0001498498
2025-11-01
2026-04-30
0001498498
cik0001498498:C000098151Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000098150Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000093386Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000098146Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000098147Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000093384Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000098142Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000098143Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000093382Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000142709Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000142710Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000142708Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000174429Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000174430Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000174431Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000272133Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000130348Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000130349Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000130350Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000104316Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000104317Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000101924Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000217585Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000217586Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000217584Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000221885Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000221886Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000221884Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000250019Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000250020Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000250018Member
2025-11-01
2026-04-30
0001498498
cik0001498498:C000098151Member
2026-04-30
0001498498
cik0001498498:ForwardForeignCurrencyExchangeContractsMember
cik0001498498:C000098151Member
2026-04-30
0001498498
cik0001498498:CentrallyClearedInterestRateSwapContractsMember
cik0001498498:C000098151Member
2026-04-30
0001498498
us-gaap:CommonStockMember
cik0001498498:C000098151Member
2026-04-30
0001498498
cik0001498498:CorporateConvertibleBondsMember
cik0001498498:C000098151Member
2026-04-30
0001498498
cik0001498498:FinancialCertificatesMember
cik0001498498:C000098151Member
2026-04-30
0001498498
us-gaap:CorporateBondSecuritiesMember
cik0001498498:C000098151Member
2026-04-30
0001498498
cik0001498498:IndexLinkedGovernmentBondsMember
cik0001498498:C000098151Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000098151Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000098151Member
2026-04-30
0001498498
cik0001498498:GovernmentBondsMember
cik0001498498:C000098151Member
2026-04-30
0001498498
cik0001498498:C000098150Member
2026-04-30
0001498498
us-gaap:CorporateBondSecuritiesMember
cik0001498498:C000098150Member
2026-04-30
0001498498
cik0001498498:IndexLinkedGovernmentBondsMember
cik0001498498:C000098150Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000098150Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000098150Member
2026-04-30
0001498498
cik0001498498:GovernmentBondsMember
cik0001498498:C000098150Member
2026-04-30
0001498498
cik0001498498:ForwardForeignCurrencyExchangeContractsMember
cik0001498498:C000098150Member
2026-04-30
0001498498
cik0001498498:CentrallyClearedInterestRateSwapContractsMember
cik0001498498:C000098150Member
2026-04-30
0001498498
us-gaap:CommonStockMember
cik0001498498:C000098150Member
2026-04-30
0001498498
cik0001498498:CorporateConvertibleBondsMember
cik0001498498:C000098150Member
2026-04-30
0001498498
cik0001498498:FinancialCertificatesMember
cik0001498498:C000098150Member
2026-04-30
0001498498
cik0001498498:C000093386Member
2026-04-30
0001498498
cik0001498498:CorporateConvertibleBondsMember
cik0001498498:C000093386Member
2026-04-30
0001498498
us-gaap:CommonStockMember
cik0001498498:C000093386Member
2026-04-30
0001498498
cik0001498498:CentrallyClearedInterestRateSwapContractsMember
cik0001498498:C000093386Member
2026-04-30
0001498498
cik0001498498:ForwardForeignCurrencyExchangeContractsMember
cik0001498498:C000093386Member
2026-04-30
0001498498
cik0001498498:GovernmentBondsMember
cik0001498498:C000093386Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000093386Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000093386Member
2026-04-30
0001498498
cik0001498498:IndexLinkedGovernmentBondsMember
cik0001498498:C000093386Member
2026-04-30
0001498498
us-gaap:CorporateBondSecuritiesMember
cik0001498498:C000093386Member
2026-04-30
0001498498
cik0001498498:FinancialCertificatesMember
cik0001498498:C000093386Member
2026-04-30
0001498498
cik0001498498:C000098146Member
2026-04-30
0001498498
cik0001498498:GovernmentBondsMember
cik0001498498:C000098146Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000098146Member
2026-04-30
0001498498
cik0001498498:IndexLinkedGovernmentBondsMember
cik0001498498:C000098146Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000098146Member
2026-04-30
0001498498
cik0001498498:FinancialCertificatesMember
cik0001498498:C000098146Member
2026-04-30
0001498498
cik0001498498:CentrallyClearedInterestRateSwapContractsMember
cik0001498498:C000098146Member
2026-04-30
0001498498
cik0001498498:ForwardForeignCurrencyExchangeContractsMember
cik0001498498:C000098146Member
2026-04-30
0001498498
cik0001498498:C000098147Member
2026-04-30
0001498498
cik0001498498:ForwardForeignCurrencyExchangeContractsMember
cik0001498498:C000098147Member
2026-04-30
0001498498
cik0001498498:CentrallyClearedInterestRateSwapContractsMember
cik0001498498:C000098147Member
2026-04-30
0001498498
cik0001498498:FinancialCertificatesMember
cik0001498498:C000098147Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000098147Member
2026-04-30
0001498498
cik0001498498:IndexLinkedGovernmentBondsMember
cik0001498498:C000098147Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000098147Member
2026-04-30
0001498498
cik0001498498:GovernmentBondsMember
cik0001498498:C000098147Member
2026-04-30
0001498498
cik0001498498:C000093384Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000093384Member
2026-04-30
0001498498
cik0001498498:GovernmentBondsMember
cik0001498498:C000093384Member
2026-04-30
0001498498
cik0001498498:ForwardForeignCurrencyExchangeContractsMember
cik0001498498:C000093384Member
2026-04-30
0001498498
cik0001498498:CentrallyClearedInterestRateSwapContractsMember
cik0001498498:C000093384Member
2026-04-30
0001498498
cik0001498498:FinancialCertificatesMember
cik0001498498:C000093384Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000093384Member
2026-04-30
0001498498
cik0001498498:IndexLinkedGovernmentBondsMember
cik0001498498:C000093384Member
2026-04-30
0001498498
cik0001498498:C000098142Member
2026-04-30
0001498498
cik0001498498:C000098142Member
country:BR
2026-04-30
0001498498
cik0001498498:C000098142Member
country:MX
2026-04-30
0001498498
cik0001498498:C000098142Member
country:US
2026-04-30
0001498498
cik0001498498:C000098142Member
country:VE
2026-04-30
0001498498
cik0001498498:OtherAssetsLessThan4Member
cik0001498498:C000098142Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000098142Member
2026-04-30
0001498498
cik0001498498:C000098142Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000098142Member
country:HK
2026-04-30
0001498498
cik0001498498:C000098142Member
country:KZ
2026-04-30
0001498498
cik0001498498:C000098142Member
country:AR
2026-04-30
0001498498
cik0001498498:CorporateConvertibleBondsMember
cik0001498498:C000098142Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000098142Member
2026-04-30
0001498498
us-gaap:CorporateBondSecuritiesMember
cik0001498498:C000098142Member
2026-04-30
0001498498
cik0001498498:C000098143Member
2026-04-30
0001498498
cik0001498498:CorporateConvertibleBondsMember
cik0001498498:C000098143Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000098143Member
2026-04-30
0001498498
us-gaap:CorporateBondSecuritiesMember
cik0001498498:C000098143Member
2026-04-30
0001498498
cik0001498498:C000098143Member
country:BR
2026-04-30
0001498498
cik0001498498:C000098143Member
country:MX
2026-04-30
0001498498
cik0001498498:C000098143Member
country:US
2026-04-30
0001498498
cik0001498498:C000098143Member
country:VE
2026-04-30
0001498498
cik0001498498:OtherAssetsLessThan4Member
cik0001498498:C000098143Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000098143Member
2026-04-30
0001498498
cik0001498498:C000098143Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000098143Member
country:HK
2026-04-30
0001498498
cik0001498498:C000098143Member
country:KZ
2026-04-30
0001498498
cik0001498498:C000098143Member
country:AR
2026-04-30
0001498498
cik0001498498:C000093382Member
2026-04-30
0001498498
cik0001498498:C000093382Member
country:KZ
2026-04-30
0001498498
cik0001498498:C000093382Member
country:AR
2026-04-30
0001498498
cik0001498498:C000093382Member
country:BR
2026-04-30
0001498498
cik0001498498:C000093382Member
country:MX
2026-04-30
0001498498
cik0001498498:C000093382Member
country:US
2026-04-30
0001498498
cik0001498498:C000093382Member
country:VE
2026-04-30
0001498498
cik0001498498:OtherAssetsLessThan4Member
cik0001498498:C000093382Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000093382Member
2026-04-30
0001498498
cik0001498498:CorporateConvertibleBondsMember
cik0001498498:C000093382Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000093382Member
2026-04-30
0001498498
us-gaap:CorporateBondSecuritiesMember
cik0001498498:C000093382Member
2026-04-30
0001498498
cik0001498498:C000093382Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000093382Member
