775,607		360,013
04/13/2015	HSBC Bank PLC	Chinese Offshore Yuan		174,251	United States Dollar		26,573		1,122
04/13/2015	HSBC Bank PLC	United States Dollar		93,434	Chinese Offshore Yuan		612,369		(3,894	)
04/13/2015	HSBC Bank PLC	United States Dollar		550,000	Chinese Offshore Yuan		3,554,650		(14,965	)
04/13/2015	HSBC Bank PLC	United States Dollar		550,000	Chinese Offshore Yuan		3,565,925		(16,757	)
04/13/2015	HSBC Bank PLC	United States Dollar		2,710,000	Chinese Offshore Yuan		17,596,030		(86,656	)
04/13/2015	HSBC Bank PLC	United States Dollar		2,050,000	Chinese Offshore Yuan		13,449,435		(87,610	)
05/04/2015	Standard Chartered London	Chinese Offshore Yuan		105,616,865	United States Dollar		16,100,132		678,606
05/04/2015	Standard Chartered London	Chinese Offshore Yuan		6,222,535	United States Dollar		939,109		49,429
05/04/2015	Standard Chartered London	United States Dollar		1,100,000	Chinese Offshore Yuan		7,158,800		(37,277	)
05/04/2015	Standard Chartered London	United States Dollar		3,400,000	Chinese Offshore Yuan		22,343,100		(149,518	)
05/04/2015	Standard Chartered London	United States Dollar		12,500,000	Chinese Offshore Yuan		82,337,500		(580,480	)
07/17/2015	HSBC Bank PLC	Chinese Offshore Yuan		3,785,666	United States Dollar		564,393		36,599
07/17/2015	Standard Chartered London	Chinese Offshore Yuan		24,998,265	United States Dollar		3,761,400		207,188
07/17/2015	Standard Chartered London	Chinese Offshore Yuan		657,900	United States Dollar		100,038		4,407

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

Settlement
Date

Counterparty

Currency

Buy

Currency
Buy Amount
(Local
Currency)

Currency

Sell

Currency
Sell Amount
(Local
Currency)

Unrealized
Gain/(Loss)

07/17/2015

HSBC Bank PLC

United States Dollar

18,198

Chinese Offshore Yuan

119,651

$(797)

07/17/2015

HSBC Bank PLC

United States Dollar

557,442

Chinese Offshore Yuan

3,666,015

(24,555)

07/17/2015

Standard Chartered London

United States Dollar

3,870,000

Chinese Offshore Yuan

25,656,165

(203,033)

Total

$801,409

At April 30, 2013, the Ashmore Emerging Markets Total Return Fund had the following interest rate swap contracts outstanding:

Pay Rate Index/

Pay Rate

Receive Rate/

Receive Rate Index

Notional

Amount

Expiration

Date

Unrealized

Gains/

(Losses)

Counterparty

Brazil CETIP Interbank

Deposit Rate

9.644%

BRL

1,453,739

01/02/2017

$44,056

HSBC

Brazil CETIP Interbank

Deposit Rate

8.270%

BRL

4,951,653

01/02/2017

(18,743)

HSBC

Singapore Offer Rate

Fixing 6 Month

1.800%

SGD

2,780,000

10/25/2032

(48,714)

Barclays Capital

Singapore Offer Rate

2.600%

Fixing 6 Month

SGD

1,560,000

10/25/2032

42,909

Barclays Capital

$19,508

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Total Return Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2013:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stock		$—	$	125,347		$—	$	125,347
Corporate Bonds		—		215,586,441		—		215,586,441
Financial Certificates		—		4,518,901		—		4,518,901
Fully Funded Total Return Swaps		—		18,277,050		—		18,277,050
Government Agencies		—		2,895,322		—		2,895,322
Government Bonds		—		242,270,805		—		242,270,805
Index Linked Corporate Bonds		—		5,574,162		—		5,574,162
Index Linked Government Bonds		—		27,973,507		—		27,973,507
Municipal/Provincial Bonds		—		3,338,300		—		3,338,300
Purchased Options		—		265,871		—		265,871
Short-Term Investments		—		30,000,000		—		30,000,000
Warrants		—		49,730		—		49,730

Total Investments		$—	$	550,875,436		$—	$	550,875,436


Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—	$	4,447,611		$—	$	4,447,611
Interest Rate Swap Contracts		—		86,965		—		86,965

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Level 1		Level 2			Level 3		Total
Liabilities:
Forward Foreign Currency Exchange Contracts		$—	$	(3,646,202	)		$—	$	(3,646,202	)
Interest Rate Swap Contracts		—		(67,457	)		—		(67,457	)

Total Other Financial Instruments		$—	$	820,917			$—	$	820,917

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2013:


	Derivatives Not Accounted for as
	Hedging Instruments
	Foreign			Fixed Income/
	Exchange			Interest Rate
Assets:
Unrealized Appreciation on Interest Rate Swap Contracts	$	—		$	86,965
Unrealized Appreciation on Purchased Options		—			265,871
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		4,447,611			—
	$	4,447,611		$	352,836

Liabilities:
Unrealized Depreciation on Interest Rate Swap Contracts	$	—		$	(67,457	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(3,646,202	)		—
	$	(3,646,202	)	$	(67,457	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Month Period Ended April 30, 2013:


	Derivatives Not Accounted for as
	Hedging Instruments
	Foreign			Fixed Income/
	Exchange			Interest Rate
Realized Gain on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	4,561,652		$	—
Net Realized Gain on Interest Rate Swap Contracts		—			590,572
	$	4,561,652		$	590,572

Net Change in Unrealized Depreciation on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign
Currency Exchange Contracts	$	(181,590	)	$	—
Net Change in Unrealized Depreciation on Interest Rate Swap Contracts		—			(796,499	)
	$	(181,590	)	$	(796,499	)

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


Federal tax cost of investments			$537,986,269
Gross tax appreciation of investments			$20,267,547
Gross tax depreciation of investments			(7,378,380)
Net tax appreciation of investments			$12,889,167

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2013 (Unaudited)


