SICAV June 2013 Final

Ashmore SICAV Société d’Investissement à Capital Variable

Luxembourg

Unaudited Semi-Annual Report for the period ended 30 June 2013

2 rue Albert Borschette L – 1246 Luxembourg

Grand-Duchy of Luxembourg R.C. Luxembourg B 90 279

General Information The information represented in this report relates to the period from 1 January 2013 to 30 June 2013. It should not be taken as an indication of the future development of Ashmore SICAV (the “Company”). The Board of Directors may establish different portfolios of assets in one or more Sub-Funds of the Company at any time to meet, in its opinion, the needs of different Shareholders. For the period under review the Company comprised twenty-one Sub-Funds, namely Ashmore SICAV Emerging Markets Debt Fund, Ashmore SICAV Emerging Markets Sovereign Debt Fund, Ashmore SICAV Emerging Markets Sovereign Investment Grade Debt Fund, Ashmore SICAV Turkish Debt Fund, Ashmore SICAV Local Currency Fund, Ashmore SICAV Emerging Markets Local Currency Bond Fund, Ashmore SICAV Emerging Markets Local Markets Currency Fund, Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund, Ashmore SICAV Emerging Markets Inflation Linked Bond Fund, Ashmore SICAV Emerging Markets Total Return Fund, Ashmore SICAV Emerging Markets Total Return Fund II, Ashmore SICAV Emerging Markets Investment Grade Total Return Fund, Ashmore SICAV Emerging Markets Corporate Debt Fund, Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund, Ashmore SICAV Emerging Markets Local Currency Corporate Debt Fund, Ashmore SICAV Emerging Markets Asian Corporate Debt Fund, Ashmore SICAV Emerging Markets Global Equity Fund, Ashmore SICAV EM Equity Select Fund, Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund, Ashmore SICAV Emerging Markets Frontier Equity Fund and Ashmore SICAV Brazil Equity Fund. The report does not constitute an offer or an invitation to purchase Shares of the Sub-Funds referred to herein. Subscriptions are only valid if made on the basis of the current Prospectus and Key Investor Information Document (KIID) supplemented by the latest audited annual report. Should the reference date of the audited annual report date back more than eight months, the subscriber must also be supplied with a semi annual report. The figures stated in this report are historical and not necessarily indicative of future performance.

Ashmore SICAV – Unaudited Semi-Annual Report for the period ended 30 June 2013

0

CONTENTS

Management and Administration…………………………………………………………………………… .... 1

Investment Manager’s Report ........................................................................................................................... .2

Consolidated Statement of Net Assets ............................................................................................................... 8

Consolidated Statement of Operations and Changes in Net Assets ................................................................. 13

Fund Statistics ................................................................................................................................................. 18

Schedule of Investments

Emerging Markets Debt Fund ......................................................................................................... 51

Emerging Markets Sovereign Debt Fund ........................................................................................ 64

Emerging Markets Sovereign Investment Grade Debt Fund ........................................................... 72

Turkish Debt Fund .......................................................................................................................... 76

Local Currency Fund ....................................................................................................................... 77

Emerging Markets Local Currency Bond Fund ............................................................................... 81

Emerging Markets Local Markets Currency Fund .......................................................................... 86

Emerging Markets Investment Grade Local Currency Fund ........................................................... 87

Emerging Markets Inflation Linked Bond Fund .............................................................................. 91

Emerging Markets Total Return Fund ........................................................................................... 93

Emerging Markets Total Return Fund II ..................................................................................... 108

Emerging Markets Investment Grade Total Return Fund ............................................................ 121

Emerging Markets Corporate Debt Fund ...................................................................................... 128

Emerging Markets Investment Grade Corporate Debt Fund ........................................................ 140

Emerging Markets Local Currency Corporate Debt Fund ............................................................ 144

Emerging Markets Asian Corporate Debt Fund ........................................................................... 148

Emerging Markets Global Equity Fund ......................................................................................... 151

EM Equity Select Fund ................................................................................................................. 155

Emerging Markets Global Small-Cap Equity Fund ....................................................................... 157

Emerging Markets Frontier Equity Fund ....................................................................................... 161

Brazil Equity Fund ........................................................................................................................ 164

Other Information on Investments ................................................................................................................. 165

Notes to the Consolidated Financial Statements ............................................................................................ 180

Supplementary Information on Fair Value Measurement .............................................................................. 222

4


1

Management and Administration Registered Office 2, rue Albert Borschette L – 1246 Luxembourg Grand-Duchy of Luxembourg Chairman Michael Moody Executive of Ashmore Investment Management Limited Directors Steve David Managing Director of Northern Trust Management Company S.A. Claude Kremer Partner, law firm Arendt & Medernach Investment Manager and Principal Sales Agent Ashmore Investment Management Limited 61, Aldwych London WC2B 4AE United Kingdom Sub-Managers Ashmore Equities Investment Management Limited (US) L.L.C. 1001 19th Street North, 17th Floor Arlington, Virginia 22209 United States of America Ashmore Management Company Brasil Limited (as from 18 February 2013) Trafalgar Court, Les Banques, St. Peter Port Guernsey GY1 3QL, Channel Islands Ashmore Management Company Turkey Limited (as from 18 February 2013) Trafalgar Court, Les Banques, St. Peter Port, Guernsey GY1 3QL, Channel Islands Ashmore Brasil Gestora de Recursos Ltda. (as from 18 February 2013) Avenue Faria Lima, 2055 cj 32, City of São Paulo, State of São Paulo, 01452-001, Brazil Ashmore Portföy Yönetimi Anonim Şirketi (as from 18 February 2013) Tamburi Ali Efendi Sk. No: 13 Kat: 1 Etiler 34337, Istanbul Turkey Custodian and Principal Paying Agent Northern Trust Global Services Limited, Luxembourg Branch

2, rue Albert Borschette L – 1246 Luxembourg Grand-Duchy of Luxembourg Management Company Northern Trust Luxembourg Management Company S.A.

2, rue Albert Borschette L – 1246 Luxembourg Grand-Duchy of Luxembourg

Auditor KPMG Luxembourg S.à r.l. 9, Allée Scheffer L – 2520 Luxembourg Grand-Duchy of Luxembourg Legal Advisors Arendt & Medernach 14, rue Erasme L – 2082 Luxembourg Grand-Duchy of Luxembourg Listing Agent Banque et Caisse d’Epargne de l’Etat Luxembourg 1 Place de Metz L – 2954 Luxembourg Grand-Duchy of Luxembourg Financial Servicing Austria UniCredit Bank Austria AG (Paying & Information Agent) Schottengasse 6-8 1010 Wien Austria Germany Deutsche Bank AG (Paying & Information Agent) TSS post-IPO Services Taunusanlage 12 60325 Frankfurt am Main Germany Luxembourg Northern Trust Luxembourg Management Company S.A.

2, rue Albert Borschette L – 1246 Luxembourg Grand-Duchy of Luxembourg

Switzerland BNP Paribas Securities Services, Paris succursale de Zurich (Paying & Information Agent) Selnaustrasse 16 8002 Zurich Switzerland United Kingdom Ashmore Investment Management Limited 61, Aldwych London WC2B 4AE United Kingdom United States and Canada Northern Trust Securities, Inc. (Placing Agent) 50 S La Salle St., Ste. 12 Chicago, IL 60603-1006 United States of America


2

Investment Manager’s Report

Sub-Fund Performance

Share Class Net Asset Value % Increase/(decrease) in the as at 30 June 2013 period NAV (gross of dividends)

Emerging Markets Debt Fund

Retail Class Shares (EUR) Income 143.98 (8.62%)

Retail Class Shares (US$) Income 93.87 (8.44%)

Retail Class Shares (GBP) Income 110.86 (8.25%)

Retail Class Shares (NOK) Income 104.74 (8.12%)

Retail Class Shares (AUD) Income 100.51 (2.23%)

Institutional Class Shares (EUR) Income 34.26 (8.36%)

Institutional Class Shares (US$) Income 106.86 (8.17%)

Institutional Class Shares (GBP) Income 106.15 (8.01%)

Institutional Class Shares (NOK) Income 108.14 (7.61%)

Institutional Class Shares (CHF) Income 100.75 (8.29%)

Institutional Class Shares (US$) Accumulation17 92.11 (7.89%)

Z Class Shares (US$) Income11 92.62 (7.38%)

Z Class Shares (GBP) Income6 92.54 (7.46%)

Emerging Markets Sovereign Debt Fund Retail Class Shares (GBP) Income 104.34 (9.24%)



Institutional Class Shares II (JPY) Income19 9,139.20 (8.61%)

Emerging Markets Sovereign Investment Grade Debt Fund Institutional Class Shares (US$) Income 108.70 (10.00%)

Turkish Debt Fund


Local Currency Fund Retail Class Shares (EUR) Income 99.01 (3.83%)



Retail Class Shares (CHF) Income 98.49 (3.93%)






Z Class Shares (EUR) Accumulation14 96.13 (3.87%)

Z Class Shares (US$) Accumulation13 95.99 (4.01%)

Z Class Shares (GBP) Accumulation13 95.99 (4.01%)

Emerging Markets Local Currency Bond Fund Retail Class Shares (EUR) Income 94.95 (9.05%)



1 launched on 14 January 2013 9 launched on 14 Febuary 2013 17 launched on 4 April 2013 25 launched on 4 June 2013 2 launched on 15 January 2013 10 launched on 18 Febuary 2013 18 launched on 5 April 2013 26 terminated on 4 June 2013 3 launched on 16 January 2013 11 launched on 19 Febuary 2013 19 launched on 11 April 2013 27 launched on 13 June 2013 4 launched on 30 January 2013 12 launched on 28 Febuary 2013 20 launched on 16 April 2013 28 launched on 20 June 2013 5 launched on 1 Febuary 2013 13 launched on 12 March 2013 21 launched on 26 April 2013 29 terminated on 26 June 2013 6 launched on 8 Febuary 2013 14 launched on 18 March 2013 22 launched on 7 May 2013 30 launched on 26 June 2013 7 launched on 12 Febuary 2013 15 launched on 25 March 2013 23 launched on 17 May 2013 8 launched on 13 Febuary 2013 16 launched on 2 April 2013 24 terminated on 24 May 2013


3

Investment Manager’s Report (continued) Sub-Fund Performance (continued)


Emerging Markets Local Currency Bond Fund (continued) Institutional Class Shares (EUR) Income 100.06 (8.74%)





Z Class Shares (US$) Accumulation12 90.95 (9.05%)

Emerging Markets Local Markets Currency Fund Retail Class Shares (GBP) Income 97.19 (2.82%)


Emerging Markets Investment Grade Local Currency Fund Institutional Class Shares (EUR) Income 90.78 (9.23%)


Emerging Markets Inflation Linked Bond Fund Retail Class Shares (US$) Income8 86.97 (13.03%)



Emerging Markets Total Return Fund

Retail Class Shares (US$) Income4 92.89 (7.11%)





Institutional Class Shares (GBP) Accumulation15 94.15 (5.85%)

Emerging Markets Total Return Fund II


Emerging Markets Investment Grade Total Return Fund Institutional Class Shares (EUR) Income 92.49 (7.91%)


Emerging Markets Corporate Debt Fund Retail Class Shares (EUR) Income 96.15 (2.83%)






4



Emerging Markets Corporate Debt Fund (continued)

Retail Class Shares (EUR) Accumulation1 95.44 (4.56%)

Retail Class Shares (US$) Accumulation1 95.51 (4.49%)

Retail Class Shares (CHF) Accumulation3 95.35 (4.65%)




Institutional Class Shares (NOK) Income 93.82 (1.99%)


Institutional Class Shares (AUD) Income25 96.08 (3.92%)

Institutional Class Shares (EUR) Accumulation1 95.64 (4.36%)


Institutional Class Shares (CHF) Accumulation1 95.70 (4.30%)

Institutional Class Shares (MXN) Accumulation22 942.74 (5.73%)

Institutional Class Shares (CAD) Accumulation22 93.97 (6.03%)

Institutional Class Shares II (JPY) Income16 9,443.68 (4.68%)

Z Class Shares (US$) Income28 100.52 0.52%


Emerging Markets Investment Grade Corporate Debt Fund Institutional Class Shares (EUR) Income5 93.60 (6.40%)



Emerging Markets Local Currency Corporate Debt Fund


Retail Class Shares (US$) Income9 92.72 (7.28%)




Institutional Class Shares (EUR) Accumulation15 93.25 (6.75%)


Institutional Class Shares (CHF) Accumulation14 92.91 (7.09%)

Emerging Markets Asian Corporate Debt Fund


Emerging Markets Global Equity Fund Retail Class Shares (US$) Income 105.37 (11.59%)




EM Equity Select Fund Retail Class Shares (GBP) Accumulation 85.76 (8.83%)

Institutional Class Shares (US$) Accumulation 111.01 (8.80%)



5



Emerging Markets Global Small-Cap Equity Fund






Emerging Markets Frontier Equity Fund Retail Class Shares (GBP) Income27 97.26 (2.74%)

Institutional Class Shares (US$) Income 138.66 23.52%

Brazil Equity Fund Institutional Class Shares (US$) Accumulation10 162.15 (23.09%)

Share Class Last official % Increase/(decrease) in the

Net Asset Value period NAV (gross of dividends)

Emerging Markets Local Currency Bond Fund

Institutional Class Shares (CHF) Income29 90.24 (9.19%)

Emerging Markets Investment Grade Local Currency Fund Retail Class Shares (US$) Income21,29 86.77 (13.23%)

Emerging Markets Global Equity Fund

Retail Class Shares (EUR) Income26 95.03 (4.53%)

Brazil Equity Fund Retail Class Shares (US$) Accumulation10,24 94.35 (55.25%)



6

Investment Manager’s Report (continued) Economic and Market Review Overview This reporting period was a volatile one for financial markets; investors experienced a significant dispersion in returns across countries, regions, and asset classes. In the early part of the period, there were clear signs of risk appetite as both US and Japanese equities performed well. The strong run in the S&P was supported by significant US Dollar strength on the back of some very promising data. Japan benefitted from stimulus measures initially enacted by the Government and subsequently by the Bank of Japan. At the start of the second quarter, US data became decidedly weaker as non-farm payrolls, manufacturing and PMI surveys all came in lower than expected. The Q1 US GDP release was far more positive with real GDP coming in at 2.5%, although this was subsequently revised downwards to 1.8%. Market volatility increased in May following comments by the US Federal Reserve that it might taper off its QE programme earlier than expected, subject to data releases. The sell-off in Emerging Markets (“EM”) assets became disorderly towards the end of the second quarter, after levered funds and non-EM managers began to unwind opportunistic EM positions. This situation was exacerbated by Bernanke’s testimony to the US Senate where he confirmed that tapering QE was very much on the cards. Europe continues to remind us that despite Draghi’s ‘put’, the region still has plenty of problems to deal with, the biggest of which is growth. Large peripheral countries continue to suffer from contracting economies, while the more stable core tries to address slowing growth. Austerity measures imposed by the authorities are leading to conflicts within coalition governments: Portugal has seen a number of high profile ministers resign while Italy struggled to form a government following elections in February. The risk of financial contagion temporarily increased following a clumsy rescue plan imposed on Cyprus by the Troika. This proposed that all bank depositors would fund the bailout. Although the plan was subsequently revised, the risk of both bank runs and capital controls in peripheral markets increased. EM economic growth remains buoyant. While EM stories have hit the headlines, most notably concerning Brazil, Turkey and Egypt, the overall picture in EM is positive. Protests, like the ones in Brazil and Turkey, force governments to act in the interests of the people and address popular concerns such as corruption, benefitting the economy in the long term. Recent growth data has been robust and inflation remains benign, confirming that on the whole, EM economies remain on track to meet their forecasts, and that the technical sell off in the markets was not justified. Overview by Investment Theme External Debt US dollar denominated sovereign and quasi-sovereign bonds continue to form a core part of EM fixed income investment. The first six months of 2013 were a challenging period for the asset class, largely resulting from a sell-off in US Treasuries which drove yields higher. Despite the widespread sell off, performance was idiosyncratic as different stories played out: The search for yield saw high yield EM credits outperform their investment grade counterparts and performance varied significantly by country with Egypt, Uruguay, Argentina and Brazil amongst the largest detractors over the period. Well publicised political turmoil in Egypt which led to economic instability was the main driver of performance in that country and damage was also done to Egypt’s lucrative tourism industry. Argentinian performance varied between the quarters: In Q1 the credit suffered from a risk of technical default emanating from the Appeal Court ruling in the country’s fight against bond ‘holdouts’ from the 2001 default. In Q2 bonds bounced back from their lows as the market continued to await the ruling of the Appeals Court. The macroeconomic situation in Brazil worsened as inflationary expectations increased, the currency weakened and consumer spending fell. Street protests against rising bus fares and the cost of hosting sporting events caused investors to become increasingly uncomfortable with the situation. However, the government response was constructive and the focus on clearing infrastructure bottlenecks is encouraging. There were few positive country performers over the period although some smaller markets such as Jamaica and Ecuador fared relatively well. Perhaps the real surprise was Pakistan whose bonds rallied fallowing the election victory of Nawaz Sharif who is regarded as business friendly and is likely to table much needed reforms of Pakistan’s economy. Local Currency Debt and Local Currencies The performance of local currency assets during the period, for both bonds and FX, can be split into two distinct halves: EM currencies ended the first quarter flat in the face of a strong USD, while EM bonds recorded a mild decline; in the second quarter, local currency assets were heavily impacted as non-dedicated investors and leveraged macro/hedge funds rushed for the exit. Within the fixed income space, EM local currency debt was the worst performing theme as local currency bond yields spiked. In the currency space, currencies with greater external account vulnerability and commodity exporters suffered the most. India was one the most significant detractors from performance. The collapse of the INR associated with the country’s dependency on capital inflows was exacerbated by worse than expected trade numbers resulting from high gold imports in anticipation of Government imposed import restrictions. Brazil was also a significant detractor from both local currency and fixed income performance: The country experienced a “perfect storm” of fiscal account deterioration and a rising current account deficit, largely due to weaker iron ore prices, falling exports, higher prices on refined oil imports and widespread street protests. Less liquid Peruvian and Colombian bonds also detracted from fixed income performance. Surprisingly, Romania and Hungary were the best performers in the bond space: Improving financial stability and tighter fiscal policy helped generate a positive external balance for the latter.