country:HK
2026-04-30
0001498498
cik0001498498:C000142709Member
2026-04-30
0001498498
cik0001498498:C000142709Member
country:IN
2026-04-30
0001498498
cik0001498498:C000142709Member
country:VE
2026-04-30
0001498498
cik0001498498:OtherAssetsLessThan4Member
cik0001498498:C000142709Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000142709Member
2026-04-30
0001498498
us-gaap:CorporateBondSecuritiesMember
cik0001498498:C000142709Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000142709Member
2026-04-30
0001498498
cik0001498498:C000142709Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000142709Member
country:BR
2026-04-30
0001498498
cik0001498498:C000142709Member
country:US
2026-04-30
0001498498
cik0001498498:C000142710Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000142710Member
2026-04-30
0001498498
us-gaap:CorporateBondSecuritiesMember
cik0001498498:C000142710Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000142710Member
2026-04-30
0001498498
cik0001498498:C000142710Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000142710Member
country:BR
2026-04-30
0001498498
cik0001498498:C000142710Member
country:US
2026-04-30
0001498498
cik0001498498:C000142710Member
country:IN
2026-04-30
0001498498
cik0001498498:C000142710Member
country:VE
2026-04-30
0001498498
cik0001498498:OtherAssetsLessThan4Member
cik0001498498:C000142710Member
2026-04-30
0001498498
cik0001498498:C000142708Member
2026-04-30
0001498498
cik0001498498:C000142708Member
country:US
2026-04-30
0001498498
cik0001498498:C000142708Member
country:IN
2026-04-30
0001498498
cik0001498498:C000142708Member
country:VE
2026-04-30
0001498498
cik0001498498:OtherAssetsLessThan4Member
cik0001498498:C000142708Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000142708Member
2026-04-30
0001498498
us-gaap:CorporateBondSecuritiesMember
cik0001498498:C000142708Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000142708Member
2026-04-30
0001498498
cik0001498498:C000142708Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000142708Member
country:BR
2026-04-30
0001498498
cik0001498498:C000174429Member
2026-04-30
0001498498
cik0001498498:C000174429Member
cik0001498498:TaiwanSemiconductorManufacturingCoLtdMember
2026-04-30
0001498498
cik0001498498:C000174429Member
cik0001498498:ICICIBankLtdADRMember
2026-04-30
0001498498
cik0001498498:C000174429Member
cik0001498498:RelianceIndustriesLtdMember
2026-04-30
0001498498
cik0001498498:C000174429Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000174429Member
cik0001498498:AlibabaGroupHoldingLtdMember
2026-04-30
0001498498
cik0001498498:C000174429Member
cik0001498498:DeltaElectronicsIncMember
2026-04-30
0001498498
cik0001498498:C000174429Member
cik0001498498:TencentHoldingsLtdMember
2026-04-30
0001498498
cik0001498498:C000174429Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000174429Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000174429Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000174429Member
cik0001498498:AnglogoldAshantiPLCMember
2026-04-30
0001498498
cik0001498498:C000174429Member
cik0001498498:ChinaInternationalCapitalCorpLtdClassHMember
2026-04-30
0001498498
cik0001498498:C000174429Member
cik0001498498:PetroleoBrasileiroSAPetrobrasADRMember
2026-04-30
0001498498
cik0001498498:C000174429Member
country:CN
2026-04-30
0001498498
cik0001498498:C000174429Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000174429Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000174429Member
us-gaap:EnergySectorMember
2026-04-30
0001498498
cik0001498498:C000174429Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000174429Member
oef:CommunicationsSectorMember
2026-04-30
0001498498
cik0001498498:C000174429Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000174429Member
country:ZA
2026-04-30
0001498498
cik0001498498:C000174429Member
country:BR
2026-04-30
0001498498
cik0001498498:C000174429Member
country:IN
2026-04-30
0001498498
cik0001498498:C000174429Member
country:KR
2026-04-30
0001498498
cik0001498498:C000174429Member
country:TW
2026-04-30
0001498498
cik0001498498:C000174430Member
2026-04-30
0001498498
cik0001498498:C000174430Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000174430Member
cik0001498498:AnglogoldAshantiPLCMember
2026-04-30
0001498498
cik0001498498:C000174430Member
cik0001498498:ChinaInternationalCapitalCorpLtdClassHMember
2026-04-30
0001498498
cik0001498498:C000174430Member
cik0001498498:PetroleoBrasileiroSAPetrobrasADRMember
2026-04-30
0001498498
cik0001498498:C000174430Member
cik0001498498:ICICIBankLtdADRMember
2026-04-30
0001498498
cik0001498498:C000174430Member
cik0001498498:RelianceIndustriesLtdMember
2026-04-30
0001498498
cik0001498498:C000174430Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000174430Member
oef:CommunicationsSectorMember
2026-04-30
0001498498
cik0001498498:C000174430Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000174430Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000174430Member
us-gaap:EnergySectorMember
2026-04-30
0001498498
cik0001498498:C000174430Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000174430Member
cik0001498498:AlibabaGroupHoldingLtdMember
2026-04-30
0001498498
cik0001498498:C000174430Member
cik0001498498:DeltaElectronicsIncMember
2026-04-30
0001498498
cik0001498498:C000174430Member
cik0001498498:TencentHoldingsLtdMember
2026-04-30
0001498498
cik0001498498:C000174430Member
cik0001498498:TaiwanSemiconductorManufacturingCoLtdMember
2026-04-30
0001498498
cik0001498498:C000174430Member
country:BR
2026-04-30
0001498498
cik0001498498:C000174430Member
country:ZA
2026-04-30
0001498498
cik0001498498:C000174430Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000174430Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000174430Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000174430Member
country:CN
2026-04-30
0001498498
cik0001498498:C000174430Member
country:TW
2026-04-30
0001498498
cik0001498498:C000174430Member
country:KR
2026-04-30
0001498498
cik0001498498:C000174430Member
country:IN
2026-04-30
0001498498
cik0001498498:C000174431Member
2026-04-30
0001498498
cik0001498498:C000174431Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000174431Member
country:CN
2026-04-30
0001498498
cik0001498498:C000174431Member
country:TW
2026-04-30
0001498498
cik0001498498:C000174431Member
country:KR
2026-04-30
0001498498
cik0001498498:C000174431Member
country:IN
2026-04-30
0001498498
cik0001498498:C000174431Member
country:BR
2026-04-30
0001498498
cik0001498498:C000174431Member
country:ZA
2026-04-30
0001498498
cik0001498498:C000174431Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000174431Member
oef:CommunicationsSectorMember
2026-04-30
0001498498
cik0001498498:C000174431Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000174431Member
us-gaap:EnergySectorMember
2026-04-30
0001498498
cik0001498498:C000174431Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000174431Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000174431Member
cik0001498498:ICICIBankLtdADRMember
2026-04-30
0001498498
cik0001498498:C000174431Member
cik0001498498:PetroleoBrasileiroSAPetrobrasADRMember
2026-04-30
0001498498
cik0001498498:C000174431Member
cik0001498498:ChinaInternationalCapitalCorpLtdClassHMember
2026-04-30
0001498498
cik0001498498:C000174431Member
cik0001498498:AnglogoldAshantiPLCMember
2026-04-30
0001498498
cik0001498498:C000174431Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000174431Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000174431Member
cik0001498498:TaiwanSemiconductorManufacturingCoLtdMember
2026-04-30
0001498498
cik0001498498:C000174431Member
cik0001498498:TencentHoldingsLtdMember
2026-04-30
0001498498
cik0001498498:C000174431Member
cik0001498498:DeltaElectronicsIncMember
2026-04-30
0001498498
cik0001498498:C000174431Member
cik0001498498:AlibabaGroupHoldingLtdMember
2026-04-30
0001498498
cik0001498498:C000174431Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000174431Member
cik0001498498:RelianceIndustriesLtdMember
2026-04-30
0001498498
cik0001498498:C000272133Member
2026-04-30
0001498498
cik0001498498:C000272133Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000272133Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000272133Member
country:KR
2026-04-30
0001498498
cik0001498498:C000272133Member
country:TW
2026-04-30
0001498498
cik0001498498:C000272133Member
country:CN
2026-04-30
0001498498
cik0001498498:C000272133Member
country:IN
2026-04-30
0001498498
cik0001498498:C000272133Member
cik0001498498:ChromaATEIncMember
2026-04-30
0001498498
cik0001498498:C000272133Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000272133Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000272133Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000272133Member
us-gaap:HealthcareSectorMember
2026-04-30
0001498498
cik0001498498:C000272133Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000272133Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000272133Member
cik0001498498:HansolChemicalCoLtdMember
2026-04-30
0001498498
cik0001498498:C000272133Member
cik0001498498:RedeDOrSaoLuizSAMember
2026-04-30
0001498498
cik0001498498:C000272133Member
cik0001498498:ContemporaryAmperexTechnologyCoLtdClassAMember
2026-04-30
0001498498
cik0001498498:C000272133Member
cik0001498498:EliteMaterialCoLtdMember
2026-04-30
0001498498
cik0001498498:C000272133Member
cik0001498498:SieyuanElectricCoLtdClassAMember
2026-04-30
0001498498
cik0001498498:C000272133Member
country:PL
2026-04-30
0001498498
cik0001498498:C000272133Member
country:BR
2026-04-30
0001498498
cik0001498498:C000272133Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000272133Member
cik0001498498:SKhynixIncMember
2026-04-30
0001498498
cik0001498498:C000272133Member
cik0001498498:SamsungElectronicsCoLtdMember