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

Brazil (Cost $1,166,036)
BM&FBovespa S.A.	BRL		7,200	$	49,985		0.52
Braskem S.A. ADR			4,543		80,184		0.84
Direcional Engenharia S.A.	BRL		5,900		46,917		0.49
Even Construtora e Incorporadora S.A.	BRL		7,500		35,424		0.37
Petroleo Brasileiro S.A.	BRL		21,800		208,984		2.19
Petroleo Brasileiro S.A. ADR			23,877		457,245		4.79
Usinas Siderurgicas de Minas Gerais S.A.			200		1,016		0.01
Vale S.A.	BRL		5,600		95,864		1.00
Vale S.A. ADR			9,928		169,669		1.78
					1,145,288		11.99
Chile (Cost $12,512)
Forus S.A.	CLP		3,085		21,584		0.23
					21,584		0.23
China (Cost $1,812,347)
AAC Technologies Holdings, Inc.			33,000		160,957		1.68
Anton Oilfield Services Group			66,000		52,646		0.55
Baidu, Inc. ADR			812		69,710		0.73
Belle International Holdings Ltd.			34,000		55,468		0.58
China Dongxiang Group Co.			202,000		34,620		0.36
China Merchants Bank Co. Ltd., Class H			150,500		320,776		3.36
China Modern Dairy Holdings Ltd.	HKD		155,000		53,530		0.56
China Pacific Insurance Group Co. Ltd., Class H			24,600		88,444		0.93
China Shenhua Energy Co. Ltd., Class H			27,500		97,276		1.02
Chow Tai Fook Jewellery Group Ltd.			56,800		76,415		0.80
CITIC Securities Co. Ltd., Class H	HKD		11,500		26,082		0.27
CNOOC Ltd.	HKD		37,000		69,040		0.72
Ctrip.com International Ltd. ADR			3,434		75,479		0.79
Honghua Group Ltd.			58,000		28,252		0.29
Industrial & Commercial Bank of China Ltd., Class H			366,000		257,516		2.70
Intime Department Store Group Co. Ltd.			57,000		67,576		0.71
Ping An Insurance Group Co. of China Ltd., Class H			23,000		182,129		1.91
Semiconductor Manufacturing International Corp.			524,000		37,814		0.39
Shimao Property Holdings Ltd.			45,500		98,034		1.03
Weichai Power Co. Ltd., Class H			6,200		21,612		0.23
Xinjiang Goldwind Science & Technology Co. Ltd., Class H			29,400		17,769		0.19
					1,891,145		19.80
Czech Republic (Cost $45,685)
CEZ A.S.			1,450		41,967		0.44
					41,967		0.44
Hong Kong (Cost $41,995)
United Tractors Tbk PT			18,500		33,775		0.35
					33,775		0.35
India (Cost $283,943)
ICICI Bank Ltd. ADR			1,696		79,407		0.83
Infosys Ltd. ADR			2,018		84,231		0.88
Reliance Industries Ltd. GDR			2,105		62,034		0.65
State Bank of India GDR (Registered)			583		49,264		0.52
					274,936		2.88
Indonesia (Cost $162,991)
Erajaya Swasembada Tbk PT	IDR		55,500		17,839		0.19

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Shares		Value		% of Net Assets
Indonesia - (continued)
Indofood Sukses Makmur Tbk PT			51,500	$	38,933		0.41
Indomobil Sukses Internasional Tbk PT	IDR		72,000		39,249		0.41
Perusahaan Gas Negara Persero Tbk PT	EUR		128,000		82,283		0.86
Timah Persero Tbk PT			170,500		24,902		0.26
					203,206		2.13
Malaysia (Cost $472,521)
CIMB Group Holdings Bhd.	MYR		21,600		54,949		0.58
DRB-Hicom Bhd.	MYR		109,000		89,923		0.94
Gamuda Bhd.	MYR		40,800		54,579		0.57
Kuala Lumpur Kepong Bhd.	MYR		6,000		42,518		0.44
Parkson Retail Group Ltd.	HKD		117,000		63,323		0.66
SP Setia Bhd.	MYR		25,200		28,409		0.30
Tenaga Nasional Bhd.	MYR		16,500		42,572		0.45
UEM Land Holdings Bhd.			83,929		69,240		0.72
					445,513		4.66
Mexico (Cost $300,012)
Alpek S.A. de C.V.	MXN		17,626		42,068		0.44
Cemex S.A.B. de C.V. ADR (Participation Certificates)			7,173		80,692		0.84
Empresas ICA S.A.B. de C.V. ADR			4,500		49,545		0.52
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.			1,500		5,762		0.06
Grupo Financiero Banorte S.A.B. de C.V., Class O			6,300		47,506		0.50
Ternium S.A. ADR			4,715		110,378		1.16
					335,951		3.52
Russian Federation (Cost $778,373)
Lukoil OAO ADR			4,390		278,326		2.92
NovaTek OAO GDR (Registered)			220		22,264		0.23
Sberbank of Russia ADR			36,341		467,345		4.89
Sistema JSFC GDR (Registered)			3,365		64,171		0.67
					832,106		8.71
South Africa (Cost $261,501)
Exxaro Resources Ltd.			3,005		47,127		0.49
Imperial Holdings Ltd.			2,493		55,202		0.58
Investec Ltd.			6,235		44,726		0.47
Sasol Ltd.			1,527		65,996		0.69
Steinhoff International Holdings Ltd.			19,554		52,189		0.55
					265,240		2.78
South Korea (Cost $1,827,120)
Grand Korea Leisure Co. Ltd.	KRW		2,050		63,661		0.66
Hana Financial Group, Inc.	KRW		3,970		126,890		1.33
Hotel Shilla Co. Ltd.	KRW		1,230		65,001		0.68
Hyundai Mobis	KRW		420		95,342		1.00
Hyundai Motor Co.	KRW		1,936		350,706		3.67
Kia Motors Corp.	KRW		2,357		117,283		1.23
Korean Reinsurance Co.			7,480		73,353		0.77
LG Chem Ltd.			388		91,601		0.96
LG Display Co. Ltd.			3,220		87,568		0.92
Lotte Chemical Corp.			210		30,986		0.32
Samsung Electronics Co. Ltd.	KRW		305		420,957		4.41
Samsung Engineering Co. Ltd.			338		27,162		0.28
Samsung Heavy Industries Co. Ltd.	KRW		3,270		104,071		1.09
SK Hynix, Inc.	KRW		2,420		65,702		0.69
					1,720,283		18.01
Taiwan (Cost $836,599)
Catcher Technology Co. Ltd.			13,000		65,855		0.69

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Shares		Value		% of Net Assets
Taiwan - (continued)
China Life Insurance Co. Ltd.	TWD		56,000	$	56,831		0.60
Formosa Plastics Corp.	TWD		17,000		41,244		0.43
Hon Hai Precision Industry Co. Ltd.	TWD		11,327		29,246		0.31
HTC Corp.			9,000		91,793		0.96
Innolux Corp.			77,000		48,138		0.50
MediaTek, Inc.			15,000		182,977		1.92
Taiwan Fertilizer Co. Ltd.			20,000		47,845		0.50
Taiwan Semiconductor Manufacturing Co. Ltd.	TWD		93,251		345,995		3.62
United Microelectronics Corp.	TWD		121,000		46,125		0.48
Wan Hai Lines Ltd.	TWD		34,000		19,009		0.20
					975,058		10.21
Thailand (Cost $144,911)
Banpu PCL (Registered)	THB		2,700		31,278		0.33
Charoen Pokphand Foods PCL (Registered)			37,800		40,891		0.43
Thai Beverage PCL			102,000		50,101		0.52
					122,270		1.28
Turkey (Cost $109,892)
Turk Hava Yollari			24,269		100,988		1.06
Turkiye Halk Bankasi A/S			7,824		85,321		0.89
					186,309		1.95
Total Common Stock (Cost $8,256,438)					8,494,631		88.94

Preferred Stock

Brazil (Cost $394,746)
Banco ABC Brasil S.A.	BRL		7,000		55,419		0.58
Cia Energetica de Minas Gerais ADR			6,138		78,751		0.83
Itau Unibanco Holding S.A. ADR			9,717		163,537		1.71
Usinas Siderurgicas de Minas Gerais S.A., Class A			16,700		82,300		0.86
					380,007		3.98
Total Preferred Stock (Cost $394,746)					380,007		3.98

