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ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Debt Securities
Angola (Cost $1,188,497)
Angola (Rep of), 8.250%, 05/09/2028		315,000	$296,887	0.33
Angola (Rep of), 8.750%, 04/14/2032		200,000	177,626	0.19
Angola (Rep of), 9.375%, 05/08/2048		274,000	226,050	0.25
Angola (Rep of), 9.125%, 11/26/2049		608,000	489,945	0.54
			1,190,508	1.31
Argentina (Cost $911,915)
Argentina (Rep of), 1.000%, 07/09/2029		247,867	193,804	0.21
Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/20302		1,054,510	789,828	0.87
Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/20352		585,181	396,694	0.44
Argentina (Rep of), 5.000%, 01/09/2038		334,784	241,137	0.27
Argentina (Rep of), (Step to 4.875% on 07/09/29), 3.500%, 07/09/20412		291,631	184,376	0.20
			1,805,839	1.99
Azerbaijan (Cost $414,878)
Southern Gas Corridor CJSC, 6.875%, 03/24/2026		396,000	400,158	0.44
			400,158	0.44
Bahrain (Cost $297,980)
Bahrain (Rep of), 7.500%, 09/20/2047		324,000	320,760	0.35
			320,760	0.35
Benin (Cost $389,600)
Benin (Rep of), 7.960%, 02/13/2038		200,000	189,250	0.21
Benin (Rep of), 8.375%, 01/23/20413		200,000	193,250	0.21
			382,500	0.42
Brazil (Cost $9,183,823)
Brazil (Rep of), 2.875%, 06/06/2025		200,000	197,960	0.22
Brazil (Rep of), 6.000%, 04/07/2026		250,000	252,242	0.28
Brazil (Rep of), 4.625%, 01/13/2028		240,000	233,904	0.26
Brazil (Rep of), 6.125%, 03/15/2034		200,000	191,270	0.21
Brazil (Rep of), 5.000%, 01/27/2045		277,000	207,612	0.23
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20274	BRL	17,894,000	2,193,710	2.42
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20284	BRL	6,400,000	732,781	0.81
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20304	BRL	11,095,000	967,893	1.07
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027	BRL	10,510,000	1,663,937	1.84
MC Brazil Downstream Trading S.a.r.l., 7.250%, 06/30/2031		483,339	410,539	0.45
Oi S.A., 10.000%, (100% Cash), 06/30/20273,5		668,588	581,672	0.64
Oi S.A., 8.500%, 12/31/20283,5		3,323,859	282,528	0.31
			7,916,048	8.74

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ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Bulgaria (Cost $23,086)
Bulgaria (Rep of), 5.000%, 03/05/2037		24,000	$22,530	0.02
			22,530	0.02
Chile (Cost $2,428,683)
Bonos de la Tesoreria de la Republica en pesos, 6.000%, 04/01/20333	CLP	390,000,000	395,244	0.44
Chile (Rep of), 4.950%, 01/05/2036		610,637	579,189	0.64
Chile (Rep of), 3.100%, 05/07/2041		360,000	257,400	0.28
Chile (Rep of), 3.100%, 01/22/2061		354,000	208,198	0.23
Corp. Nacional del Cobre de Chile, 5.625%, 10/18/2043		243,000	217,699	0.24
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/2049		264,000	195,756	0.22
Empresa de Transporte de Pasajeros Metro S.A., 4.700%, 05/07/2050		283,000	228,522	0.25
			2,082,008	2.30
China (Cost $27,501,550)
Central China Real Estate Ltd., 7.650%, 08/27/20236,7		1,900,000	87,400	0.10
Central China Real Estate Ltd., 7.900%, 11/07/20236,7		1,910,000	87,860	0.10
Central China Real Estate Ltd., 7.250%, 08/13/20246,7		3,666,000	164,970	0.18
Central China Real Estate Ltd., 7.650%, 08/27/20256		1,667,000	75,015	0.08
China (Rep of), 2.270%, 05/25/2034	CNY	6,760,000	982,324	1.08
China SCE Group Holdings Ltd., 7.375%, 04/09/20246,7		1,800,000	92,250	0.10
China SCE Group Holdings Ltd., 5.950%, 09/29/20246,7		1,180,000	60,475	0.07
China SCE Group Holdings Ltd., 7.000%, 05/02/20256		1,330,000	68,164	0.08
China SCE Group Holdings Ltd., 6.000%, 02/04/20266		727,000	37,259	0.04
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/20216,7		4,515,000	112,875	0.12
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/20226,7		5,635,000	140,875	0.16
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/20226,7		1,189,000	29,725	0.03
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/20236,7		2,175,000	54,375	0.06
Kaisa Group Holdings Ltd., 8.500%, 06/30/20226,7		3,500,000	192,500	0.21
Kaisa Group Holdings Ltd., 10.875%, 07/23/20236,7		2,500,000	137,500	0.15
KWG Group Holdings Ltd., 6.000%, 01/14/20246,7		150,000	12,750	0.01
Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030		282,000	258,075	0.29
Sunac China Holdings Ltd., 6.000%, 09/30/20255		242,011	19,966	0.02
Sunac China Holdings Ltd., 6.250%, 09/30/20265		242,599	20,742	0.02
Sunac China Holdings Ltd., 6.500%, 09/30/20275		243,156	20,790	0.02
Sunac China Holdings Ltd., 6.750%, 09/30/20285		390,696	33,405	0.04
Sunac China Holdings Ltd., 7.000%, 09/30/20295		175,771	14,260	0.02
Sunac China Holdings Ltd., 7.250%, 09/30/20305		340,689	27,640	0.03
Yuzhou Group Holdings Co. Ltd., 9.950%, 06/08/20236,7		1,595,000	115,637	0.13
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/20236,7		3,962,000	287,245	0.32
Yuzhou Group Holdings Co. Ltd., 7.850%, 08/12/20266		1,330,000	96,425	0.11
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/20276		320,000	23,200	0.03
Zhenro Properties Group Ltd., 8.700%, 08/03/20226,7		1,110,000	2,775	—
Zhenro Properties Group Ltd., 8.000%, 03/06/20236,7		1,532,000	3,830	—

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ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
China (continued)
Zhenro Properties Group Ltd., 9.150%, 05/06/20236,7		400,000	$1,000	—
Zhenro Properties Group Ltd., 8.300%, 09/15/20236,7		3,158,000	7,895	0.01
Zhenro Properties Group Ltd., 8.350%, 03/10/20246,7		387,000	2,322	—
Zhenro Properties Group Ltd., 7.875%, 04/14/20246,7		3,591,000	21,546	0.02
Zhenro Properties Group Ltd., 7.100%, 09/10/20246,7		4,406,000	11,015	0.01
Zhenro Properties Group Ltd., 7.350%, 02/05/20256		8,407,000	21,017	0.02
Zhenro Properties Group Ltd., 14.724%, 03/05/20256		1,360,000	3,400	—
Zhenro Properties Group Ltd., 6.630%, 01/07/20266		2,065,000	5,163	0.01
Zhenro Properties Group Ltd., 6.700%, 08/04/20266		5,713,000	14,283	0.02
			3,347,948	3.69
Colombia (Cost $1,690,891)
Colombia (Rep of), 3.875%, 04/25/2027		291,000	279,797	0.31
Colombia (Rep of), 5.625%, 02/26/2044		250,000	186,125	0.20
Colombia (Rep of), 5.000%, 06/15/2045		344,000	232,286	0.26
Colombian TES, 6.000%, 04/28/2028	COP	2,578,800,000	545,948	0.60
Colombian TES, 7.750%, 09/18/2030	COP	449,400,000	93,703	0.10
Colombian TES, 7.000%, 03/26/2031	COP	914,100,000	179,505	0.20
			1,517,364	1.67
Costa Rica (Cost $395,388)
Costa Rica (Rep of), 6.125%, 02/19/2031		201,000	202,407	0.22
Costa Rica (Rep of), 7.300%, 11/13/2054		200,000	209,300	0.23
			411,707	0.45
Czech Republic (Cost $3,361,789)
Czech (Rep of), 0.950%, 05/15/2030	CZK	1,640,000	58,886	0.07
Czech (Rep of), 5.000%, 09/30/2030	CZK	7,900,000	346,740	0.38
Czech (Rep of), 1.750%, 06/23/2032	CZK	4,310,000	153,710	0.17
Czech (Rep of), 2.000%, 10/13/2033	CZK	2,410,000	85,002	0.09
Czech (Rep of), 4.900%, 04/14/2034	CZK	3,000,000	131,837	0.15
Czech (Rep of), 4.200%, 12/04/2036	CZK	3,130,000	129,959	0.14
Czech (Rep of), 1.500%, 04/24/2040	CZK	6,240,000	178,609	0.20
New World Resources N.V., 8.000%, 04/07/20206,7,8	EUR	1,938,518	—	—
New World Resources N.V., 4.000%, 10/07/20206,7,8	EUR	669,526	—	—
			1,084,743	1.20
Dominican Republic (Cost $2,024,289)
Dominican (Rep of), 6.875%, 01/29/2026		128,000	129,101	0.14
Dominican (Rep of), 6.000%, 07/19/2028		198,000	197,442	0.22
Dominican (Rep of), 4.875%, 09/23/2032		790,000	710,605	0.78
Dominican (Rep of), 5.300%, 01/21/2041		294,000	251,076	0.28
Dominican (Rep of), 6.500%, 02/15/2048		222,000	213,398	0.24
Dominican (Rep of), 6.400%, 06/05/2049		156,000	147,794	0.16
Dominican (Rep of), 5.875%, 01/30/2060		450,000	386,212	0.43
Dominican Republic Central Bank Notes, 13.000%, 01/30/2026	DOP	3,350,000	54,989	0.06
			2,090,617	2.31

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ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Ecuador (Cost $187,929)
Ecuador (Rep of), (Step to 5.500% on 07/31/26), 5.000%, 07/31/20402		417,684	$245,807	0.27
			245,807	0.27
Egypt (Cost $1,909,435)
Egypt (Rep of), 25.318%, 08/13/2027	EGP	11,277,000	233,921	0.26
Egypt (Rep of), 6.588%, 02/21/2028		391,000	374,035	0.41
Egypt (Rep of), 8.625%, 02/04/20303		200,000	199,250	0.22
Egypt (Rep of), 7.625%, 05/29/2032		239,000	213,883	0.24
Egypt (Rep of), 8.500%, 01/31/2047		399,000	319,388	0.35
Egypt (Rep of), 7.903%, 02/21/2048		350,000	265,247	0.29
Egypt (Rep of), 8.700%, 03/01/2049		279,000	227,059	0.25
Egypt (Rep of), 8.875%, 05/29/2050		207,000	170,255	0.19
			2,003,038	2.21
El Salvador (Cost $183,941)
El Salvador (Rep of), 7.650%, 06/15/2035		103,000	99,181	0.11
El Salvador (Rep of), 7.125%, 01/20/2050		150,000	127,312	0.14
			226,493	0.25
Gabon (Cost $175,920)
Gabon (Rep of), 6.625%, 02/06/2031		217,000	170,888	0.19
			170,888	0.19
Ghana (Cost $979,278)
Ghana (Rep of), 0.000%, 07/03/20263,4		49,032	45,769	0.05
Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/20292,3		430,132	383,463	0.42
Ghana (Rep of), 0.000%, 01/03/20303,4		100,812	78,352	0.09
Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/20352,3		605,369	441,163	0.49
			948,747	1.05
Guatemala (Cost $299,620)
Guatemala (Rep of), 6.125%, 06/01/2050		251,000	222,844	0.25
			222,844	0.25
Hungary (Cost $1,879,133)
Hungary (Rep of), 6.750%, 10/22/2028	HUF	93,410,000	240,210	0.27
Hungary (Rep of), 2.125%, 09/22/2031		522,000	418,080	0.46
Hungary (Rep of), 7.000%, 10/24/2035	HUF	119,180,000	309,930	0.34
Hungary (Rep of), 3.000%, 10/27/2038	HUF	71,560,000	121,169	0.13
Hungary (Rep of), 3.125%, 09/21/2051		394,000	234,662	0.26
Hungary (Rep of), 6.750%, 09/25/2052		200,000	206,688	0.23
MFB Magyar Fejlesztesi Bank Zrt, 6.500%, 06/29/2028		200,000	203,626	0.22
			1,734,365	1.91
India (Cost $1,775,502)
Export-Import Bank of India, 5.500%, 01/18/2033		272,000	272,424	0.30