2026-04-30
0001498498
cik0001498498:C000272133Member
cik0001498498:SamsungElectroMechanicsCoLtdMember
2026-04-30
0001498498
cik0001498498:C000130348Member
2026-04-30
0001498498
cik0001498498:C000130348Member
country:PH
2026-04-30
0001498498
cik0001498498:C000130348Member
country:SI
2026-04-30
0001498498
cik0001498498:C000130348Member
country:PE
2026-04-30
0001498498
cik0001498498:C000130348Member
country:MA
2026-04-30
0001498498
cik0001498498:C000130348Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000130348Member
cik0001498498:AttijariwafaBankMember
2026-04-30
0001498498
cik0001498498:C000130348Member
cik0001498498:FirstAbuDhabiBankPJSCMember
2026-04-30
0001498498
cik0001498498:C000130348Member
cik0001498498:QatarNationalBankQPSCMember
2026-04-30
0001498498
cik0001498498:C000130348Member
cik0001498498:NovaLjubljanskaBankaddGDRRegisteredMember
2026-04-30
0001498498
cik0001498498:C000130348Member
cik0001498498:VinhomesJSCMember
2026-04-30
0001498498
cik0001498498:C000130348Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000130348Member
country:VN
2026-04-30
0001498498
cik0001498498:C000130348Member
country:AE
2026-04-30
0001498498
cik0001498498:C000130348Member
country:KZ
2026-04-30
0001498498
cik0001498498:C000130348Member
country:RO
2026-04-30
0001498498
cik0001498498:C000130348Member
country:QA
2026-04-30
0001498498
cik0001498498:C000130348Member
cik0001498498:VingroupJSCMember
2026-04-30
0001498498
cik0001498498:C000130348Member
us-gaap:RealEstateSectorMember
2026-04-30
0001498498
cik0001498498:C000130348Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000130348Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000130348Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000130348Member
us-gaap:HealthcareSectorMember
2026-04-30
0001498498
cik0001498498:C000130348Member
cik0001498498:CredicorpLtdMember
2026-04-30
0001498498
cik0001498498:C000130348Member
cik0001498498:KaspiKZJSCADRMember
2026-04-30
0001498498
cik0001498498:C000130348Member
cik0001498498:HalykSavingsBankofKazakhstanJSCGDRRegisteredMember
2026-04-30
0001498498
cik0001498498:C000130348Member
cik0001498498:BancaTransilvaniaSAMember
2026-04-30
0001498498
cik0001498498:C000130348Member
us-gaap:EnergySectorMember
2026-04-30
0001498498
cik0001498498:C000130348Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000130349Member
2026-04-30
0001498498
cik0001498498:C000130349Member
cik0001498498:CredicorpLtdMember
2026-04-30
0001498498
cik0001498498:C000130349Member
cik0001498498:KaspiKZJSCADRMember
2026-04-30
0001498498
cik0001498498:C000130349Member
cik0001498498:HalykSavingsBankofKazakhstanJSCGDRRegisteredMember
2026-04-30
0001498498
cik0001498498:C000130349Member
cik0001498498:BancaTransilvaniaSAMember
2026-04-30
0001498498
cik0001498498:C000130349Member
cik0001498498:VingroupJSCMember
2026-04-30
0001498498
cik0001498498:C000130349Member
cik0001498498:AttijariwafaBankMember
2026-04-30
0001498498
cik0001498498:C000130349Member
cik0001498498:FirstAbuDhabiBankPJSCMember
2026-04-30
0001498498
cik0001498498:C000130349Member
cik0001498498:QatarNationalBankQPSCMember
2026-04-30
0001498498
cik0001498498:C000130349Member
cik0001498498:NovaLjubljanskaBankaddGDRRegisteredMember
2026-04-30
0001498498
cik0001498498:C000130349Member
cik0001498498:VinhomesJSCMember
2026-04-30
0001498498
cik0001498498:C000130349Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000130349Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000130349Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000130349Member
us-gaap:RealEstateSectorMember
2026-04-30
0001498498
cik0001498498:C000130349Member
us-gaap:EnergySectorMember
2026-04-30
0001498498
cik0001498498:C000130349Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000130349Member
country:RO
2026-04-30
0001498498
cik0001498498:C000130349Member
country:KZ
2026-04-30
0001498498
cik0001498498:C000130349Member
country:AE
2026-04-30
0001498498
cik0001498498:C000130349Member
country:VN
2026-04-30
0001498498
cik0001498498:C000130349Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000130349Member
us-gaap:HealthcareSectorMember
2026-04-30
0001498498
cik0001498498:C000130349Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000130349Member
country:MA
2026-04-30
0001498498
cik0001498498:C000130349Member
country:PE
2026-04-30
0001498498
cik0001498498:C000130349Member
country:SI
2026-04-30
0001498498
cik0001498498:C000130349Member
country:PH
2026-04-30
0001498498
cik0001498498:C000130349Member
country:QA
2026-04-30
0001498498
cik0001498498:C000130350Member
2026-04-30
0001498498
cik0001498498:C000130350Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000130350Member
country:MA
2026-04-30
0001498498
cik0001498498:C000130350Member
country:PE
2026-04-30
0001498498
cik0001498498:C000130350Member
country:QA
2026-04-30
0001498498
cik0001498498:C000130350Member
country:RO
2026-04-30
0001498498
cik0001498498:C000130350Member
country:KZ
2026-04-30
0001498498
cik0001498498:C000130350Member
cik0001498498:KaspiKZJSCADRMember
2026-04-30
0001498498
cik0001498498:C000130350Member
cik0001498498:HalykSavingsBankofKazakhstanJSCGDRRegisteredMember
2026-04-30
0001498498
cik0001498498:C000130350Member
cik0001498498:BancaTransilvaniaSAMember
2026-04-30
0001498498
cik0001498498:C000130350Member
country:PH
2026-04-30
0001498498
cik0001498498:C000130350Member
country:SI
2026-04-30
0001498498
cik0001498498:C000130350Member
cik0001498498:AttijariwafaBankMember
2026-04-30
0001498498
cik0001498498:C000130350Member
cik0001498498:FirstAbuDhabiBankPJSCMember
2026-04-30
0001498498
cik0001498498:C000130350Member
cik0001498498:QatarNationalBankQPSCMember
2026-04-30
0001498498
cik0001498498:C000130350Member
cik0001498498:NovaLjubljanskaBankaddGDRRegisteredMember
2026-04-30
0001498498
cik0001498498:C000130350Member
cik0001498498:VinhomesJSCMember
2026-04-30
0001498498
cik0001498498:C000130350Member
cik0001498498:CredicorpLtdMember
2026-04-30
0001498498
cik0001498498:C000130350Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000130350Member
us-gaap:RealEstateSectorMember
2026-04-30
0001498498
cik0001498498:C000130350Member
us-gaap:EnergySectorMember
2026-04-30
0001498498
cik0001498498:C000130350Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000130350Member
cik0001498498:VingroupJSCMember
2026-04-30
0001498498
cik0001498498:C000130350Member
country:AE
2026-04-30
0001498498
cik0001498498:C000130350Member
country:VN
2026-04-30
0001498498
cik0001498498:C000130350Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000130350Member
us-gaap:HealthcareSectorMember
2026-04-30
0001498498
cik0001498498:C000130350Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000130350Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000104316Member
2026-04-30
0001498498
cik0001498498:C000104316Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000104316Member
country:BR
2026-04-30
0001498498
cik0001498498:C000104316Member
country:IN
2026-04-30
0001498498
cik0001498498:C000104316Member
country:CN
2026-04-30
0001498498
cik0001498498:C000104316Member
country:KR
2026-04-30
0001498498
cik0001498498:C000104316Member
country:TW
2026-04-30
0001498498
cik0001498498:C000104316Member
cik0001498498:AIAGroupLtdMember
2026-04-30
0001498498
cik0001498498:C000104316Member
cik0001498498:SamsungElectronicsCoLtdMember
2026-04-30
0001498498
cik0001498498:C000104316Member
cik0001498498:HDFCBankLtdADRMember
2026-04-30
0001498498
cik0001498498:C000104316Member
cik0001498498:TencentHoldingsLtdMember
2026-04-30
0001498498
cik0001498498:C000104316Member
cik0001498498:SKhynixIncMember
2026-04-30
0001498498
cik0001498498:C000104316Member
cik0001498498:TaiwanSemiconductorManufacturingCoLtdMember
2026-04-30
0001498498
cik0001498498:C000104316Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000104316Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000104316Member
cik0001498498:HansolChemicalCoLtdMember
2026-04-30
0001498498
cik0001498498:C000104316Member
cik0001498498:RedeDOrSaoLuizSAMember
2026-04-30
0001498498
cik0001498498:C000104316Member
cik0001498498:NetEaseIncADRMember
2026-04-30
0001498498
cik0001498498:C000104316Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000104316Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000104316Member
us-gaap:HealthcareSectorMember
2026-04-30
0001498498
cik0001498498:C000104316Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000104316Member
oef:CommunicationsSectorMember
2026-04-30
0001498498
cik0001498498:C000104316Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000104316Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000104317Member
2026-04-30
0001498498
cik0001498498:C000104317Member
cik0001498498:HDFCBankLtdADRMember
2026-04-30
0001498498
cik0001498498:C000104317Member
cik0001498498:TencentHoldingsLtdMember
2026-04-30
0001498498
cik0001498498:C000104317Member
cik0001498498:SKhynixIncMember
2026-04-30
0001498498
cik0001498498:C000104317Member
cik0001498498:TaiwanSemiconductorManufacturingCoLtdMember
2026-04-30
0001498498
cik0001498498:C000104317Member
cik0001498498:HansolChemicalCoLtdMember
2026-04-30
0001498498
cik0001498498:C000104317Member
cik0001498498:RedeDOrSaoLuizSAMember
2026-04-30
0001498498
cik0001498498:C000104317Member
cik0001498498:NetEaseIncADRMember
2026-04-30
0001498498
cik0001498498:C000104317Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000104317Member
cik0001498498:AIAGroupLtdMember
2026-04-30
0001498498
cik0001498498:C000104317Member
cik0001498498:SamsungElectronicsCoLtdMember
2026-04-30
0001498498
cik0001498498:C000104317Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000104317Member
oef:CommunicationsSectorMember
2026-04-30
0001498498