Equity-Linked Securities

India (Cost $378,840)
Axis Bank Ltd., Issued by Merrill Lynch International⁽²⁾			3,219		89,245		0.93
Hero Motocorp Ltd., Issued by JP Morgan Structured Products B.V.			1,994		60,863		0.64
Jaiprakash Associates Ltd., Issued by Merrill Lynch International⁽²⁾			53,701		75,007		0.78
Maruti Suzuki India Ltd., Issued by Merrill Lynch International			2,174		67,373		0.71
Satyam Computer Services Ltd., Issued by Citigroup Global Markets⁽²⁾			21,717		44,462		0.47
Wockhardt Ltd., Issued by Citigroup Global Markets⁽²⁾			2,280		80,677		0.84
					417,627		4.37

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

Currency⁽¹⁾

Shares

Value

% of Net

Assets

Saudi Arabia (Cost $90,068)

Credit Suisse

3,844

98,655

1.04

98,655

1.04

United Arab Emirates (Cost $45,971)

Sorouh Real Estate Co., Issued by Merrill Lynch International

95,000

47,975

0.50

47,975

0.50

Total Equity-Linked Securities (Cost $514,879)

564,257

5.91

Total Investments (Total Cost $9,166,063)

9,438,895

98.83

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

112,153

1.17

Net Assets

9,551,048

100.00

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

⁽²⁾	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

Percentages shown are based on net assets.

At April 30, 2013, the industry sectors for the Ashmore Emerging Markets Equity Fund were:


Industry	Percentage of Net Assets
Consumer Discretionary		15.4%
Consumer Staples		2.4
Energy		14.9
Financials		28.5
Health Care		0.8
Industrials		5.3
Information Technology		18.8
Materials		9.4
Telecommunication Services		0.7
Utilities		2.6

Total Investments		98.8
Other Assets Less Liabilities		1.2
Net Assets		100.0%

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity Fund’s investments and other financial instruments, as of April 30, 2013.


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Brazil	$	1,145,288	$	—		$—	$	1,145,288
Chile		21,584		—		—		21,584
China		1,891,145		—		—		1,891,145
Czech Republic		41,967		—		—		41,967
Hong Kong		33,775		—		—		33,775
India		274,936		—		—		274,936
Indonesia		203,206		—		—		203,206
Malaysia		445,513		—		—		445,513
Mexico		335,951		—		—		335,951
Russian Federation		832,106		—		—		832,106
South Africa		265,240		—		—		265,240
South Korea		1,720,283		—		—		1,720,283
Taiwan		975,058		—		—		975,058
Thailand		122,270		—		—		122,270
Turkey		186,309		—		—		186,309
Preferred Stocks
Brazil		380,007		—		—		380,007
Equity - Linked Securities
India		—		417,627		—		417,627
Saudi Arabia		—		98,655		—		98,655
United Arab Emirates		—		47,975		—		47,975

Total Investments	$	8,874,638	$	564,257		$—	$	9,438,895

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2013, there were no transfers between Level 1, Level 2 or Level 3 based on levels assigned to the securities on October 31, 2012. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

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

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Month Period Ended April 30, 2013:


		Derivatives Not Accounted for as Hedging Instruments
		Foreign Exchange
Realized Loss on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts		$ (1,422)

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


Federal tax cost of investments			$9,258,922

Gross tax appreciation of investments			$753,060
Gross tax depreciation of investments			(573,087)

Net tax appreciation of investments			$179,973

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2013 (Unaudited)


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

Brazil (Cost $1,782,055)
Abril Educacao S.A.	BRL		5,600	$	120,355		0.42
Cia de Locacao das Americas	BRL		34,491		199,283		0.69
Direcional Engenharia S.A.	BRL		71,000		564,593		1.97
Even Construtora e Incorporadora S.A.	BRL		86,200		407,142		1.42
Iochpe-Maxion S.A.			20,500		247,445		0.86
Sonae Sierra Brasil S.A.	BRL		11,900		166,538		0.58
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A	BRL		6,500		121,829		0.42
					1,827,185		6.36
Cambodia (Cost $145,924)
NagaCorp Ltd.			186,000		147,647		0.51
					147,647		0.51
Chile (Cost $297,518)
Cia Sud Americana de Vapores S.A.	CLP		2,894,667		257,782		0.90
					257,782		0.90
China (Cost $5,592,388)
Anton Oilfield Services Group			100,000		79,766		0.28
China Automation Group Ltd.			1,088,000		243,954		0.85
China Dongxiang Group Co.			1,651,000		282,962		0.98
China Lodging Group Ltd. ADR			2,338		35,631		0.12
Chinasoft International Ltd.			1,140,000		282,056		0.98
Ctrip.com International Ltd. ADR			26,516		582,822		2.03
GOME Electrical Appliances Holding Ltd.	HKD		1,146,000		115,188		0.40
Greatview Aseptic Packaging Co. Ltd.			564,000		337,231		1.17
Hollysys Automation Technologies Ltd.			58,499		704,328		2.45
Honghua Group Ltd.			284,000		138,338		0.48
Intime Department Store Group Co. Ltd.			223,500		264,969		0.92
Ju Teng International Holdings Ltd.			896,000		583,082		2.03
Minth Group Ltd.			184,000		329,107		1.15
Semiconductor Manufacturing International Corp.			6,044,000		436,157		1.52
Shenzhou International Group Holdings Ltd.			144,000		417,518		1.45
SouFun Holdings Ltd. ADR			30,999		793,264		2.76
Spreadtrum Communications, Inc. ADR			25,405		555,353		1.93
SPT Energy Group, Inc.	HKD		86,000		41,891		0.15
WuXi PharmaTech Cayman, Inc. ADR			26,987		514,642		1.79
					6,738,259		23.44
Colombia (Cost $148,011)
Pacific Rubiales Energy Corp.			5,987		126,580		0.44
					126,580		0.44
Hong Kong (Cost $152,110)
Pacific Basin Shipping Ltd.			270,000		154,134		0.54
					154,134		0.54
Indonesia (Cost $1,508,175)
Adi Sarana Armada Tbk PT	IDR		3,211,500		120,565		0.42
Berlian Laju Tanker Tbk PT			4,428,000		66,949		0.23
Bumi Serpong Damai PT			1,622,430		288,692		1.01
Erajaya Swasembada Tbk PT	IDR		490,000		157,495		0.55
Gajah Tunggal Tbk PT	IDR		673,000		200,741		0.70
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT			1,311,000		204,960		0.71
Timah Persero Tbk PT			1,812,000		264,648		0.92