7

Investment Manager’s Report (continued) Overview by Investment Theme (continued) Corporate Debt In the six months to 30 June 2013, EM corporate bonds outperformed both EM external debt and EM local currency instruments. Within the asset class, high yield outperformed investment grade in the face of the US Treasury sell-off. Market conditions were generally supportive over the period with strong flows into the asset class throughout the first quarter. This helped drive Q1 returns with issuers taking advantage of the strong liquidity: both high yield and investment grade names issued new bonds. Sentiment towards new issues changed in Q2 as market volatility increased and many new issues were postponed as investors began to cut back on duration. Despite the sell-off, fundamentals in the corporate debt space remain attractive: Default rates remain low and distressed situations are idiosyncratic by nature. This aside, company balance sheets are in good shape and many issuers have taken advantage of low interest rates to refinance their higher-coupon instruments. Equities EM equities ended the period in negative territory, largely as a result of a second quarter sell-off. This was particularly evident in the last six weeks of June when the asset class saw investors pull money out in anticipation of a tapering of the Fed’s QE program. There were very few, if any markets which escaped unscathed but Brazil and South Korea were probably amongst the hardest hit. In general, more liquid markets and names sold off the most as these were the stocks held by more opportunistic investors. Falling growth, rising inflation and social unrest resulting in popular protests detracted from performance in Brazil and depreciation in the Brazilian Real compounded this. We believe that the sell off was overdue and in fact, created selective buying opportunities. Indeed, the Investment Manager used the opportunity to build equities exposure in Brazil and add selective names in Mexico. Chinese and Korean equities sold off, in part due to currency weakness. Samsung Electronics for example, which accounts for over 20% of MSCI Korea, witnessed a 12% fall in its share price. Small-cap equities significantly outperformed large-caps as a result of investors seeking exposure to domestic driven EM growth. While on average, small-cap valuations look high relative to large cap, it is possible to find companies with superior earnings growth trading at compelling valuations. The Investment Manager took advantage of the sell-off in May and June and added to positions in equities. Outlook Despite some negative headlines surrounding the Emerging Markets, growth in most EM countries remains fairly robust. Where necessary, EM policy makers have responded to slowing growth by either cutting interest rates or implementing other fiscal and monetary measures. The important points to highlight are that EM Central Banks generally have the necessary ammunition to act decisively in the form of FX reserves and positive accounts, and EM governments have the necessary incentive to push through structural reforms due to the lack of welfare states in most EM countries. The challenge remains to rebalance their economies towards domestic demand.

We are optimistic that most EM economies will make the necessary adjustments as the global economic environment changes. China is already well ahead of the curve, stubbornly transitioning its economy away from export dependence despite upfront costs in the form of lower growth and political challenges. Following progress in 2012, India has recently resumed economic reforms and major fiscal adjustment despite the proximity of elections. Colombia has also embarked on significant reforms and Mexico is likely to follow suit in the second half of 2013. In Brazil, the government’s response to the recent dissent shown by the populace was relatively swift; the central bank responded to rising inflationary expectations by raising policy interest rates by 75bps (with further rate rises priced in at the time of writing); and the government responded to the weaker currency by removing IOF taxation on both derivative and fixed income investments by foreigners, in addition to providing domestic dollar lines. Ashmore Investment Management Limited


8

Consolidated Statement of Net Assets As at 30 June 2013

Consolidated*


Emerging Markets Sovereign Debt

Fund

Emerging Markets Sovereign

Investment Grade Debt Fund Turkish Debt Fund

Note US$ US$ US$ US$ US$ Investments at market value 2 9,161,613,084 1,119,872,987 115,495,635 58,993,372 45,134,310 (Acquisition cost: ) 9,812,834,726 1,189,298,522 126,637,312 58,862,338 49,852,851

Bonds 8,081,777,534 1,114,945,988 115,313,068 58,993,372 45,134,310

Equities 157,697,281 833,222 - - -

Undertakings for collective investment 221,214,705 - - - -

Loan participations 77,013,570 3,732,112 182,567 - -

Fully funded total return swaps 314,683,861 - - - -

Certificates of deposit 99,974,032 - - - -

Commercial papers 184,751,680 - - - -

Warrants and rights 17,317,664 192,283 - - -

Written options 6,988,787 169,382 - - -

REITSs 193,970 - - - -

Cash at bank 11 1,080,660,564 68,924,261 7,600,559 3,379,366 661,720

Unrealised gain on financial derivative investments 10 101,098,423 7,489,843 56,266 123 82,606

Receivable on reverse repurchase agreements 12 57,678,403 - - - -

Other assets 9 329,518,931 66,063,683 3,398,630 919,983 1,160,636

Total assets 10,730,569,405 1,262,350,774 126,551,090 63,292,844 47,039,272

Unrealised (loss) on financial derivative investments 10 (221,862,914) (17,383,374) (2,642,368) - (47,277)

Payable on repurchase agreements 12 (162,164,572) (139,827,880) (1,977,468) - -

Other liabilities 9 (231,064,948) (76,890,290) (97,227) (96,908) (52,852)

Total liabilities (615,092,434) (234,101,544) (4,717,063) (96,908) (100,129)

Net assets 10,115,476,971 1,028,249,230 121,834,027 63,195,936 46,939,143

* Intragroup transactions are eliminated from consolidated figures. The accompanying notes form an integral part of these consolidated financial statements.


9

Consolidated Statement of Net Assets (continued) As at 30 June 2013

Local Currency Fund

Emerging Markets Local Currency

Bond Fund

Emerging Markets Local Markets

Currency Fund

Emerging Markets Investment Grade

Local Currency Fund

Emerging Markets Inflation Linked

Bond Fund Note US$ US$ US$ US$ US$

Investments at market value 2 836,829,616 2,562,187,736 2,683,511 308,589,042 44,411,590

(Acquisition cost: ) 917,610,109 2,763,469,116 2,392,032 335,980,609 47,706,548

Bonds 358,794,646 2,286,159,791 1,365,209 286,686,231 44,336,214

Undertakings for collective investment 138,798,057 32,764,457 1,300,674 13,501,365 -

Fully funded total return swaps 52,538,447 239,432,019 - 7,928,462 -

Certificates of deposit 99,974,032 - - - -

Commercial papers 184,751,680 - - - -

Written options 1,972,754 3,831,469 17,628 472,984 75,376

Cash at bank 11 588,082,455 131,657,356 7,277,472 19,763,972 4,607,170

Unrealised gain on financial derivative investments 10 22,890,104 49,365,634 250,769 5,347,234 953,635

Receivable on reverse repurchase agreements 12 53,649,273 - 4,029,130 - -

Other assets 9 6,182,713 85,813,340 5,802 7,465,703 753,867

Total assets 1,507,634,161 2,829,024,066 14,246,684 341,165,951 50,726,262

Unrealised (loss) on financial derivative investments 10 (62,604,685) (69,441,987) (427,515) (6,961,373) (800,140)

Other liabilities 9 (52,331,249) (46,232,768) (18,527) (3,464,542) (56,267)

Total liabilities (114,935,934) (115,674,755) (446,042) (10,425,915) (856,407)

Net assets 1,392,698,227 2,713,349,311 13,800,642 330,740,036 49,869,855

The accompanying notes form an integral part of these consolidated financial statements.


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II


Total Return Fund

Emerging Markets Corporate Debt

Fund


Corporate Debt Fund

Note US$ US$ US$ US$ US$

Investments at market value 2 281,191,566 150,982,360 39,095,054 3,169,115,859 78,622,493

(Acquisition cost: ) 300,925,633 163,792,353 42,734,331 3,362,696,883 81,737,361

Bonds 244,232,116 130,527,633 38,875,666 3,092,148,664 78,622,493

Equities 146,162 - - 1,584,408 -

Undertakings for collective investment 26,789,427 16,507,208 - 1,182,639 -

Loan participations - - - 73,098,891 -

Fully funded total return swaps 9,733,654 3,930,039 191,007 - -

Warrants and rights 52,441 17,480 - 1,101,257 -

Written options 237,766 - 28,381 - -

Cash at bank 11 22,573,645 24,099,386 5,033,583 184,099,533 821,738

Unrealised gain on financial derivative investments 10 3,044,242 1,426,707 291,007 7,564,434 132,105

Other assets 9 7,254,525 3,945,859 946,276 134,058,066 6,898,460

Total assets 314,063,978 180,454,312 45,365,920 3,494,837,892 86,474,796

Unrealised (loss) on financial derivative investments 10 (7,466,932) (1,602,846) (1,390,581) (47,734,519) (1,204,659)

Payable on repurchase agreements 12 (88,927) - - (20,270,297) -

Other liabilities 9 (1,776,691) (974,891) (262,409) (35,639,514) (7,283,962)

Total liabilities (9,332,550) (2,577,737) (1,652,990) (103,644,330) (8,488,621)

Net assets 304,731,428 177,876,575 43,712,930 3,391,193,562 77,986,175



11


Emerging Markets Local Currency Corporate Debt

Fund

Emerging Markets Asian Corporate

Debt Fund Emerging Markets

Global Equity Fund Emerging Markets Equity Select Fund

Emerging Markets Global Small-Cap

Equity Fund* Note US$ US$ US$ US$ US$

Investments at market value 2 161,136,274 25,650,485 36,419,656 27,767,407 117,169,809

(Acquisition cost: ) 174,902,543 26,805,230 39,626,729 29,464,291 123,373,518

Bonds 160,022,994 25,598,044 - 21,095 - Equities - - 30,899,398 2,378,725 106,161,277

Undertakings for collective investment - - 3,687,761 25,349,989 - Fully funded total return swaps 930,233 - - - -

Warrants and rights - 52,441 1,832,497 17,598 11,008,532 Written options 183,047 - - - -

Cash at bank 11 4,907,101 3,666,697 250,732 1,150,837 1,199,881

Unrealised gain on financial derivative investments 10 2,137,458 - 3,777 58,313 4,097

Other assets 9 2,781,718 626,120 402,099 21,468 304,368 Total assets 170,962,551 29,943,302 37,076,264 28,998,025 118,678,155 Unrealised (loss) on financial derivative investments 10 (1,840,866) - (125,847) (147,916) (38,814)

Other liabilities 9 (1,945,722) (2,549,923) (183,027) (33,146) (957,202) Total liabilities (3,786,588) (2,549,923) (308,874) (181,062) (996,016)

Net assets 167,175,963 27,393,379 36,767,390 28,816,963 117,682,139



12


Emerging Markets Frontier Equity

Fund Brazil Equity Fund Note US$ US$

Investments at market value 2 15,492,920 3,244,304

(Acquisition cost: ) 13,016,218 3,735,877

Equities 12,449,785 3,244,304

Warrants and rights 3,043,135 -

Cash at bank 11 475,970 427,130

Unrealised gain on financial derivative investments 10 69 -

Other assets 9 370,697 144,918

Total assets 16,339,656 3,816,352

Unrealised (loss) on financial derivative investments 10 (1,215) -

Other liabilities 9 (94,705) (123,126)

Total liabilities (95,920) (123,126)

Net assets 16,243,736 3,693,226



13

Consolidated Statement of Operations and Changes in Net Assets For the period ended 30 June 2013

Consolidated*



Fund



Note US$ US$ US$ US$ US$ Net asset value at the beginning of the period 8,160,746,676 1,078,513,519 74,626,317 14,328,958 -

Income Net interest on investments 259,466,044 37,305,290 2,191,907 304,230 1,933,076

Net bank interest 528,064 2,622 1,088 - 2,380

Net dividends 2,374,927 467 - - 532

Other income 590,147 - - - -

Total income 262,959,182 37,308,379 2,192,995 304,230 1,935,988

Expenses Management fees 3 (48,228,989) (4,681,465) (333,136) (59,375) (282,424)

Custodian fees 4 (711,569) (50,355) (2,396) (1,164) (2,549)

Interest expense on repurchase agreements (308,891) (283,921) (228) - -

Management Company fees 5 (1,330,856) (140,786) (12,704) (2,347) (10,159)

Subscription tax 7 (560,599) (56,339) (3,623) (820) (3,292)

Transaction fees 8 (824,783) (72,256) (7,729) (1,980) (137)

Other operating expenses 6 (3,539,418) (408,836) (52,655) (16,288) (81,118)

Total expenses (55,505,105) (5,693,958) (412,471) (81,974) (379,679)

Net investment income/(loss) 207,454,077 31,614,421 1,780,524 222,256 1,556,309

Net realised gain/(loss) on investments 28,055,318 26,420,470 (294,128) 246,121 3,553,786

Net realised gain/(loss) on financial derivative investments (57,154,970) (11,788,354) 1,039,011 - (147,539)

Net realised gain/(loss) on foreign exchange 45,884,696 5,019,933 1,470,321 (16) 46,581

Net realised gains/(losses) for the period 16,785,044 19,652,049 2,215,204 246,105 3,452,828

Change in net unrealised gain/(loss) on investments (887,890,720) (161,017,875) (13,748,925) (1,190,918) (4,718,541)

Change in net unrealised gain/(loss) on financial derivative investments (141,343,944) (8,390,549) (2,575,397) 123 35,329

Change in net unrealised gain/(loss) on foreign exchange (602,887) (3,468) 9,560 (12,929) (63,276)

Change in net unrealised gains/(losses) for the period (1,029,837,551) (169,411,892) (16,314,762) (1,203,724) (4,746,488)

Results of operations (805,598,430) (118,145,422) (12,319,034) (735,363) 262,649

Proceeds from shares issued 5,002,669,707 463,047,260 81,239,242 64,020,483 137,845,174

Payments for shares redeemed (1,967,603,879) (349,017,283) (17,963,241) (14,785,063) (91,171,459)

Equalisation 39,095,242 (523,062) (599,426) 870,377 2,779

Distributions 15 (313,832,345) (45,625,782) (3,149,831) (503,456) -

Net asset value at the end of the period 10,115,476,971 1,028,249,230 121,834,027 63,195,936 46,939,143

* Intragroup transactions are eliminated from consolidated figures.



14

Consolidated Statement of Operations and Changes in Net Assets (continued) For the period ended 30 June 2013

Local Currency Fund


Bond Fund


Currency Fund


Local Currency Fund


Bond Fund Note US$ US$ US$ US$ US$

Net asset value at the beginning of the period 1,311,442,759 2,737,451,531 14,185,864 319,134,019 54,999,456

Income

Net interest on investments 19,643,569 75,607,537 86,158 8,436,861 977,379

Net bank interest 393,820 65,044 3,415 10,695 25,190

Net dividends 86,715 27,702 1,118 2,788 -

Other income 94,533 - 10,065 465,607 -

Total income 20,218,637 75,700,283 100,756 8,915,951 1,002,569

Expenses

Management fees 3 (7,601,957) (13,307,283) (56,302) (1,479,689) (238,510)

Custodian fees 4 (120,425) (299,118) (665) (26,151) (2,801)

Interest expense on repurchase agreements - (24,729) - - -

Management Company fees 5 (183,345) (429,914) (1,531) (48,975) (8,522)

Subscription tax 7 (108,358) (150,554) (596) (16,586) (3,160)

Transaction fees 8 (6,419) (11,576) (1,992) (3,614) (81)

Other operating expenses 6 (490,352) (967,741) (13,350) (111,106) (29,712)

Total expenses (8,510,856) (15,190,915) (74,436) (1,686,121) (282,786)

Net investment income/(loss) 11,707,781 60,509,368 26,320 7,229,830 719,783

Net realised gain/(loss) on investments (5,712,971) (5,612,435) (9,289) (3,294,712) 44,755 Net realised gain/(loss) on financial derivative investments (47,568,636) 8,768,287 89,194 3,708,412 741,232

Net realised gain/(loss) on foreign exchange 7,273,934 (871,098) (1,658) 112,610 15,123

Net realised gains/(losses) for the period (46,007,673) 2,284,754 78,247 526,310 801,110

Change in net unrealised gain/(loss) on investments (41,756,888) (315,572,600) (58,779) (36,655,867) (7,727,128)

Change in net unrealised gain/(loss) on financial derivative investments (51,808,140) (28,000,101) (437,090) (5,349,275) (182,858)

Change in net unrealised gain/(loss) on foreign exchange 1,145,066 (1,435,036) 299 (79,226) (23,525) Change in net unrealised gains/(losses) for the period (92,419,962) (345,007,737) (495,570) (42,084,368) (7,933,511)

Results of operations (126,719,854) (282,213,615) (391,003) (34,328,228) (6,412,618)

Proceeds from shares issued 547,859,348 760,491,404 12,537 58,928,228 20,715,309

Payments for shares redeemed (333,103,152) (427,957,821) (6,759) (211,180) (18,440,243)

Equalisation 1,006,108 5,000,880 3 2,517,715 (163,096)

Distributions 15 (7,786,982) (79,423,068) - (15,300,518) (828,953)

Net asset value at the end of the period 1,392,698,227 2,713,349,311 13,800,642 330,740,036 49,869,855



15

Consolidated Statement of Operations and Changes in Net Assets (continued)For the period ended 30 June 2013



II


Total Return Fund


Fund


Corporate Debt Fund

Note US$ US$ US$ US$ US$

Net asset value at the beginning of the period 356,973,067 130,769,560 39,797,640 1,643,520,271 47,212,289