cik0001498498:C000104317Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000104317Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000104317Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000104317Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000104317Member
country:TW
2026-04-30
0001498498
cik0001498498:C000104317Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000104317Member
us-gaap:HealthcareSectorMember
2026-04-30
0001498498
cik0001498498:C000104317Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000104317Member
country:BR
2026-04-30
0001498498
cik0001498498:C000104317Member
country:IN
2026-04-30
0001498498
cik0001498498:C000104317Member
country:CN
2026-04-30
0001498498
cik0001498498:C000104317Member
country:KR
2026-04-30
0001498498
cik0001498498:C000101924Member
2026-04-30
0001498498
cik0001498498:C000101924Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000101924Member
country:BR
2026-04-30
0001498498
cik0001498498:C000101924Member
country:IN
2026-04-30
0001498498
cik0001498498:C000101924Member
country:CN
2026-04-30
0001498498
cik0001498498:C000101924Member
country:KR
2026-04-30
0001498498
cik0001498498:C000101924Member
country:TW
2026-04-30
0001498498
cik0001498498:C000101924Member
cik0001498498:AIAGroupLtdMember
2026-04-30
0001498498
cik0001498498:C000101924Member
cik0001498498:SamsungElectronicsCoLtdMember
2026-04-30
0001498498
cik0001498498:C000101924Member
cik0001498498:HDFCBankLtdADRMember
2026-04-30
0001498498
cik0001498498:C000101924Member
cik0001498498:TencentHoldingsLtdMember
2026-04-30
0001498498
cik0001498498:C000101924Member
cik0001498498:SKhynixIncMember
2026-04-30
0001498498
cik0001498498:C000101924Member
cik0001498498:TaiwanSemiconductorManufacturingCoLtdMember
2026-04-30
0001498498
cik0001498498:C000101924Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000101924Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000101924Member
cik0001498498:HansolChemicalCoLtdMember
2026-04-30
0001498498
cik0001498498:C000101924Member
cik0001498498:RedeDOrSaoLuizSAMember
2026-04-30
0001498498
cik0001498498:C000101924Member
cik0001498498:NetEaseIncADRMember
2026-04-30
0001498498
cik0001498498:C000101924Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000101924Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000101924Member
us-gaap:HealthcareSectorMember
2026-04-30
0001498498
cik0001498498:C000101924Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000101924Member
oef:CommunicationsSectorMember
2026-04-30
0001498498
cik0001498498:C000101924Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000101924Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000217585Member
2026-04-30
0001498498
cik0001498498:C000217585Member
cik0001498498:SamsungElectronicsCoLtdMember
2026-04-30
0001498498
cik0001498498:C000217585Member
cik0001498498:AIAGroupLtdMember
2026-04-30
0001498498
cik0001498498:C000217585Member
cik0001498498:HDFCBankLtdADRMember
2026-04-30
0001498498
cik0001498498:C000217585Member
cik0001498498:SKhynixIncMember
2026-04-30
0001498498
cik0001498498:C000217585Member
cik0001498498:TencentHoldingsLtdMember
2026-04-30
0001498498
cik0001498498:C000217585Member
cik0001498498:TaiwanSemiconductorManufacturingCoLtdMember
2026-04-30
0001498498
cik0001498498:C000217585Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000217585Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000217585Member
cik0001498498:RedeDOrSaoLuizSAMember
2026-04-30
0001498498
cik0001498498:C000217585Member
cik0001498498:DBInsuranceCoLtdMember
2026-04-30
0001498498
cik0001498498:C000217585Member
cik0001498498:ContemporaryAmperexTechnologyCoLtdClassAMember
2026-04-30
0001498498
cik0001498498:C000217585Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000217585Member
country:TW
2026-04-30
0001498498
cik0001498498:C000217585Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000217585Member
us-gaap:HealthcareSectorMember
2026-04-30
0001498498
cik0001498498:C000217585Member
oef:CommunicationsSectorMember
2026-04-30
0001498498
cik0001498498:C000217585Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000217585Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000217585Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000217585Member
country:BR
2026-04-30
0001498498
cik0001498498:C000217585Member
country:IN
2026-04-30
0001498498
cik0001498498:C000217585Member
country:CN
2026-04-30
0001498498
cik0001498498:C000217585Member
country:KR
2026-04-30
0001498498
cik0001498498:C000217586Member
2026-04-30
0001498498
cik0001498498:C000217586Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000217586Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000217586Member
oef:CommunicationsSectorMember
2026-04-30
0001498498
cik0001498498:C000217586Member
us-gaap:HealthcareSectorMember
2026-04-30
0001498498
cik0001498498:C000217586Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000217586Member
country:TW
2026-04-30
0001498498
cik0001498498:C000217586Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000217586Member
cik0001498498:ContemporaryAmperexTechnologyCoLtdClassAMember
2026-04-30
0001498498
cik0001498498:C000217586Member
cik0001498498:DBInsuranceCoLtdMember
2026-04-30
0001498498
cik0001498498:C000217586Member
cik0001498498:RedeDOrSaoLuizSAMember
2026-04-30
0001498498
cik0001498498:C000217586Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000217586Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000217586Member
cik0001498498:TaiwanSemiconductorManufacturingCoLtdMember
2026-04-30
0001498498
cik0001498498:C000217586Member
cik0001498498:TencentHoldingsLtdMember
2026-04-30
0001498498
cik0001498498:C000217586Member
cik0001498498:SKhynixIncMember
2026-04-30
0001498498
cik0001498498:C000217586Member
cik0001498498:HDFCBankLtdADRMember
2026-04-30
0001498498
cik0001498498:C000217586Member
cik0001498498:AIAGroupLtdMember
2026-04-30
0001498498
cik0001498498:C000217586Member
cik0001498498:SamsungElectronicsCoLtdMember
2026-04-30
0001498498
cik0001498498:C000217586Member
country:KR
2026-04-30
0001498498
cik0001498498:C000217586Member
country:CN
2026-04-30
0001498498
cik0001498498:C000217586Member
country:IN
2026-04-30
0001498498
cik0001498498:C000217586Member
country:BR
2026-04-30
0001498498
cik0001498498:C000217586Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000217584Member
2026-04-30
0001498498
cik0001498498:C000217584Member
country:KR
2026-04-30
0001498498
cik0001498498:C000217584Member
country:CN
2026-04-30
0001498498
cik0001498498:C000217584Member
country:IN
2026-04-30
0001498498
cik0001498498:C000217584Member
country:BR
2026-04-30
0001498498
cik0001498498:C000217584Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000217584Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000217584Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000217584Member
oef:CommunicationsSectorMember
2026-04-30
0001498498
cik0001498498:C000217584Member
us-gaap:HealthcareSectorMember
2026-04-30
0001498498
cik0001498498:C000217584Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000217584Member
country:TW
2026-04-30
0001498498
cik0001498498:C000217584Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000217584Member
cik0001498498:ContemporaryAmperexTechnologyCoLtdClassAMember
2026-04-30
0001498498
cik0001498498:C000217584Member
cik0001498498:DBInsuranceCoLtdMember
2026-04-30
0001498498
cik0001498498:C000217584Member
cik0001498498:RedeDOrSaoLuizSAMember
2026-04-30
0001498498
cik0001498498:C000217584Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000217584Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000217584Member
cik0001498498:TaiwanSemiconductorManufacturingCoLtdMember
2026-04-30
0001498498
cik0001498498:C000217584Member
cik0001498498:TencentHoldingsLtdMember
2026-04-30
0001498498
cik0001498498:C000217584Member
cik0001498498:SKhynixIncMember
2026-04-30
0001498498
cik0001498498:C000217584Member
cik0001498498:HDFCBankLtdADRMember
2026-04-30
0001498498
cik0001498498:C000217584Member
cik0001498498:AIAGroupLtdMember
2026-04-30
0001498498
cik0001498498:C000217584Member
cik0001498498:SamsungElectronicsCoLtdMember
2026-04-30
0001498498
cik0001498498:C000221885Member
2026-04-30
0001498498
cik0001498498:ForwardForeignCurrencyExchangeContractsMember
cik0001498498:C000221885Member
2026-04-30
0001498498
cik0001498498:GovernmentBondsMember
cik0001498498:C000221885Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000221885Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000221885Member
2026-04-30
0001498498
us-gaap:CorporateBondSecuritiesMember
cik0001498498:C000221885Member
2026-04-30
0001498498
cik0001498498:FinancialCertificatesMember
cik0001498498:C000221885Member
2026-04-30
0001498498
cik0001498498:C000221886Member
2026-04-30
0001498498
cik0001498498:ForwardForeignCurrencyExchangeContractsMember
cik0001498498:C000221886Member
2026-04-30
0001498498
cik0001498498:GovernmentBondsMember
cik0001498498:C000221886Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000221886Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000221886Member
2026-04-30
0001498498
us-gaap:CorporateBondSecuritiesMember
cik0001498498:C000221886Member
2026-04-30
0001498498
cik0001498498:FinancialCertificatesMember
cik0001498498:C000221886Member
2026-04-30
0001498498
cik0001498498:C000221884Member
2026-04-30
0001498498
cik0001498498:GovernmentBondsMember
cik0001498498:C000221884Member
2026-04-30
0001498498
cik0001498498:GovernmentAgenciesMember
cik0001498498:C000221884Member
2026-04-30
0001498498
cik0001498498:ShortTermBillsAndNotesMember
cik0001498498:C000221884Member
2026-04-30
0001498498
us-gaap:CorporateBondSecuritiesMember
cik0001498498:C000221884Member
2026-04-30
0001498498
cik0001498498:FinancialCertificatesMember
cik0001498498:C000221884Member
2026-04-30
0001498498
cik0001498498:ForwardForeignCurrencyExchangeContractsMember
cik0001498498:C000221884Member
2026-04-30
0001498498