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Shares		Value		% of Net Assets
Indonesia - (continued)
Wismilak Inti Makmur Tbk PT	IDR		1,536,000	$	153,245		0.53
					1,457,295		5.07
Malaysia (Cost $1,372,981)
AirAsia Bhd.	MYR		153,000		147,343		0.51
DRB-Hicom Bhd.	MYR		486,500		401,352		1.40
Gamuda Bhd.	MYR		117,200		156,780		0.55
Padini Holdings Bhd.	MYR		226,300		133,140		0.46
Wah Seong Corp. Bhd.			555,201		297,445		1.03
WCT Bhd.			296,100		233,571		0.81
					1,369,631		4.76
Mexico (Cost $1,789,683)
Asesor de Activos Prisma S.A.P.I. de C.V.	MXN		102,000		186,993		0.65
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.			108,800		417,914		1.45
Grupo Famsa S.A.B. de C.V., Series A			178,000		354,173		1.23
Grupo Industrial Saltillo S.A.B. de C.V.	MXN		175,600		402,039		1.40
Grupo KUO S.A.B. de C.V., Series B			98,494		245,539		0.86
Infraestructura Energetica Nova S.A.B. de C.V.	MXN		189,400		645,772		2.25
					2,252,430		7.84
Nigeria (Cost $150,177)
Zenith Bank PLC	NGN		1,400,246		178,576		0.62
					178,576		0.62
Philippines (Cost $372,281)
Atlas Consolidated Mining & Development			413,100		208,256		0.73
Oriental Peninsula Resources Group, Inc.	PHP		2,065,000		150,510		0.52
					358,766		1.25
South Africa (Cost $42,488)
JD Group Ltd.	ZAR		9,199		33,891		0.12
					33,891		0.12
South Korea (Cost $4,832,184)
Basic House (The) Co. Ltd.			13,380		248,453		0.86
Grand Korea Leisure Co. Ltd.	KRW		10,410		323,274		1.13
Hana Tour Service, Inc.			8,505		548,311		1.91
Hotel Shilla Co. Ltd.	KRW		10,100		533,751		1.86
Hyundai Department Store Co. Ltd.			3,687		535,658		1.86
Hyundai Home Shopping Network Corp.	KRW		2,206		304,469		1.06
Korean Reinsurance Co.			81,900		803,160		2.79
LG Fashion Corp.			24,650		706,172		2.46
LIG Insurance Co. Ltd.			5,930		121,960		0.42
Modetour Network, Inc.			10,058		240,650		0.84
Nexen Tire Corp.	KRW		41,171		538,330		1.87
Osstem Implant Co. Ltd.	KRW		9,235		261,629		0.91
					5,165,817		17.97
Taiwan (Cost $3,572,865)
Catcher Technology Co. Ltd.			185,000		937,161		3.26
Chicony Electronics Co. Ltd.			31,000		90,966		0.32
China Life Insurance Co. Ltd.	TWD		747,088		758,176		2.64
Hung Poo Real Estate Development Corp.	TWD		268,000		299,221		1.04
Kinsus Interconnect Technology Corp.			60,000		209,406		0.73
Novatek Microelectronics Corp.			65,000		317,159		1.10
Shin Zu Shing Co. Ltd.			166,000		424,675		1.48
Tainan Spinning Co. Ltd.	TWD		631,000		310,027		1.08
TXC Corp.			183,000		285,240		0.99
					3,632,031		12.64

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


	Currency⁽¹⁾	Shares		Value		% of Net Assets
Thailand (Cost $281,666)
Amata Corp. PCL (Registered)			408,200	$	319,884		1.11
					319,884		1.11
Turkey (Cost $317,210)
Turkiye Sinai Kalkinma Bankasi A.S.			275,490		396,466		1.38
					396,466		1.38
Total Common Stock (Cost $22,357,716)					24,416,374		84.95

Preferred Stock

Brazil (Cost $768,630)
Banco ABC Brasil S.A.	BRL		127,980		1,013,222		3.53
					1,013,222		3.53
Chile (Cost $196,206)
Coca-Cola Embonor S.A., Class B	CLP		71,198		222,234		0.77
					222,234		0.77
Total Preferred Stock (Cost $964,836)					1,235,456		4.30

Equity-Linked Securities

India (Cost $2,289,073)
Dewan Housing Finance Corp. Ltd., Issued by Citigroup Global Markets⁽²⁾			81,197		263,297		0.92
Hexaware Technologies Ltd., Issued by Merrill Lynch International & Co.			241,094		366,731		1.28
HT Media Ltd., Issued by Citigroup Global Markets⁽²⁾			152,611		295,308		1.03
Indian Bank, Issued by Merrill Lynch International & Co.			115,504		366,611		1.27
MT Educare Ltd., Issued by Merrill Lynch International & Co.			209,722		359,885		1.25
PI Industries Ltd., Issued by Citigroup Global Markets			149,530		366,643		1.27
					2,018,475		7.02
Saudi Arabia (Cost $520,298)
Credit Suisse			11,852		304,177		1.06
Fawaz Abdulaziz Alhokair & Co., Issued by Deutsche Bank A.G. London⁽²⁾			5,000		175,000		0.61
Fawaz Abdulaziz Alhokair & Co., Issued by Merrill Lynch International & Co.			2,400		83,976		0.29
					563,153		1.96
United Arab Emirates (Cost $414,509)
Sorouh Real Estate Co., Issued by Merrill Lynch International & Co.			861,986		435,303		1.51
					435,303		1.51
Total Equity-Linked Securities (Cost $3,223,880)					3,016,931		10.49

Total Investments (Total Cost $26,546,432)					28,668,761		99.74

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					73,845		0.26

Net Assets				$	28,742,606		100.00

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

⁽²⁾	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

Percentages shown are based on net assets.

At April 30, 2013, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:


Industry	Percentage of Net Assets

Consumer Discretionary		33.4%
Consumer Staples		2.0
Energy		2.4
Financials		20.5
Health Care		2.7
Industrials		12.0
Information Technology		19.9
Materials		4.6
Utilities		2.2

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Small-Cap Equity Fund’s investments, which are carried at fair value, as of April 30, 2013:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Brazil	$	1,827,185	$	—	$	—	$	1,827,185
Cambodia		147,647		—		—		147,647
Chile		257,782		—		—		257,782
China		6,738,259		—		—		6,738,259
Colombia		126,580		—		—		126,580
Honk Kong		154,134		—				154,134
Indonesia		1,390,346		—		66,949		1,457,295
Malaysia		1,369,631		—		—		1,369,631
Mexico		2,252,430		—		—		2,252,430
Nigeria		178,576		—		—		178,576
Philippines		358,766		—		—		358,766
South Africa		33,891		—		—		33,891
South Korea		5,165,817		—		—		5,165,817
Taiwan		3,632,031		—		—		3,632,031
Thailand		319,884		—		—		319,884
Turkey		396,466		—		—		396,466
Preferred Stocks
Brazil		1,013,222				—		1,013,222
Chile		222,234				—		222,234
Equity - Linked Securities
India		—		2,018,475		—		2,018,475
Saudi Arabia		—		563,153		—		563,153
South Korea		—				—		—
United Arab Emirates		—		435,303		—		435,303

Total Investments	$	25,584,881	$	3,016,931	$	66,949	$	28,668,761

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2013, there were no transfers between Level 1, Level 2, Level 3 based on levels assigned to the securities on October 31, 2012. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.

The following is a reconcilation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ending April 30, 2013:


Category and Subcategory	Beginning Balance at 10/31/2012	Purchases	Sales	Realized Gains	Realized Losses	Change in Unrealized Appreciation/ (Depreciation)	Transfer into Level 3	Transfer out of Level 3	Ending Balance at 4/30/2013
Investments, at value
Common Stock	$67,760	$—	$—	$—	$—	$(811)	$—	$—	$66,949

Total	$67,760	$—	$—	$—	$—	$(811)	$—	$—	$66,949

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

See the table below on “Quantitative information about Level 3 Fair Value measurements” for information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2013.