Income

Net interest on investments 9,522,510 3,644,840 885,698 91,655,180 1,808,919 Net bank interest 4,416 9,691 332 5,206 198 Net dividends 10,869 7,208 - 31,325 - Other income 105 - - 19,837 -

Total income 9,537,900 3,661,739 886,030 91,711,548 1,809,117

Expenses

Management fees 3 (1,836,484) (905,390) (179,706) (14,426,371) (412,707)

Custodian fees 4 (30,941) (13,408) (8,802) (137,405) (4,262)

Interest expense on repurchase agreements - - (13) - -


Subscription tax 7 (20,151) (10,375) (2,766) (159,889) (4,178)

Transaction fees 8 (14,462) (511) (126) (57,623) (2,579)


Total expenses (2,085,623) (1,017,750) (225,778) (15,970,601) (466,430)

Net investment income/(loss) 7,452,277 2,643,989 660,252 75,740,947 1,342,687

Net realised gain/(loss) on investments 2,917,754 (1,019,981) (613,173) 414,001 1,165,595 Net realised gain/(loss) on financial derivative investments (3,808,011) 889,653 4,361 (8,603,068) (668,248) Net realised gain/(loss) on foreign exchange 523,781 8,138 542,233 31,004,877 250,620

Net realised gains/(losses) for the period (366,476) (122,190) (66,579) 22,815,810 747,967

Change in net unrealised gain/(loss) on investments (32,434,429) (13,575,361) (3,887,195) (215,400,932) (7,583,977)

Change in net unrealised gain/(loss) on financial derivative investments (5,272,376) (455,648) (1,082,674) (36,569,477) (1,053,912)

Change in net unrealised gain/(loss) on foreign exchange 384,579 (24,324) (2,983) (342,598) (3,974)

Change in net unrealised gains/(losses) for the period (37,322,226) (14,055,333) (4,972,852) (252,313,007) (8,641,863)

Results of operations (30,236,425) (11,533,534) (4,379,179) (153,756,250) (6,551,209)

Proceeds from shares issued 64,230,215 58,609,230 8,361,426 2,573,025,332 46,203,157 Payments for shares redeemed (77,427,069) - - (557,891,098) (6,985,907) Equalisation (1,288,322) 476,337 75,403 31,210,980 (144,621) Distributions 15 (7,520,038) (445,018) (142,360) (144,915,673) (1,747,534)

Net asset value at the end of the period 304,731,428 177,876,575 43,712,930 3,391,193,562 77,986,175



16

Consolidated Statement of Operations and Changes in Net Assets (continued) For the period ended 30 June 2013


Fund



Global Equity Fund EM Equity Select

Fund


Equity Fund Note US$ US$ US$ US$ US$

Net asset value at the beginning of the period 128,864,519 20,208,620 44,984,667 30,533,602 106,194,116

Income

Net interest on investments 4,833,589 628,953 - 348 -

Net bank interest 2,698 98 - 1,162 -

Net dividends 7,520 - 438,112 97,281 1,107,601

Other income - - - - -

Total income 4,843,807 629,051 438,112 98,791 1,107,601 Expenses Management fees 3 (989,159) (113,164) (203,004) (142,476) (842,768)

Custodian fees 4 (10,345) (1,567) 8,878 917 (8,092)


Subscription tax 7 (8,345) (1,286) (2,112) (304) (6,750)

Transaction fees 8 (6,474) - (94,885) (58,508) (369,181)


Total expenses (1,122,981) (133,125) (327,812) (215,888) (1,317,013) Net investment income/(loss) 3,720,826 495,926 110,300 (117,097) (209,412) Net realised gain/(loss) on investments (1,280,423) 99,358 1,281,677 905,983 6,096,196

Net realised gain/(loss) on financial derivative investments 882,326 (1,834) (108,511) (555,753) (28,660)

Net realised gain/(loss) on foreign exchange 546,572 538 14,744 (37,765) 10,428

Net realised gains/(losses) for the period 148,475 98,062 1,187,910 312,465 6,077,964 Change in net unrealised gain/(loss) on investments (14,515,766) (1,208,884) (6,254,137) (3,308,491) (11,007,584)

Change in net unrealised gain/(loss) on financial derivative investments 49,767 - (86,425) (136,839) (27,256)

Change in net unrealised gain/(loss) on foreign exchange (174,621) (346) 120,535 (50,174) (77,863)

Change in net unrealised gains/(losses) for the period (14,640,620) (1,209,230) (6,220,027) (3,495,504) (11,112,703) Results of operations (10,771,319) (615,242) (4,921,817) (3,300,136) (5,244,151) Proceeds from shares issued 64,684,034 8,308,212 11,295,233 20,000,000 47,228,496

Payments for shares redeemed (10,753,122) - (14,312,161) (18,416,503) (30,341,269)

Equalisation 671,421 33,772 (50,269) - (1,737)

Distributions 15 (5,519,570) (541,983) (228,263) - (153,316)

Net asset value at the end of the period 167,175,963 27,393,379 36,767,390 28,816,963 117,682,139



17

Consolidated Statement of Operations and Changes in Net Assets (continued)

For the period ended 30 June 2013


Fund Brazil Equity Fund Note US$ US$

Net asset value at the beginning of the period 11,226,200 -

Income Net bank interest - 9

Net dividends 513,411 42,278

Total income 513,411 42,287

Expenses Management fees 3 (107,760) (29,859)

Custodian fees 4 (701) (217)

Management Company fees 5 (2,208) (921)

Subscription tax 7 (813) (302)

Transaction fees 8 (109,045) (5,605)

Other operating expenses 6 (14,752) (36,725)

Total expenses (235,279) (73,629)

Net investment income/(loss) 278,132 (31,342)

Net realised gain/(loss) on investments 1,334,213 1,497,217

Net realised gain/(loss) on financial derivative investments 1,168 -

Net realised gain/(loss) on foreign exchange (36,210) (8,990)

Net realised gains/(losses) for the period 1,299,171 1,488,227

Change in net unrealised gain/(loss) on investments 1,312,487 (1,104,631)

Change in net unrealised gain/(loss) on financial derivative investments (1,146) -

Change in net unrealised gain/(loss) on foreign exchange 42,949 (11,532)

Change in net unrealised gains/(losses) for the period 1,354,290 (1,116,163)

Results of operations 2,931,593 340,722

Proceeds from shares issued 2,085,943 3,445,563

Payments for shares redeemed - (93,059)

Net asset value at the end of the period 16,243,736 3,693,226



18

Fund Statistics As at 30 June 2013 Net Assets

Emerging Markets


Sovereign Debt Fund

Emerging Markets Sovereign Investment

Grade Debt Fund Turkish Debt Fund Local Currency Fund

Emerging Markets Local Currency Bond

Fund


Currency Fund Net assests (US$) At 30 June 2013 1,028,249,230 121,834,027 63,195,936 46,939,143 1,392,698,227 2,713,349,311 13,800,642 At 31 December 2012 1,078,513,519 74,626,317 14,328,958 - 1,311,442,759 2,737,451,531 14,185,864 At 31 December 2011 1,039,143,043 106,094,320 9,994,951 - 488,548,920 1,224,098,446 12,996,559 At 31 December 2010 1,284,841,665 160,492,572 6,984,380 - 617,505,009 462,314,611 5,795,751 Retail Class Shares (EUR) Income

At 30 June 2013 143.98 - - - 99.01 94.95 - At 31 December 2012 168.23 - - - 103.65 106.83 - At 31 December 2011 160.44 - - - 93.14 91.43 - At 31 December 2010 161.01 - - - 98.62 - - Retail Class Shares (US$) Income

At 30 June 2013 93.87 - - - 109.95 92.51 - At 31 December 2012 109.13 - - - 114.69 105.49 - At 31 December 2011 94.03 - - - 102.71 91.65 - At 31 December 2010 94.07 - - - 108.83 - - Retail Class Shares (GBP) Income

At 30 June 2013 110.86 104.34 - - 106.35 94.00 97.19

At 31 December 2012 125.32 119.20 - - 110.46 105.38 100.01

At 31 December 2011 106.30 101.74 - - 98.76 91.68 - At 31 December 2010 109.85 - - - 104.40 - - Retail Class Shares (NOK) Income

At 30 June 2013 104.74 - - - - - - At 31 December 2012 120.13 - - - - - - At 31 December 2011 108.47 - - - - - - At 31 December 2010 105.56 - - - - - -

Retail Class Shares (CHF) Income

At 30 June 2013 - - - - 98.49 - - At 31 December 2012 - - - - 103.31 - - 1 launched on 14 January 2013 6 launched on 8 Febuary 2013 11 launched on 19 Febuary 2013 16 launched on 2 April 2013 21 launched on 26 April 2013 26 terminated on 4 June 2013 2 launched on 15 January 2013 7 launched on 12 Febuary 2013 12 launched on 28 Febuary 2013 17 launched on 4 April 2013 22 launched on 7 May 2013 27 launched on 13 June 2013 3 launched on 16 January 2013 8 launched on 13 Febuary 2013 13 launched on 12 March 2013 18 launched on 5 April 2013 23 launched on 17 May 2013 28 launched on 20 June 2013 4 launched on 30 January 2013 9 launched on 14 Febuary 2013 14 launched on 18 March 2013 19 launched on 11 April 2013 24 terminated on 24 May 2013 29 terminated on 26 June 2013 5 launched on 1 Febuary 2013 10 launched on 18 Febuary 2013 15 launched on 25 March 2013 20 launched on 16 April 2013 25 launched on 4 June 2013 30 launched on 26 June 2013


19

Fund Statistics As at 30 June 2013

Net Assets (continued)

Emerging Markets


Sovereign Debt Fund




Fund


Currency Fund Retail Class Shares (AUD) Income

At 30 June 2013 100.51 - - - - - - At 31 December 2012 103.38 - - - - - - Institutional Class Shares (EUR) Income

At 30 June 2013 - - - - - 100.06 - At 31 December 2012 - - - - - 114.22 - At 31 December 2011 120.34 - - - 95.63 98.60 - At 31 December 2010 174.60 - - - 102.74 101.47 - Institutional Class Shares (EUR) Income*

At 30 June 2013 34.26 - - - 96.23 - - At 31 December 2012 37.99 - - - 101.52 - -

At 31 December 2011 102.82 - - - 95.07 - - Institutional Class Shares (US$) Income

At 30 June 2013 - 105.33 108.70 - - 109.67 101.59

At 31 December 2012 - 122.40 125.18 - - 123.13 104.38

At 31 December 2011 175.42 112.46 111.26 - 80.62 108.13 96.78

At 31 December 2010 178.19 105.74 106.38 - 85.40 111.78 104.26 Institutional Class Shares (US$) Income*


At 31 December 2011 100.94 - - - 94.17 - - Institutional Class Shares (GBP) Income

At 30 June 2013 - 95.69 - - - 105.38 - At 31 December 2012 - 110.37 - - - 118.73 - At 31 December 2011 - - - - 92.57 100.99 - At 31 December 2010 - - - - 98.23 - - As per the Company’s revised prospectus dated October 2012, all active Institutional II share classes were renamed to Institutional share classes.

1 launched on 14 January 2013 6 launched on 8 Febuary 2013 11 launched on 19 Febuary 2013 16 launched on 2 April 2013 21 launched on 26 April 2013 26 terminated on 4 June 2013 2 launched on 15 January 2013 7 launched on 12 Febuary 2013 12 launched on 28 Febuary 2013 17 launched on 4 April 2013 22 launched on 7 May 2013 27 launched on 13 June 2013 3 launched on 16 January 2013 8 launched on 13 Febuary 2013 13 launched on 12 March 2013 18 launched on 5 April 2013 23 launched on 17 May 2013 28 launched on 20 June 2013 4 launched on 30 January 2013 9 launched on 14 Febuary 2013 14 launched on 18 March 2013 19 launched on 11 April 2013 24 terminated on 24 May 2013 29 terminated on 26 June 2013 5 launched on 1 Febuary 2013 10 launched on 18 Febuary 2013 15 launched on 25 March 2013 20 launched on 16 April 2013 25 launched on 4 June 2013 30 launched on 26 June 2013


20



Emerging Markets


Sovereign Debt Fund




Fund


Currency Fund Institutional Class Shares (GBP) Income*


At 31 December 2011 101.01 - - - 90.09 - - Institutional Class Shares (NOK) Income

At 30 June 2013 - - - - - - - At 31 December 2012 - - - - - - - At 31 December 2011 - - - - - - - At 31 December 2010 100.28 - - - - - - Institutional Class Shares (NOK) Income*

At 30 June 2013 108.14 - - - - - - At 31 December 2012 124.03 - - - - - -

At 31 December 2011 103.78 - - - - - - Institutional Class Shares (CHF) Income

At 30 June 2013 - - - - - - - At 31 December 2012 - - - - - 104.40 -

At 31 December 2011 - - - - - 91.66 - Institutional Class Shares (CHF) Income*


At 31 December 2011 - - - - 89.56 - -

Institutional Class Shares (US$) Accumulation

At 30 June 2013 92.1117 - - 91.8510 96.5317 90.307 - Institutional II Class Shares (JPY) Income

At 30 June 2013 - 9,139.2019 - - - - - As per the Company’s revised prospectus dated October 2012, all active Institutional II share classes were renamed to Institutional share classes.



21



Emerging Markets


Sovereign Debt Fund




Fund


Currency Fund Z Class Shares (US$) Income

At 30 June 2013 92.6211 - - - - - -

Z Class Shares (GBP) Income

At 30 June 2013 92.546 - - - - 91.0512 -

Z Class Shares (EUR) Accumulation

At 30 June 2013 - - - - 96.1314 - -

Z Class Shares (US$) Accumulation

At 30 June 2013 - - - - 95.9913 90.9512 -

Z Class Shares (GBP) Accumulation

At 30 June 2013 - - - - 95.9913 - -


Local Currency Fund


Bond Fund Emerging Markets Total Return Fund



Total Return Fund Emerging Markets

Corporate Debt Fund


Corporate Debt Fund Net assests (US$)

At 30 June 2013 330,740,036 49,869,855 304,731,428 177,876,575 43,712,930 3,391,193,562 77,986,175 At 31 December 2012 319,134,019 54,999,456 356,973,067 130,769,560 39,797,640 1,643,520,271 47,212,289 At 31 December 2011 222,608,444 8,695,541 132,533,108 - - 916,360,353 13,564,582 At 31 December 2010 - - - - - 412,870,970 13,325,549 Retail Class Shares (EUR) Income

At 30 June 2013 - - - - - 96.15 -

At 31 December 2012 - - - - - 104.83 -

At 31 December 2011 - - - - - 93.17 - Retail Class Shares (US$) Income

At 30 June 2013 - 86.978 92.894 - - 96.28 -

At 31 December 2012 - - - - - 104.64 - At 31 December 2011 - - - - - 95.51 - At 31 December 2010 - - - - - 101.16 - 1 launched on 14 January 2013 6 launched on 8 Febuary 2013 11 launched on 19 Febuary 2013 16 launched on 2 April 2013 21 launched on 26 April 2013 26 terminated on 4 June 2013 2 launched on 15 January 2013 7 launched on 12 Febuary 2013 12 launched on 28 Febuary 2013 17 launched on 4 April 2013 22 launched on 7 May 2013 27 launched on 13 June 2013 3 launched on 16 January 2013 8 launched on 13 Febuary 2013 13 launched on 12 March 2013 18 launched on 5 April 2013 23 launched on 17 May 2013 28 launched on 20 June 2013 4 launched on 30 January 2013 9 launched on 14 Febuary 2013 14 launched on 18 March 2013 19 launched on 11 April 2013 24 terminated on 24 May 2013 29 terminated on 26 June 2013 5 launched on 1 Febuary 2013 10 launched on 18 Febuary 2013 15 launched on 25 March 2013 20 launched on 16 April 2013 25 launched on 4 June 2013 30 launched on 26 June 2013


22




Local Currency Fund






Corporate Debt Fund


Corporate Debt Fund Retail Class Shares (GBP) Income

At 30 June 2013 - - 102.33 - - 100.55 -

At 31 December 2012 - - 110.43 - - 107.51 -

At 31 December 2011 - - - - - 90.52 - Retail Class Shares (CHF) Income

At 30 June 2013 - - - - - 96.98 -

At 31 December 2012 - - - - - 102.75 -

At 31 December 2011 - - - - - 92.89 -

Retail Class Shares (EUR) Accumulation

At 30 June 2013 - - - - - 95.441 -

Retail Class Shares (US$) Accumulation

At 30 June 2013 - - - - - 95.511 -

Retail Class Shares (CHF) Accumulation

At 30 June 2013 - - - - - 95.353 - Institutional Class Shares (EUR) Income

At 30 June 2013 90.78 - - - 92.49 112.68 93.605

At 31 December 2012 100.11 - - - 100.53 102.08 -

At 31 December 2011 - - - - - 100.46 -

At 31 December 2010 - - - - - 105.77 - Institutional Class Shares (US$) Income

At 30 June 2013 90.04 95.02 99.77 94.87 93.50 110.57 114.36

At 31 December 2012 103.19 108.90 109.03 100.95 102.43 122.14 125.50

At 31 December 2011 88.90 88.28 90.91 - - 103.90 107.89

At 31 December 2010 - - - - - 110.65 107.72



23




Local Currency Fund






Corporate Debt Fund


Corporate Debt Fund Institutional Class Shares (GBP) Income At 30 June 2013 - - 110.65 - - 96.64 -