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ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
India (continued)
India (Rep of), 7.540%, 05/23/2036	INR	38,740,000	$471,960	0.52
India (Rep of), 7.180%, 07/24/2037	INR	57,760,000	685,738	0.76
India (Rep of), 7.360%, 09/12/2052	INR	4,480,000	53,847	0.06
India (Rep of), 7.300%, 06/19/2053	INR	22,590,000	269,471	0.30
			1,753,440	1.94
Indonesia (Cost $5,243,934)
Indonesia (Rep of), 4.550%, 01/11/2028		229,000	227,212	0.25
Indonesia (Rep of), 6.875%, 04/15/2029	IDR	1,603,000,000	98,415	0.11
Indonesia (Rep of), 8.250%, 05/15/2029	IDR	5,799,000,000	373,309	0.41
Indonesia (Rep of), 7.000%, 09/15/2030	IDR	3,394,000,000	208,741	0.23
Indonesia (Rep of), 6.500%, 02/15/2031	IDR	1,132,000,000	67,725	0.08
Indonesia (Rep of), 7.750%, 04/15/2031	IDR	2,344,000,000	148,621	0.17
Indonesia (Rep of), 8.375%, 03/15/2034	IDR	3,005,000,000	199,846	0.22
Indonesia (Rep of), 7.500%, 06/15/2035	IDR	4,016,000,000	253,573	0.28
Indonesia (Rep of), 8.250%, 05/15/2036	IDR	2,210,000,000	146,945	0.16
Indonesia (Rep of), 6.625%, 02/17/2037		100,000	109,438	0.12
Indonesia (Rep of), 7.750%, 01/17/2038		170,000	203,788	0.23
Indonesia (Rep of), 7.500%, 05/15/2038	IDR	576,000,000	36,308	0.04
Indonesia (Rep of), 7.125%, 06/15/2038	IDR	3,649,000,000	223,582	0.25
Indonesia (Rep of), 8.375%, 04/15/2039	IDR	1,774,000,000	119,837	0.13
Indonesia (Rep of), 5.950%, 01/08/2046		213,000	219,789	0.24
Indonesia (Rep of), 5.250%, 01/08/2047		346,000	328,267	0.36
Indonesia (Rep of), 4.200%, 10/15/2050		200,000	161,260	0.18
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 5.450%, 05/15/2030		255,000	255,592	0.28
Pertamina Persero PT, 6.000%, 05/03/2042		329,000	322,009	0.36
Perusahaan Penerbit SBSN Indonesia III, 4.550%, 03/29/2026		261,000	261,000	0.29
Perusahaan Penerbit SBSN Indonesia III, 4.700%, 06/06/2032		200,000	193,776	0.21
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 05/15/2047		233,000	200,660	0.22
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048		200,000	192,812	0.21
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.875%, 07/17/2049		344,000	274,770	0.30
			4,827,275	5.33
Ivory Coast (Cost $1,307,193)
Ivory Coast (Rep of), 6.375%, 03/03/2028		360,000	359,219	0.40
Ivory Coast (Rep of), 6.125%, 06/15/2033		711,000	636,345	0.70
Ivory Coast (Rep of), 8.250%, 01/30/2037		310,000	301,571	0.33
			1,297,135	1.43
Jamaica (Cost $229,853)
Jamaica (Rep of), 7.875%, 07/28/2045		201,000	231,351	0.26
			231,351	0.26

5

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Kazakhstan (Cost $704,769)
Kazakhstan (Rep of), 4.714%, 04/09/20353		290,000	$276,805	0.31
Kazakhstan (Rep of), 6.500%, 07/21/2045		290,000	311,931	0.34
			588,736	0.65
Kenya (Cost $154,662)
Kenya (Rep of), 8.250%, 02/28/2048		200,000	165,500	0.18
			165,500	0.18
Malaysia (Cost $5,839,360)
Malaysia (Rep of), 3.955%, 09/15/2025	MYR	8,262,000	1,862,031	2.06
Malaysia (Rep of), 4.392%, 04/15/2026	MYR	279,000	63,394	0.07
Malaysia (Rep of), 3.906%, 07/15/2026	MYR	648,000	146,471	0.16
Malaysia (Rep of), 3.519%, 04/20/2028	MYR	4,396,000	984,773	1.09
Malaysia (Rep of), 4.504%, 04/30/2029	MYR	3,407,000	790,928	0.87
Malaysia (Rep of), 3.582%, 07/15/2032	MYR	1,351,000	298,832	0.33
Malaysia (Rep of), 3.828%, 07/05/2034	MYR	529,000	118,787	0.13
Malaysia (Rep of), 4.254%, 05/31/2035	MYR	669,000	154,897	0.17
Malaysia (Rep of), 4.762%, 04/07/2037	MYR	206,000	49,762	0.06
Malaysia (Rep of), 4.696%, 10/15/2042	MYR	161,000	38,999	0.04
Malaysia (Rep of), 4.065%, 06/15/2050	MYR	460,000	101,356	0.11
Malaysia Government Investment Issue, 4.070%, 09/30/2026	MYR	280,000	63,550	0.07
Malaysia Government Investment Issue, 4.193%, 10/07/2032	MYR	119,000	27,377	0.03
Petronas Capital Ltd., 2.480%, 01/28/2032		404,000	338,172	0.37
Petronas Capital Ltd., 4.550%, 04/21/2050		770,000	651,774	0.72
Petronas Capital Ltd., 3.404%, 04/28/2061		379,000	246,748	0.27
			5,937,851	6.55
Mexico (Cost $4,911,233)
Comision Federal de Electricidad, 3.875%, 07/26/2033		292,000	235,060	0.26
Comision Federal de Electricidad, 6.450%, 01/24/20353		200,000	188,500	0.21
Mexican Bonos, 8.500%, 05/31/2029	MXN	21,260,000	982,608	1.09
Mexican Bonos, 7.750%, 05/29/2031	MXN	3,960,000	172,703	0.19
Mexico (Rep of), 5.400%, 02/09/2028		212,000	211,205	0.23
Mexico (Rep of), 4.750%, 03/08/2044		88,000	66,792	0.07
Mexico (Rep of), 5.550%, 01/21/2045		151,000	130,011	0.14
Mexico (Rep of), 6.338%, 05/04/2053		274,000	243,860	0.27
Mexico (Rep of), 3.771%, 05/24/2061		296,000	168,998	0.19
Mexico (Rep of), 3.750%, 04/19/2071		498,000	273,900	0.30
Mexico (Rep of), 5.750%, 10/12/2110		156,000	119,340	0.13
Petroleos Mexicanos, 8.750%, 06/02/2029		222,000	219,769	0.24
Petroleos Mexicanos, 6.750%, 09/21/2047		645,000	441,502	0.49
Petroleos Mexicanos, 6.350%, 02/12/2048		174,000	114,588	0.13
Petroleos Mexicanos, 7.690%, 01/23/2050		809,000	603,514	0.67
Petroleos Mexicanos, 6.950%, 01/28/2060		451,000	309,517	0.34
			4,481,867	4.95

6

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Mongolia (Cost $209,791)
Mongolia (Rep of), 4.450%, 07/07/2031		257,000	$223,847	0.25
			223,847	0.25
Morocco (Cost $574,704)
Morocco (Rep of), 6.500%, 09/08/2033		450,000	463,307	0.51
Morocco (Rep of), 4.000%, 12/15/2050		200,000	135,688	0.15
			598,995	0.66
Nigeria (Cost $1,947,254)
Nigeria (Rep of), 6.500%, 11/28/2027		287,000	275,072	0.30
Nigeria (Rep of), 7.375%, 09/28/2033		319,000	276,691	0.30
Nigeria (Rep of), 7.696%, 02/23/2038		200,000	165,496	0.18
Nigeria (Rep of), 7.625%, 11/28/2047		543,000	422,861	0.47
Nigeria OMO Bill, 0.000%, 09/30/20254	NGN	52,266,000	29,797	0.03
Nigeria OMO Bill, 0.000%, 10/07/20254	NGN	613,308,000	351,944	0.39
Nigeria OMO Bill, 0.000%, 11/04/20254	NGN	364,474,000	205,006	0.23
Nigeria OMO Bill, 0.000%, 12/09/20254	NGN	244,804,000	132,870	0.15
Nigeria Treasury Bill, 19.452%, 03/06/20259	NGN	187,601,000	123,629	0.14
Nigeria Treasury Bill, 19.884%, 03/27/20259	NGN	210,082,000	136,326	0.15
			2,119,692	2.34
Oman (Cost $1,611,858)
Oman (Rep of), 4.750%, 06/15/2026		254,000	252,412	0.28
Oman (Rep of), 6.750%, 10/28/2027		267,000	276,043	0.30
Oman (Rep of), 6.000%, 08/01/2029		380,000	386,179	0.43
Oman (Rep of), 6.500%, 03/08/2047		200,000	197,732	0.22
Oman (Rep of), 6.750%, 01/17/2048		215,000	219,122	0.24
Oman (Rep of), 7.000%, 01/25/2051		302,000	316,662	0.35
			1,648,150	1.82
Pakistan (Cost $83,188)
Pakistan (Rep of), 8.875%, 04/08/2051		200,000	161,525	0.18
			161,525	0.18
Panama (Cost $778,345)
Panama (Rep of), 9.375%, 04/01/2029		194,000	214,492	0.24
Panama (Rep of), 6.700%, 01/26/2036		213,000	200,832	0.22
Panama (Rep of), 4.300%, 04/29/2053		357,000	215,942	0.24
			631,266	0.70
Paraguay (Cost $495,066)
Paraguay (Rep of), 5.850%, 08/21/2033		329,000	325,052	0.36
Paraguay (Rep of), 5.400%, 03/30/2050		200,000	169,438	0.19
			494,490	0.55
Peru (Cost $2,064,259)
Peru (Rep of), 8.750%, 11/21/2033		273,000	324,114	0.36
Peru (Rep of), 5.375%, 02/08/2035		693,000	668,988	0.74