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

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

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

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Month Period Ended April 30, 2013:


		Derivatives Not Accounted for as Hedging Instruments
		Foreign Exchange
Realized Loss on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts		$(1,014)

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


Federal tax cost of investments			$26,559,373

Gross tax appreciation of investments			$3,098,470
Gross tax depreciation of investments			(989,082)

Net tax appreciation of investments			$2,109,388

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

See accompanying notes to the financial statements.

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As of April 30, 2013 (Unaudited)

1. Organization

Ashmore Funds (the “Trust”) is a Massachusetts business trust organized under the laws of The Commonwealth of Massachusetts on August 6, 2010 (inception date) and is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act” or “1940 Act”), as an open-end investment management company. The Trust includes seven funds as of April 30, 2013, each with its own investment objective. The Ashmore Emerging Markets Corporate Debt, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Sovereign Debt Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund (each a “Fund” and collectively, the “Funds”) are separate investment funds of the Trust. Effective February 28, 2013, the Ashmore Emerging Markets Local Currency Fund changed its name to Ashmore Emerging Markets Currency Fund. Each of the Funds, except Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund, are non-diversified. Non-diversified funds may invest a relatively large portion of their net assets in a single issuer or a small number of issuers in comparison to a fund that is “diversified.” Each of the Funds is presented herein.

On December 8, 2010, the Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Sovereign Debt Fund and Ashmore Emerging Markets Total Return Fund commenced investment operations. From August 6, 2010 through December 7, 2010, these five Funds did not have any operations other than those actions relating to organizational matters, including the sale of 2,000 shares of each of these five Funds for cash in the amount of $10.00 per share, or $20,000 for each of these five Funds. Effective May 12, 2011, Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Sovereign Debt Fund and Ashmore Emerging Markets Total Return Fund began to offer Class A and C shares (“Retail Shares”). On June 22, 2011, the Ashmore Emerging Markets Equity Fund – Institutional Class commenced investment operations. On October 4, 2011, the Ashmore Emerging Markets Small-Cap Equity Fund – Institutional Class commenced investment operations. On September 30, 2011, the Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund launched Class A and C shares. Class A shares for the Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund were initially offered on February 27, 2012 and February 1, 2012, respectively. Class C shares for the Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund were initially offered on August 24, 2012.

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

2. Significant accounting policies

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

(a) Basis of preparation

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

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As of April 30, 2013 (Unaudited)

(b) Use of estimates

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

(c) Determination of Net Asset Value

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

(d) Investment valuation

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

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

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As of April 30, 2013 (Unaudited)

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

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

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

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

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

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(e) Investment transactions, income and expenses

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

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

(f) Fully funded total return swaps

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

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 are considered investments for financial statement purposes and are accounted for using the same policies as would apply to the underlying assets they represent. Aside from the market risk of the underlying securities, there is a risk of default by the counterparty to the transaction.

(g) Equity-Linked Securities

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

(h) Reverse Repurchase Agreements

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

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3. Principal risks

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

Convertible Securities Risk

Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changes in value at a different rate than the underlying stocks. Convertible securities, particularly high-yield or junk bonds, are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default.

Counterparty and Third Party Risk

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

Credit Risk

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

Currency Management Strategies Risk

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

Currency Risk

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

Derivatives Risk

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

Emerging Markets Risk

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

Equity Securities Risk

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

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As of April 30, 2013 (Unaudited)

Focused Investment Risk

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

Foreign Investment Risk

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

Geographic Focus Risk

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

High Yield Risk

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

Inflation/Deflation Risk

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

Interest Rate Risk

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

Investments in Pooled Vehicles Risk

Investing in another investment company or pooled vehicle subjects the Funds to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Funds.

IPO Risk

Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they may have no trading history and information about the issuer may have been available for only limited periods.

Issuer Non-Diversification Risk

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

Issuer Risk

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

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As of April 30, 2013 (Unaudited)

Large Shareholder Risk

Shareholders of the Funds, such as institutional investors, may disrupt the efficient management of the Funds’ operations by purchasing or redeeming Fund shares in large amounts.

Leverage Risk

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

Limited Operating History Risk

The Funds have a limited operating history for investors to evaluate and may not achieve the desired asset levels to maximize investment and operational efficiencies.

Liquidity Risk

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

Management Risk

The Funds’ investment returns depend on the ability of the Investment Manager to manage the Funds’ portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters.

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.

Mortgage-Backed and Asset-Backed Risk

Payments on underlying assets, including mortgages or other obligations, may be delayed, prepaid, subordinated or defaulted on. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates.

Over-the-Counter Risk

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

Portfolio Turnover Risk

If the Funds frequently trade their securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Funds’ investment performance.

Small and Mid-Sized Companies Risk

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

Valuation Risk

Certain securities and instruments may be difficult to value, and to the extent the Funds sell a security or instrument at a price lower than that used to value the security, their net asset value will be adversely affected.

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 a timely transaction to a market participant in the principal or most advantageous market of the investment in an orderly transaction. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value

107

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As of April 30, 2013 (Unaudited)

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. This may include the pricing model and/or the inputs to the pricing model used in the valuation technique. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

—

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

—

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

—

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

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

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

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

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

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As of April 30, 2013 (Unaudited)

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

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

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

5. Capital share transactions

Transactions in Class A shares for the period ended April 30, 2013, were as follows:


Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed		Payments for Shares Redeemed		Net Increase in Shares		Net Increase in Net Assets
		438,694		$4,309,547		4,349		$42,532		(10,764)		$(105,331)		432,279		$4,246,748
Ashmore Emerging Markets Corporate Debt Fund		166,150		1,702,093		1,285		13,091		(72,080)		(724,805)		95,355		990,379
Ashmore Emerging Markets Currency Fund		-		-		3		30		-		-		3		30
Ashmore Emerging Markets Sovereign Debt Fund		1,863		20,475		31		340		(1,931)		(21,132)		(37)		(317)
Ashmore Emerging Markets Total Return Fund		800,565		8,109,663		17,428		176,042		(202,296)		(2,045,056)		615,697		6,240,649
Ashmore Emerging Markets Equity Fund		3,955		38,015		1		10		(2,591)		(25,666)		1,365		12,359
Ashmore Emerging Markets Small-Cap Equity Fund		288,229		2,840,287		907		8,731		-		-		289,136		2,849,018

109

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As of April 30, 2013 (Unaudited)

Transactions in Class C shares for the period ended April 30, 2013, were as follows:


Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed		Payments for Shares Redeemed		Net Increase in Shares		Net Increase in Net Assets
Ashmore Emerging Markets Corporate Debt Fund		4,864		$47,954		131		$1,277		(303)		$(2,966)		4,692		$46,265
Ashmore Emerging Markets Local Currency Bond Fund		29,532		301,777		121		1,222		(25,822)		(259,797)		3,831		43,202
Ashmore Emerging Markets Currency Fund		-		-		3		30		-		-		3		30
Ashmore Emerging Markets Sovereign Debt Fund		2		23		-		-		-		-		2		23
Ashmore Emerging Markets Total Return Fund		48,448		489,173		1,865		18,827		(106)		(1,078)		50,207		506,922
Ashmore Emerging Markets Equity Fund		-		-		-		-		-		-		-		-
Ashmore Emerging Markets Small-Cap Equity Fund		1,845		20,004		5		52		-		-		1,850		20,056