At 31 December 2012 - - 120.35 - - 101.62 - At 31 December 2011 - - 100.32 - - - - Institutional Class Shares (NOK) Income At 30 June 2013 - - - - 93.82 - At 31 December 2012 - - - - - 113.91 - At 31 December 2011 - - - - - 97.09 - At 31 December 2010 - - - - - 101.01 - Institutional Class Shares (CHF) Income At 30 June 2013 - - - - - 96.67 - At 31 December 2012 - - - - - 102.07 - Institutional Class Shares (AUD) Income At 30 June 2013 - - - - - 96.0825 - Institutional Class Shares (EUR) Accumulation At 30 June 2013 - - - - - 95.641 - Institutional Class Shares (US$) Accumulation At 30 June 2013 - 87.2417 92.5423 - - 95.762 - Institutional Class Shares (GBP) Accumulation At 30 June 2013 - - 94.1515 - - - - Institutional Class Shares (CHF) Accumulation At 30 June 2013 - - - - - 95.701 - Institutional Class Shares (MXN) Accumulation At 30 June 2013 - - - - - 942.7422 - Institutional Class Shares (CAD) Accumulation At 30 June 2013 - - - - - 93.9722 -



24




Local Currency Fund






Corporate Debt Fund


Corporate Debt Fund

Institutional Class Shares II (JPY) Income

At 30 June 2013 - - - - - 9,443.6816 -

Z Class Shares (US$) Income

At 30 June 2013 - - - - - 100.5228 -


At 30 June 2013 - - - - - 98.9530 93.0720


Corporate Debt Fund

Emerging Markets Asian Corporate Debt

Fund Emerging Markets


Fund


Equity Fund Emerging Markets

Frontier Equity Fund Brazil Equity Fund Net assests (US$) At 30 June 2013 167,175,963 27,393,379 36,767,390 28,816,963 117,682,139 16,243,736 3,693,226 At 31 December 2012 128,864,519 20,208,620 44,984,667 30,533,602 106,194,116 11,226,200 - At 31 December 2011 60,518,364 - 21,011,479 47,069,970 16,386,333 - - At 31 December 2010 - - 103,537,460 - - - Retail Class Shares (EUR) Income

At 30 June 2013 95.06 - - - 96.66 - - At 31 December 2012 100.87 - 99.54 - 100.36 - - Retail Class Shares (US$) Income

At 30 June 2013 92.729 - 105.37 - 121.38 - - At 31 December 2012 - - 119.37 - 125.82 - -

At 31 December 2011 - - 103.12 - 102.67 - - Retail Class Shares (GBP) Income

At 30 June 2013 105.05 - 87.50 - 98.33 97.2627 - At 31 December 2012 112.69 - 98.78 - 101.69 - - At 31 December 2011 96.25 - - - - - - At 31 December 2010 - - - - - - -



25




Corporate Debt Fund




Fund



Frontier Equity Fund Brazil Equity Fund Retail Class Shares (CHF) Income



At 30 June 2013 - - - - - - -

Retail Class Shares (GBP) Accumulation

At 30 June 2013 - - - 85.76 - - -

At 31 December 2012 - - - 94.07 - - - At 31 December 2011 - - - 79.08 - - - At 31 December 2010 - - - 101.33 - - - Institutional Class Shares (US$) Income At 30 June 2013 93.44 97.23 110.11 - 123.51 138.66 - At 31 December 2012 102.67 101.04 125.08 - 127.91 112.26 - At 31 December 2011 87.75 - 107.48 - 103.86 - - Institutional Class Shares (CHF) Income

At 30 June 2013 - 86.97 - - - - At 31 December 2012 - - 98.98 - - - -

Institutional Class Shares (EUR) Accumulation

At 30 June 2013 93.2515 - - - - - -


At 30 June 2013 93.2918 - - 111.01 - - 162.1510

At 31 December 2012 - - - 121.72 - - - At 31 December 2011 - - - 101.50 - - - At 31 December 2010 - - - 127.93 - - -

Institutional Class Shares (CHF) Accumulation

At 30 June 2013 92.9114 - - - - - - 1 launched on 14 January 2013 6 launched on 8 Febuary 2013 11 launched on 19 Febuary 2013 16 launched on 2 April 2013 21 launched on 26 April 2013 26 terminated on 4 June 2013 2 launched on 15 January 2013 7 launched on 12 Febuary 2013 12 launched on 28 Febuary 2013 17 launched on 4 April 2013 22 launched on 7 May 2013 27 launched on 13 June 2013 3 launched on 16 January 2013 8 launched on 13 Febuary 2013 13 launched on 12 March 2013 18 launched on 5 April 2013 23 launched on 17 May 2013 28 launched on 20 June 2013 4 launched on 30 January 2013 9 launched on 14 Febuary 2013 14 launched on 18 March 2013 19 launched on 11 April 2013 24 terminated on 24 May 2013 29 terminated on 26 June 2013 5 launched on 1 Febuary 2013 10 launched on 18 Febuary 2013 15 launched on 25 March 2013 20 launched on 16 April 2013 25 launched on 4 June 2013 30 launched on 26 June 2013


26

Fund Statistics (continued) As at 30 June 2013 Share transactions (in number of shares)

Emerging Markets


Sovereign Debt Fund




Fund


Currency Fund Retail Class Shares (EUR) Income

At 30 June 2013 64,449 - - - 501,745 2,495 -

Subscriptions 14,169 - - - 142,668 10,449 -

Redemptions (20,175) - - - (128,009) (26,648) -

At 31 December 2012 70,455 - - - 487,086 18,694 - Retail Class Shares (US$) Income

At 30 June 2013 194,730 - - - 521,672 7,265 -

Subscriptions 106,072 - - - 209,843 954 -

Redemptions (90,098) - - - (86,552) (673) -

At 31 December 2012 178,756 - - - 398,381 6,984 - Retail Class Shares (GBP) Income

At 30 June 2013 8,931 297 - - 69,423 3,625 1,076

Subscriptions 6,659 11 - - 18,289 1,023 79

Redemptions (7,003) - - - (10,713) (740) (45)

At 31 December 2012 9,275 286 - - 61,847 3,342 1,042 Retail Class Shares (NOK) Income

At 30 June 2013 166,108 - - - - - -

Subscriptions 72,570 - - - - - -

Redemptions (45,582) - - - - - -

At 31 December 2012 139,120 - - - - - - Retail Class Shares (CHF) Income

At 30 June 2013 - - - - 242,815 - -

Subscriptions - - - - 46,104 - -

Redemptions - - - - (33,031) - -

At 31 December 2012 - - - - 229,742 - -



27

Fund Statistics (continued) As at 30 June 2013 Share transactions (in number of shares) (continued)

Emerging Markets


Sovereign Debt Fund




Fund


Currency Fund Retail Class Shares (AUD) Income

At 30 June 2013 5 - - - - - -

Subscriptions 5 - - - - - -

Redemptions (870) - - - - - -

At 31 December 2012 870 - - - - - - Institutional Class Shares (EUR) Income

At 30 June 2013 - - - - - 382,095 -

Subscriptions - - - - - 76,351 -

Redemptions - - - - - (4,320) -

At 31 December 2012 - - - - - 310,064 - Institutional Class Shares (EUR) Income*

At 30 June 2013 2,778,976 - - - 140,341 - -

Subscriptions 1,493,597 - - - 106,797 - -

Redemptions (389,199) - - - (110,867) - -

At 31 December 2012 1,674,578 - - - 144,411 - - Institutional Class Shares (US$) Income

At 30 June 2013 - 606,880 581,386 - - 18,552,863 134,285

Subscriptions - 194,891 603,133 - - 3,353,038 -

Redemptions - (159,356) (136,217) - - (2,870,197) -

At 31 December 2012 - 571,345 114,470 - - 18,070,022 134,285 Institutional Class Shares (US$) Income*

At 30 June 2013 4,475,796 - - - 1,781,572 - -

Subscriptions 1,718,528 - - - 2,083,067 - -

Redemptions (2,641,851) - - - (1,505,426) - -

At 31 December 2012 5,399,119 - - - 1,203,931 - -

As per the Company’s revised prospectus dated October 2012, all active Institutional II share classes (other than JPY Institutional II share classes launched in 2013) were renamed to Institutional share classes.



28

Fund Statistics (continued) As at 30 June 2013

Share transactions (in number of shares) (continued)

Emerging Markets


Sovereign Debt Fund




Fund


Currency Fund Institutional Class Shares (GBP) Income At 30 June 2013 - 27,849 - - - 2,166,496 - Subscriptions - 2,006 - - - 171,626 -

Redemptions - - - - - (382,595) -

At 31 December 2012 - 25,843 - - - 2,377,465 - Institutional Class Shares (GBP) Income* At 30 June 2013 1,727,346 - - - 6,387,897 - - Subscriptions 375,178 - - - 1,111,984 - -

Redemptions (70,116) - - - (687,032) - -

At 31 December 2012 1,422,284 - - - 5,962,945 - - Institutional Class Shares (NOK) Income* At 30 June 2013 178,732 - - - - - - Subscriptions 41,372 - - - - - -

Redemptions (10,525) - - - - - -

At 31 December 2012 147,885 - - - - - - Institutional Class Shares (CHF) Income At 30 June 2013 - - - - - - - Subscriptions - - - - - 18,41929 -

Redemptions - - - - - (44,555) -

At 31 December 2012 - - - - - 26,136 - Institutional Class Shares (CHF) Income* At 30 June 2013 72,914 - - - 380,293 - - Subscriptions 13,064 - - - 193,768 - -

Redemptions (3,150) - - - (195,769) - - At 31 December 2012 63,000 - - - 382,294 - -

As per the Company’s revised prospectus dated October 2012, all active Institutional II share classes (other than JPY Institutional II share classes launched in 2013) were renamed to Institutional share classes.



29



Emerging Markets


Sovereign Debt Fund




Fund


Currency Fund Institutional Class Shares (US$) Accumulation

At 30 June 2013 1,097,29217 - - 511,03410 605,80117 3,106,3987 -

Subscriptions 1,097,292 - - 898,619 728,913 3,277,353 -

Redemptions - - - (387,585) (123,112) (170,955) -

At 31 December 2012 - - - - - - - Institutional II Class Shares (JPY) Income

At 30 June 2013 - 585,00019 - - - - -

Subscriptions - 585,000 - - - - -

At 31 December 2012 - - - - - - -


At 30 June 2013 90011 - - - - - -

Subscriptions 900 - - - - - -

Redemptions - - - - - - -

At 31 December 2012 - - - - - - -


At 30 June 2013 9,5016 - - - - 4,63412 -

Subscriptions 10,201 - - - - 4,634 -

Redemptions (700) - - - - - -

At 31 December 2012 - - - - - - -

Z Class Shares (EUR) Accumulation

At 30 June 2013 - - - - 2,28514 - -


At 31 December 2012 - - - - - - -



30



Local Currency Fund






Corporate Debt Fund


Corporate Debt Fund Z Class Shares (US$) Accumulation

At 30 June 2013 - - - - 11,21513 42912 -

Subscriptions - - - - 11,712 429 -

Redemptions - - - - (497) - -

At 31 December 2012 - - - - - - -

Z Class Shares (GBP) Accumulation

At 30 June 2013 - - - - 28,55613 - -


Redemptions - - - - (540) - -

At 31 December 2012 - - - - - - -


Local Currency Fund






Corporate Debt Fund


Corporate Debt Fund Retail Class Shares (EUR) Income

At 30 June 2013 - - - - - 113,364 -

Subscriptions - - - - - 108,386 -

Redemptions - - - - - (46,624) -

At 31 December 2012 - - - - - 51,602 - Retail Class Shares (US$) Income

At 30 June 2013 - 15,9138 20,5004 - - 1,005,346 -

Subscriptions 2,45021 15,913 20,500 - - 782,727 -

Redemptions (2,450)29 - - - - (301,788) -

At 31 December 2012 - - - - - 524,407 - Retail Class Shares (GBP) Income

At 30 June 2013 - - 2,026 - - 23,595 -

Subscriptions - - 998 - - 19,616 -

Redemptions - - (382) - - (2,922) -

At 31 December 2012 - - 1,410 - - 6,901 -



31



Local Currency Fund





Total Return Fund

Emerging Markets Corporate Debt Fund


Corporate Debt Fund


At 30 June 2013 - - - - - 25,400 -


Redemptions - - - - - (3,150) -

At 31 December 2012 - - - - - 24,360 -


At 30 June 2013 - - - - - 28,1421 -


Redemptions - - - - - (1,936) -

At 31 December 2012 - - - - - - -


At 30 June 2013 - - - - - 198,0811 -

Subscriptions - - - - - 219,072 -

Redemptions - - - - - (20,991) -

At 31 December 2012 - - - - - - -


At 30 June 2013 - - - - - 20,9023 -


At 31 December 2012 - - - - - - - Institutional Class Shares (EUR) Income

At 30 June 2013 33,000 - - - 249,945 7,675,538 309,7315

Subscriptions - - - - 24,945 7,135,324 309,731

Redemptions - - - - - (978,498) -

At 31 December 2012 33,000 - - - 225,000 1,518,712 -



32



Local Currency Fund





Total Return Fund



Corporate Debt Fund

Institutional Class Shares (US$) Income

At 30 June 2013 3,630,198 399,005 1,319,479 1,874,970 146,149 12,899,042 351,857 Subscriptions 579,829 61,099 178,321 579,640 48,759 4,807,506 33,853

Redemptions - (167,154) (729,099) - - (2,647,454) (58,193)

At 31 December 2012 3,050,369 505,060 1,870,257 1,295,330 97,390 10,738,990 376,197 Institutional Class Shares (GBP) Income

At 30 June 2013 - - 798,542 - - 15,306 - Subscriptions - - 18,003 18,004 - 13,823 -

Redemptions - - (580) - - (3,981) -

At 31 December 2012 - - 781,119 - - 5,464 - Institutional Class Shares (NOK) Income

At 30 June 2013 - - - - - 19,525 - Subscriptions - - - - - 4,554 -

Redemptions - - - - - (21,043) -

At 31 December 2012 - - - - - 36,014 - Institutional Class Shares (CHF) Income


Redemptions - - - - - (183,394) -

At 31 December 2012 - - - - - 213,526 -

Institutional Class Shares (AUD) Income


At 31 December 2012 - - - - - - -



33




Local Currency Fund






Corporate Debt Fund


Corporate Debt Fund Institutional Class Shares (EUR) Accumulation

At 30 June 2013 - - - - - 1,521,6321 - Subscriptions - - - - - 1,598,828 -

Redemptions - - - - - (77,196) - At 31 December 2012 - - - - - - -


At 30 June 2013 - 121,17617 398,14323 - - 2,047,3322 - Subscriptions - 121,176 398,143 - - 2,262,520 -

Redemptions - - - - - (215,188) - At 31 December 2012 - - - - - - -

Institutional Class Shares (GBP) Accumulation

At 30 June 2013 - - 10015 - - - - Subscriptions - - 100 - - - -

Redemptions - - - - - - - At 31 December 2012 - - - - - - - Institutional Class Shares (CHF) Accumulation


Redemptions - - - - - (32,457) - At 31 December 2012 - - - - - - - Institutional Class Shares (MXN) Accumulation

At 30 June 2013 - - - - - 1,747,84322 - Subscriptions - - - - - 1,747,853 -

Redemptions - - - - - (10) - At 31 December 2012 - - - - - - - Institutional Class Shares (CAD) Accumulation

At 30 June 2013 - - - - - 210,30722 -

Subscriptions - - - - - 210,307 -

Redemptions - - - - - - - At 31 December 2012 - - - - - - - 1 launched on 14 January 2013 6 launched on 8 Febuary 2013 11 launched on 19 Febuary 2013 16 launched on 2 April 2013 21 launched on 26 April 2013 26 terminated on 4 June 2013 2 launched on 15 January 2013 7 launched on 12 Febuary 2013 12 launched on 28 Febuary 2013 17 launched on 4 April 2013 22 launched on 7 May 2013 27 launched on 13 June 2013 3 launched on 16 January 2013 8 launched on 13 Febuary 2013 13 launched on 12 March 2013 18 launched on 5 April 2013 23 launched on 17 May 2013 28 launched on 20 June 2013 4 launched on 30 January 2013 9 launched on 14 Febuary 2013 14 launched on 18 March 2013 19 launched on 11 April 2013 24 terminated on 24 May 2013 29 terminated on 26 June 2013 5 launched on 1 Febuary 2013 10 launched on 18 Febuary 2013 15 launched on 25 March 2013 20 launched on 16 April 2013 25 launched on 4 June 2013 30 launched on 26 June 2013


34



Local Currency Fund






Corporate Debt Fund


Corporate Debt Fund Institutional Class Shares II (JPY) Income


At 31 December 2012 - - - - - - -



At 31 December 2012 - - - - - - -


At 30 June 2013 - - - - - 3,77030 45520 Subscriptions - - - - - 3,770 455

At 31 December 2012 - - - - - - -


Corporate Debt Fund




Fund



Frontier Equity Fund Brazil Equity Fund Retail Class Shares (EUR) Income

At 30 June 2013 6,101 - - - 3,691 - - Subscriptions 5,398 - - - 982 - -

Redemptions (5,797) - (50)26 - (3,491) - -

At 31 December 2012 6,500 - 50 - 6,200 - - Retail Class Shares (US$) Income

At 30 June 2013 1,2009 - 1,410 - 18,803 - - Subscriptions 1,200 - 2 - 8,984 - -

Redemptions - - (439) - (848) - -

At 31 December 2012 - - 1,847 - 10,667 - -



35



Corporate Debt Fund




Fund



Frontier Equity Fund Brazil Equity Fund Retail Class Shares (GBP) Income

At 30 June 2013 2,404 - 405 - 1,681 38927 -

Subscriptions 1,750 - 643 - 1,253 389 -

Redemptions (659) - (440) - (147) - -

At 31 December 2012 1,313 - 202 - 575 - - Retail Class Shares (CHF) Income

At 30 June 2013 1,640 - - - 740 - -

Subscriptions 1,140 - - - 120 - -

Redemptions - - - - (80) - -

At 31 December 2012 500 - - - 700 - -


At 30 June 2013 - - - - - - -

Subscriptions - - - - - - 47910

Redemptions - - - - - - (479)24

At 31 December 2012 - - - - - - -

Retail Class Shares (GBP) Accumulation

At 30 June 2013 - - - 250 - - -

At 31 December 2012 - - - 250 - - - Institutional Class Shares (US$) Income

At 30 June 2013 1,502,562 281,749 292,894 - 927,909 116,737 -

Subscriptions 343,266 81,749 92,933 - 524,929 16,737 -

Redemptions (84,598) - (117,426) - (408,964) - -

At 31 December 2012 1,243,894 200,000 317,387 - 811,944 100,000 -



36



Corporate Debt Fund




Fund



Frontier Equity Fund Brazil Equity Fund Institutional Class Shares (CHF) Income

At 30 June 2013 - - 46,938 - - - -

Subscriptions - - 438 - - - -

At 31 December 2012 - - 46,500 - - - -


At 30 June 2013 48,36415 - - - - - -

Subscriptions 48,656 - - - - - -

Redemptions (292) - - - - - -

At 31 December 2012 - - - - - - -


At 30 June 2013 47,39218 - - 259,306 - - 22,77610

Subscriptions 62,493 - - 159,426 - - 23,003

Redemptions (15,101) - - (150,650) - - (227)