7

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Peru (continued)
Peru (Rep of), 7.600%, 08/12/20393	PEN	504,000	$140,802	0.16
Peru (Rep of), 3.300%, 03/11/2041		154,000	111,457	0.12
Peru (Rep of), 5.625%, 11/18/2050		156,000	145,519	0.16
Peru (Rep of), 2.780%, 12/01/2060		264,000	140,012	0.15
Peru (Rep of), 3.230%, 07/28/2121		117,000	62,057	0.07
Petroleos del Peru S.A., 5.625%, 06/19/2047		400,000	252,356	0.28
			1,845,305	2.04
Philippines (Cost $1,317,384)
Philippines (Rep of), 10.625%, 03/16/2025		126,000	126,945	0.14
Philippines (Rep of), 9.500%, 02/02/2030		186,000	221,991	0.25
Philippines (Rep of), 7.750%, 01/14/2031		209,000	237,194	0.26
Philippines (Rep of), 6.375%, 10/23/2034		102,000	109,140	0.12
Philippines (Rep of), 6.250%, 01/14/2036	PHP	12,000,000	200,271	0.22
Philippines (Rep of), 3.950%, 01/20/2040		353,000	292,108	0.32
			1,187,649	1.31
Poland (Cost $3,457,647)
Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033		200,000	195,964	0.22
Bank Gospodarstwa Krajowego, 5.750%, 07/09/20343		200,000	199,080	0.22
Bank Gospodarstwa Krajowego, 6.250%, 07/09/20543		200,000	195,926	0.22
Poland (Rep of), 2.500%, 07/25/2026	PLN	470,000	111,177	0.12
Poland (Rep of), 0.250%, 10/25/2026	PLN	471,000	106,559	0.12
Poland (Rep of), 3.750%, 05/25/2027	PLN	2,604,000	620,546	0.69
Poland (Rep of), 2.500%, 07/25/2027	PLN	491,000	113,192	0.13
Poland (Rep of), 5.500%, 11/16/2027		208,000	212,682	0.23
Poland (Rep of), 2.750%, 04/25/2028	PLN	1,447,000	329,564	0.36
Poland (Rep of), 7.500%, 07/25/2028	PLN	1,020,000	267,194	0.30
Poland (Rep of), 1.250%, 10/25/2030	PLN	946,000	184,397	0.20
Poland (Rep of), 4.875%, 10/04/2033		88,000	85,011	0.09
Poland (Rep of), 6.000%, 10/25/2033	PLN	2,123,000	529,100	0.58
Poland (Rep of), 5.000%, 10/25/2034	PLN	732,000	168,987	0.19
Poland (Rep of), 5.500%, 04/04/2053		70,000	65,101	0.07
Poland (Rep of), 5.500%, 03/18/2054		137,000	127,387	0.14
			3,511,867	3.88
Qatar (Cost $1,322,054)
Qatar (Rep of), 3.250%, 06/02/2026		272,000	267,835	0.30
Qatar (Rep of), 4.817%, 03/14/2049		571,000	518,542	0.57
QatarEnergy, 3.125%, 07/12/2041		650,000	475,137	0.52
			1,261,514	1.39
Romania (Cost $2,372,238)
Romania (Rep of), 3.000%, 02/27/2027		68,000	64,639	0.07
Romania (Rep of), 5.800%, 07/26/2027	RON	2,400,000	483,588	0.53
Romania (Rep of), 4.150%, 01/26/2028	RON	1,500,000	287,341	0.32
Romania (Rep of), 6.625%, 02/17/2028		172,000	174,692	0.19

8

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Romania (continued)
Romania (Rep of), 5.875%, 01/30/2029		224,000	$219,563	0.24
Romania (Rep of), 3.000%, 02/14/2031		60,000	49,275	0.06
Romania (Rep of), 7.350%, 04/28/2031	RON	1,320,000	272,962	0.30
Romania (Rep of), 3.625%, 03/27/2032		324,000	267,097	0.30
Romania (Rep of), 7.125%, 01/17/2033		88,000	88,932	0.10
Romania (Rep of), 5.750%, 03/24/20353		84,000	75,243	0.08
Romania (Rep of), 6.125%, 01/22/2044		56,000	49,139	0.05
Romania (Rep of), 4.000%, 02/14/2051		172,000	108,123	0.12
			2,140,594	2.36
Saudi Arabia (Cost $1,714,217)
Gaci First Investment Co., 5.250%, 10/13/2032		358,000	353,153	0.39
Saudi (Rep of), 4.750%, 01/18/2028		348,000	346,260	0.38
Saudi (Rep of), 4.625%, 10/04/2047		249,000	205,736	0.23
Saudi (Rep of), 3.750%, 01/21/2055		226,000	153,680	0.17
Saudi (Rep of), 4.500%, 04/22/2060		297,000	231,289	0.25
Suci Second Investment Co., 4.375%, 09/10/2027		237,000	233,000	0.26
			1,523,118	1.68
South Africa (Cost $3,110,657)
South Africa (Rep of), 4.300%, 10/12/2028		580,000	543,750	0.60
South Africa (Rep of), 8.000%, 01/31/2030	ZAR	21,246,025	1,089,663	1.20
South Africa (Rep of), 8.250%, 03/31/2032	ZAR	8,115,222	401,360	0.44
South Africa (Rep of), 5.875%, 04/20/2032		215,000	202,369	0.22
South Africa (Rep of), 8.875%, 02/28/2035	ZAR	2,214,744	107,520	0.12
South Africa (Rep of), 9.000%, 01/31/2040	ZAR	1,488,840	67,416	0.07
South Africa (Rep of), 8.750%, 01/31/2044	ZAR	3,749,643	161,188	0.18
South Africa (Rep of), 5.650%, 09/27/2047		346,000	257,770	0.29
South Africa (Rep of), 8.750%, 02/28/2048	ZAR	6,335,611	269,897	0.30
			3,100,933	3.42
Supranational (Cost $884,226)
Asian Infrastructure Investment Bank (The), 7.000%, 03/01/2029	INR	11,600,000	133,784	0.15
Inter-American Development Bank, 7.350%, 10/06/2030	INR	18,000,000	210,228	0.23
International Bank for Reconstruction & Development, 6.850%, 04/24/2028	INR	30,000,000	345,635	0.38
International Bank for Reconstruction & Development, 6.500%, 04/17/2030	INR	14,700,000	166,394	0.18
			856,041	0.94
Thailand (Cost $1,110,855)
Thailand (Rep of), 2.350%, 06/17/2026	THB	19,006,000	565,524	0.62
Thailand (Rep of), 2.650%, 06/17/2028	THB	5,219,000	157,477	0.17
Thailand (Rep of), 3.390%, 06/17/2037	THB	946,000	30,941	0.04
Thailand (Rep of), 3.300%, 06/17/2038	THB	7,654,000	247,314	0.27
Thailand (Rep of), 2.875%, 06/17/2046	THB	1,744,000	52,597	0.06

9

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Thailand (continued)
Thailand (Rep of), 3.600%, 06/17/2067	THB	1,802,000	$60,473	0.07
			1,114,326	1.23
Turkey (Cost $2,887,154)
Turkey (Rep of), 31.080%, 11/08/2028	TRY	6,971,650	205,360	0.22
Turkey (Rep of), 5.250%, 03/13/2030		356,000	333,914	0.37
Turkey (Rep of), 7.125%, 07/17/2032		242,000	241,850	0.27
Turkey (Rep of), 26.200%, 10/05/2033	TRY	22,698,679	651,209	0.72
Turkey (Rep of), 6.500%, 01/03/2035		265,000	250,711	0.28
Turkey (Rep of), 4.875%, 04/16/2043		536,000	383,408	0.42
Turkey (Rep of), 5.750%, 05/11/2047		520,000	400,514	0.44
Turkiye Ihracat Kredi Bankasi A.S., 9.000%, 01/28/2027		386,000	404,938	0.45
			2,871,904	3.17
Ukraine (Cost $516,791)
Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/20302,3		17,110	9,641	0.01
Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/20342,3		63,943	27,591	0.03
Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/20342,3		602,612	339,572	0.38
Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/20352,3		54,036	33,394	0.04
Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/20352,3		278,322	154,330	0.17
Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/20362,3		45,030	27,766	0.03
Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/20362,3		90,320	49,495	0.05
			641,789	0.71
United Arab Emirates (Cost $1,003,829)
Abu Dhabi (Gov’t of), 3.125%, 09/30/2049		369,000	245,270	0.27
DP World Crescent Ltd., 3.875%, 07/18/2029		218,000	205,942	0.23
DP World Crescent Ltd., 5.500%, 09/13/2033		304,000	303,145	0.33
DP World Ltd., 5.625%, 09/25/2048		230,000	212,679	0.24
			967,036	1.07
United States (Cost $3,446,399)
U.S. Treasury Bill, 4.156%, 04/17/20259		3,476,900	3,447,367	3.80
			3,447,367	3.80
Uruguay (Cost $2,044,434)
Uruguay (Rep of), 7.875%, 01/15/20335		215,154	248,931	0.27
Uruguay (Rep of), 5.750%, 10/28/2034		229,978	235,512	0.26
Uruguay (Rep of), 7.625%, 03/21/2036		158,487	184,202	0.20
Uruguay (Rep of), 4.125%, 11/20/2045		141,498	118,009	0.13
Uruguay (Rep of), 5.100%, 06/18/2050		134,805	122,646	0.14
Uruguay (Rep of), 4.975%, 04/20/2055		291,868	254,866	0.28

10

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Uruguay (continued)
Uruguay (Rep of), 5.250%, 09/10/2060		217,444	$195,221	0.22
Uruguay Monetary Regulation Bill, 0.000%, 04/25/20254	UYU	1,410,000	31,886	0.04
Uruguay Monetary Regulation Bill, 0.000%, 05/02/20254	UYU	5,533,000	124,852	0.14
Uruguay Monetary Regulation Bill, 0.000%, 07/25/20254	UYU	3,737,000	82,588	0.09
Uruguay Monetary Regulation Bill, 0.000%, 08/22/20254	UYU	1,419,000	31,115	0.03
Uruguay Monetary Regulation Bill, 0.000%, 10/01/20254	UYU	7,384,000	160,399	0.18
Uruguay Monetary Regulation Bill, 0.000%, 10/31/20254	UYU	3,783,000	81,515	0.09
			1,871,742	2.07
Venezuela (Cost $8,944,917)
Petroleos de Venezuela S.A., 8.500%, 10/27/20206,7		7,533,000	6,855,030	7.57
Petroleos de Venezuela S.A., 9.000%, 11/17/20216,7		300,000	38,550	0.04
Petroleos de Venezuela S.A., 12.750%, 02/17/20226,7		454,000	63,560	0.07
Petroleos de Venezuela S.A., 9.750%, 05/17/20356		906,000	124,575	0.14
Venezuela (Rep of), 11.750%, 10/21/20266		3,078,900	611,162	0.68
Venezuela (Rep of), 9.250%, 09/15/20276		5,190,000	999,075	1.10
Venezuela (Rep of), 11.950%, 08/05/20316		3,686,100	700,359	0.77
			9,392,311	10.37
Zambia (Cost $232,594)
Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/20332		161,082	142,960	0.16
Zambia (Rep of), 0.500%, 12/31/2053		160,015	97,159	0.10
			240,119	0.26
Total Debt Securities (Cost $117,723,992)			89,259,647	98.51

    

	Currency	Shares	Value	% of Net Assets
Equity Securities
Brazil (Cost $—)
Oi S.A.*	BRL	2,101,348	$593,291	0.65
			593,291	0.65
China (Cost $56,269)
Sunac Services Holdings Ltd.3	HKD	206,826	41,562	0.05
			41,562	0.05
Total Equity Securities (Cost $56,269)			634,853	0.70
Total Investments (Total Cost $117,780,261)			89,894,500	99.21
Other Assets Less Liabilities			715,929	0.79
Net Assets			$90,610,429	100.00

    

*	Non-income producing security.
1	Local currency is United States Dollars unless otherwise noted below.