Transactions in Institutional Class shares for the period April 30, 2013, were as follows:


Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed		Payments for Shares Redeemed		Net Increase in Shares		Net Increase in Net Assets
Ashmore Emerging Markets Corporate Debt Fund		6,030,411		$61,243,387		51,166		$519,428		(736,433)		$(7,514,209)		5,345,144		$54,248,606
Ashmore Emerging Markets Local Currency Bond Fund		2,738,514		28,929,349		107,754		1,133,535		(1,238,956)		(12,870,138)		1,607,312		17,192,746
Ashmore Emerging Markets Currency Fund		1		12		195,528		1,824,707		(1,952,867)		(18,529,109)		(1,757,338)		(16,704,390)
Ashmore Emerging Markets Sovereign Debt Fund		675,676		7,500,013		78,788		862,776		(468,165)		(5,000,000)		286,299		3,362,789
Ashmore Emerging Markets Total Return Fund		5,294,939		54,076,197		2,013,544		20,640,521		(2,205,654)		(22,490,485)		5,102,829		52,226,233
Ashmore Emerging Markets Equity Fund		33,631		306,618		320		2,937		-		-		33,951		309,555
Ashmore Emerging Markets Small-Cap Equity		1,175,511		14,018,586		82,731		971,267		(327,404)		(3,982,933)		930,838		11,006,920

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As of April 30, 2013 (Unaudited)

Capital shares

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

6. Investment transactions

For the period ended April 30, 2013, the aggregate costs of purchases and proceeds from sales of investments (including fully funded TRS and excluding short-term investments) for the Funds were as follows:



Fund	Purchases		Sales
Ashmore Emerging Markets Corporate Debt Fund		$68,616,190		$13,566,873
Ashmore Emerging Markets Local Currency Bond Fund		62,117,916		42,820,428
Ashmore Emerging Markets Currency Fund		754,755		-
Ashmore Emerging Markets Sovereign Debt Fund		27,885,683		24,408,361
Ashmore Emerging Markets Total Return Fund		305,188,417		237,540,831
Ashmore Emerging Markets Equity Fund		4,803,600		4,528,180
Ashmore Emerging Markets Small-Cap Equity Fund		25,735,822		13,108,593

7. Federal income taxes

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

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


Fund	Paid in Capital		Undistributed Net Investment Income		Accumulated Net Realized Gain/Loss		Net Unrealized Appreciation
Ashmore Emerging Markets Corporate Debt Fund		$ -		$ 36,226		$ 4,294		$(40,520)
Ashmore Emerging Markets Local Currency Bond Fund		202,110		-		209,413		(411,523)
Ashmore Emerging Markets Total Return Fund		130,575		560,417		(322,697)		(368,295)

111

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

At October 31, 2012, the capital loss carryforwards for U.S. federal income tax purposes and their respective years of expiration were as follows:


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

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act makes changes to several tax rules affecting the Funds. In general, the provisions of the Act are effective for the Funds’ fiscal year ending October 31, 2012. Although the Act provides several benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all, or a portion of a Fund’s pre-enactment capital loss carryovers may expire without being utilized, due to the fact that post-enactment capital losses are utilized before pre-enactment capital loss carryovers.

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


Fund	Short-Term Capital Loss Carryforward at October 31, 2012	Long-Term Capital Loss Carryforward at October 31, 2012
Ashmore Emerging Markets Equity Fund	$ (1,297,904)	$ -
Ashmore Emerging Markets Currency Fund	-	(2,870)

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

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

As of October 31, 2012, the components of distributable taxable earnings, including temporary differences, were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gain		Accumulated Capital Losses and Other		Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		Total Accumulat ed Earning (Deficit)
Ashmore Emerging Markets Corporate Debt Fund		$151,435		$94,032		$(35,001)		$138,545		$349,011
Ashmore Emerging Markets Local Currency Bond Fund		-		-		(96,283)		2,208,747		2,112,464

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As of April 30, 2013 (Unaudited)


Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gain		Accumulated Capital Losses and Other		Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		Total Accumulat ed Earning (Deficit)
Ashmore Emerging Markets Currency Fund		1,809,816		-		(31,004)		175,570		1,954,382
Ashmore Emerging Markets Sovereign Debt Fund		88,704		61,828		(39,062)		3,225,398		3,336,868
Ashmore Emerging Markets Total Return Fund		8,933,641		-		(402,679)		13,802,047		22,333,009
Ashmore Emerging Markets Equity Fund		-		-		(1,298,335)		(71,489)		(1,369,824)
Ashmore Emerging Markets Small-Cap Equity Fund		1,099,388		30,847		-		736,932		1,867,167

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


	Distributions From
Fund	Ordinary Income		Short-Term Capital Gains		Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Ashmore Emerging Markets Corporate Debt Fund		$ 1,068,991		$ 66,324		$ -		$ -		$1,135,315
Ashmore Emerging Markets Local Currency Bond Fund		2,007,944		497,423		-		-		2,505,367
Ashmore Emerging Markets Currency Fund		-		-		-		-		-
Ashmore Emerging Markets Sovereign Debt Fund		1,514,004		-		-		-		1,514,004
Ashmore Emerging Markets Total Return Fund		9,666,192		-		-		-		9,666,192
Ashmore Emerging Markets Equity Fund		101,642		-		-		4,929		106,571
Ashmore Emerging Markets Small-Cap Equity Fund		39,065		53,933		-		-		92,998

8. Distributions to shareholders

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

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

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

9. Derivative instruments and hedging activities

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

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

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

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

(a) Options

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

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

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

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

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

For the period ended April 30, 2013, the Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund and Ashmore Emerging Markets Total Return Fund had an average contract notional exposure of $70,857, $42,336, and $196,889, respectively, related to options contracts.

(b) Forward foreign currency exchange contracts

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

Risks arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments should be considered in light of all related and offsetting transactions. The Funds bear market risk from changes in foreign currency exchange rates and credit risk if the counterparty fails to perform. Further information on the impact of these positions on the Funds’ financial statements can be found in Note 11.

For the period ended April 30, 2013, the Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Small-Cap Equity Fund and Ashmore Emerging Markets Equity Fund had an average contract notional exposure of $536,918, $183,010,849, $180,639,566, $687,250,075, $176,402 and $19,912, respectively, related to forward foreign currency exchange contracts.

(c) Futures contracts

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

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

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

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As of April 30, 2013 (Unaudited)

For the period ended April 30, 2013, the Funds did not hold futures contracts.

(d) Interest rate swaps

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

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

For the period ended April 30, 2013, the Ashmore Emerging Markets Local Currency Bond and Ashmore Emerging Markets Total Return Funds had average notional exposures of $12,160,064 and $14,783,597, respectively, related to interest rate swap contracts.