At 31 December 2012 - - - 250,530 - - -


At 30 June 2013 153,53014 - - - - - -

Subscriptions 160,980 - - - - - -

Redemptions (7,450) - - - - - -

At 31 December 2012 - - - - - - -



37

Fund Statistics (continued) As at 30 June 2013 Annual Distributions Payment date 30 April 2013

Emerging Markets Debt

Fund

Emerging Markets

Sovereign Debt Fund

Emerging Markets

Sovereign Investment

Grade Debt Fund

Local Currency Fund

Emerging Markets Local

Currency Bond Fund

Emerging Markets

Investment Grade Local

Currency Fund


Currency Corporate Debt

Fund

Emerging Markets Inflation

Linked Bond Fund

Retail Class Shares (EUR) Income EUR10.76 - - EUR0.70 EUR2.48 - EUR0.12 -

Retail Class Shares (US$) Income US$6.67 - - US$0.56 US$4.18 - - -

Retail Class Shares (GBP) Income GBP4.53 GBP4.21 - GBP0.12 GBP2.66 - GBP1.97 -

Retail Class Shares (NOK) Income NOK6.22 - - - - - - -

Retail Class Shares (CHF) Income - - - CHF0.80 - - CHF0.11 -

Retail Class Shares (AUD) Income AUD0.59 - - - - - - -

Institutional Class Shares (EUR) Income EUR0.61 - - EUR1.67 EUR4.69 EUR0.10 - -

Institutional Class Shares (US$) Income US$5.26 US$6.46 US$4.39 US$0.22 US$3.34 US$4.40 US$4.29 US$1.82

Institutional Class Shares (GBP) Income - GBP5.24 - - GBP3.75 - - -

Institutional Class Shares (CHF) Income - - - - CHF4.52 - - -

Institutional Class Shares (GBP) Income GBP8.83 - - GBP0.51 - - - -

Institutional Class Shares (NOK) Income NOK7.09 - - - - - - -

Institutional Class Shares (CHF) Income CHF5.11 - - CHF1.18 - - - -

Emerging Markets Total

Return Fund


Return Fund II

Emerging Markets

Investment Grade Total

Return Fund

Emerging Markets

Corporate Debt Fund

Emerging Markets

Investment Grade

Corporate Debt Fund

Emerging Markets Asian

Corporate Debt Fund

Emerging Markets Global

Equity Fund


Small-Cap Equity Fund

Retail Class Shares (EUR) Income - - - EUR3.86 - - EUR0.35 -

Retail Class Shares (US$) Income - - - US$3.60 - - US$0.18 -

Retail Class Shares (GBP) Income GBP1.10 - - GBP2.24 - - GBP0.05 -

Retail Class Shares (CHF) Income - - - CHF0.93 - - - -

Institutional Class Shares (EUR) Income - - EUR0.10 EUR1.75 - - - -

Institutional Class Shares (US$) Income US$2.63 US$0.24 US$1.12 US$6.23 US$5.05 US$0.75 US$0.82 US$0.19

Institutional Class Shares (GBP) Income GBP2.56 - - GBP0.41 - - - -

Institutional Class Shares (NOK) Income - - - NOK16.17 - - - -

Institutional Class Shares (CHF) Income - - - CHF0.47 - - CHF0.78 -


38

Fund Statistics (continued) As at 30 June 2013 Monthly Distributions

Emerging Markets Corporate Debt Fund Payment date 8 February 2013 8 March 2013 9 April 2013 10 May 2013 10 June 2013

Retail Class Shares (EUR) Income EUR0.46 EUR0.43 EUR0.45 EUR0.45 EUR0.37

Retail Class Shares (US$) Income US$0.48 US$0.43 US$0.45 US$0.46 US$0.38

Retail Class Shares (GBP) Income GBP0.49 GBP0.45 GBP0.46 GBP0.47 GBP0.40

Retail Class Shares (CHF) Income CHF0.45 CHF0.42 CHF0.44 CHF0.45 CHF0.36

Institutional Class Shares (EUR) Income EUR0.58 EUR0.56 EUR0.57 EUR0.61 EUR0.49

Institutional Class Shares (US$) Income US$0.61 US$0.55 US$0.58 US$0.60 US$0.49

Institutional Class Shares (GBP) Income GBP0.51 GBP0.48 GBP0.49 GBP0.49 GBP0.42

Institutional Class Shares (NOK) Income NOK0.56 NOK0.56 NOK0.54 NOK0.54 NOK0.41

Institutional Class Shares (CHF) Income CHF0.49 CHF0.48 CHF0.49 CHF0.50 CHF0.49

Institutional II Class Shares (JPY) Income* - - - JPY47.31 JPY45.86

*launched on 2 April 2013 Emerging Markets Asian Corporate Debt Fund Payment date 8 February 2013 8 March 2013 9 April 2013 10 May 2013 10 June 2013

Institutional Class Shares (US$) Income US$0.30 US$0.38 US$0.35 US$0.40 US$0.39


39

Fund Statistics (continued) As at 30 June 2013 TERs*



Fund



Local Currency Fund


Bond Fund


Currency Fund

Total expense ratio (TER) %

Retail Class Shares (EUR) Income 1.68 - - - 1.67 1.70

Retail Class Shares (US$) Income 1.69 - - - 1.68 1.70

Retail Class Shares (GBP) Income 1.70 1.61 - - 1.69 1.70 1.92

Retail Class Shares (CHF) Income - - - - 1.67 - -

Retail Class Shares (NOK) Income 1.69 - - - - - -

Retail Class Shares (AUD) Income 1.70 - - - - - -

Institutional Class Shares (EUR) Income 1.11 - - - 1.13 1.11 -

Institutional Class Shares (US$) Income 1.11 1.01 1.13 - 1.16 1.11 1.33

Institutional Class Shares (GBP) Income 1.10 1.01 - - 1.14 1.11 -

Institutional Class Shares (NOK) Income 1.10 - - - - - -

Institutional Class Shares (CHF) Income 1.10 - - - 1.14 - -

Institutional Class Shares (US$) Accumulation 1.12 - - 1.14 1.17 1.13 -

Institutional Class Shares II (JPY) Income - 0.57 - - - - -

Z Class Shares (US$) Income 1.14 - - - - - -

Z Class Shares (GBP) Income 1.20 - - - - 1.22 -

Z Class Shares (EUR) Accumulation - - - - 1.21 - -

Z Class Shares (US$) Accumulation - - - - 1.35 1.16 -

Z Class Shares (GBP) Accumulation - - - - 1.21 - -


Local Currency Fund




II


Total Return Fund


Fund


Corporate Debt Fund

Total expense ratio (TER) %

Retail Class Shares (EUR) Income - - - - - 1.93 -

Retail Class Shares (US$) Income - 1.78 1.97 - - 1.93 -

Retail Class Shares (GBP) Income - - 1.96 - - 1.94 -

Retail Class Shares (CHF) Income - - - - - 1.95 -

*The TER is calculated based on the annual period from 30 June 2012 to 30 June 2013.


40

Fund Statistics (continued) As at 30 June 2013 TERs*(continued)


Local Currency Fund




II


Total Return Fund


Fund


Corporate Debt Fund

Total expense ratio (TER) % Retail Class Shares (EUR) Accumulation - - - - - 1.97 -

Retail Class Shares (US$) Accumulation - - - - - 1.94 -

Retail Class Shares (CHF) Accumulation - - - - - 1.94 -

Institutional Class Shares (EUR) Income 1.09 - - 1.10 1.30 1.30

Institutional Class Shares (US$) Income 1.09 1.14 1.27 1.26 1.09 1.28 1.28

Institutional Class Shares (GBP) Income - - 1.27 - - 1.29 -

Institutional Class Shares (CHF) Income - - - - - 1.29 -

Institutional Class Shares (NOK) Income - - - - - 1.27 -

Institutional Class Shares (AUD) Income - - - - - 1.33 -

Institutional Class Shares (EUR) Accumulation - - - - - 1.31 -

Institutional Class Shares (US$) Accumulation - 1.14 1.32 - - 1.30 -

Institutional Class Shares (GBP) Accumulation - - 1.35 - - - -

Institutional Class Shares (CHF) Accumulation - - - - - 1.27 -

Institutional Class Shares (MXN) Accumulation - - - - - 1.32 -

Institutional Class Shares (CAD) Accumulation - - - - - 1.33 -

Institutional Class Shares II (JPY) Income - - - - - 0.54 -

Z Class Shares (US$) Income - - - - - 1.32 -

Z Class Shares (GBP) Income - - - - - 1.37 1.03


Fund



Global Equity Fund


Equity Fund


Fund Brazil Equity Fund Total expense ratio (TER) % Retail Class Shares (EUR) Income 2.22 - - 2.27 - -

Retail Class Shares (US$) Income 2.21 - 2.01 2.25 - -

Retail Class Shares (GBP) Income 2.20 - 2.00 2.27 2.34 -

Retail Class Shares (CHF) Income 2.23 - - 2.25 - -

Institutional Class Shares (US$) Income 1.57 1.24 1.47 1.76 1.83 -

Institutional Class Shares (CHF) Income - - 1.46 - - -

Institutional Class Shares (EUR) Accumulation 1.68 - - - - -

Institutional Class Shares (US$) Accumulation 1.58 - - - - 1.78

Institutional Class Shares (CHF) Accumulation 1.58 - - - - -

For Ashmore SICAV EM Equity Select Fund, a composite TER should be calculated based on TER of the target Funds. However, due to the lack of information regarding the target Funds, this TER can not be disclosed. *The TER is calculated based on the annual period from 30 June 2012 to 30 June 2013.


41

Fund Statistics (continued) As at 30 June 2013 Portfolio turnover


Emerging Markets Sovereign Debt Fund




Fund


Currency Fund

% % % % % % %

Portfolio turnover (PTR) 1.79 0.65 (0.07) (2.87) 2.41 31.44 41.20


Local Currency Fund

Emerging Markets Inflation Linked Bond

Fund Emerging Markets Total Return Fund




Corporate Debt Fund


Corporate Debt Fund

% % % % % % %

Portfolio turnover (PTR) 2.25 (1.38) 1.51 1.02 (0.32) 0.50 1.04


Corporate Debt Fund



Global Equity Fund EM Equity Select Fund



Frontier Equity Fund Brazil Equity Fund

% % % % % % %

Portfolio turnover (PTR) 0.96 0.39 1.34 1.01 0.83 2.86 0.32


42

Fund Statistics (continued) As at 30 June 2013 Fund performance






Fund


Currency Fund % % % % % % %

Gross of dividend distribution during the period

Retail Class Shares (EUR) Income

At 30 June 2013 (8.62) n/a n/a n/a (3.83) (9.05) n/a

At 31 December 2012 22.44 n/a n/a n/a 11.70 17.10 n/a

At 31 December 2011 2.75 n/a n/a n/a (5.28) (8.57) n/a

At 31 December 2010 9.43 n/a n/a n/a 5.83 n/a n/a

Retail Class Shares (US$) Income

At 30 June 2013 (8.44) n/a n/a n/a (3.67) (8.77) n/a




Retail Class Shares (GBP) Income

At 30 June 2013 (8.25) (9.24) n/a n/a (3.62) (8.55) (2.82)

At 31 December 2012 22.89 17.73 n/a n/a 12.18 17.70 0.01

At 31 December 2011 2.76 1.74 n/a n/a (5.40) (8.32) n/a


Retail Class Shares (NOK) Income

At 30 June 2013 (8.12) n/a n/a n/a n/a n/a n/a

At 31 December 2012 24.41 n/a n/a n/a n/a n/a n/a




At 30 June 2013 n/a n/a n/a n/a (3.93) n/a n/a

At 31 December 2012 n/a n/a n/a n/a 3.31 n/a n/a

Retail Class Shares (AUD) Income



1 launched on 14 January 2013 6 launched on 8 Febuary 2013 11 launched on 19 Febuary 2013 16 launched on 2 April 2013 21 launched on 26 April 2013 26 terminated on 4 June 2013 *terminated prior to *2 launched on 15 January 2013 7 launched on 12 Febuary 2013 12 launched on 28 Febuary 2013 17 launched on 4 April 2013 22 launched on 7 May 2013 27 launched on 13 June 2013 31 December 2012 3 launched on 16 January 2013 8 launched on 13 Febuary 2013 13 launched on 12 March 2013 18 launched on 5 April 2013 23 launched on 17 May 2013 28 launched on 20 June 2013 4 launched on 31 January 2013 9 launched on 14 Febuary 2013 14 launched on 18 March 2013 19 launched on 11 April 2013 24 terminated on 23 May 2013 29 terminated on 27 June 2013 5 launched on 1 Febuary 2013 10 launched on 18 Febuary 2013 15 launched on 25 March 2013 20 launched on 16 April 2013 25 launched on 3 June 2013 30 launched on 26 June 2013


43

Fund Statistics (continued) As at 30 June 2013 Fund Performance (continued)






Fund




Institutional Class Shares (EUR) Income

At 30 June 2013 n/a n/a n/a n/a n/a (8.74) n/a

At 31 December 2012 13.62* n/a n/a n/a 7.07* 17.79 n/a



Institutional Class Shares (EUR) Income*

At 30 June 2013 (8.36) n/a n/a n/a (3.64) n/a n/a


At 31 December 2011 2.82 n/a n/a n/a (4.93) n/a n/a


At 30 June 2013 n/a (9.12) (10.00) n/a n/a (8.51) (2.67)

At 31 December 2012 13.81* 18.38 16.47 n/a 5.60* 18.50 7.85

At 31 December 2011 2.58 7.33 7.74 n/a (5.39) (2.56) (7.17)

At 31 December 2010 9.99 5.74 6.38 n/a 6.50 11.78 4.26

Institutional Class Shares (US$) Income*




Institutional Class Shares (GBP) Income

At 30 June 2013 n/a (8.96) n/a n/a n/a (8.43) n/a

At 31 December 2012 n/a 10.37 n/a n/a 7.38* 18.36 n/a

At 31 December 2011 n/a n/a n/a n/a (5.49) 0.99 n/a

At 31 December 2010 n/a n/a n/a n/a (1.77) n/a n/a



44







Fund




Institutional Class Shares (GBP) Income*




Institutional Class Shares (CHF) Income

At 30 June 2013 n/a n/a n/a n/a n/a (9.75) 29 n/a

At 31 December 2012 n/a n/a n/a n/a n/a 17.47 n/a

At 31 December 2011 n/a n/a n/a n/a n/a (8.34) n/a

Institutional Class Shares (NOK) Income*




Institutional Class Shares (CHF) Income*



At 31 December 2011 n/a n/a n/a n/a (10.44) n/a n/a

Institutional Class Shares (US$) Accumulation At 30 June 2013 (7.89) 17 n/a n/a (11.98) 10 (3.47) 17 (9.70) 7 n/a

Institutional II Class Shares (JPY) Income

At 30 June 2013 n/a (8.61) 19 n/a n/a n/a n/a n/a

Z (US$) Income At 30 June 2013 (7.38) 11 n/a n/a n/a n/a n/a n/a



45







Fund




Z (GBP) Income

At 30 June 2013 (7.46) 6 n/a n/a n/a n/a (8.95) 12 n/a

Z (EUR) Accumulation

At 30 June 2013 n/a n/a n/a n/a (3.87) 14 n/a n/a

Z (US$) Accumulation

At 30 June 2013 n/a n/a n/a n/a (4.01) 13 (9.05) 12 n/a

Z (GBP) Accumulation

At 30 June 2013 n/a n/a n/a n/a (4.01) 13 n/a n/a


Local Currency Fund






Corporate Debt Fund


Corporate Debt Fund % % % % % % %







At 30 June 2013 (13.23)21,29 (13.03) 8 (7.11) 4 n/a n/a (2.73) n/a






46



Local Currency Fund






Corporate Debt Fund





At 30 June 2013 n/a n/a (6.41) n/a n/a (2.48) n/a

At 31 December 2012 n/a n/a 10.43 n/a n/a 22.12 n/a












Institutional Class Shares (EUR) Income

At 30 June 2013 (9.23) n/a n/a n/a (7.91) (2.55) (6.40) 5

At 31 December 2012 0.11 n/a 20.18* n/a 0.53 22.42 n/a




At 30 June 2013 (8.97) (11.33) (6.26) (5.80) (7.72) (2.43) (5.15)