11

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

2	Step coupon bond. Rate as of January 31, 2025 is disclosed.
3	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of January 31, 2025, these securities had a total value of $4,360,398 or 4.81% of net assets.
4	Zero coupon bond.
5	Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.
6	Issuer has defaulted on terms of debt obligation.
7	Maturity has been extended under the terms of a plan of reorganization.
8	Security has been deemed worthless and is a Level 3 investment.
9	Zero coupon bond – interest rate reflects effective yield on the date of purchase.

Percentages shown are based on net assets.

At January 31, 2025, 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)
02/04/2025	Citibank	Brazilian Real	1,212,551	United States Dollar	197,500	$9,762
02/04/2025	Deutsche Bank	Brazilian Real	1,172,438	United States Dollar	195,000	5,406
02/04/2025	Merrill Lynch	Brazilian Real	17,912,649	United States Dollar	3,025,785	36,039
02/04/2025	Morgan Stanley	Brazilian Real	1,808,268	United States Dollar	297,500	11,589
02/04/2025	Santander	Brazilian Real	512,110	United States Dollar	82,944	4,592
02/12/2025	Citibank	Indonesian Rupiah	1,814,000,000	United States Dollar	110,635	569
02/12/2025	Deutsche Bank	Indonesian Rupiah	1,448,000,000	United States Dollar	88,474	292
02/12/2025	JPMorgan Chase	Indonesian Rupiah	483,000,000	United States Dollar	29,473	137
02/12/2025	Morgan Stanley	Indonesian Rupiah	1,445,000,000	United States Dollar	88,180	403
02/12/2025	Barclays	United States Dollar	39,500	Indonesian Rupiah	628,555,600	968
02/12/2025	BNP Paribas	United States Dollar	365,000	Indonesian Rupiah	5,816,387,500	8,438
02/12/2025	Deutsche Bank	United States Dollar	228,000	Indonesian Rupiah	3,709,947,600	569
02/12/2025	State Street	United States Dollar	32,900	Indonesian Rupiah	520,813,744	972
02/12/2025	BNP Paribas	United States Dollar	60,000	Taiwan Dollar	1,951,560	526
02/12/2025	UBS	United States Dollar	64,700	Taiwan Dollar	2,091,356	966
02/28/2025	Morgan Stanley	Philippine Peso	10,586,544	United States Dollar	179,133	1,932
02/28/2025	Merrill Lynch	Thai Baht	22,340,000	United States Dollar	649,277	15,154
02/28/2025	Barclays	Turkish Lira	11,018,091	United States Dollar	286,698	13,721
02/28/2025	Deutsche Bank	United States Dollar	36,400	Philippine Peso	2,117,461	184
02/28/2025	Morgan Stanley	United States Dollar	160,000	Singapore Dollar	214,685	1,852
03/06/2025	Deutsche Bank	United States Dollar	490,000	Brazilian Real	2,869,685	3,075
03/07/2025	Barclays	Turkish Lira	21,042,010	United States Dollar	460,255	109,961
03/07/2025	Morgan Stanley	Turkish Lira	4,151,014	United States Dollar	98,000	14,488
03/12/2025	UBS	United States Dollar	103,900	Chinese Offshore Yuan	750,063	1,313
03/12/2025	HSBC Bank	United States Dollar	175,027	Indian Rupee	15,091,713	1,369
03/12/2025	Merrill Lynch	United States Dollar	420,789	Indian Rupee	36,553,341	176
03/12/2025	JPMorgan Chase	United States Dollar	170,000	Korean Won	237,570,750	6,727
03/13/2025	Citibank	Egyptian Pound	7,320,191	United States Dollar	141,727	1,373
03/19/2025	UBS	Thai Baht	31,402,838	United States Dollar	929,802	5,280

12

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)	Currency Sell	Currency Sell Amount (Local Currency)	Unrealized Gain/(Loss)
03/19/2025	BNP Paribas	United States Dollar	1,437,917	Malaysian Ringgit	6,347,562	$11,673
04/09/2025	HSBC Bank	Egyptian Pound	2,067,818	United States Dollar	39,613	328
04/30/2025	Barclays	Chilean Peso	705,977,791	United States Dollar	708,252	10,713
04/30/2025	HSBC Bank	Hungarian Forint	234,776,736	United States Dollar	592,874	1,182
04/30/2025	Morgan Stanley	Peruvian Nuevo Sol	1,441,937	United States Dollar	385,935	558
04/30/2025	Merrill Lynch	Turkish Lira	35,320,743	United States Dollar	909,286	1,858
04/30/2025	Morgan Stanley	United States Dollar	1,176,907	Euro	1,123,883	5,820
04/30/2025	Citibank	United States Dollar	285,000	South African Rand	5,336,103	1,528
05/02/2025	Barclays	Turkish Lira	18,566,955	United States Dollar	401,507	76,634
06/12/2025	Morgan Stanley	Egyptian Pound	5,562,844	United States Dollar	101,977	2,701
Subtotal Appreciation						370,828
02/04/2025	Citibank	United States Dollar	270,000	Brazilian Real	1,596,942	(2,967)
02/04/2025	HSBC Bank	United States Dollar	3,386,890	Brazilian Real	21,021,073	(206,259)
02/12/2025	Barclays	Indonesian Rupiah	14,399,832,867	United States Dollar	910,633	(27,880)
02/12/2025	Citibank	Indonesian Rupiah	1,908,000,000	United States Dollar	120,144	(3,177)
02/12/2025	Deutsche Bank	Indonesian Rupiah	1,006,551,000	United States Dollar	63,000	(1,295)
02/12/2025	HSBC Bank	Taiwan Dollar	50,721,788	United States Dollar	1,567,907	(22,155)
02/24/2025	JPMorgan Chase	Indonesian Rupiah	14,821,826,760	United States Dollar	909,000	(1,074)
02/24/2025	Merrill Lynch	United States Dollar	396,000	Indonesian Rupiah	6,480,540,000	(972)
02/28/2025	HSBC Bank	Singapore Dollar	1,523,885	United States Dollar	1,133,000	(10,430)
02/28/2025	Merrill Lynch	Singapore Dollar	39,734	United States Dollar	29,600	(330)
02/28/2025	Morgan Stanley	Singapore Dollar	611,636	United States Dollar	457,356	(6,795)
03/06/2025	Merrill Lynch	United States Dollar	3,009,973	Brazilian Real	17,912,649	(29,427)
03/12/2025	HSBC Bank	Chinese Offshore Yuan	16,411,605	United States Dollar	2,264,744	(20,116)
03/12/2025	Merrill Lynch	Chinese Offshore Yuan	7,468,834	United States Dollar	1,028,000	(6,482)
03/12/2025	BNP Paribas	Indian Rupee	9,792,298	United States Dollar	113,000	(322)
03/12/2025	Deutsche Bank	Indian Rupee	9,888,930	United States Dollar	114,000	(210)
03/12/2025	HSBC Bank	Indian Rupee	39,731,000	United States Dollar	465,627	(8,449)
03/12/2025	Merrill Lynch	Indian Rupee	72,102,510	United States Dollar	846,711	(17,039)
03/12/2025	JPMorgan Chase	Korean Won	3,055,035,711	United States Dollar	2,199,291	(99,682)
03/13/2025	Citibank	United States Dollar	139,220	Egyptian Pound	7,320,191	(3,880)
04/09/2025	Citibank	United States Dollar	191,416	Egyptian Pound	10,158,470	(4,800)
04/30/2025	BNP Paribas	Czech Koruna	18,255,958	United States Dollar	759,200	(5,996)
04/30/2025	Morgan Stanley	Euro	1,123,883	United States Dollar	1,186,860	(15,773)
04/30/2025	HSBC Bank	Israeli Shekel	1,096,393	United States Dollar	310,260	(3,306)
04/30/2025	Merrill Lynch	Mexican Peso	50,081,474	United States Dollar	2,412,577	(28,591)
04/30/2025	Santander	Mexican Peso	4,921,723	United States Dollar	235,000	(715)
04/30/2025	HSBC Bank	Peruvian Nuevo Sol	414,387	United States Dollar	111,438	(367)
04/30/2025	Santander	Polish Zloty	1,108,127	United States Dollar	272,210	(630)
04/30/2025	Barclays	South African Rand	3,383,308	United States Dollar	179,827	(94)
04/30/2025	Citibank	United States Dollar	430,000	Chilean Peso	426,710,500	(4,560)
04/30/2025	Morgan Stanley	United States Dollar	299,789	Colombian Peso	1,287,306,414	(2,715)

13

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)	Currency Sell	Currency Sell Amount (Local Currency)	Unrealized Gain/(Loss)
04/30/2025	HSBC Bank	United States Dollar	255,884	Hungarian Forint	101,322,366	$(492)
Subtotal Depreciation						(536,980)
Total						$(166,152)

At January 31, 2025, the Ashmore Emerging Markets Total Return Fund had the following centrally cleared interest rate swap contracts outstanding:

Pay Rate Index/ Pay Rate	Receive Rate/ Receive Rate Index	Notional Amount		Expiration Date	Fair Value	Premiums Paid/ (Received)	Unrealized Appreciation (Depreciation)**
13.110% (Pay At Maturity)	1-Day BRL BZDIO (Receive At Maturity)	BRL	8,655,621	01/02/2029	$79,377	$—	$79,377
1-Day BRL BZDIO (Pay At Maturity)	15.605% (Receive At Maturity)	BRL	6,514,665	01/03/2028	—	—	—
4.905% (Pay Semi-Annually)	1-Day CLP CLICP (Receive Semi-Annually)	CLP	682,000,000	10/14/2034	44,145	—	44,145
5.340% (Pay Semi-Annually)	1-Day CLP CLICP (Receive Semi-Annually)	CLP	343,208,000	11/08/2034	10,309	—	10,309
1-Day CLP CLICP (Pay Semi-Annually)	4.830% (Receive Semi-Annually)	CLP	1,460,743,000	11/08/2026	(13,019)	—	(13,019)
5.231% (Pay Semi-Annually)	1-Day CLP CLICP (Receive Semi-Annually)	CLP	236,792,000	11/12/2034	9,196	—	9,196
1-Day CLP CLICP (Pay Semi-Annually)	4.786% (Receive Semi-Annually)	CLP	939,257,000	11/12/2026	(9,190)	—	(9,190)
1-Day CLP CLICP (Pay Semi-Annually)	4.844% (Receive Semi-Annually)	CLP	1,433,400,000	11/26/2026	(12,483)	—	(12,483)
1-Day CLP CLICP (Pay Semi-Annually)	4.820% (Receive Semi-Annually)	CLP	1,452,200,000	12/02/2026	(13,340)	—	(13,340)
7-Day CNY CNRR (Pay Quarterly)	2.535% (Receive Quarterly)	CNY	6,860,000	09/16/2025	5,195	—	5,195
9.355% (Pay Quarterly)	1-Day COOVIBR (Receive Quarterly)	COP	3,199,000,000	01/21/2035	(18,932)	—	(18,932)
1-Day COOVIBR (Pay Quarterly)	8.420% (Receive Quarterly)	COP	11,014,000,000	01/21/2027	15,944	—	15,944
1-Day INR MIBOR (Pay Semi-Annually)	5.999% (Receive Semi-Annually)	INR	20,630,000	12/12/2029	(1,073)	—	(1,073)
1-Day INR MIBOR (Pay Semi-Annually)	6.024% (Receive Semi-Annually)	INR	16,154,000	12/13/2029	(639)	—	(639)
1-Day MXN-TIIE-BANXICO (Pay Monthly)	8.812% (Receive Monthly)	MXN	30,500,000	03/17/2027	5,325	—	5,325
							$100,815