cik0001498498:C000250019Member
2026-04-30
0001498498
cik0001498498:C000250019Member
country:KR
2026-04-30
0001498498
cik0001498498:C000250019Member
country:TW
2026-04-30
0001498498
cik0001498498:C000250019Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000250019Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000250019Member
us-gaap:HealthcareSectorMember
2026-04-30
0001498498
cik0001498498:C000250019Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000250019Member
cik0001498498:AllegroeuSAMember
2026-04-30
0001498498
cik0001498498:C000250019Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000250019Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000250019Member
country:PL
2026-04-30
0001498498
cik0001498498:C000250019Member
country:BR
2026-04-30
0001498498
cik0001498498:C000250019Member
country:IN
2026-04-30
0001498498
cik0001498498:C000250019Member
cik0001498498:SKhynixIncMember
2026-04-30
0001498498
cik0001498498:C000250019Member
cik0001498498:HDFCBankLtdADRMember
2026-04-30
0001498498
cik0001498498:C000250019Member
cik0001498498:HansolChemicalCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250019Member
cik0001498498:RedeDOrSaoLuizSAMember
2026-04-30
0001498498
cik0001498498:C000250019Member
cik0001498498:LotesCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250019Member
cik0001498498:DBInsuranceCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250019Member
cik0001498498:TaiwanSemiconductorManufacturingCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250019Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250019Member
cik0001498498:SamsungElectronicsCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250019Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000250019Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000250020Member
2026-04-30
0001498498
cik0001498498:C000250020Member
cik0001498498:SKhynixIncMember
2026-04-30
0001498498
cik0001498498:C000250020Member
cik0001498498:SamsungElectronicsCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250020Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250020Member
cik0001498498:TaiwanSemiconductorManufacturingCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250020Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000250020Member
country:PL
2026-04-30
0001498498
cik0001498498:C000250020Member
country:BR
2026-04-30
0001498498
cik0001498498:C000250020Member
cik0001498498:AllegroeuSAMember
2026-04-30
0001498498
cik0001498498:C000250020Member
cik0001498498:DBInsuranceCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250020Member
cik0001498498:LotesCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250020Member
cik0001498498:RedeDOrSaoLuizSAMember
2026-04-30
0001498498
cik0001498498:C000250020Member
cik0001498498:HansolChemicalCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250020Member
cik0001498498:HDFCBankLtdADRMember
2026-04-30
0001498498
cik0001498498:C000250020Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000250020Member
us-gaap:HealthcareSectorMember
2026-04-30
0001498498
cik0001498498:C000250020Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000250020Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000250020Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000250020Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000250020Member
country:IN
2026-04-30
0001498498
cik0001498498:C000250020Member
country:KR
2026-04-30
0001498498
cik0001498498:C000250020Member
country:TW
2026-04-30
0001498498
cik0001498498:C000250020Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000250018Member
2026-04-30
0001498498
cik0001498498:C000250018Member
cik0001498498:SKSquareCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250018Member
cik0001498498:TaiwanSemiconductorManufacturingCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250018Member
cik0001498498:OtherAssetsLessThan4CountryMember
2026-04-30
0001498498
cik0001498498:C000250018Member
country:PL
2026-04-30
0001498498
cik0001498498:C000250018Member
country:BR
2026-04-30
0001498498
cik0001498498:C000250018Member
cik0001498498:LotesCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250018Member
cik0001498498:RedeDOrSaoLuizSAMember
2026-04-30
0001498498
cik0001498498:C000250018Member
cik0001498498:HansolChemicalCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250018Member
cik0001498498:HDFCBankLtdADRMember
2026-04-30
0001498498
cik0001498498:C000250018Member
cik0001498498:SKhynixIncMember
2026-04-30
0001498498
cik0001498498:C000250018Member
cik0001498498:SamsungElectronicsCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250018Member
oef:ConsumerDiscretionarySectorMember
2026-04-30
0001498498
cik0001498498:C000250018Member
oef:IndustrialSectorMember
2026-04-30
0001498498
cik0001498498:C000250018Member
us-gaap:FinancialServicesSectorMember
2026-04-30
0001498498
cik0001498498:C000250018Member
oef:InformationTechnologySectorMember
2026-04-30
0001498498
cik0001498498:C000250018Member
cik0001498498:AllegroeuSAMember
2026-04-30
0001498498
cik0001498498:C000250018Member
cik0001498498:DBInsuranceCoLtdMember
2026-04-30
0001498498
cik0001498498:C000250018Member
country:IN
2026-04-30
0001498498
cik0001498498:C000250018Member
country:KR
2026-04-30
0001498498
cik0001498498:C000250018Member
country:TW
2026-04-30
0001498498
cik0001498498:C000250018Member
cik0001498498:OtherAssetsLessThan4Member
2026-04-30
0001498498
cik0001498498:C000250018Member
oef:MaterialsSectorMember
2026-04-30
0001498498
cik0001498498:C000250018Member
us-gaap:HealthcareSectorMember
2026-04-30
iso4217:USD
pure
cik0001498498:Holding
N-CSRS
false
0001498498
N-1A
0.000
0.000
0.003
0.007
0.008
0.016
0.031
0.077
0.169
0.689
0.016
0.031
0.077
0.169
0.689
0.000
0.000
0.003
0.007
0.008
0.007
0.003
0.000
0.000
0.689
0.169
0.077
0.031
0.016
0.008
0.809
0.105
0.062
0.014
0.010
0.000
0.000
0.000
0.000
0.010
0.014
0.062
0.105
0.809
0.105
0.809
0.000
0.000
0.010
0.014
0.062
0.067
0.071
0.085
0.147
0.0160
0.086
0.464
0.045
0.046
0.057
0.106
0.277
0.497
0.106
0.277
0.497
0.067
0.071
0.085
0.147
0.0160
0.086
0.464
0.045
0.046
0.057
0.046
0.057
0.067
0.071
0.085
0.147
0.0160
0.086
0.106
0.277
0.497
0.464
0.045
0.109
0.441
0.0120
0.065
0.389
0.521
0.311
0.061
0.065
0.065
0.389
0.521
0.311
0.061
0.065
0.109
0.441
0.0120
0.065
0.109
0.441
0.0120
0.065
0.389
0.521
0.311
0.061
0.107
0.151
0.352
0.261
0.0640
0.061
0.068
0.087
0.092
0.091
0.049
0.075
0.110
0.150
0.246
0.352
0.087
0.092
0.107
0.151
0.068
0.075
0.049
0.091
0.061
0.0640
0.261
0.246
0.150
0.110
0.091
0.261
0.246
0.150
0.110
0.075
0.049
0.107
0.092
0.087
0.068
0.061
0.0640
0.352
0.151
0.067
0.020
0.459
0.153
0.099
0.084
0.449
0.164
0.121
0.086
0.071
0.071
0.054
0.058
0.053
0.048
0.047
0.044
0.238
0.028
0.226
0.091
0.082
0.069
0.054
0.078
0.077
0.071
0.057
0.045
0.096
0.500
0.057
0.071
0.077
0.078
0.096
0.500
0.069
0.082
0.091
0.226
0.028
0.045
0.238
0.044
0.047
0.048
0.053
0.054
0.238
0.044
0.047
0.054
0.069
0.082
0.053
0.048
0.077
0.078
0.096
0.500
0.091
0.226
0.028
0.045
0.057
0.071
0.188
0.055
0.094
0.180
0.209
0.247
0.161
0.385
0.026
0.050
0.050
0.072
0.101
0.128
0.050
0.072
0.101
0.128
0.161
0.385
0.247
0.026
0.050
0.188
0.055
0.094
0.180
0.209
0.188
0.055
0.094
0.180
0.209
0.247
0.161
0.385
0.026
0.050
0.050
0.072
0.101
0.128
0.210
0.397
0.258
0.038
0.055
0.057
0.084
0.119
0.197
0.061
0.108
0.143
0.193
0.119
0.084
0.057
0.055
0.038
0.258
0.397
0.210
0.193
0.143
0.108
0.061
0.197
0.193
0.143
0.108
0.061
0.197
0.119
0.084
0.057
0.055
0.038
0.258
0.397
0.210
0.000
0.769
0.088
0.068
0.058
0.017
0.000
0.769
0.088
0.068
0.058
0.017
0.769
0.088
0.068
0.058
0.017
0.000
0.265
0.296
0.030
0.044
0.060
0.082
0.436
0.179
0.044
0.068
0.113
0.127
0.186
0.179
0.044
0.068
0.044
0.060
0.082
0.127
0.186
0.436
0.113
0.265
0.296
0.030
0.179
0.044
0.068
0.082
0.127
0.186
0.436
0.113
0.265
0.296
0.030
0.044
0.060
Ashmore Funds
2026-04-30
Ashmore Emerging Markets Total Return Fund
Class A
EMKAX
This <div style="display:inline;">semi-annual shareholder report</div> contains important information about the Ashmore Emerging Markets Total Return Fund (“Fund”)<div style="white-space: nowrap;display:inline;"> </div>for the periodof November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Total Return Fund<br/>(Class A/EMKAX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>80</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
80
0.0157
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>28,121,112</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">275</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
28121112
275
0.21
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the <div style="display:inline;">percentage</div> of the total exposure of the Fund as of April 30, <div style="display:inline;">202</div>6.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312578.jpg" style="width: 172.8pt;"/> </div>
Ashmore Emerging Markets Total Return Fund
Class C
EMKCX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the periodof November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Total Return Fund<br/>(Class C/EMKCX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>120</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.36<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
120
0.0236
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>28,121,112</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">275</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
28121112
275
0.21
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, <div style="display:inline;">2026</div>.</div><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312605.jpg" style="width: 172.8pt;"/> </div>
Ashmore Emerging Markets Total Return Fund
Institutional Class
