ASHMORE FUNDS

Supplement dated June 11, 2026

to the Statutory Prospectus for Class A, Class C and Institutional Class Shares

of Ashmore Emerging Markets Active Equity Fund and

Ashmore Emerging Markets Local Currency Bond Fund

On June 10, 2026, the Board of Trustees of Ashmore Funds approved a plan of liquidation (the “Plan of Liquidation”) for each of Ashmore Emerging Markets Active Equity Fund and Ashmore Emerging Markets Local Currency Bond Fund (each, a “Fund” and together the “Funds”), with the liquidations scheduled to take place on or about June 26, 2026 (the “Liquidation Date”). On or before the Liquidation Date, each Fund will seek to convert substantially all of its portfolio securities and other assets to cash or cash equivalents. Therefore, each Fund may depart from its stated investment objectives and policies as it prepares to liquidate its assets and distribute them to shareholders. Any shares of the Funds outstanding on the Liquidation Date will be automatically redeemed on that date. As soon as practicable after the Liquidation Date, each Fund will distribute pro rata to the Fund’s shareholders of record as of the close of business on the Liquidation Date all of the remaining assets of the Fund, after paying, or setting aside the amount to pay, any expenses and liabilities of the Fund.

Each Fund may make one or more distributions of income and/or net capital gains on or prior to the Liquidation Date in order to eliminate Fund-level taxes. For taxable shareholders, the automatic redemption on the Liquidation Date generally will be treated like other redemptions of shares generally – that is, as a sale that may result in a gain or loss to shareholders for U.S. federal income tax purposes.

Effective as of the close of business on June 12, 2026, Class A, Class C and Institutional Class Shares of the Funds will no longer be available for purchase by new or existing investors or be available for exchanges from the other series of Ashmore Funds, except for shares that may be purchased as a result of dividend reinvestments.

At any time prior to the Liquidation Date, shareholders may redeem their shares of the relevant Fund pursuant to the procedures set forth under “How to Sell or Exchange Shares” in the Funds’ Prospectus. Effective June 12, 2026, or as soon as practicable thereafter, the Funds will waive any contingent deferred sales charges that may be applicable to the redemption of the Funds’ Class A or Class C Shares, respectively.

Shareholders may also exchange their shares for shares of a different series of Ashmore Funds, subject to any investment minimums and other restrictions on exchanges as described under “How to Sell or Exchange Shares” in the Funds’ Prospectus.

Investors Should Retain This Supplement for Future Reference