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

14

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Debt Securities
Brazil (Cost $1,426,107)
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20272	BRL	3,891,000	$477,016	5.28
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20282	BRL	1,316,000	150,678	1.67
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20302	BRL	4,433,000	386,721	4.28
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027	BRL	716,000	113,357	1.25
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029	BRL	390,000	58,014	0.64
			1,185,786	13.12
Chile (Cost $150,538)
Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/20283	CLP	20,000,000	19,770	0.22
Bonos de la Tesoreria de la Republica en pesos, 6.000%, 04/01/20333	CLP	85,000,000	86,143	0.95
Bonos de la Tesoreria de la Republica en pesos, 6.200%, 10/01/20403	CLP	30,000,000	31,290	0.35
			137,203	1.52
China (Cost $414,763)
China (Rep of), 2.850%, 06/04/2027	CNY	600,000	85,647	0.95
China (Rep of), 2.620%, 09/25/2029	CNY	440,000	63,770	0.71
China (Rep of), 2.750%, 02/17/2032	CNY	170,000	25,229	0.28
China (Rep of), 2.880%, 02/25/2033	CNY	720,000	108,555	1.20
China (Rep of), 2.350%, 02/25/2034	CNY	170,000	24,761	0.27
China (Rep of), 2.270%, 05/25/2034	CNY	280,000	40,688	0.45
China (Rep of), 3.720%, 04/12/2051	CNY	350,000	65,919	0.73
China (Rep of), 3.190%, 04/15/2053	CNY	140,000	24,619	0.27
			439,188	4.86
Colombia (Cost $322,711)
Colombian TES, 6.000%, 04/28/2028	COP	151,600,000	32,095	0.36
Colombian TES, 7.000%, 03/26/2031	COP	539,600,000	105,963	1.17
Colombian TES, 7.000%, 06/30/2032	COP	306,900,000	57,983	0.64
Colombian TES, 13.250%, 02/09/2033	COP	202,900,000	52,625	0.58
Colombian TES, 7.250%, 10/18/2034	COP	307,600,000	55,113	0.61
Colombian TES, 9.250%, 05/28/2042	COP	77,900,000	14,596	0.16
			318,375	3.52
Czech Republic (Cost $417,888)
Czech (Rep of), 2.500%, 08/25/2028	CZK	270,000	10,735	0.12
Czech (Rep of), 2.750%, 07/23/2029	CZK	350,000	13,906	0.15
Czech (Rep of), 0.050%, 11/29/2029	CZK	630,000	21,923	0.24
Czech (Rep of), 0.950%, 05/15/2030	CZK	590,000	21,185	0.23
Czech (Rep of), 1.200%, 03/13/2031	CZK	1,540,000	54,701	0.61
Czech (Rep of), 1.750%, 06/23/2032	CZK	1,670,000	59,558	0.66
Czech (Rep of), 2.000%, 10/13/2033	CZK	1,590,000	56,080	0.62

15

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Czech Republic (continued)
Czech (Rep of), 4.900%, 04/14/2034	CZK	2,260,000	$99,317	1.10
Czech (Rep of), 1.950%, 07/30/2037	CZK	750,000	24,240	0.27
Czech (Rep of), 1.500%, 04/24/2040	CZK	1,230,000	35,207	0.39
			396,852	4.39
Egypt (Cost $46,506)
Egypt (Rep of), 25.318%, 08/13/2027	EGP	2,217,000	45,988	0.51
			45,988	0.51
Hungary (Cost $314,770)
Hungary (Rep of), 9.500%, 10/21/2026	HUF	22,860,000	61,271	0.68
Hungary (Rep of), 3.000%, 10/27/2027	HUF	12,730,000	29,846	0.33
Hungary (Rep of), 4.500%, 03/23/2028	HUF	10,650,000	25,693	0.28
Hungary (Rep of), 6.750%, 10/22/2028	HUF	2,410,000	6,197	0.07
Hungary (Rep of), 3.000%, 08/21/2030	HUF	14,230,000	30,690	0.34
Hungary (Rep of), 4.750%, 11/24/2032	HUF	10,070,000	22,809	0.25
Hungary (Rep of), 7.000%, 10/24/2035	HUF	37,210,000	96,765	1.07
Hungary (Rep of), 3.000%, 10/27/2038	HUF	5,640,000	9,550	0.11
			282,821	3.13
India (Cost $391,066)
India (Rep of), 7.540%, 05/23/2036	INR	7,610,000	92,711	1.03
India (Rep of), 7.180%, 07/24/2037	INR	7,410,000	87,973	0.97
India (Rep of), 7.360%, 09/12/2052	INR	8,540,000	102,645	1.14
India (Rep of), 7.300%, 06/19/2053	INR	8,300,000	99,009	1.09
			382,338	4.23
Indonesia (Cost $1,072,297)
Indonesia (Rep of), 6.500%, 06/15/2025	IDR	1,063,000,000	65,221	0.72
Indonesia (Rep of), 5.125%, 04/15/2027	IDR	625,000,000	37,066	0.41
Indonesia (Rep of), 7.000%, 05/15/2027	IDR	2,169,000,000	133,600	1.48
Indonesia (Rep of), 6.375%, 08/15/2028	IDR	1,834,000,000	111,173	1.23
Indonesia (Rep of), 6.875%, 04/15/2029	IDR	611,000,000	37,512	0.41
Indonesia (Rep of), 10.500%, 08/15/2030	IDR	213,000,000	15,158	0.17
Indonesia (Rep of), 7.000%, 09/15/2030	IDR	787,000,000	48,403	0.53
Indonesia (Rep of), 6.500%, 02/15/2031	IDR	694,000,000	41,520	0.46
Indonesia (Rep of), 8.750%, 05/15/2031	IDR	1,159,000,000	77,384	0.86
Indonesia (Rep of), 6.375%, 04/15/2032	IDR	1,017,000,000	60,184	0.67
Indonesia (Rep of), 7.500%, 08/15/2032	IDR	583,000,000	36,665	0.40
Indonesia (Rep of), 7.000%, 02/15/2033	IDR	586,000,000	35,918	0.40
Indonesia (Rep of), 6.625%, 02/15/2034	IDR	435,000,000	25,987	0.29
Indonesia (Rep of), 8.375%, 03/15/2034	IDR	830,000,000	55,199	0.61
Indonesia (Rep of), 6.750%, 07/15/2035	IDR	250,000,000	15,049	0.17
Indonesia (Rep of), 8.250%, 05/15/2036	IDR	635,000,000	42,222	0.47
Indonesia (Rep of), 7.125%, 06/15/2038	IDR	2,309,000,000	141,477	1.56
			979,738	10.84

16

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Malaysia (Cost $519,212)
Malaysia (Rep of), 4.392%, 04/15/2026	MYR	92,000	$20,904	0.23
Malaysia (Rep of), 3.906%, 07/15/2026	MYR	214,000	48,371	0.53
Malaysia (Rep of), 3.733%, 06/15/2028	MYR	79,000	17,836	0.20
Malaysia (Rep of), 4.642%, 11/07/2033	MYR	44,000	10,464	0.12
Malaysia (Rep of), 3.828%, 07/05/2034	MYR	399,000	89,595	0.99
Malaysia (Rep of), 4.893%, 06/08/2038	MYR	226,000	55,502	0.61
Malaysia (Rep of), 3.757%, 05/22/2040	MYR	100,000	21,769	0.24
Malaysia (Rep of), 4.696%, 10/15/2042	MYR	297,000	71,942	0.80
Malaysia (Rep of), 4.180%, 05/16/2044	MYR	53,000	12,088	0.13
Malaysia (Rep of), 4.921%, 07/06/2048	MYR	11,000	2,755	0.03
Malaysia (Rep of), 4.065%, 06/15/2050	MYR	283,000	62,356	0.69
Malaysia (Rep of), 4.457%, 03/31/2053	MYR	127,000	29,683	0.33
Malaysia Government Investment Issue, 4.070%, 09/30/2026	MYR	94,000	21,335	0.24
Malaysia Government Investment Issue, 3.465%, 10/15/2030	MYR	55,000	12,168	0.13
Malaysia Government Investment Issue, 4.417%, 09/30/2041	MYR	11,000	2,580	0.03
Malaysia Government Investment Issue, 4.291%, 08/14/2043	MYR	59,000	13,609	0.15
Malaysia Government Investment Issue, 5.357%, 05/15/2052	MYR	95,000	25,212	0.28
			518,169	5.73
Mexico (Cost $608,748)
Mexican Bonos, 8.500%, 05/31/2029	MXN	1,420,000	65,631	0.73
Mexican Bonos, 7.750%, 05/29/2031	MXN	7,370,000	321,419	3.56
Mexican Bonos, 7.500%, 05/26/2033	MXN	1,490,000	61,896	0.68
Mexican Bonos, 7.750%, 11/23/2034	MXN	450,000	18,585	0.20
Mexican Udibonos, 2.750%, 11/27/2031	MXN	160,000	54,818	0.61
			522,349	5.78
Nigeria (Cost $176,077)
Nigeria OMO Bill, 0.000%, 09/30/20252	NGN	10,560,000	6,020	0.07
Nigeria OMO Bill, 0.000%, 10/07/20252	NGN	122,724,000	70,425	0.78
Nigeria OMO Bill, 0.000%, 11/04/20252	NGN	73,468,000	41,324	0.46
Nigeria OMO Bill, 0.000%, 12/09/20252	NGN	34,338,000	18,637	0.20
Nigeria Treasury Bill, 19.478%, 03/06/20254	NGN	28,220,000	18,597	0.20
Nigeria Treasury Bill, 19.884%, 03/27/20254	NGN	48,874,000	31,715	0.35
			186,718	2.06
Peru (Cost $86,149)
Peru (Rep of), 7.300%, 08/12/20333	PEN	34,000	9,576	0.11
Peru (Rep of), 7.600%, 08/12/20393	PEN	283,000	79,062	0.87
			88,638	0.98
Poland (Cost $382,416)
Poland (Rep of), 3.750%, 05/25/2027	PLN	388,000	92,463	1.02
Poland (Rep of), 2.750%, 10/25/2029	PLN	261,000	57,055	0.63
Poland (Rep of), 1.250%, 10/25/2030	PLN	192,000	37,425	0.42
Poland (Rep of), 1.750%, 04/25/2032	PLN	197,000	37,334	0.41
Poland (Rep of), 6.000%, 10/25/2033	PLN	490,000	122,119	1.35