EMKIX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the periodof November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Total Return Fund<br/>(Institutional Class/EMKIX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>68</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
68
0.0133
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>28,121,112</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">275</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
28121112
275
0.21
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.</div><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312533.jpg" style="width: 172.8pt;"/> </div>
Ashmore Emerging Markets Local Currency Bond Fund
Class A
ELBAX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>forthe period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
This report describes changes to the Fund that occurred during the reporting period.
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Local Currency Bond Fund<br/>(Class A/ELBAX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>53</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
53
0.0106
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>9,885,547</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">201</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">38<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
9885547
201
0.38
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.</div><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312461.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 20pt;">Material Fund Changes</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Times New Roman'; margin-bottom: 7.5pt;">On <div style="display:inline;">June 10, 2026</div>, the Board of Trustees approved the liquidation of the Ashmore<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Emerging<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Markets<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Local<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Currency<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Bond Fund. The liquidation is expected to occur on or about June 26, 2026.</div>
2026-06-26
Ashmore Emerging Markets Local Currency Bond Fund
Class C
ELBCX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>forthe period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
This report describes changes to the Fund that occurred during the reporting period.
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Local Currency Bond Fund<br/>(Class C/ELBCX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>92</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.83<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
92
0.0183
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>9,885,547</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">201</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">38<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
9885547
201
0.38
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.</div><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312506.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 20pt;">Material Fund Changes</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Times New Roman'; margin-bottom: 7.5pt;">On June 10, 2026, the Board of Trustees approved the liquidation of the Ashmore Emerging Markets Local Currency Bond Fund. The liquidation is expected to occur on or about June 26, 2026.</div>
2026-06-26
Ashmore Emerging Markets Local Currency Bond Fund
Institutional Class
ELBIX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>forthe period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
This report describes changes to the Fund that occurred during the reporting period.
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Local Currency Bond Fund<br/>(Institutional Class/ELBIX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>41</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">0.81<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
41
0.0081
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>9,885,547</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">201</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">38<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
9885547
201
0.38
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.</div><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312434.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 20pt;">Material Fund Changes</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Times New Roman'; margin-bottom: 7.5pt;">On June 10, 2026, the Board of Trustees approved the liquidation of the Ashmore Emerging Markets Local Currency Bond Fund. The liquidation is expected to occur on or about June 26, 2026.</div>
2026-06-26
Ashmore Emerging Markets Corporate Income Fund
Class A
ECDAX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Corporate Income Fund<br/>(Class A/ECDAX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>69</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
69
0.0137
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>16,918,570</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">117</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">36<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
16918570
117
0.36
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312362.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312367.jpg" style="width: 172.8pt;"/> </div></div></div>
Ashmore Emerging Markets Corporate Income Fund
Class C
ECDCX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for theperiod of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Corporate Income Fund<br/>(Class C/ECDCX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>107</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
107
0.0212
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>16,918,570</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">117</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">36<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
16918570
117
0.36
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312389.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312384.jpg" style="width: 172.8pt;"/> </div></div></div>
Ashmore Emerging Markets Corporate Income Fund
Institutional Class
EMCIX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for theperiod of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Corporate Income Fund<br/>(Institutional Class/EMCIX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>57</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
57
0.0112
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>16,918,570</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">117</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">36<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
16918570
117
0.36
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312317.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;"><div style="display:inline;">GEOGRAPHICAL</div> <div style="display:inline;">ALLOCATION</div></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312312.jpg" style="width: 172.8pt;"/> </div></div></div>
Ashmore Emerging Markets Short Duration Fund
Class A
ESFAX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for theperiod of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Short Duration Fund<br/>(Class A/ESFAX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>93</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.85<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
93
0.0185
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>29,112,696</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">78</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
29112696
78
0.11
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312146.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312151.jpg" style="width: 172.8pt;"/> </div></div></div>
Ashmore Emerging Markets Short Duration Fund
Class C
ESFCX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for theperiod of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Short Duration Fund<br/>(Class C/ESFCX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>131</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.62<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
131
0.0262
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>29,112,696</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">78</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
29112696
78
0.11
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312173.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312168.jpg" style="width: 172.8pt;"/> </div></div></div>
Ashmore Emerging Markets Short Duration Fund
Institutional Class
ESFIX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for theperiod of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Short Duration Fund<br/>(Institutional Class/ESFIX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>80</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.60<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
80
0.016
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>29,112,696</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">78</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
29112696
78
0.11
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312101.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312096.jpg" style="width: 172.8pt;"/> </div></div></div>
Ashmore Emerging Markets Active Equity Fund
Class A
EMQAX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for theperiod of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
This report describes changes to the Fund that occurred during the reporting period.