At 31 December 2012 18.76 24.05 21.64 0.95 2.43 22.78 18.03

At 31 December 2011 (11.10) (11.72) (9.09) n/a n/a (4.93) 3.31

At 31 December 2010 n/a n/a n/a n/a n/a 10.65 7.72



47



Local Currency Fund






Corporate Debt Fund




Institutional Class Shares (GBP) Income

At 30 June 2013 n/a n/a (6.09) n/a n/a (2.27) n/a

At 31 December 2012 n/a n/a 21.55 n/a n/a 1.62 n/a

At 31 December 2011 n/a n/a 0.32 n/a n/a n/a n/a

Institutional Class Shares (NOK) Income








Institutional Class Shares (AUD) Income

At 30 June 2013 n/a n/a n/a n/a n/a (3.92) 25 n/a Institutional Class Shares (EUR) Accumulation



At 30 June 2013 n/a (12.76) 17 (7.46) 23 n/a n/a (4.24) 2 n/a

Institutional Class Shares (GBP) Accumulation

At 30 June 2013 n/a n/a (5.85) 15 n/a n/a n/a n/a Institutional Class Shares (CHF) Accumulation




48



Local Currency Fund






Corporate Debt Fund




Institutional Class Shares (MXN) Accumulation

At 30 June 2013 n/a n/a n/a n/a n/a (5.73) 22 n/a Institutional Class Shares (CAD) Accumulation


Institutional Class Shares II (JPY) Income


Z (US$) Income

At 30 June 2013 n/a n/a n/a n/a n/a 0.52 30 n/a

Z (GBP) Income

At 30 June 2013 n/a n/a n/a n/a n/a (1.05) 28 (6.93) 20


Corporate Debt Fund




Fund



Frontier Equity Fund Brazil Equity Fund % % % % % % %



At 30 June 2013 (5.65) n/a (4.17) 26 n/a (3.69) n/a n/a

At 31 December 2012 0.87 n/a (0.46) n/a 0.36 n/a n/a


At 30 June 2013 (7.28) 9 n/a (11.59) n/a (3.53) n/a n/a

At 31 December 2012 n/a n/a 16.06 n/a 22.55 n/a n/a

At 31 December 2011 n/a n/a 3.12 n/a 2.67 n/a n/a



49



Corporate Debt Fund




Fund






At 30 June 2013 (5.16) n/a (11.37) n/a (3.30) (2.74) 27 n/a

At 31 December 2012 17.58 n/a (1.22) n/a 1.69 n/a n/a

At 31 December 2011 (3.75) n/a n/a n/a n/a n/a n/a





At 30 June 2013 n/a n/a n/a n/a n/a n/a (55.25) 10,24 Retail Class Shares (GBP) Accumulation

At 30 June 2013 n/a n/a n/a (8.83) n/a n/a n/a

At 31 December 2012 n/a n/a n/a 18.96 n/a n/a n/a

At 31 December 2011 n/a n/a n/a (21.96) n/a n/a n/a


At 30 June 2013 (5.11) (2.04) (11.36) n/a (3.30) 23.52 n/a

At 31 December 2012 18.41 1.04 16.68 n/a 23.16 12.26 n/a

At 31 December 2011 (12.25) n/a 7.48 n/a 3.86 n/a n/a


At 30 June 2013 n/a n/a (11.40) n/a n/a n/a n/a

At 31 December 2012 n/a n/a (1.02) n/a n/a n/a n/a


At 30 June 2013 (6.75) 15 n/a n/a n/a n/a n/a n/a



50



Corporate Debt Fund




Fund






At 30 June 2013 (6.71) 18 n/a n/a (8.80) n/a n/a (23.09) 10

At 31 December 2012 n/a n/a n/a 19.92 n/a n/a n/a

At 31 December 2011 n/a n/a n/a (20.66) n/a n/a n/a


At 30 June 2013 (7.09) 14 n/a n/a n/a n/a n/a n/a


Past performance is no indication of current or future performance. Performance data does not take account of commissions and costs incurred on the issue and redemption of shares. Performance data for the non US$ share classes are in their respective currencies, and have been converted from the Sub-Funds’ reference currency, US$.


51

Ashmore SICAV Emerging Markets Debt Fund Schedule of Investments As at 30 June 2013

Holdings

Currency Description of Investment Market Value

US$ Net Assets

%

Transferable securities admitted to an official stock exchange listing/dealt on another regulated market

Bonds

Argentina

10,843,000 US$ Argentina Boden Bonds 7% 03/10/2015 9,406,303 0.91

12,623,379 US$ Argentine Republic Government International Bond 8.28% Discount 31/12/2033 7,100,651 0.69

2,762,347 US$ Argentina Republic Government International Bond 8.28% 31/12/2033 1,512,385 0.15

1,533,000 US$ Argentine Republic Government International Bond 8.75% 02/06/2017 1,161,247 0.11

1,715,000 US$ Argentine Republic Government International Bond Step Cpn 31/12/2038 557,375 0.05

2,750,000 US$ WPE International Cooperatief UA 10.375% 30/09/2020 2,145,000 0.21

21,882,961 2.12

Azerbaijan

3,903,000 US$ State Oil of the Azerbaijan Republic 4.75% 13/03/2023 3,532,215 0.33

2,390,000 US$ State Oil of the Azerbaijan Republic 5.45% 09/02/2017 2,455,725 0.24

5,987,940 0.57

Belarus

6,405,000 US$ Republic of Belarus 8.75% 03/08/2015 6,421,013 0.62


12,804,016 1.24

Bolivia

2,000,000 US$ Bolivian Government International Bond 4.875% 29/10/2022 1,870,000 0.18

1,870,000 0.18

Brazil

979,000 US$ Banco Nacional de Desenvolvimento Economico e Social 5.5% 12/07/2020 1,010,817 0.10

3,705,000 US$ Banco Nacional de Desenvolvimento Economico e Social 6.5% 10/06/2019 4,038,450 0.39

971,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2020 10,855,882 1.05

1,571,000 BRL Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2021 7,094,314 0.69

3,250,000 US$ Brazilian Government International Bond 2.625% 05/01/2023 2,827,500 0.27




1,650,000 US$ Fibria Overseas Finance 6.75% 03/03/2021 1,767,975 0.17

3,417,000 US$ JBS Finance II 8.25% 29/01/2018 3,468,255 0.34

1,200,000 US$ Marfrig Europe 9.875% 24/07/2017 1,206,000 0.12

3,800,000 US$ Marfrig Overseas 9.5% 04/05/2020 3,766,750 0.37

1,662,000 US$ Minerva Luxembourg 7.75% 31/01/2023 1,653,690 0.16

3,000,000 US$ Minerva Luxembourg 12.25% 10/02/2022 3,585,000 0.35

3,300,000 US$ OGX Austria 8.375% 01/04/2022 957,000 0.09

3,900,000 US$ OGX Austria 8.5% 01/06/2018 1,228,500 0.12

2,800,000 US$ OSX 3 Leasing 9.25% 20/03/2015 2,436,000 0.24

59,924,258 5.82

Chile

1,700,000 US$ Automotores Gildemeister 6.75% 15/01/2023 1,445,000 0.14

100,000 US$ Automotores Gildemeister 8.25% 24/05/2021 92,500 0.01

900,000 US$ Banco del Estado de Chile 3.875% 08/02/2022 872,833 0.08

1,630,000 US$ Banco del Estado de Chile 4.125% 07/10/2020 1,634,665 0.16 The accompanying notes form an integral part of these consolidated financial statements.


52

Ashmore SICAV Emerging Markets Debt Fund Schedule of Investments (continued) As at 30 June 2013

Holdings

Currency Description of Investment Market Value US$ Net Assets

%

Transferable securities admitted to an official stock exchange listing/dealt on another regulated market (continued)

Bonds (continued)

Chile (continued)

1,090,000 US$ Chile Government International Bond 3.25% 14/09/2021 1,090,000 0.11

1,783,000 US$ Corp Nacional del Cobre de Chile 3.75% 04/11/2020 1,735,107 0.17



1,090,000 US$ Empresa Nacional del Petroleo 5.25% 10/08/2020 1,105,531 0.11

2,363,000 US$ Empresa Nacional del Petroleo 6.25% 08/07/2019 2,544,901 0.25

1,592,155 US$ Inversiones Alsacia 8% 18/08/2018 1,345,371 0.13

1,700,000 US$ SMU 7.75% 08/02/2020 1,538,500 0.15

17,527,264 1.71

Colombia

2,840,000 US$ Colombia Government International Bond 4.375% 12/07/2021 2,957,860 0.29






1,293,000 US$ Ecopetrol 7.625% 23/07/2019 1,528,973 0.15

27,121,209 2.64

Costa Rica

3,770,000 US$ Costa Rica Government International Bond 4.25% 26/01/2023 3,487,250 0.34



1,480,000 US$ Instituto Costarricense de Electricidad 6.375% 15/05/2043 1,341,250 0.13

7,234,200 0.71

Croatia

2,740,000 US$ Croatia Government International Bond 6.25% 27/04/2017 2,872,643 0.28




3,350,000 EUR Zagrebacki D.O.O. 5.5% 10/07/2017 3,543,255 0.34

23,295,001 2.26

Dominican Republic

3,845,000 US$ Dominican Republic International Bond 5.875% 18/04/2024 3,700,813 0.36

4,541,000 US$ Dominican Republic International Bond 7.5% 06/05/2021 4,892,928 0.48

8,593,741 0.84

Ecuador

1,980,000 US$ Ecuador Government International Bond 9.375% 15/12/2015 2,054,250 0.20

2,054,250 0.20

Egypt

2,615,000 US$ Egypt Government International Bond 5.75% 29/04/2020 2,053,298 0.20

734,000 US$ Egypt Government International Bond 6.875% 30/04/2040 521,287 0.05

2,225,000 US$ Nile Finance 5.25% 05/08/2015 1,980,250 0.19

4,554,835 0.44 The accompanying notes form an integral part of these consolidated financial statements.


53


Holdings


%


Bonds (continued)

El Salvador

2,238,000 US$ El Salvador Government International Bond 5.875% 30/01/2025 2,176,455 0.21

880,000 US$ El Salvador Government International Bond 7.375% 01/12/2019 970,200 0.09




850,000 US$ Telemovil Finance 8% 01/10/2017 898,875 0.09

8,427,238 0.82

Gabon

1,490,000 US$ Gabonese Republic 8.2% 12/12/2017 1,676,250 0.16

1,676,250 0.16

Georgia

2,240,000 US$ Georgia Government International Bond 6.875% 12/04/2021 2,396,800 0.23

1,960,000 US$ Georgian Railway 7.75% 11/07/2022 2,118,172 0.21

4,514,972 0.44

Ghana

2,010,000 US$ Republic of Ghana 8.5% 04/10/2017 2,120,550 0.21

2,120,550 0.21

Guatemala

2,970,000 US$ Guatemala Government Bond 4.875% 13/02/2028 2,687,850 0.26

2,687,850 0.26

Hong Kong

200,000 US$ Central China Real Estate 6.5% 04/06/2018 180,336 0.02

883,000 US$ Central China Real Estate 8% 28/01/2020 799,131 0.08

5,762,000 US$ CFG Investment SAC 9.75% 30/07/2019 5,156,990 0.50

2,200,000 US$ Hengdeli 6.25% 29/01/2018 2,140,794 0.21

2,257,000 US$ Industrial & Commercial Bank of China Asia 5.125% 30/11/2020 2,312,533 0.22

1,500,000 US$ Shimao Property 9.65% 03/08/2017 1,568,025 0.15

12,157,809 1.18

Hungary

2,216,000 US$ Hungary Government International Bond 5.375% 21/02/2023 2,132,900 0.21




16,330,668 1.60

India

1,200,000 US$ Bharti Airtel International Netherlands 5.125% 11/03/2023 1,090,560 0.11

1,190,000 US$ Export-Import Bank of India 4% 07/08/2017 1,185,002 0.12

2,370,000 US$ Export-Import Bank of India 4% 14/01/2023 2,107,641 0.20

1,850,000 US$ Suzlon Energy 0% 25/07/2014 1,202,500 0.12

2,000,000 US$ Suzlon Energy FRN 13/04/2016 990,000 0.10

3,200,000 US$ Vedanta Resources 8.25% 07/06/2021 3,224,000 0.31



54


Holdings


%


Bonds (continued)

Indonesia

900,000 US$ Indo Energy Finance II 6.375% 24/01/2023 785,250 0.08

3,216,000 US$ Indonesia Government International Bond 4.875% 05/05/2021 3,296,400 0.32







2,234,000 US$ Majapahit 7.75% 17/10/2016 2,474,155 0.24

2,045,000 US$ Majapahit 7.75% 20/01/2020 2,239,275 0.22

1,788,000 US$ Majapahit 8% 07/08/2019 2,011,500 0.20

5,370,000 US$ Pertamina Persero 5.625% 20/05/2043 4,645,050 0.45

2,701,000 US$ Pertamina Persero 6% 03/05/2042 2,525,435 0.25

900,000 US$ Perusahaan Listrik Negara 5.25% 24/10/2042 747,000 0.07

1,810,000 US$ Perusahaan Listrik Negara 5.5% 22/11/2021 1,773,800 0.17

45,361,087 4.41

Israel

1,900,000 US$ Altice Financing 7.875% 15/12/2019 1,985,500 0.19

2,050,000 US$ Altice Finco 9.875% 15/12/2020 2,193,500 0.21

4,179,000 0.40

Ivory Coast

20,397,000 US$ Ivory Coast Government International Bond Step Cpn 31/12/2032 16,725,540 1.63

16,725,540 1.63

Jamaica

388,000 US$ Digicel 6% 15/04/2021 366,660 0.04

4,650,000 US$ Digicel 8.25% 30/09/2020 4,812,750 0.47

1,350,000 US$ Digicel 10.5% 15/04/2018 1,431,000 0.14

6,610,410 0.65

Kazakhstan

1,281,000 US$ ATF Bank 9% 11/05/2016 1,232,962 0.12

5,165,000 US$ Development Bank of Kazakhstan 4.125% 10/12/2022 4,596,850 0.45

1,750,000 US$ Halyk Savings Bank of Kazakhstan 7.25% 28/01/2021 1,793,750 0.17

2,180,000 US$ KazAgro National Management 4.625% 24/05/2023 2,005,600 0.20

3,680,000 US$ Kazakhstan Temir Zholy Finance 6.375% 06/10/2020 3,974,400 0.39

2,840,000 US$ Kazakhstan Temir Zholy Finance 6.95% 10/07/2042 2,886,292 0.28

1,870,000 US$ Kazatomprom Natsionalnaya Atomnaya Kompaniya AO 6.25% 20/05/2015 1,944,800 0.19

900,000 EUR Kazkommertsbank 6.875% 13/02/2017 1,117,221 0.11

1,300,000 US$ Kazkommertsbank 7.5% 29/11/2016 1,264,250 0.12

500,000 US$ Kazkommertsbank 8% 03/11/2015 497,005 0.05

800,000 US$ Kazkommertsbank 8.5% 11/05/2018 760,000 0.07

1,250,000 US$ KazkommertsbankVia CitiGlobal Markets FRN 07/04/2014 1,253,125 0.12

1,800,000 US$ KazMunayGas National 4.4% 30/04/2023 1,669,500 0.16 The accompanying notes form an integral part of these consolidated financial statements.


55

Ashmore SICAV Emerging Markets Debt Fund

Schedule of Investments (continued) As at 30 June 2013

Holdings


%


Bonds (continued)

Kazakhstan (continued)

5,395,000 US$ KazMunayGas National 5.75% 30/04/2043 4,774,575 0.46


4,055,000 US$ KazMunayGas National 7% 05/05/2020 4,582,150 0.45


2,280,000 US$ Samruk-Energy 3.75% 20/12/2017 2,171,700 0.21

1,850,000 US$ Zhaikmunai 7.125% 13/11/2019 1,854,625 0.18

40,934,080 3.98

Latvia

4,832,000 US$ Republic of Latvia 2.75% 12/01/2020 4,469,600 0.43

4,469,600 0.43

Lebanon

1,033,000 US$ Lebanon Government International Bond 5.15% 12/11/2018 986,515 0.10

7,019,000 US$ Lebanon Government International Bond 6.1% 04/10/2022 6,527,670 0.63




380,000 US$ Lebanon Government International Bond 8.5% 19/01/2016 405,650 0.04

15,748,205 1.53

Lithuania

1,818,000 US$ Lithuania Government International Bond 5.125% 14/09/2017 1,944,169 0.19




21,301,583 2.08

Malaysia

1,710,000 US$ Axiata SPV1 Labuan 5.375% 28/04/2020 1,844,787 0.18

2,550,000 US$ Petronas Capital 5.25% 12/08/2019 2,784,230 0.27

990,000 US$ Petronas Capital 7.875% 22/05/2022 1,250,862 0.12

2,285,000 US$ Wakala Global Sukuk 4.646% 06/07/2021 2,396,752 0.23

8,276,631 0.80

Mexico

4,500,000 US$ Cemex Espana Luxembourg 9.25% 12/05/2020 4,747,500 0.46

200,000 US$ Cemex Espana Luxembourg 9.875% 30/04/2019 216,000 0.02

1,800,000 US$ Cemex Finance 9.375% 12/10/2022 1,962,000 0.19

2,150,000 US$ Comision Federal de Electricidad 4.875% 26/05/2021 2,198,375 0.21


700,000 US$ Corp GEO 8.875% 27/03/2022 308,000 0.03

1,716,000 US$ Corp GEO FRN 30/06/2020 755,040 0.07

1,944,000 US$ Desarrolladora Homex 9.75% 25/03/2020 660,960 0.06

1,400,000 US$ Grupo Papelero Scribede 8.875% 07/04/2020 1,344,000 0.13

850,000 US$ Grupo Senda Autotransportede 10.5% 03/10/2015 873,375 0.08

264,500,000 MXN Mexican Bonos 5% 15/06/2017 20,334,123 1.98

63,900,000 MXN Mexican Bonos 7.75% 29/05/2031 5,421,428 0.53




56


Holdings


%


Bonds (continued)