17

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Poland (continued)
Poland (Rep of), 5.000%, 10/25/2034	PLN	189,000	$43,632	0.48
			390,028	4.31
Romania (Cost $359,947)
Romania (Rep of), 5.800%, 07/26/2027	RON	170,000	34,254	0.38
Romania (Rep of), 4.150%, 01/26/2028	RON	260,000	49,806	0.55
Romania (Rep of), 6.300%, 04/25/2029	RON	75,000	14,993	0.17
Romania (Rep of), 4.850%, 07/25/2029	RON	200,000	37,661	0.42
Romania (Rep of), 8.000%, 04/29/2030	RON	445,000	94,718	1.05
Romania (Rep of), 4.150%, 10/24/2030	RON	115,000	20,393	0.22
Romania (Rep of), 7.350%, 04/28/2031	RON	390,000	80,648	0.89
			332,473	3.68
South Africa (Cost $589,867)
South Africa (Rep of), 7.000%, 02/28/2031	ZAR	1,666,386	79,329	0.88
South Africa (Rep of), 8.250%, 03/31/2032	ZAR	1,646,706	81,442	0.90
South Africa (Rep of), 8.875%, 02/28/2035	ZAR	2,615,886	126,995	1.41
South Africa (Rep of), 8.500%, 01/31/2037	ZAR	576,460	26,076	0.29
South Africa (Rep of), 9.000%, 01/31/2040	ZAR	1,725,529	78,133	0.86
South Africa (Rep of), 8.750%, 01/31/2044	ZAR	2,253,183	96,859	1.07
South Africa (Rep of), 8.750%, 02/28/2048	ZAR	2,824,672	120,331	1.33
			609,165	6.74
Supranational (Cost $242,965)
Asian Infrastructure Investment Bank (The), 7.000%, 03/01/2029	INR	2,100,000	24,220	0.27
Inter-American Development Bank, 7.350%, 10/06/2030	INR	8,000,000	93,435	1.03
International Bank for Reconstruction & Development, 6.850%, 04/24/2028	INR	4,500,000	51,845	0.57
International Bank for Reconstruction & Development, 6.500%, 04/17/2030	INR	5,800,000	65,652	0.73
			235,152	2.60
Thailand (Cost $422,914)
Thailand (Rep of), 2.650%, 06/17/2028	THB	183,000	5,522	0.06
Thailand (Rep of), 3.775%, 06/25/2032	THB	1,161,000	38,000	0.42
Thailand (Rep of), 3.350%, 06/17/2033	THB	1,814,000	58,053	0.64
Thailand (Rep of), 1.585%, 12/17/2035	THB	2,103,000	57,935	0.64
Thailand (Rep of), 3.400%, 06/17/2036	THB	445,000	14,574	0.16
Thailand (Rep of), 3.390%, 06/17/2037	THB	5,010,000	163,861	1.81
Thailand (Rep of), 3.300%, 06/17/2038	THB	1,204,000	38,904	0.43
Thailand (Rep of), 2.000%, 06/17/2042	THB	1,047,000	28,433	0.32
Thailand (Rep of), 2.875%, 06/17/2046	THB	1,449,000	43,700	0.49
			448,982	4.97
Turkey (Cost $239,196)
Turkey (Rep of), 31.080%, 11/08/2028	TRY	1,006,740	29,655	0.33

18

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Turkey (continued)
Turkey (Rep of), 26.200%, 10/05/2033	TRY	6,716,134	$192,681	2.13
			222,336	2.46
United States (Cost $778,915)
U.S. Treasury Bill, 4.156%, 04/17/20254		785,800	779,125	8.62
			779,125	8.62
Uruguay (Cost $114,195)
Uruguay (Rep of), 8.250%, 05/21/2031	UYU	416,243	8,913	0.10
Uruguay Monetary Regulation Bill, 0.000%, 04/25/20252	UYU	244,000	5,518	0.06
Uruguay Monetary Regulation Bill, 0.000%, 05/02/20252	UYU	1,133,000	25,566	0.28
Uruguay Monetary Regulation Bill, 0.000%, 07/25/20252	UYU	646,000	14,277	0.16
Uruguay Monetary Regulation Bill, 0.000%, 08/22/20252	UYU	295,000	6,469	0.07
Uruguay Monetary Regulation Bill, 0.000%, 10/01/20252	UYU	1,463,000	31,780	0.35
Uruguay Monetary Regulation Bill, 0.000%, 10/31/20252	UYU	785,000	16,915	0.19
			109,438	1.21
Total Debt Securities (Cost $9,077,247)			8,610,862	95.26
Total Investments in Securities (Cost $9,077,247)			8,610,862	95.26
Total Investments (Total Cost $9,077,247)			8,610,862	95.26
Other Assets Less Liabilities			428,447	4.74
Net Assets			$9,039,309	100.00

    

1	Local currency is United States Dollars unless otherwise noted below.
2	Zero coupon bond.
3	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of January 31, 2025, these securities had a total value of $225,841 or 2.50% of net assets.
4	Zero coupon bond – interest rate reflects effective yield on the date of purchase.

Percentages shown are based on net assets.

At January 31, 2025, 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)
02/04/2025	Citibank	Brazilian Real	153,488	United States Dollar	25,000	$1,236
02/04/2025	Deutsche Bank	Brazilian Real	240,500	United States Dollar	40,000	1,109
02/04/2025	Merrill Lynch	Brazilian Real	3,478,573	United States Dollar	587,597	6,999
02/04/2025	Morgan Stanley	Brazilian Real	152,523	United States Dollar	25,000	1,071
02/04/2025	Santander	Brazilian Real	56,820	United States Dollar	9,203	509
02/12/2025	Citibank	Indonesian Rupiah	328,000,000	United States Dollar	20,005	103
02/12/2025	Deutsche Bank	Indonesian Rupiah	262,000,000	United States Dollar	16,009	53

19

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)	Currency Sell	Currency Sell Amount (Local Currency)	Unrealized Gain/(Loss)
02/12/2025	HSBC Bank	Indonesian Rupiah	260,000,000	United States Dollar	15,933	$6
02/12/2025	JPMorgan Chase	Indonesian Rupiah	87,000,000	United States Dollar	5,309	25
02/12/2025	Morgan Stanley	Indonesian Rupiah	264,000,000	United States Dollar	16,110	74
02/12/2025	Barclays	United States Dollar	255,659	Indonesian Rupiah	4,042,729,813	7,827
02/12/2025	Deutsche Bank	United States Dollar	57,000	Indonesian Rupiah	927,486,900	142
02/28/2025	Merrill Lynch	Thai Baht	5,210,000	United States Dollar	151,420	3,534
02/28/2025	Barclays	Turkish Lira	1,686,443	United States Dollar	43,882	2,100
02/28/2025	Morgan Stanley	United States Dollar	232,262	Singapore Dollar	310,611	3,450
03/06/2025	Deutsche Bank	United States Dollar	45,000	Brazilian Real	263,543	282
03/07/2025	Barclays	Turkish Lira	3,127,072	United States Dollar	69,682	15,058
03/07/2025	Morgan Stanley	Turkish Lira	1,397,790	United States Dollar	33,000	4,879
03/12/2025	Goldman Sachs	United States Dollar	69,050	Indian Rupee	5,954,554	532
03/12/2025	HSBC Bank	United States Dollar	24,052	Indian Rupee	2,052,285	436
03/12/2025	JPMorgan Chase	United States Dollar	3,500	Indian Rupee	303,708	5
03/13/2025	Citibank	Egyptian Pound	1,483,276	United States Dollar	28,718	278
03/19/2025	BNP Paribas	Thai Baht	305,696	United States Dollar	8,947	156
03/19/2025	UBS	Thai Baht	8,154,636	United States Dollar	241,449	1,371
04/09/2025	HSBC Bank	Egyptian Pound	540,327	United States Dollar	10,351	86
04/30/2025	Barclays	Chilean Peso	108,104,144	United States Dollar	108,418	1,674
04/30/2025	Morgan Stanley	Colombian Peso	16,830,666	United States Dollar	3,920	36
04/30/2025	Morgan Stanley	Peruvian Nuevo Sol	327,162	United States Dollar	87,565	127
04/30/2025	Merrill Lynch	Turkish Lira	259,805	United States Dollar	6,688	14
04/30/2025	JPMorgan Chase	United States Dollar	7,600	Czech Koruna	183,164	43
04/30/2025	Morgan Stanley	United States Dollar	227,278	Euro	217,039	1,124
04/30/2025	Morgan Stanley	United States Dollar	17,500	Mexican Peso	363,426	200
04/30/2025	JPMorgan Chase	United States Dollar	4,500	Polish Zloty	18,281	20
04/30/2025	Goldman Sachs	United States Dollar	4,900	Romanian Leu	23,513	15
04/30/2025	Merrill Lynch	United States Dollar	28,856	Romanian Leu	138,484	87
04/30/2025	Barclays	United States Dollar	35,000	South African Rand	652,545	335
04/30/2025	Citibank	United States Dollar	45,000	South African Rand	842,543	241
04/30/2025	State Street	United States Dollar	4,200	South African Rand	78,665	21
04/30/2025	BNP Paribas	United States Dollar	5,100	Turkish Lira	197,521	5
05/02/2025	Barclays	Turkish Lira	3,616,878	United States Dollar	78,257	14,886
06/12/2025	Morgan Stanley	Egyptian Pound	1,244,655	United States Dollar	22,817	604
Subtotal Appreciation						70,753
02/04/2025	BNP Paribas	United States Dollar	62,000	Brazilian Real	387,704	(4,271)
02/04/2025	Citibank	United States Dollar	45,000	Brazilian Real	266,157	(494)
02/04/2025	HSBC Bank	United States Dollar	546,651	Brazilian Real	3,392,846	(33,291)
02/04/2025	JPMorgan Chase	United States Dollar	5,900	Brazilian Real	35,196	(116)
02/12/2025	Barclays	Indonesian Rupiah	234,000,000	United States Dollar	14,421	(76)
02/12/2025	HSBC Bank	Indonesian Rupiah	260,000,000	United States Dollar	16,029	(90)
02/12/2025	Merrill Lynch	Indonesian Rupiah	665,125,063	United States Dollar	42,123	(1,349)

20

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)	Currency Sell	Currency Sell Amount (Local Currency)	Unrealized Gain/(Loss)
02/24/2025	JPMorgan Chase	Indonesian Rupiah	1,630,564,000	United States Dollar	100,000	$(118)
02/24/2025	Merrill Lynch	United States Dollar	44,000	Indonesian Rupiah	720,060,000	(108)
02/28/2025	HSBC Bank	Singapore Dollar	308,005	United States Dollar	229,000	(2,108)
03/06/2025	Merrill Lynch	United States Dollar	584,526	Brazilian Real	3,478,573	(5,715)
03/06/2025	Northern Trust	United States Dollar	35,000	Brazilian Real	206,416	(24)
03/12/2025	HSBC Bank	Chinese Offshore Yuan	2,049,698	United States Dollar	282,861	(2,522)
03/12/2025	Merrill Lynch	Chinese Offshore Yuan	1,371,241	United States Dollar	188,708	(1,163)
03/12/2025	BNP Paribas	Indian Rupee	3,466,300	United States Dollar	40,000	(114)
03/12/2025	Deutsche Bank	Indian Rupee	3,556,545	United States Dollar	41,000	(75)
03/12/2025	Merrill Lynch	Indian Rupee	1,303,028	United States Dollar	15,000	(6)
03/12/2025	HSBC Bank	United States Dollar	29,000	Chinese Offshore Yuan	213,271	(169)
03/13/2025	Citibank	United States Dollar	28,210	Egyptian Pound	1,483,276	(786)
03/19/2025	BNP Paribas	Malaysian Ringgit	2,201,491	United States Dollar	498,687	(4,031)
03/19/2025	JPMorgan Chase	United States Dollar	25,000	Malaysian Ringgit	111,670	(91)
03/19/2025	HSBC Bank	United States Dollar	63,000	Thai Baht	2,117,871	(64)
03/19/2025	Morgan Stanley	United States Dollar	38,700	Thai Baht	1,320,615	(624)
04/09/2025	Citibank	United States Dollar	38,786	Egyptian Pound	2,058,391	(972)
04/30/2025	BNP Paribas	Czech Koruna	2,370,978	United States Dollar	98,600	(779)
04/30/2025	Morgan Stanley	Euro	217,039	United States Dollar	229,201	(3,046)
04/30/2025	Merrill Lynch	Mexican Peso	6,240,191	United States Dollar	300,609	(3,562)
04/30/2025	Santander	Mexican Peso	1,151,893	United States Dollar	55,000	(167)
04/30/2025	HSBC Bank	Peruvian Nuevo Sol	45,232	United States Dollar	12,164	(40)
04/30/2025	Santander	Polish Zloty	1,065,570	United States Dollar	261,756	(606)
04/30/2025	Barclays	South African Rand	2,747,168	United States Dollar	146,016	(77)
04/30/2025	Morgan Stanley	South African Rand	554,838	United States Dollar	29,761	(286)
04/30/2025	Citibank	United States Dollar	90,000	Chilean Peso	89,311,500	(954)
04/30/2025	Citibank	United States Dollar	4,100	Colombian Peso	17,709,868	(62)
04/30/2025	Santander	United States Dollar	50,015	Colombian Peso	216,115,059	(770)
04/30/2025	HSBC Bank	United States Dollar	62,331	Hungarian Forint	24,681,482	(121)
04/30/2025	State Street	United States Dollar	5,700	Hungarian Forint	2,257,331	(12)
Subtotal Depreciation						(68,859)
Total						$1,894