10. Related parties

Investment management fees

The Trust has an Investment Management Agreement (the “Agreement”) with the Investment Manager, with whom certain officers and directors of the Trust are affiliated, to furnish investment management services to the Funds. Under the terms of the Agreement, the Trust, on behalf of the Funds, compensates the Investment Manager for its investment management services at the following rates, based on each Fund’s average daily net assets:


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

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

116

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


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

Any such waiver or reimbursement is subject to the Investment Manager’s right to recover amounts waived or reimbursed to the extent actual fees and expenses for a future fiscal period are less than each Fund’s expense limitation cap, provided, however, that the Investment Manager shall only be entitled to recover such amounts waived or reimbursed during the previous three fiscal years. The total accumulated amount subject to recovery in future years is $576,969 for Ashmore Emerging Markets Corporate Debt Fund, $691,551 for Ashmore Emerging Markets Local Currency Bond Fund, $651,357 for Ashmore Emerging Markets Currency Fund, $596,510 for Ashmore Emerging Markets Sovereign Debt Fund, $1,085,084 for Ashmore Emerging Markets Total Return Fund, $455,970 for Ashmore Emerging Markets Equity Fund and $406,629 for Ashmore Emerging Markets Small-Cap Equity Fund.

Subadviser fees

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


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

Distribution fees

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


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

117

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

Investor Ownership

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

As of April 30, 2013, Ashmore Investments UK Limited owned the following percentages of outstanding shares of each Fund:


Fund		Institutional Class
Ashmore Emerging Markets Corporate Debt Fund		7.55%
Ashmore Emerging Markets Currency Fund		20.03%
Ashmore Emerging Markets Equity Fund		65.93%
Ashmore Emerging Markets Small-Cap Equity Fund		82.39%

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


Fund	Class	# of Investors Owning > 5% of outstanding Shares	% of Ownership by Investor
Ashmore Emerging Markets Corporate Debt Fund	Class A	1	84.61%
	Class C	4	37.21%, 33.98%, 14.31%, 8.17%
	Class I	2	11.57%, 7.68%
Ashmore Emerging Markets Local Currency Bond Fund	Class A	3	22.43%, 7.22%, 5.24%
	Class C	4	43.42%, 28.08%, 10.29%, 7.23%
	Class I	4	39.95%, 28.56%, 12.95%, 10.14%
Ashmore Emerging Markets Currency Fund	Class A	1	100.00%
	Class C	1	100.00%
	Class I	2	65.33%, 11.66%
Ashmore Emerging Markets Sovereign Debt Fund	Class A	2	91.29%, 8.71%
	Class C	1	100.00%
	Class I	2	80.54%, 19.46%

118

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)


Fund	Class	# of Investors Owning > 5% of outstanding Shares	% of Ownership by Investor
Ashmore Emerging Markets Total Return Fund	Class A	4	10.74%, 6.55%, 5.47%, 5.33%
	Class C	7	22.08%, 10.35%, 10.31%, 6.97%, 5.15%, 5.11%, 5.03%
	Class I	4	41.19%, 14.83%, 11.31%, 7.03%
Ashmore Emerging Markets Equity Fund	Class A	4	79.48%, 7.03%, 6.90%, 6.60%
	Class C	1	100.00%
	Class I	2	16.23%, 9.73%
Ashmore Emerging Markets Small-Cap Equity Fund	Class A	1	92.30%
	Class C	3	47.40%, 47.19%, 5.41%
	Class I	1	13.21%

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

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

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

Derivative risk exposures are discussed in note 9.

12. Recent accounting pronouncements

In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the statement of assets and liabilities. This information will enable users of a Fund’s financial statements to evaluate the effect or potential effect of netting arrangements on a Fund’s financial position.

In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which replaced ASU 2011-11. ASU 2013-01 limits the scope of the new statement of assets and liabilities offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are 1) offset in the financial statements or 2) subject to an enforceable master netting arrangement or similar agreement. Both ASU 2011-11 and ASU 2013-01 are effective prospectively for interim or annual periods beginning on or after January 1, 2013. At this time, the Funds’ management is evaluating the implications of this requirement and the impact it will have on the Funds’ financial statement footnote disclosures, if any.

119

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2013 (Unaudited)

13. Subsequent events

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

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ASHMORE FUNDS

ADVISORY AGREEMENT APPROVAL

As of April 30, 2013

ADVISORY AGREEMENT APPROVAL

At an in-person meeting of the Board of Trustees of Ashmore Funds (the “Trust”) held on March 27, 2013, the Board, including a majority of the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), voting separately, considered and unanimously approved the continuation of the Investment Management Agreement between Ashmore Investment Management Limited (“AIML”) and the Trust, on behalf of each of Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Sovereign Debt Fund, Ashmore Emerging Markets Total Return Fund (the “Non-Subadvised Funds”) and Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund (the “Subadvised Funds,” and together with the Non-Subadvised Funds, the “Funds”) and the Sub-Advisory Agreement between AIML and Ashmore EMM, L.L.C, a majority-owned subsidiary of AIML (“Ashmore EMM”) for the management of the Subadvised Funds (each, an “Agreement,” and collectively, the “Agreements”). In determining to approve the continuation of the Agreements for a one-year period, the Trustees considered all factors that it believed, in light of the legal advice furnished to them and their own business judgment, to be relevant to the interests of shareholders, including those listed below.

In evaluating the terms of the Agreements, the Board did not identify any single factor as controlling, and individual members of the Board did not necessarily attribute the same weight or importance to each factor, nor are the items described herein all encompassing of the matters considered by the Board. Throughout their review of the Agreements, the Independent Trustees were assisted by their own Independent Trustee legal counsel. The Independent Trustees had formally requested through their legal counsel, and AIML had provided, certain information the Independent Trustees considered relevant to their evaluation. The Independent Trustees discussed the information over the course of several different occasions, without representatives of AIML present.

Among the information and factors considered by the Board in evaluating the Agreements were the following:

NATURE, QUALITY AND EXTENT OF INVESTMENT MANAGEMENT SERVICES

The Board examined the nature, quality and extent of the services provided by AIML to all of the Funds and by Ashmore EMM to the Subadvised Funds.

AIML’s Services

The Board considered information regarding the overall organization and resources of AIML, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other services to the Funds. The Board reviewed AIML’s key personnel who provide investment management services to the Funds, as well as the fact that, under the Agreements, AIML has the authority and responsibility, subject to the Board’s oversight, to make and execute investment decisions for the Funds within the framework of the Funds’ investment policies and restrictions. The Board considered that AIML’s duties include: (i) investment research and selection, (ii) adherence to (and monitoring compliance with) the Funds’ investment policies and restrictions, the 1940 Act and other relevant laws and (iii) supervision of the investment management and other services provided by Ashmore EMM to the Subadvised Funds. The Board also evaluated the significant compliance resources available to and utilized by AIML.

121

ASHMORE FUNDS

ADVISORY AGREEMENT APPROVAL (CONTINUED)

As of April 30, 2013

Ashmore EMM’s Services to the Subadvised Funds

The Board’s consideration of the services provided by Ashmore EMM included a review of its senior management, portfolio managers and other personnel providing investment management services to the Subadvised Funds, its investment philosophy, style and processes, its approach to controlling risk, and the quality and extent of its investment capabilities and resources, including, the nature and extent of research it receives from broker-dealers. In their deliberations with respect to the Subadvised Funds, the Board considered AIML’s relationship with Ashmore EMM. The Board also considered Ashmore EMM’s breadth and depth of experience and investment results in managing other accounts similar to the Subadvised Funds. The Board reviewed information concerning Ashmore EMM’s historical investment results in managing accounts in a manner substantially similar to the Subadvised Funds.