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Active Equity Fund<br/>(Class A/EMQAX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>70</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
70
0.0132
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>5,738,604</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">54</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">106<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
5738604
54
1.06
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">15.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">6.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Delta Electronics, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Alibaba Group Holding Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Reliance Industries Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">ICICI Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Petroleo Brasileiro S.A. - Petrobras ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">China International Capital Corp. Ltd., Class H</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Anglogold Ashanti PLC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312245.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312240.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">15.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">6.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Delta Electronics, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Alibaba Group Holding Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Reliance Industries Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">ICICI Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Petroleo Brasileiro S.A. - Petrobras ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">China International Capital Corp. Ltd., Class H</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Anglogold Ashanti PLC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div>
0.157
0.062
0.037
0.034
0.029
0.028
0.028
0.027
0.026
0.026
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 20pt;">Material Fund Changes</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Times New Roman'; margin-bottom: 7.5pt;">On June 10, 2026, the Board of Trustees approved the liquidation of the Ashmore<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Emerging<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Markets<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Active<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Equity<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Fund. The liquidation is expected to occur on or about June 26, 2026.</div>
2026-06-26
Ashmore Emerging Markets Active Equity Fund
Class C
EMQCX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for theperiod of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
This report describes changes to the Fund that occurred during the reporting period.
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Active Equity Fund<br/>(Class C/EMQCX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>109</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.07<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
109
0.0207
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>5,738,604</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">54</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">106<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
5738604
54
1.06
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">15.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">6.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Delta Electronics, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Alibaba Group Holding Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Reliance Industries Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">ICICI Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Petroleo Brasileiro S.A. - Petrobras ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">China International Capital Corp. Ltd., Class H</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Anglogold Ashanti PLC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312290.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312295.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">15.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">6.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Delta Electronics, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Alibaba Group Holding Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Reliance Industries Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">ICICI Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Petroleo Brasileiro S.A. - Petrobras ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">China International Capital Corp. Ltd., Class H</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Anglogold Ashanti PLC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div>
0.157
0.062
0.037
0.034
0.029
0.028
0.028
0.027
0.026
0.026
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 20pt;">Material Fund Changes</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Times New Roman'; margin-bottom: 7.5pt;">On June 10, 2026, the Board of Trustees approved the liquidation of the Ashmore<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Emerging<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Markets<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Active<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Equity<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Fund. The liquidation is expected to occur on or about June 26, 2026.</div>
2026-06-26
Ashmore Emerging Markets Active Equity Fund
Institutional Class
EMQIX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for theperiod of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
This report describes changes to the Fund that occurred during the reporting period.
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Active Equity Fund<br/>(Institutional Class/EMQIX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>56</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
56
0.0106
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>5,738,604</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">54</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">106<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
5738604
54
1.06
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">15.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">6.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Delta Electronics, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Alibaba Group Holding Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Reliance Industries Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">ICICI Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Petroleo Brasileiro S.A. - Petrobras ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">China International Capital Corp. Ltd., Class H</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Anglogold Ashanti PLC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312218.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312223.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">15.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">6.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Delta Electronics, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Alibaba Group Holding Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Reliance Industries Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">ICICI Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Petroleo Brasileiro S.A. - Petrobras ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">China International Capital Corp. Ltd., Class H</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Anglogold Ashanti PLC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div>
0.157
0.062
0.037
0.034
0.029
0.028
0.028
0.027
0.026
0.026
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 20pt;">Material Fund Changes</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; font-family: 'Times New Roman'; margin-bottom: 7.5pt;">On June 10, 2026, the Board of Trustees approved the liquidation of the Ashmore<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Emerging<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Markets<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Active<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Equity<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Fund. The liquidation is expected to occur on or about June 26, 2026.</div>
2026-06-26
Ashmore Emerging Markets Equity SMA Completion Fund
Series I
EMSMX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity SMA Completion Fund (“Fund”)for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Equity SMA Completion Fund<br/>(Series I/EMSMX)<div style="letter-spacing: 0px; top: 0px;display:inline;">*</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">0.00<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="color: rgb(0, 0, 0); break-inside: avoid-page; font-family: "Times New Roman"; font-style: normal; text-align: left; padding: 0px; margin-bottom: 0px; font-size: 6pt; vertical-align: super;"><div style="font-style:italic;display:inline;">*</div></td><td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-family: "Times New Roman"; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="color: rgb(0, 0, 0); margin-top: 0px; font-family: "Times New Roman"; font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px; line-height: normal;"><div style="font-style:italic;display:inline;">Effective February 17, 2026, the Fund was restructured as a "completion fund," an integral part of separately managed account programs sponsored by an investment adviser unaffiliated with the Fund or Ashmore Investment Advisors Limited (the "Investment Manager"). Participants in these programs <div style="display:inline;">pay </div>a fee to the sponsor of the program. Accordingly, no investment management fees or expenses are incurred by the Fund.</div></div></td></tr></table>
0
0
<div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>4,400,976</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">32</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">108<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
4400976
32
1.08
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">13.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">8.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electro-Mechanics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Contemporary Amperex Technology Co. Ltd., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Elite Material Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Sieyuan Electric Co. Ltd., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Chroma ATE, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3375169.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3375174.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">13.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">8.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electro-Mechanics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Contemporary Amperex Technology Co. Ltd., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Elite Material Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Sieyuan Electric Co. Ltd., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Chroma ATE, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div>
0.13
0.08
0.059
0.047
0.037
0.034
0.034
0.033
0.032
0.031
Ashmore Emerging Markets Frontier Equity Fund
Class A
EFEAX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Frontier Equity Fund<br/>(Class A/EFEAX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>92</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.81<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
92
0.0181
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>106,413,528</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">52</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">52<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
106413528
52
0.52
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Banca Transilvania S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Halyk Savings Bank of Kazakhstan JSC GDR (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Kaspi.KZ JSC ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Credicorp Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Vinhomes JSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Nova Ljubljanska Banka dd GDR (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Qatar National Bank QPSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">First Abu Dhabi Bank PJSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Attijariwafa Bank</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Vingroup JSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3311813.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3311808.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Banca Transilvania S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Halyk Savings Bank of Kazakhstan JSC GDR (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Kaspi.KZ JSC ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Credicorp Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Vinhomes JSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Nova Ljubljanska Banka dd GDR (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Qatar National Bank QPSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">First Abu Dhabi Bank PJSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Attijariwafa Bank</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Vingroup JSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.047
0.046
0.036
0.032
0.03
0.025
0.025
0.025
0.025
0.023
Ashmore Emerging Markets Frontier Equity Fund
Class C
EFECX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Frontier Equity Fund<br/>(Class C/EFECX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>130</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.56<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
130
0.0256
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>106,413,528</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">52</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">52<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
106413528
52
0.52
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Banca Transilvania S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Halyk Savings Bank of Kazakhstan JSC GDR (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Kaspi.KZ JSC ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Credicorp Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Vinhomes JSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Nova Ljubljanska Banka dd GDR (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Qatar National Bank QPSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">First Abu Dhabi Bank PJSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Attijariwafa Bank</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Vingroup JSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3311858.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3311863.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Banca Transilvania S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Halyk Savings Bank of Kazakhstan JSC GDR (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Kaspi.KZ JSC ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Credicorp Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Vinhomes JSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Nova Ljubljanska Banka dd GDR (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Qatar National Bank QPSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">First Abu Dhabi Bank PJSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Attijariwafa Bank</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Vingroup JSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.047
0.046
0.036
0.032
0.03
0.025
0.025
0.025
0.025
0.023
Ashmore Emerging Markets Frontier Equity Fund
Institutional Class
EFEIX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Frontier Equity Fund<br/>(Institutional Class/EFEIX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>79</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.56<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
79
0.0156
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>106,413,528</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">52</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">52<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
106413528
52
0.52