21

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

At January 31, 2025, the Ashmore Emerging Markets Local Currency Bond Fund had the following over the counter interest rate swap contracts outstanding:

Pay Rate Index/ Pay Rate	Receive Rate/ Receive Rate Index	Notional Amount		Expiration Date	Fair Value	Premiums Paid/ (Received)	Unrealized Appreciation (Depreciation)	Counterparty
3M MYR KLIBO (Pay Quarterly)	3.622% (Pay Quarterly)	MYR	500,000	03/15/2028	$464	$—	$464	HSBC Bank
3M MYR KLIBO (Pay Quarterly)	3.680% (Pay Quarterly)	MYR	1,000,000	03/15/2028	1,330	—	1,330	HSBC Bank
							$1,794

At January 31, 2025, the Ashmore Emerging Markets Local Currency Bond Fund had the following centrally cleared interest rate swap contracts outstanding:

Pay Rate Index/ Pay Rate	Receive Rate/ Receive Rate Index	Notional Amount		Expiration Date	Fair Value	Premiums Paid/ (Received)	Unrealized Appreciation (Depreciation)**
1-Day BRL BZDIO (Pay At Maturity)	15.605% (Receive At Maturity)	BRL	1,096,528	01/03/2028	$—	$—	$—
4.905% (Pay Semi-Annually)	1-Day CLP CLICP (Receive Semi-Annually)	CLP	114,000,000	10/14/2034	7,379	—	7,379
5.34% (Pay Semi-Annually)	1-Day CLP CLICP (Receive Semi-Annually)	CLP	68,641,000	11/08/2034	2,062	—	2,062
1-Day CLP CLICP (Pay Semi-Annually)	4.830% (Receive Semi-Annually)	CLP	304,321,000	11/08/2026	(2,712)	—	(2,712)
5.231% (Pay Semi-Annually)	1-Day CLP CLICP (Receive Semi-Annually)	CLP	47,359,000	11/12/2034	1,839	—	1,839
1-Day CLP CLICP (Pay Semi-Annually)	4.786% (Receive Semi-Annually)	CLP	195,679,000	11/12/2026	(1,915)	—	(1,915)
1-Day CLP CLICP (Pay Semi-Annually)	4.844% (Receive Semi-Annually)	CLP	235,800,000	11/26/2026	(2,053)	—	(2,053)
1-Day CLP CLICP (Pay Semi-Annually)	4.820% (Receive Semi-Annually)	CLP	254,300,000	12/02/2026	(2,336)	—	(2,336)
7-Day CNY CNRR (Pay Quarterly)	2.775% (Receive Quarterly)	CNY	1,700,000	03/15/2028	9,302	—	9,302
7-Day CNY CNRR (Pay Quarterly)	1.770% (Receive Quarterly)	CNY	700,000	10/11/2029	1,217	—	1,217
9.355% (Pay Quarterly)	1-Day COOVIBR (Receive Quarterly)	COP	634,000,000	01/21/2035	(3,752)	—	(3,752)
1-Day COOVIBR (Pay Quarterly)	8.42% (Receive Quarterly)	COP	2,183,000,000	01/21/2027	3,160	—	3,160
1-Day INR MIBOR (Pay Semi-Annually)	5.999% (Receive Semi-Annually)	INR	7,012,000	12/12/2029	(365)	—	(365)
1-Day INR MIBOR (Pay Semi-Annually)	6.024% (Receive Semi-Annually)	INR	5,490,000	12/13/2029	(217)	—	(217)
1-Day INR MIBOR (Pay Semi-Annually)	6.236% (Receive Semi-Annually)	INR	6,020,000	01/21/2030	441	—	441

22

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

Pay Rate Index/ Pay Rate	Receive Rate/ Receive Rate Index	Notional Amount		Expiration Date	Fair Value	Premiums Paid/ (Received)	Unrealized Appreciation (Depreciation)**
1-Day INR MIBOR (Pay Semi-Annually)	6.074% (Receive Semi-Annually)	INR	28,147,000	02/03/2027	$(21)	$—	$(21)
1-Day MXN-TIIE-BANXICO (Pay Monthly)	9.020% (Receive Monthly)	MXN	10,000,000	12/16/2026	2,457	—	2,457
1-Day MXN-TIIE-BANXICO (Pay Monthly)	8.812% (Receive Monthly)	MXN	6,050,000	03/17/2027	1,056	—	1,056
6M PLN WIBOR (Pay Semi-Annually)	4.681% (Receive Annually)	PLN	150,000	06/19/2034	(149)	—	(149)
6M PLN WIBOR (Pay Semi-Annually)	4.970% (Receive Annually)	PLN	620,000	09/18/2034	(1,450)	—	(1,450)
							$13,943

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

23

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Debt Securities
Angola (Cost $200,000)
Azule Energy Finance PLC, 8.125%, 01/23/20302		200,000	$202,640	0.80
			202,640	0.80
Argentina (Cost $799,150)
Pampa Energia S.A., 7.875%, 12/16/20342		130,000	129,870	0.51
Telecom Argentina S.A., 9.500%, 07/18/2031		120,000	124,200	0.49
Vista Energy Argentina S.A.U., 7.625%, 12/10/20352		130,000	127,368	0.51
YPF Energia Electrica S.A., 7.875%, 10/16/20322		130,000	126,841	0.50
YPF S.A., 9.500%, 01/17/2031		177,000	187,239	0.74
YPF S.A., 8.750%, 09/11/20312		107,818	111,214	0.44
			806,732	3.19
Brazil (Cost $2,292,443)
Braskem Netherlands Finance B.V., 8.000%, 10/15/20342		200,000	193,400	0.76
CSN Inova Ventures, 6.750%, 01/28/2028		225,000	213,806	0.84
Globo Comunicacao e Participacoes S.A., 5.500%, 01/14/2032		200,000	181,646	0.72
LD Celulose International GmbH, 7.950%, 01/26/20322		200,000	204,038	0.81
MC Brazil Downstream Trading S.a.r.l., 7.250%, 06/30/2031		326,829	277,602	1.10
Nexa Resources S.A., 6.750%, 04/09/2034		200,000	202,500	0.80
Oi S.A., 10.000%, 06/30/20272,3		391,492	340,598	1.35
Oi S.A., 8.500%, 12/31/20282,3		1,933,227	164,324	0.65
Petrobras Global Finance B.V., 6.850%, 06/05/2115		30,000	26,873	0.11
Rumo Luxembourg S.a.r.l., 4.200%, 01/18/2032		250,000	212,825	0.84
Suzano Austria GmbH, 3.125%, 01/15/2032		75,000	62,625	0.25
Trident Energy Finance PLC, 12.500%, 11/30/2029		200,000	210,140	0.83
			2,290,377	9.06
Chile (Cost $1,046,585)
Banco de Credito e Inversiones S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.944%), 8.750%, 12/31/20994		200,000	209,300	0.83
BPCE S.A., 3.150%, 03/06/2030		245,000	218,050	0.86
Cencosud S.A., 4.375%, 07/17/2027		200,000	195,750	0.78
Chile Electricity Lux Mpc II S.a.r.l., 5.580%, 10/20/20352		200,000	194,920	0.77
VTR Finance N.V., 6.375%, 07/15/2028		200,000	187,000	0.74
			1,005,020	3.98
China (Cost $15,513,715)
Central China Real Estate Ltd., 7.250%, 07/16/20245,6		465,000	20,925	0.08
Central China Real Estate Ltd., 7.250%, 08/13/20245,6		2,611,000	117,495	0.47
Central China Real Estate Ltd., 7.250%, 04/28/20255		190,000	9,120	0.04
Central China Real Estate Ltd., 7.650%, 08/27/20255		400,000	18,000	0.07
China SCE Group Holdings Ltd., 7.375%, 04/09/20245,6		200,000	10,250	0.04
China SCE Group Holdings Ltd., 5.950%, 09/29/20245,6		760,000	38,950	0.16
China SCE Group Holdings Ltd., 7.000%, 05/02/20255		1,236,000	63,346	0.25
China SCE Group Holdings Ltd., 6.000%, 02/04/20265		1,099,000	56,324	0.22
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/20215,6		830,000	20,750	0.08

24

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
China (continued)
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/20225,6		1,200,000	$30,000	0.12
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/20225,6		1,840,000	46,000	0.18
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/20235,6		925,000	23,125	0.09
Kaisa Group Holdings Ltd., 11.500%, 01/30/20235,6		1,850,000	101,750	0.40
Kaisa Group Holdings Ltd., 10.875%, 07/23/20235,6		400,000	22,000	0.09
Kaisa Group Holdings Ltd., 9.375%, 06/30/20245,6		1,350,000	74,250	0.29
Kaisa Group Holdings Ltd., 11.250%, 04/16/20255		1,180,000	64,900	0.26
Kaisa Group Holdings Ltd., 11.700%, 11/11/20255		625,000	34,375	0.14
Meituan, 0.000%, 04/27/20287		200,000	190,840	0.76
Sunac China Holdings Ltd., 6.000%, 09/30/20253		100,000	8,250	0.03
Sunac China Holdings Ltd., 6.250%, 09/30/20263		100,000	8,550	0.03
Sunac China Holdings Ltd., 6.500%, 09/30/20273		100,000	8,550	0.03
Sunac China Holdings Ltd., 6.750%, 09/30/20283		100,000	8,550	0.03
Sunac China Holdings Ltd., 7.000%, 09/30/20293		100,000	8,113	0.03
Sunac China Holdings Ltd., 7.250%, 09/30/20303		100,000	8,113	0.03
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/20235,6		3,200,550	232,040	0.92
Zhenro Properties Group Ltd., 8.700%, 08/03/20225,6		1,360,000	3,400	0.01
Zhenro Properties Group Ltd., 6.500%, 09/01/20225,6		2,095,000	5,237	0.02
Zhenro Properties Group Ltd., 9.150%, 05/06/20235,6		700,000	1,750	0.01
Zhenro Properties Group Ltd., 7.875%, 04/14/20245,6		2,315,000	13,890	0.06
			1,248,843	4.94
Colombia (Cost $1,326,032)
Al Candelaria S.A., 5.750%, 06/15/2033		250,000	206,875	0.82
Banco Davivienda S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.097%), 6.650%, 04/22/20314		230,000	205,344	0.81
Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.320%), 8.625%, 12/24/20344		200,000	209,000	0.83
Ecopetrol S.A., 8.875%, 01/13/2033		176,000	180,849	0.72
Ecopetrol S.A., 8.375%, 01/19/2036		123,000	119,371	0.47
Ecopetrol S.A., 5.875%, 05/28/2045		98,000	68,590	0.27
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A., 5.375%, 12/30/2030		200,000	172,900	0.68
Grupo Aval Ltd., 4.375%, 02/04/2030		200,000	178,460	0.71
			1,341,389	5.31
Congo, The Democ. Rep. of (Cost $200,000)
Ivanhoe Mines Ltd., 7.875%, 01/23/20302		200,000	200,410	0.79
			200,410	0.79
Costa Rica (Cost $215,475)
Liberty Costa Rica Senior Secured Finance, 10.875%, 01/15/2031		200,000	213,856	0.85
			213,856	0.85
Czech Republic (Cost $2,179,875)
Energo-Pro A.S., 11.000%, 11/02/2028		200,000	215,128	0.85
New World Resources N.V., 8.000%, 04/07/20205,6,8,9	EUR	1,685,299	—	—