Mexico (continued)


500,000 US$ Mexico Government International Bond 3.625% 15/03/2022 490,000 0.05

3,042,000 US$ Mexico Government International Bond 4.75% 08/03/2044 2,707,380 0.26





6,086,000 US$ NII Capital 7.625% 01/04/2021 4,731,865 0.46

100,000 US$ NII Capital 8.875% 15/12/2019 84,500 0.01

7,805,000 US$ Oceanografiade 11.25% 15/07/2015 6,497,663 0.63

1,460,000 US$ Pemex Project Funding Master Trust 5.75% 01/03/2018 1,598,700 0.16

1,105,000 US$ Petroleos Mexicanos 5.5% 27/06/2044 994,500 0.10

1,140,000 US$ Petroleos Mexicanos 6% 05/03/2020 1,254,000 0.12

3,205,000 US$ Petroleos Mexicanos 6.5% 02/06/2041 3,309,163 0.32


5,036,000 US$ Urbi Desarrollos Urbanos 9.5% 21/01/2020 1,107,920 0.11

4,764,000 US$ Urbi Desarrollos Urbanos 9.75% 03/02/2022 1,048,080 0.10

218,000 US$ Urbi Desarrollos Urbanos FRN 19/04/2016 (Defaulted) 47,960 -

96,940,259 9.42

Mongolia

2,160,000 US$ Mongolia Government International Bond 5.125% 05/12/2022 1,900,800 0.18

4,000,000 US$ Mongolian Mining 8.875% 29/03/2017 3,400,000 0.33

5,300,800 0.51

Morocco

2,990,000 US$ Morocco Government International Bond 4.25% 11/12/2022 2,631,798 0.26

2,300,000 US$ Morocco Government International Bond 5.5% 11/12/2042 1,920,960 0.19

4,552,758 0.45

Nigeria

1,100,000 US$ Afren 10.25% 08/04/2019 1,229,250 0.12

4,200,000 US$ Afren 11.5% 01/02/2016 4,662,000 0.45

2,110,000 US$ Nigeria Government International Bond 6.75% 28/01/2021 2,204,950 0.21

2,326,291 US$ Sea Production FRN 14/02/2014 2,140,188 0.21

10,236,388 0.99

Pakistan

3,162,000 US$ Pakistan Government International Bond 6.875% 01/06/2017 2,940,660 0.29

2,492,000 US$ Pakistan Government International Bond 7.125% 31/03/2016 2,367,400 0.23

3,156,000 US$ Pakistan Mobile Communications 8.625% 13/11/2013 3,140,220 0.31

8,448,280 0.83

Panama

650,000 US$ Panama Government International Bond 4.3% 29/04/2053 521,625 0.05

4,037,000 US$ Panama Government International Bond 6.7% 26/01/2036 4,693,013 0.46






57


Holdings


%


Bonds (continued)

Paraguay

2,830,000 US$ Republic of Paraguay 4.625% 25/01/2023 2,730,950 0.27

2,300,000 US$ Telefonica Celular del Paraguay 6.75% 13/12/2022 2,386,250 0.23

5,117,200 0.50

People's Republic of China

186,000 US$ Agile Property 8.875% 28/04/2017 189,720 0.02

1,391,000 US$ Agile Property 9.875% 20/03/2017 1,457,072 0.14

5,448,000 US$ Amber Circle Funding 3.25% 04/12/2022 4,896,537 0.48

470,000 US$ China CITIC Bank International 6.875% 24/06/2020 496,403 0.05

950,000 US$ China Oriental 7% 17/11/2017 874,000 0.08

1,673,000 US$ China Oriental 8% 18/08/2015 1,647,905 0.16

2,320,000 US$ China Railway Resources Huitung 3.85% 05/02/2023 2,078,701 0.20

3,100,000 US$ China Shanshui Cement 10.5% 27/04/2017 3,239,500 0.32

1,950,000 US$ CNPC General Capital 3.4% 16/04/2023 1,790,611 0.17

2,360,000 US$ CNPC HK Overseas Capital 5.95% 28/04/2041 2,550,207 0.25

1,200,000 US$ Country Garden 7.5% 10/01/2023 1,098,000 0.11

176,000 US$ Country Garden 10.5% 11/08/2015 187,464 0.02



12,250,000 CNH Evergrande Real Estate 7.5% 19/01/2014 1,975,907 0.19

19,400,000 CNH Evergrande Real Estate 9.25% 19/01/2016 2,925,330 0.28

3,047,000 US$ Evergrande Real Estate 13% 27/01/2015 3,138,410 0.31

1,617,000 US$ Fosun International 7.5% 12/05/2016 1,633,170 0.16

2,130,000 US$ Franshion Development 6.75% 15/04/2021 2,076,750 0.20

1,700,000 US$ Gemdale International Investment 7.125% 16/11/2017 1,662,354 0.16

3,350,000 US$ Hidili Industry International Development 8.625% 04/11/2015 2,562,750 0.25

1,600,000 US$ Longfor Properties 9.5% 07/04/2016 1,716,000 0.17

3,910,000 US$ Sinochem Overseas Capital 4.5% 12/11/2020 3,854,892 0.37

1,110,000 US$ Sinochem Overseas Capital 6.3% 12/11/2040 1,100,306 0.11

1,740,000 US$ Sinopec Overseas Development 2012 4.875% 17/05/2042 1,612,545 0.16

3,800,000 US$ Sunac China 9.375% 05/04/2018 3,658,997 0.36

1,250,000 US$ Sunac China 12.5% 16/10/2017 1,331,583 0.13

1,750,000 US$ Yanlord Land 9.5% 04/05/2017 1,811,250 0.18

1,600,000 US$ Yanlord Land 10.625% 29/03/2018 1,676,000 0.16

54,430,926 5.30

Peru

903,000 US$ Peruvian Government International Bond 7.125% 30/03/2019 1,092,630 0.11

6,228,000 US$ Peruvian Government International Bond 7.35% 21/07/2025 7,971,840 0.78

4,234,000 US$ Peruvian Government International Bond 8.75% 21/11/2033 6,160,470 0.60

15,224,940 1.49

Philippines

2,360,000 US$ Development Bank of the Philippines 5.5% 25/03/2021 2,548,361 0.25

5,821,000 US$ Philippine Government International Bond 4% 15/01/2021 6,155,708 0.60

970,000 US$ Philippine Government International Bond 5.5% 30/03/2026 1,105,800 0.11 The accompanying notes form an integral part of these consolidated financial statements.


58


Holdings


%


Bonds (continued)

Philippines (continued)

4,252,000 US$ Philippine Government International Bond 7.75% 14/01/2031 5,612,640 0.55




400,000 US$ Power Sector Assets & Liabilities Management 7.25% 27/05/2019 469,000 0.05

3,965,000 US$ Power Sector Assets & Liabilities Management 7.39% 02/12/2024 4,797,650 0.47

32,801,009 3.21

Poland

761,114 US$ CEDC FinanceInternational 10% 30/04/2018 545,110 0.05

1,768,033 US$ CEDC FinanceInternational Step Cpn 30/04/2018 1,563,648 0.15

2,200,000 US$ Eileme 2 11.625% 31/01/2020 2,486,000 0.24

2,800,000 EUR Eileme 2 11.75% 31/01/2020 4,130,924 0.40

7,008,000 US$ Poland Government International Bond 5% 23/03/2022 7,533,600 0.73

4,092,000 US$ Poland Government International Bond 6.375% 15/07/2019 4,772,541 0.46


1,109,000 EUR Polish Television Step Cpn 15/05/2017 1,491,987 0.15

26,478,565 2.56

Qatar

213,000 US$ Qatar Government International Bond 5.75% 20/01/2042 228,975 0.02

1,355,000 US$ Qatar Government International Bond 6.4% 20/01/2040 1,588,737 0.15

1,000,000 US$ Qtel International Finance 3.875% 31/01/2028 875,000 0.09

1,300,000 US$ Qtel International Finance 4.5% 31/01/2043 1,124,760 0.11

4,769,000 US$ Qtel International Finance 7.875% 10/06/2019 5,853,948 0.57

9,671,420 0.94

Romania

8,386,000 US$ Romanian Government International Bond 4.375% 22/08/2023 7,966,868 0.77


19,570,227 1.90

Russian Federation

1,650,000 US$ Alfa BankVia Alfa Bond Issuance 7.5% 26/09/2019 1,683,000 0.16

1,700,000 US$ Brunswick Rail Finance 6.5% 01/11/2017 1,683,000 0.16

3,300,000 US$ Credit Bank of Moscow Via CBOM Finance 7.7% 01/02/2018 3,349,500 0.33

2,700,000 US$ Evraz 6.75% 27/04/2018 2,585,250 0.25

2,354,000 US$ Evraz 9.5% 24/04/2018 2,495,240 0.24

3,750,000 US$ Far East Capital 8% 02/05/2018 3,459,375 0.34

1,950,000 US$ Far East Capital 8.75% 02/05/2020 1,784,250 0.17

2,190,000 US$ Gazprom NeftVia GPN Capital 4.375% 19/09/2022 2,005,711 0.20

1,050,000 US$ GazpromVia Gaz Capital 4.95% 06/02/2028 903,000 0.09

2,180,000 US$ GazpromVia Gaz Capital 6.51% 07/03/2022 2,305,350 0.22

1,050,000 US$ GazpromVia Gaz Capital 8.625% 28/04/2034 1,244,250 0.12

750,000 US$ Metalloinvest Finance 6.5% 21/07/2016 772,500 0.08

4,464,000 US$ MTS International Funding 8.625% 22/06/2020 5,245,200 0.51

1,700,000 US$ PromsvyazbankVia PSB Finance 8.5% 25/04/2017 1,792,089 0.17

1,500,000 US$ PromsvyazbankVia PSB Finance 10.2% 06/11/2019 1,575,000 0.15

3,071,000 US$ Rosneft Oilvia Rosneft International Finance 4.199% 06/03/2022 2,845,281 0.28 The accompanying notes form an integral part of these consolidated financial statements.


59


Holdings


%


Bonds (continued)

Russian Federation (continued)

518,360,000 RUB Russian Federal Bond - OFZ 6.8% 11/12/2019 15,474,376 1.50

1,100,000 US$ Russian Foreign Bond - Eurobond 5% 29/04/2020 1,177,000 0.11

1,200,000 US$ Russian Foreign Bond - Eurobond 5.625% 04/04/2042 1,245,000 0.12

14,667,531 US$ Russian Foreign Bond - Eurobond Step Cpn 31/03/2030 17,179,346 1.67

3,050,000 US$ Russian Standard Bank Via Russian Standard Finance 9.25% 11/07/2017 3,156,902 0.31

1,490,000 US$ Sberbank of Russia Via SB Capital 5.25% 23/05/2023 1,400,600 0.14



1,000,000 US$ SeverstalVia Steel Capital 5.9% 17/10/2022 912,500 0.09

700,000 US$ SeverstalVia Steel Capital 6.7% 25/10/2017 719,775 0.07

5,100,000 US$ TMKVia TMK Capital 7.75% 27/01/2018 5,100,000 0.49

2,066,000 US$ VEB-Leasing Via VEB Leasing Investment 5.125% 27/05/2016 2,146,057 0.21

1,000,000 US$ Vimpel Communications Via VIP Finance Ireland 7.748% 02/02/2021 1,066,250 0.10

5,600,000 US$ VimpelCom 7.504% 01/03/2022 5,796,000 0.56

1,839,000 US$ Vnesheconombank Via VEB Finance 5.45% 22/11/2017 1,912,560 0.19



885,000 US$ VTB BankVia VTB Capital 6% 12/04/2017 920,400 0.09

2,278,000 US$ VTB BankVia VTB Capital 6.875% 29/05/2018 2,414,680 0.23

112,884,080 10.96

Senegal

2,480,000 US$ Senegal Government International Bond 8.75% 13/05/2021 2,579,200 0.25

2,579,200 0.25

Serbia

3,157,000 US$ Republic of Serbia 4.875% 25/02/2020 2,872,870 0.28

4,134,000 US$ Republic of Serbia 7.25% 28/09/2021 4,258,020 0.41

7,130,890 0.69

Singapore

1,050,000 US$ MMI International 8% 01/03/2017 1,055,250 0.10

1,055,250 0.10

South Africa

1,700,000 EUR Edcon Pty 9.5% 01/03/2018 2,047,329 0.20

1,800,000 EUR Edcon Pty FRN 15/06/2015 2,047,264 0.20

400,000 US$ Sappi Papier 6.625% 15/04/2021 388,000 0.04

600,000 US$ Sappi Papier 7.75% 15/07/2017 633,000 0.06

800,000 US$ Sappi Papier 8.375% 15/06/2019 844,000 0.08

3,340,000 US$ South Africa Government International Bond 5.5% 09/03/2020 3,519,525 0.34




19,369,400 1.89

Sri Lanka

2,042,000 US$ Bank of Ceylon 6.875% 03/05/2017 2,062,420 0.20

1,110,000 US$ Sri Lanka Government International Bond 5.875% 25/07/2022 1,048,950 0.10

2,396,000 US$ Sri Lanka Government International Bond 6.25% 04/10/2020 2,372,040 0.23 The accompanying notes form an integral part of these consolidated financial statements.


60


Holdings


%


Bonds (continued)

Sri Lanka (continued)

2,300,000 US$ Sri Lanka Government International Bond 6.25% 27/07/2021 2,265,500 0.22

820,000 US$ Sri Lanka Government International Bond 7.4% 22/01/2015 865,100 0.08

8,614,010 0.83

Turkey

4,127,000 US$ Turkey Government International Bond 3.25% 23/03/2023 3,600,807 0.35



3,786,000 US$ Turkey Government International Bond 6% 14/01/2041 3,776,535 0.37







645,000 US$ Turkey Government International Bond 7% 05/06/2020 744,975 0.07




970,000 US$ Turkey Government International Bond 7.5% 07/11/2019 1,144,600 0.11


900,000 US$ Turkey Government International Bond 11.875% 15/01/2030 1,507,500 0.15

46,936,156 4.57

Ukraine

3,700,000 US$ DTEK Finance 7.875% 04/04/2018 3,450,250 0.34

4,550,000 US$ Ferrexpo Finance 7.875% 07/04/2016 4,199,058 0.41

5,022,000 US$ Metinvest 8.75% 14/02/2018 4,670,460 0.45

1,900,000 US$ Metinvest 10.25% 20/05/2015 1,923,750 0.19

4,500,000 US$ MHP 8.25% 02/04/2020 3,967,425 0.39

3,600,000 US$ Mriya Agro 9.45% 19/04/2018 3,204,000 0.31

5,050,000 US$ NationalNaftogaz of Ukraine 9.5% 30/09/2014 5,037,375 0.49

3,710,000 US$ Oschadbank Via SSB #1 8.25% 10/03/2016 3,456,607 0.34

2,670,000 US$ Oschadbank Via SSB #1 8.875% 20/03/2018 2,397,633 0.23

1,550,000 US$ Privatbank CJSC Via UK SPV Credit Finance 9.375% 23/09/2015 1,441,500 0.14

2,452,000 US$ State Export-Import Bank of Ukrainevia Biz Finance 8.75% 22/01/2018 2,157,760 0.21

1,920,000 US$ Ukraine Government International Bond 6.25% 17/06/2016 1,780,800 0.17






1,250,000 US$ Ukraine Railways via Shortline 9.5% 21/05/2018 1,128,125 0.11

1,800,000 US$ Ukrlandfarming 10.875% 26/03/2018 1,701,000 0.17



61


Holdings


%


Bonds (continued)

United Arab Emirates

3,050,000 US$ Atlantic Finance Step Cpn 27/05/2014 3,240,625 0.32

1,267,080 US$ Dana Gas Sukuk 7% 31/10/2017 1,163,192 0.11

1,267,080 US$ Dana Gas Sukuk 9% 31/10/2017 1,214,838 0.12

2,330,000 US$ DEWA Sukuk 2013 3% 05/03/2018 2,271,750 0.22

2,045,711 US$ Dolphin Energy 5.888% 15/06/2019 2,229,825 0.22

6,280,000 US$ DP World 6.85% 02/07/2037 6,484,100 0.63

4,600,000 EUR Dubai Commercial Operations MTN 4.75% 30/01/2014 5,949,414 0.58

1,900,000 GBP Dubai Commercial Operations MTN 6% 01/02/2017 2,795,278 0.27

430,000 US$ Dubai DOF Sukuk 6.45% 02/05/2022 452,575 0.04

3,690,000 US$ Dubai Electricity & Water Authority 7.375% 21/10/2020 4,132,800 0.40

1,000,000 US$ Emaar Sukuk 6.4% 18/07/2019 1,025,000 0.10

2,141,000 US$ Emirate of Dubai Government International Bonds 5.25% 30/01/2043 1,809,145 0.18


1,970,000 US$ Emirates Airline 4.5% 06/02/2025 1,802,944 0.18

2,230,000 US$ Emirates Airline 5.125% 08/06/2016 2,291,325 0.22

3,260,000 US$ Jafz Sukuk 7% 19/06/2019 3,488,200 0.34

500,000 US$ Pyrus 7.5% 20/12/2015 629,000 0.06

44,977,466 4.38

Uruguay

3,316,585 US$ Uruguay Government International Bond 4.125% 20/11/2045 2,703,017 0.26

2,740,781 US$ Uruguay Government International Bond 7.625% 21/03/2036 3,460,236 0.34

4,426,263 US$ Uruguay Government International Bond 8% 18/11/2022 5,583,731 0.54

4,311,470 US$ Uruguay Government International Bond PIK 15/01/2033 5,475,567 0.53

17,222,551 1.67

Venezuela

2,500,000 US$ Petroleos de Venezuela 5.25% 12/04/2017 2,037,500 0.20




2,194,000 US$ Venezuela Government International Bond 6% 09/12/2020 1,601,620 0.16