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Banca Transilvania S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Halyk Savings Bank of Kazakhstan JSC GDR (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Kaspi.KZ JSC ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Credicorp Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Vinhomes JSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Nova Ljubljanska Banka dd GDR (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Qatar National Bank QPSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">First Abu Dhabi Bank PJSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Attijariwafa Bank</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Vingroup JSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3311786.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3311791.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Banca Transilvania S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Halyk Savings Bank of Kazakhstan JSC GDR (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Kaspi.KZ JSC ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Credicorp Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Vinhomes JSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Nova Ljubljanska Banka dd GDR (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Qatar National Bank QPSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">First Abu Dhabi Bank PJSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Attijariwafa Bank</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Vingroup JSC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.047
0.046
0.036
0.032
0.03
0.025
0.025
0.025
0.025
0.023
Ashmore Emerging Markets Equity Fund
Class A
EMEAX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Equity Fund<br/>(Class A/EMEAX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>72</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.31<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
72
0.0131
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>307,359,687</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">68</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">39<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
307359687
68
0.39
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">14.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">AIA Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">NetEase, Inc. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312029.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312024.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">14.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">AIA Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">NetEase, Inc. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.141
0.055
0.054
0.032
0.03
0.023
0.023
0.018
0.018
0.018
Ashmore Emerging Markets Equity Fund
Class C
EMECX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Equity Fund<br/>(Class C/EMECX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>112</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
112
0.0206
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>307,359,687</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">68</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">39<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
307359687
68
0.39
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">14.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">AIA Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">NetEase, Inc. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312074.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312079.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">14.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">AIA Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">NetEase, Inc. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.141
0.055
0.054
0.032
0.03
0.023
0.023
0.018
0.018
0.018
Ashmore Emerging Markets Equity Fund
Institutional Class
EMFIX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Equity Fund<br/>(Institutional Class/EMFIX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>58</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
58
0.0106
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>307,359,687</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">68</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">39<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
307359687
68
0.39
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">14.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">AIA Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">NetEase, Inc. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312002.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312007.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">14.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">AIA Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">NetEase, Inc. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.141
0.055
0.054
0.032
0.03
0.023
0.023
0.018
0.018
0.018
Ashmore Emerging Markets Equity ESG Fund
Class A
ESAGX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Equity ESG Fund<br/>(Class A/ESAGX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>74</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.27<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
74
0.0127
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>19,375,982</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">50</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
19375982
50
0.30
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">15.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">AIA Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Contemporary Amperex Technology Co. Ltd., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">DB Insurance Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312650.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312655.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">15.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">AIA Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Contemporary Amperex Technology Co. Ltd., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">DB Insurance Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.154
0.057
0.055
0.038
0.038
0.037
0.03
0.027
0.022
0.021
Ashmore Emerging Markets Equity ESG Fund
Class C
ESCGX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Equity ESG Fund<br/>(Class C/ESCGX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>118</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.02<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
118
0.0202
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>19,375,982</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">50</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
19375982
50
0.30
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">15.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">AIA Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Contemporary Amperex Technology Co. Ltd., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">DB Insurance Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312677.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312672.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">15.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">AIA Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Contemporary Amperex Technology Co. Ltd., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">DB Insurance Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.154
0.057
0.055
0.038
0.038
0.037
0.03
0.027
0.022
0.021
Ashmore Emerging Markets Equity ESG Fund
Institutional Class
ESIGX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Equity ESG Fund<br/>(Institutional Class/ESIGX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>62</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
62
0.0106
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>19,375,982</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">50</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
19375982
50
0.30
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">15.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">AIA Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Contemporary Amperex Technology Co. Ltd., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">DB Insurance Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312722.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312727.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">15.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Tencent Holdings Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">5.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">AIA Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Contemporary Amperex Technology Co. Ltd., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">DB Insurance Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.154
0.057
0.055
0.038
0.038
0.037
0.03
0.027
0.022
0.021
Ashmore Emerging Markets Debt Fund
Class A
IGAEX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Debt Fund<br/>(Class A/IGAEX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>53</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.05<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
53
0.0105
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>11,696,965</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">102</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
11696965
102
0.11
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.</div><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312749.jpg" style="width: 172.8pt;"/> </div>
Ashmore Emerging Markets Debt Fund
Class C
IGCEX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Debt Fund<br/>(Class C/IGCEX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>91</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
91
0.018
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>11,696,965</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">102</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
11696965
102
0.11
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.</div><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312794.jpg" style="width: 172.8pt;"/> </div>
Ashmore Emerging Markets Debt Fund
Institutional Class
IGIEX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Debt Fund<br/>(Institutional Class/IGIEX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>40</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">0.78<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
40
0.0078
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>11,696,965</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">102</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
11696965
102
0.11
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.</div><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">ASSET TYPE ALLOCATION</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312821.jpg" style="width: 172.8pt;"/> </div>
Ashmore Emerging Markets Equity ex China Fund
Class A
EMXAX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Equity ex China Fund<br/>(Class A/EMXAX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>73</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.27<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
73
0.0127
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>12,336,703</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">57</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">34<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
12336703
57
0.34
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">14.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Lotes Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">DB Insurance Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Allegro.eu S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312866.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312871.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">14.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Lotes Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">DB Insurance Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Allegro.eu S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.149
0.047
0.045
0.044
0.037
0.023
0.023
0.02
0.018
0.018
Ashmore Emerging Markets Equity ex China Fund
Class C
EMXCX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for theperiod of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Equity ex China Fund<br/>(Class C/EMXCX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>115</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.02<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
115
0.0202
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>12,336,703</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">57</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">34<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
12336703
57
0.34
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">14.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Lotes Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">DB Insurance Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Allegro.eu S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312893.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312888.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">14.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Lotes Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">DB Insurance Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Allegro.eu S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.149
0.047
0.045
0.044
0.037
0.023
0.023
0.02
0.018
0.018
Ashmore Emerging Markets Equity ex China Fund
Institutional Class
EMXIX
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund (“Fund”)<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>for theperiod of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund athttps://connect.rightprospectus.com/Ashmore.You can also request this information by contacting us at 866-876-8294.
https://connect.rightprospectus.com/Ashmore
866-876-8294
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">What were the Fund costs for the last six months?</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; padding: 6pt 3pt 3pt; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 Investment</div></td><td style="break-inside: avoid-page; text-align: right; padding: 6pt 3pt 3pt; font-family: "Times New Roman"; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman';">Ashmore Emerging Markets Equity ex China Fund<br/>(Institutional Class/EMXIX)<div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>61</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
61
0.0106
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold; margin-top: 10pt;">Key Fund Statistics as of April 30, 2026</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>12,336,703</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">57</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; width: 40%; text-align: left; font-family: "Times New Roman"; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; white-space: nowrap;">34<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
12336703
57
0.34
<div style="margin-top: 0; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Times New Roman';">The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">14.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Lotes Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">DB Insurance Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Allegro.eu S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; padding-right: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3312937.jpg" style="width: 172.8pt;"/> </div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">GEOGRAPHICAL ALLOCATION</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3312942.jpg" style="width: 172.8pt;"/> </div></div></div>
<div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 41, 91); border-bottom-style: solid; border-bottom-width: 1pt; margin-right: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 41, 91); font-weight: bold;">TOP TEN HOLDINGS</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">14.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK Square Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">SK hynix, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">4.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">HDFC Bank Ltd. ADR</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Hansol Chemical Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Rede D'Or Sao Luiz S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Lotes Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">DB Insurance Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Times New Roman';">Allegro.eu S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; white-space: nowrap;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
0.149
0.047
0.045
0.044
0.037
0.023
0.023
0.02
0.018
0.018
Effective February 17, 2026, the Fund was restructured as a "completion fund," an integral part of separately managed account programs sponsored by an investment adviser unaffiliated with the Fund or Ashmore Investment Advisors Limited (the "Investment Manager"). Participants in these programs pay a fee to the sponsor of the program. Accordingly, no investment management fees or expenses are incurred by the Fund.