25

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Czech Republic (continued)
New World Resources N.V., 0.000%, 10/07/20202,5,6,8,9,10	EUR	101,612	$—	—
New World Resources N.V., 4.000%, 10/07/20205,6,8,9	EUR	700,590	—	—
			215,128	0.85
Ecuador (Cost $255,803)
International Airport Finance S.A., 12.000%, 03/15/2033		245,664	261,939	1.04
			261,939	1.04
Georgia (Cost $195,561)
Bank of Georgia JSC, (Variable, USD SOFR ICE Swap Rate 5Y + 5.618%), 9.500%, 07/16/20294		200,000	195,500	0.77
			195,500	0.77
Ghana (Cost $192,993)
Kosmos Energy Ltd., 8.750%, 10/01/2031		200,000	190,750	0.75
			190,750	0.75
Guatemala (Cost $177,867)
CT Trust, 5.125%, 02/03/2032		200,000	179,190	0.71
			179,190	0.71
Hong Kong (Cost $877,512)
Bank of East Asia (The) Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.300%), 4.875%, 04/22/20324		300,000	288,024	1.14
Prudential Funding Asia PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.517%), 2.950%, 11/03/20334		200,000	182,374	0.72
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.574%), 7.875%, 03/08/20304		200,000	206,760	0.82
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.450%), 5.905%, 05/14/20354		200,000	201,272	0.80
			878,430	3.48
India (Cost $826,692)
Muthoot Finance Ltd., 7.125%, 02/14/2028		200,000	203,438	0.81
Power Finance Corp. Ltd., 4.500%, 06/18/2029		235,000	226,977	0.90
Sammaan Capital Ltd., 9.700%, 07/03/2027		200,000	200,475	0.79
Vedanta Resources Finance II PLC, 9.475%, 07/24/20302		200,000	199,860	0.79
			830,750	3.29
Indonesia (Cost $828,937)
Freeport Indonesia PT, 6.200%, 04/14/2052		220,000	216,810	0.86
Medco Maple Tree Pte. Ltd., 8.960%, 04/27/2029		320,000	338,912	1.34
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038		310,000	286,471	1.13
			842,193	3.33
Israel (Cost $425,634)
Energian Israel Finance Ltd., 8.500%, 09/30/20332		158,790	163,604	0.65
Leviathan Bond Ltd., 6.125%, 06/30/20252		67,038	66,934	0.27
Leviathan Bond Ltd., 6.500%, 06/30/20272		67,382	66,540	0.26

26

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Israel (continued)
Leviathan Bond Ltd., 6.750%, 06/30/20302		137,043	$134,046	0.53
			431,124	1.71
Jordan (Cost $199,408)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025		200,000	197,758	0.78
			197,758	0.78
Kazakhstan (Cost $490,872)
KazMunayGas National Co. JSC, 5.750%, 04/19/2047		220,000	188,038	0.74
KazMunayGas National Co. JSC, 6.375%, 10/24/2048		365,000	335,946	1.33
			523,984	2.07
Kuwait (Cost $258,421)
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/20254		265,000	261,688	1.04
			261,688	1.04
Mexico (Cost $1,936,068)
Alfa S.A.B. de C.V., 6.875%, 03/25/2044		200,000	205,826	0.82
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/20304		215,000	215,279	0.85
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.072%), 8.375%, 05/20/20312,4		200,000	197,900	0.78
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.621%, 12/10/20292		200,000	199,580	0.79
BBVA Bancomer S.A., 5.250%, 09/10/2029		200,000	196,200	0.78
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy, 7.875%, 02/15/2039		200,000	202,600	0.80
Cemex S.A.B. de C.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.534%), 5.125%, 06/08/20264		200,000	197,742	0.78
CIBANCO S.A. Institucion de Banca Multiple Trust CIB, 4.375%, 07/22/2031		240,000	196,800	0.78
Infraestructura Energetica Nova S.A.P.I. de C.V., 4.750%, 01/15/2051		200,000	142,532	0.56
Tierra Mojada Luxembourg II S.a.r.l., 5.750%, 12/01/2040		173,454	159,220	0.63
			1,913,679	7.57
Morocco (Cost $195,157)
OCP S.A., 5.125%, 06/23/2051		200,000	151,178	0.60
			151,178	0.60
Nigeria (Cost $379,258)
IHS Holding Ltd., 6.250%, 11/29/2028		200,000	189,688	0.75
IHS Holding Ltd., 8.250%, 11/29/20312		200,000	196,000	0.78
			385,688	1.53
Pakistan (Cost $172,559)
VEON Holdings B.V., 3.375%, 11/25/2027		205,000	182,194	0.72
			182,194	0.72

27

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Panama (Cost $169,229)
C&W Senior Finance Ltd., 6.875%, 09/15/2027		170,000	$169,014	0.67
			169,014	0.67
Peru (Cost $720,422)
Banco de Credito del Peru S.A., 5.850%, 01/11/2029		70,000	71,217	0.28
Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.000%), 3.125%, 07/01/20304		40,000	39,340	0.16
Cia de Minas Buenaventura S.A.A., 5.500%, 07/23/2026		200,000	198,250	0.79
Minsur S.A., 4.500%, 10/28/2031		215,000	192,962	0.76
Niagara Energy SAC, 5.746%, 10/03/20342		200,000	193,000	0.76
			694,769	2.75
Poland (Cost $106,459)
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026	EUR	110,000	103,513	0.41
			103,513	0.41
Qatar (Cost $294,693)
Ahli Bank QSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.451%), 4.000%, 02/17/20264		320,000	309,600	1.23
			309,600	1.23
Russian Federation (Cost $1,481,647)
Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/20275,8		1,605,000	2	—
			2	—
Saudi Arabia (Cost $869,480)
Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039		188,458	184,924	0.73
EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036		280,000	242,725	0.96
Greensaif Pipelines Bidco S.a.r.l., 6.510%, 02/23/2042		235,000	239,333	0.95
Saudi Arabian Oil Co., 5.875%, 07/17/2064		200,000	185,536	0.73
			852,518	3.37
South Africa (Cost $923,595)
Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/20264		200,000	197,500	0.78
AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028		270,000	249,750	0.99
Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029		210,000	213,806	0.85
Prosus N.V., 4.027%, 08/03/2050		360,000	235,127	0.93
			896,183	3.55
South Korea (Cost $853,596)
Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/20524		225,000	227,602	0.90
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.064%), 2.875%, 05/12/20264		255,000	245,756	0.97
SK Hynix, Inc., 5.500%, 01/16/2029		200,000	202,116	0.80
Woori Bank, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.277%), 6.375%, 07/24/20294		200,000	202,300	0.80
			877,774	3.47

28

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Taiwan (Cost $209,971)
Cathaylife Singapore Pte. Ltd., 5.950%, 07/05/2034		200,000	$206,684	0.82
			206,684	0.82
Thailand (Cost $689,438)
Bangkok Bank PCL, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.150%), 3.466%, 09/23/20364		200,000	172,752	0.68
GC Treasury Center Co. Ltd., 2.980%, 03/18/2031		200,000	171,188	0.68
Kasikornbank PCL, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.940%), 5.275%, 10/14/20254		200,000	198,650	0.79
Thaioil Treasury Center Co. Ltd., 3.500%, 10/17/2049		210,000	128,705	0.51
			671,295	2.66
Togo (Cost $198,177)
Ecobank Transnational, Inc., 10.125%, 10/15/20292		200,000	210,438	0.83
			210,438	0.83
Turkey (Cost $1,007,439)
Akbank TAS, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.270%), 9.369%, 03/14/20294		200,000	206,750	0.82
Turkcell Iletisim Hizmetleri A.S., 7.650%, 01/24/20322		200,000	201,500	0.80
Turkiye Garanti Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.836%), 8.125%, 01/03/20352,4		200,000	202,750	0.80
Turkiye Is Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.633%), 9.125%, 01/15/20302,4		200,000	207,250	0.82
Turkiye Vakiflar Bankasi T.A.O., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.669%), 8.994%, 10/05/20344		200,000	207,760	0.82
			1,026,010	4.06
Ukraine (Cost $188,199)
MHP Lux S.A., 6.950%, 04/03/2026		210,000	199,500	0.79
			199,500	0.79
United Arab Emirates (Cost $421,935)
Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/2034		255,516	222,028	0.88
MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.539%), 6.375%, 03/20/20264		200,000	199,625	0.79
			421,653	1.67
United States (Cost $88,816)
U.S. Treasury Bill, 4.148%, 04/17/202511		89,600	88,839	0.35
			88,839	0.35
Uzbekistan (Cost $398,151)
Jscb Agrobank, 9.250%, 10/02/20292		200,000	205,500	0.81
Navoi Mining & Metallurgical Combinat, 6.950%, 10/17/20312		200,000	198,438	0.79
			403,938	1.60
Venezuela (Cost $2,616,495)
Petroleos de Venezuela S.A., 8.500%, 10/27/20205,6		1,951,000	1,775,410	7.02

29

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of January 31, 2025 (Unaudited)

	Currency1	Par	Value	% of Net Assets
Venezuela (continued)
Petroleos de Venezuela S.A., 9.750%, 05/17/20355		3,380,000	$464,750	1.84
			2,240,160	8.86
Vietnam (Cost $184,925)
Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029		190,613	183,236	0.72
			183,236	0.72
Total Debt Securities (Cost $42,608,684)			24,505,566	96.97
Bank Loans
Czech Republic (Cost $362,934)
New World Resources N.V., 8.500%, 10/07/20166,8,9	EUR	952,166	—	—
			—	—
Total Bank Loans (Cost $362,934)			—	—

    

	Currency1	Shares	Value	% of Net Assets
Equity Securities
Brazil (Cost $—)
Oi S.A.*	BRL	389,770	$110,047	0.43
			110,047	0.43
China (Cost $19,761)
Sunac Services Holdings Ltd.2	HKD	72,634	14,596	0.06
			14,596	0.06
Czech Republic (Cost $1,093,253)
New World Resources PLC, Class A*,8,9	GBP	36,580,138	—	—
			—	—
Niger (Cost $877,496)
Savannah Energy PLC*,8	GBP	2,258,852	181,488	0.72
			181,488	0.72
Total Equity Securities (Cost $1,990,510)			306,131	1.21
Total Investments (Total Cost $44,962,128)			24,811,697	98.18
Other Assets Less Liabilities			459,004	1.82
Net Assets			$25,270,701	100.00