Investment Performance

In considering each Fund’s performance, the Board requested and received from AIML data compiled by Lipper Inc. (“Lipper”). The Trustees also received information explaining the methodology for compilation of certain of this information and what it was intended to demonstrate. The Board considered the performance of the Funds in light of their respective investment objectives on a comparable basis relative to the Funds’ peers. The Board received performance information for Class A Shares for the one-year period ended December 31, 2012, and for Institutional Class Shares for the one- and two-year periods ended December 31, 2012 for the Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Currency Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Sovereign Debt Fund and Ashmore Emerging Markets Total Return Fund. The Board received performance information for Institutional Shares for the one-year period ended December 31, 2012 for the Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund. In so doing, the Trustees noted the specialized nature and focus of many of the Funds, and for certain Funds the limited number of peer group funds. They also discussed with AIML and considered AIML’s views that with respect to several of the Funds, the Lipper peer groups did not account for distinctions that AIML considered to be meaningful for performance comparison purposes. They also noted that the Funds were relatively new, with each Fund having less than a three year track record, and that Ashmore’s strategies focus on achieving superior long–term performance over full market cycles. Subject to these points the Board observed that overall, the Funds performed well in comparison to their Lipper peers, with five of the seven Funds performing in the first or second quintile for the one-year period, and only two funds (Ashmore Emerging Markets Sovereign Debt Fund and Ashmore Emerging Markets Equity Fund) performing in the fourth quintile for the one-year period. The Board also took into account AIML’s explanation for the comparative underperformance of these two Funds; specifically that each is included in a Lipper peer group with funds that focus on different or less-focused emerging market asset classes which outperformed these Funds’ more targeted asset classes during the period. The Board also noted the favorable longer-term track record of AIML and Ashmore EMM in managing accounts having similar strategies as the Funds.

The Board concluded that it was satisfied with the nature, extent and quality of services provided by AIML to each Fund and that there was a reasonable basis on which to conclude that each Fund would continue to benefit from the services provided by AIML. The Board separately concluded that it was satisfied with the nature, extent and quality of services provided to the Subadvised Funds by Ashmore EMM and that there was a reasonable basis on which to conclude that the Subadvised Funds would continue to benefit from the services provided by Ashmore EMM.

122

ASHMORE FUNDS

ADVISORY AGREEMENT APPROVAL (CONTINUED)

As of April 30, 2013

INVESTMENT MANAGEMENT FEES AND COST OF SERVICES

The Board also considered the contractual and actual investment management fees paid by each Fund to AIML. In doing so, the Board compared the contractual and actual investment management fees and overall gross and net expense ratios (represented by the Funds’ Class A and Institutional Class shares) to those of the Funds’ peers as determined by Lipper. They noted that most of the Funds were quite small in size relative to their peers. As with the performance comparisons, the Board also noted that, with respect to several of the Funds, there were only a limited number of peer funds with similar investment strategies, and in a number of cases, AIML had discussed with the Board factors indicating the Lipper peer groups included funds that did not account for distinctions AIML considered significant relative to evaluating the breadth and depth of expertise and resources needed to manage such strategies. To the extent the contractual management fees or gross total expense ratios of a Fund were meaningfully above those of the Lipper peers, the Board also considered and took into account AIML’s undertaking to continue to waive fees and/or reimburse expenses so as to otherwise limit these Funds’ ordinary operating expenses until at least February 28, 2014.

The Trustees also considered the fees paid by AIML to Ashmore EMM in relation to the services provided by Ashmore EMM.

The Board reviewed AIML’s costs and profitability as presented by it in serving as investment adviser. The Board noted that AIML was operating at a loss with respect to each Fund except the Ashmore Emerging Markets Total Return Fund, and in that case, AIML’s profitability was not excessive.

In evaluating the terms of the Agreements, the Board also considered the other benefits that may inure to AIML and Ashmore EMM as a result of their relationship with the Funds, such as the reputational benefit derived from serving as investment adviser or subadviser to the Funds.

In light of the information provided and the quality of the services rendered and anticipated to be rendered, the Board concluded that the investment management fees to be charged the Funds were reasonable.

ECONOMIES OF SCALE

The Board noted that the contractual investment management fees for the Funds do not contain breakpoints that would reduce the fee rate on assets above specified levels. The Board observed that many of the Funds remained quite small in size, and that the collective assets of all of the Funds had not yet reached $1 billion. The Board also observed that AIML was subsidizing all of the Funds through fee waivers and expense reimbursements. In evaluating the Funds’ contractual investment management fees, the Board considered AIML’s representation that the contractual investment management fees were intended to reflect achievable economies of scale and also AIML’s continuing agreement to limit certain expenses of each Fund. The Board received and evaluated information concerning whether AIML would realize economies of scale as the Trust’s assets grow beyond current levels. The Board noted they intend to monitor each Fund’s asset growth in connection with future reviews of the Funds’ Agreements to determine whether breakpoints may be appropriate at such time. In light of the Trust’s current size and expense structure, the Board concluded that breakpoints in the Funds’ contractual investment management fees were not warranted at this time.

The Board concluded that the fees to be paid to AIML by each Fund, and the fees to be paid by AIML to Ashmore EMM with respect to the Subadvised Funds, were reasonable in light of the services to be provided by AIML and Ashmore EMM, respectively, the costs to AIML of operating the Funds, and the Funds’ current and reasonably foreseeable asset levels, and determined that the Agreements should, therefore, be approved.

123

ASHMORE FUNDS

FOR MORE INFORMATION

As of April 30, 2013

PORTFOLIO HOLDINGS

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

PROXY VOTING

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

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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.

125

ASHMORE FUNDS

OTHER INFORMATION

Administrator, Custodian and Transfer Agent

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

312-630-6000

Investment Manager

Ashmore Investment Management Limited

61 Aldwych

London WC2B 4AE

United Kingdom

44-20-3077-6000

Subadviser for Ashmore Emerging Markets Equity Fund

and Ashmore Emerging Markets Small-Cap Equity Fund

Ashmore EMM, LLC

1001 19^th Street North, 15^th Floor

Arlington, Virginia 22209

703-243-8800

Distributor

Ashmore Investment Management (US) Corporation

122 East 42^nd Street

New York, New York 10168

212-661-0061

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199

617-951-7000

Independent Trustees’ Counsel

Dechert LLP

200 Clarendon Street

27^th Floor

Boston, Massachusetts 02116

617-728-7100

126

Item 2. Code of Ethics.

Not applicable for this reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for this reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for this reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b)	Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and

procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b)

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

Item 12. Exhibits.

(a)(1)

Not applicable for this reporting period.

(a)(2)

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

(a)(3)

Not applicable.

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

SIGNATURES

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

Ashmore Funds


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

Date: July 5, 2013

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


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

Date: July 5, 2013

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

Date: July 5, 2013