1,615,000 US$ Venezuela Government International Bond 7.65% 21/04/2025 1,203,175 0.12




2,693,000 US$ Venezuela Government International Bond 9% 07/05/2023 2,241,922 0.22

400,000 US$ Venezuela Government International Bond 9.25% 15/09/2027 338,000 0.03

3,657,000 US$ Venezuela Government International Bond 9.25% 15/09/2027 - Eurotlx 3,090,165 0.30








62


Holdings


%


Bonds (continued)

Vietnam

3,868,000 US$ Vietnam Government International Bond 6.75% 29/01/2020 4,100,080 0.40

1,670,000 US$ Vietnam Government International Bond 6.875% 15/01/2016 1,761,850 0.17

1,000,000 US$ Vietnam Joint Stock Commercial Bank for Industry and Trade 8% 17/05/2017 1,015,000 0.10

6,876,930 0.67

Zambia

1,780,000 US$ Zambia Government International Bond 5.375% 20/09/2022 1,584,200 0.15

1,584,200 0.15

Total bonds 1,100,489,482 107.03

Equities

Hong Kong

2,655,631 US$ Emerald Plantation Holdings 690,464 0.07

690,464 0.07

Kazakhstan

144,200 US$ BTA Bank GDR 142,758 0.01

142,758 0.01

Total equities 833,222 0.08

Total transferable securities admitted to an official stock exchange listing / dealt on another regulated market 1,101,322,704 107.11

Other transferable securities and money market instruments

Bonds

Hong Kong

2,626,018 US$ Emerald Plantation 6% 30/01/2020 1,575,611 0.15

702,000 US$ Sino-Forest Corporation Claim 4.25% 15/12/2016 - -

4,761,000 US$ Sino-Forest Corporation Claim 4.25% 15/02/2016 144A - -

6,140,000 US$ Sino-Forest Corporation Claim 6.25% 21/10/2017 - -

614,000 US$ Sino-Forest Corporation Claim 6.25% 21/10/2017 144A - -



1,575,611 0.15

Iraq

7,883,000 US$ Republic of Iraq 5.8% 15/01/2028 6,542,890 0.64

6,542,890 0.64

Nigeria

4,300,000 US$ Sea Trucks 9% 26/03/2018 4,160,250 0.40

4,160,250 0.40


1,100,000 US$ Far East Energy Bermuda PIK 15/01/2016 1,100,000 0.11



63


Holdings


%

Other transferable securities and money market instruments (continued)

Bonds (continued)

Russian Federation

2,905,000 US$ Ritekro FRN 01/11/2022 1,077,755 0.10

1,077,755 0.10

Total bonds 14,456,506 1.40

Loan participations

Georgia

1,019,974 US$ Ashmore Cayman SPC 2 Limited - TBC Bank Segregated Portfolio PPN/PIK 2,172,418 0.21

2,172,418 0.21

Russia

10,000,000 US$ Marta 1Yr Loan 24% 31/12/2009 * - -

175,926 US$ Snegiri Convertible Loan 30/09/2014 - -

- -

Singapore

1,559,694 US$ Rubicon Offshore International 30% PIK Loan Rolled Up 15/12/2013 1,559,694 0.15

1,559,694 0.15

Total loan participations 3,732,112 0.36

Equities

Russian Federation

29,050 US$ Ritekro Ltd - Ordinary Shares - - - -

Total equities - -

Warrants and rights


1,028,251 US$ Far East Energy 15/01/2018 192,283 0.02

192,283 0.02

Total warrants and rights 192,283 0.02

Total other transferable securities and money market instruments 18,380,901 1.78

Written options 7,000,000 EUR Currency PUT option EUR/USD 1.27 European 18/09/2013 (Bank of

America) 75,006 0.01

6,710,000 EUR Currency PUT option EUR/USD 1.31 European 12/07/2013 (Bank of America)

94,376 0.01

169,382 0.02

Total written options 169,382 0.02

Total investment portfolio 1,119,872,987 108.91

Cash at bank 68,924,261 6.70

Other assets and liabilities (160,548,018)

(15.61)

Total net assets 1,028,249,230 100.00

* Asset in default but not permanently impaired pending ongoing negotiation. The accompanying notes form an integral part of these consolidated financial statements.


64

Ashmore SICAV Emerging Markets Sovereign Debt Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%

Transferable securities admitted to an official stock exchange listing / dealt on another regulated market

Bonds

Argentina

1,550,000 US$ Argentina Boden Bonds 7% 03/10/2015 1,344,625 1.10

519,649 US$ Argentine Republic Government International Bond 8.28% 31/12/2033 284,508 0.23

1,403,053 US$ Argentine Republic Government International Bond 8.28% Discount 31/12/2033 789,217 0.65


299,000 US$ Argentine Republic Government International Bond Step Cpn 31/12/2038 97,175 0.08

2,836,705 2.32

Azerbaijan

970,000 US$ State Oil Co of the Azerbaijan Republic 4.75% 13/03/2023 877,850 0.72


1,514,900 1.24

Belarus


910,000 US$ Republic of Belarus 8.95% 26/01/2018 907,725 0.75

1,950,325 1.61

Bolivia

860,000 US$ Bolivian Government International Bond 4.875% 29/10/2022 804,100 0.66

804,100 0.66

Brazil

360,000 US$ Banco Nacional de Desenvolvimento Economico e Social 5.5% 12/07/2020 371,700 0.31


400,000 US$ Brazilian Government International Bond 2.625% 05/01/2023 348,000 0.29






5,151,980 4.24

Chile



250,000 US$ Chile Government International Bond 3.25% 14/09/2021 250,000 0.21

150,000 US$ Corp Nacional del Cobre de Chile 3.75% 04/11/2020 145,971 0.12



40,000 US$ Empresa Nacional del Petroleo 5.25% 10/08/2020 40,570 0.03

1,823,116 1.50

Colombia

680,000 US$ Colombia Government International Bond 4.375% 12/07/2021 708,220 0.58






4,675,235 3.83



65

Ashmore SICAV Emerging Markets Sovereign Debt Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%

Transferable securities admitted to an official stock exchange listing / dealt on another regulated market (continued)

Bonds (continued)

Costa Rica

740,000 US$ Costa Rica Government International Bond 4.25% 26/01/2023 684,500 0.56



200,000 US$ Instituto Costarricense de Electricidad 6.375% 15/05/2043 181,250 0.15

1,230,250 1.01

Croatia

350,000 US$ Croatia Government International Bond 6.25% 27/04/2017 366,944 0.30




3,065,012 2.52

Dominican Republic

610,000 US$ Dominican Republic International Bond 5.875% 18/04/2024 587,125 0.48


1,352,150 1.11

Ecuador

200,000 US$ Ecuador Government International Bond 9.375% 15/12/2015 207,500 0.17

207,500 0.17

Egypt



436,268 0.36

El Salvador






1,270,691 1.05

Gabon

200,000 US$ Gabonese Republic 8.2% 12/12/2017 225,000 0.18

225,000 0.18

Georgia

60,000 US$ Georgia Government International Bond 6.875% 12/04/2021 64,200 0.05

510,000 US$ Georgian Railway JSC 7.75% 11/07/2022 551,157 0.45

615,357 0.50

Ghana

510,000 US$ Republic of Ghana 8.5% 04/10/2017 538,050 0.44

538,050 0.44

Guatemala

740,000 US$ Guatemala Government Bond 4.875% 13/02/2028 669,700 0.55

669,700 0.55 The accompanying notes form an integral part of these consolidated financial statements.


66

Ashmore SICAV Emerging Markets Sovereign Debt Fund

Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Hungary

430,000 US$ Hungary Government International Bond 5.375% 21/02/2023 413,875 0.34




2,589,297 2.12

India

202,000 US$ Export-Import Bank of India 4% 14/01/2023 179,639 0.15

179,639 0.15

Indonesia

50,000 US$ Indonesia Government International Bond 4.875% 05/05/2021 51,250 0.04








320,000 US$ Majapahit Holding BV 7.75% 17/10/2016 354,400 0.29


330,000 US$ Majapahit Holding BV 8% 07/08/2019 371,250 0.31

780,000 US$ Pertamina Persero PT 5.625% 20/05/2043 674,700 0.55

1,370,000 US$ Pertamina Persero PT 6% 03/05/2042 1,280,950 1.05

35,000 US$ Perusahaan Listrik Negara PT 5.25% 24/10/2042 29,050 0.02

1,060,000 US$ Perusahaan Listrik Negara PT 5.5% 22/11/2021 1,038,800 0.85

7,078,911 5.81

Ivory Coast

2,805,000 US$ Ivory Coast Government International Bond Step Coupon 31/12/2032 2,300,100 1.89

2,300,100 1.89

Kazakhstan

810,000 US$ Development Bank of Kazakhstan JSC 4.125% 10/12/2022 720,900 0.59

600,000 US$ Kazakhstan Temir Zholy Finance BV 6.375% 06/10/2020 648,000 0.53


380,000 US$ Kazatomprom Natsionalnaya Atomnaya Kompaniya AO 6.25% 20/05/2015 395,200 0.33

440,000 US$ KazMunayGas National Co JSC 4.4% 30/04/2023 408,100 0.33


260,000 US$ KazMunayGas National Co JSC 7% 05/05/2020 293,800 0.24





67


Holdings


US$ Net Assets

%


Bonds (continued)

Latvia

890,000 US$ Republic of Latvia 2.75% 12/01/2020 823,250 0.68

823,250 0.68

Lebanon


1,026,000 US$ Lebanon Government International Bond 6.1% 04/10/2022 954,180 0.78




2,343,250 1.92

Lithuania

440,000 US$ Lithuania Government International Bond 5.125% 14/09/2017 470,536 0.39




3,244,549 2.67

Malaysia

310,000 US$ Petronas Capital Ltd 5.25% 12/08/2019 338,475 0.28


540,000 US$ Wakala Global Sukuk Bhd 4.646% 06/07/2021 566,410 0.46

1,182,854 0.97

Mexico

350,000 US$ Comision Federal de Electricidad 4.875% 26/05/2021 357,875 0.29







253,000 US$ Pemex Project Funding Master Trust 5.75% 01/03/2018 277,035 0.23

106,000 US$ Petroleos Mexicanos 5.5% 27/06/2044 95,400 0.08

150,000 US$ Petroleos Mexicanos 6% 05/03/2020 165,000 0.14



4,132,105 3.40

Mongolia

285,000 US$ Mongolia Government International Bond 5.125% 05/12/2022 250,800 0.21

250,800 0.21

Morocco

640,000 US$ Morocco Government International Bond 4.25% 11/12/2022 563,328 0.46




68


Holdings


US$ Net Assets

%


Bonds (continued)

Nigeria

300,000 US$ Nigeria Government International Bond 6.75% 28/01/2021 313,500 0.26

313,500 0.26

Pakistan

340,000 US$ Pakistan Government International Bond 7.125% 31/03/2016 323,000 0.27

323,000 0.27

Panama






1,615,713 1.33

Paraguay

340,000 US$ Republic of Paraguay 4.625% 25/01/2023 328,100 0.27

328,100 0.27


1,505,000 US$ Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 1,483,788 1.22

605,000 US$ Sinochem Overseas Capital Co Ltd 6.3% 12/11/2040 599,716 0.49

2,083,504 1.71

Peru

226,000 US$ Peruvian Government International Bond 7.125% 30/03/2019 273,460 0.22



2,049,725 1.68

Philippines

450,000 US$ Philippine Government International Bond 4% 15/01/2021 475,875 0.39

580,000 US$ Philippine Government International Bond 5.5% 30/03/2026 661,200 0.54





200,000 US$ Power Sector Assets & Liabilities Management Corp 7.25% 27/05/2019 234,500 0.19


4,441,025 3.64

Poland

580,000 US$ Poland Government International Bond 3% 17/03/2023 523,450 0.43


797,000 US$ Poland Government International Bond 6.375% 15/07/2019 929,549 0.76

2,592,499 2.13

Qatar





69


Holdings Currency Description of Investment Market Value

US$ Net Assets

%


Bonds (continued)

Romania



2,815,110 2.31

Russian Federation

240,000 US$ Russian Agricultural Bank OJSC Via RSHB Capital SA 7.75% 29/05/2018 268,800 0.22

300,000 US$ Russian Foreign Bond - Eurobond 5% 29/04/2020 321,000 0.26

600,000 US$ Russian Foreign Bond - Eurobond 5.625% 04/04/2042 622,500 0.51



540,000 US$ Vnesheconombank Via VEB Finance PLC 5.45% 22/11/2017 561,600 0.46


1,710,000 US$ Vnesheconombank Via VEB Finance PLC 6.902% 09/07/2020 1,876,725 1.54

6,913,743 5.67

Senegal

600,000 US$ Senegal Government International Bond 8.75% 13/05/2021 624,000 0.51

624,000 0.51

Serbia

750,000 US$ Republic of Serbia 4.875% 25/02/2020 682,500 0.56


1,156,300 0.95

South Africa

728,000 US$ South Africa Government International Bond 5.5% 09/03/2020 767,130 0.63




2,057,930 1.68

Sri Lanka

360,000 US$ Bank of Ceylon 6.875% 03/05/2017 363,600 0.30




1,353,350 1.11

Turkey

300,000 US$ Turkey Government International Bond 3.25% 23/03/2023 261,750 0.22











70


Holdings


US$ Net Assets

%


Bonds (continued)

Turkey (continued)






7,492,862 6.15

Ukraine

195,000 US$ National JSC Naftogaz of Ukraine 9.5% 30/09/2014 194,513 0.16

410,000 US$ Oschadbank Via SSB #1 PLC 8.25% 10/03/2016 381,997 0.31


450,000 US$ State Export-Import Bank of Ukraine JSC via Biz Finance PLC 8.75% 22/01/2018 396,000 0.33

100,000 US$ Ukraine Government International Bond 6.25% 17/06/2016 92,750 0.08






6,026,836 4.94


40,000 US$ Dubai DOF Sukuk Ltd 6.45% 02/05/2022 42,100 0.03

320,000 US$ Emirate of Dubai Government International Bonds 5.25% 30/01/2043 270,400 0.22


3,163,040 2.59

Uruguay

207,079 US$ Uruguay Government International Bond 4.125% 20/11/2045 168,769 0.14


519,000 US$ Uruguay Government International Bond 7.875 15/01/2033 659,130 0.54

712,602 US$ Uruguay Government International Bond 8% 18/11/2022 898,947 0.74

2,318,959 1.91

Venezuela

360,000 US$ Petroleos de Venezuela SA 5.25% 12/04/2017 293,400 0.24

1,115,000 US$ Petroleos de Venezuela SA 5.375% 12/04/2027 674,575 0.55



266,000 US$ Venezuela Government International Bond 6% 09/12/2020 194,180 0.16











71


Holdings


US$ Net Assets

%


Bonds (continued)

Venezuela (continued)




7,334,461 6.03

Vietnam

566,000 US$ Vietnam Government International Bond 6.75% 29/01/2020 599,960 0.49


948,110 0.78

Zambia

250,000 US$ Zambia Government International Bond 5.375% 20/09/2022 222,500 0.18

222,500 0.18

Total bonds 114,415,008 93.91

Total transferable securities admitted to an official stock exchange listing / dealt on another regulated market 114,415,008 93.91


Bonds

Iraq

1,082,000 US$ Republic of Iraq 5.8% 15/01/2028 898,060 0.74

898,060 0.74

Total bonds 898,060 0.74

Total other transferable securities and money market instruments 898,060 0.74

Loan participations


294,464 US$ Dubai World Tlb 1% + 1.5% PIK 23/03/2019 182,567 0.15

182,567 0.15

Total loan participations 182,567 0.15


Total investment portfolio 115,495,635 94.80

Cash at bank 7,600,559 6.24

Other assets and liabilities (1,262,167) (1.04)

Total net assets 121,834,027 100.00



72

Ashmore SICAV Emerging Markets Sovereign Investment Grade Debt Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Brazil






3,121,000 4.94

Chile






1,859,573 2.94

Colombia






2,977,638 4.71

Costa Rica




1,000,000 US$ Instituto Costarricense de Electricidad 6.375% 15/05/2043 906,250 1.43

3,434,875 5.44

India

1,088,000 US$ Export-Import Bank of India 4% 14/01/2023 967,558 1.53

967,558 1.53

Indonesia






1,700,000 US$ Pertamina Persero PT 4.875% 03/05/2022 1,627,750 2.58

600,000 US$ Pertamina Persero PT 6% 03/05/2042 561,000 0.89




73

Ashmore SICAV Emerging Markets Sovereign Investment Grade Debt Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Kazakhstan


1,100,000 US$ Kazakhstan Temir Zholy Finance BV 6.95% 10/07/2042 1,117,930 1.77



1,675,000 US$ KazMunayGas National Co JSC 7% 05/05/2020 1,892,750 3.00

1,000,000 US$ KazMunayGas National Co JSC 9.125% 02/07/2018 1,197,500 1.89

5,973,435 9.45

Latvia

1,350,000 US$ Republic of Latvia 2.75% 12/01/2020 1,248,750 1.98


2,090,750 3.31

Lithuania


900,000 US$ Lithuania Government International Bond 6.125% 09/03/2021 1,003,500 1.59


4,150,700 6.57

Malaysia




862,968 1.36

Mexico















4,800,046 7.59

Morocco

1,100,000 US$ Morocco Government International Bond 4.25% 11/12/2022 968,220 1.53

1,000,000 US$ Morocco Government International Bond 5.5% 11/12/2042 835,200 1.32

1,803,420 2.85



74


Holdings


US$ Net Assets

%


Bonds (continued)

Namibia

230,000 US$ Namibia International Bonds 5.5% 03/11/2021 232,300 0.37

232,300 0.37

Panama





1,823,622 2.88



1,177,000 US$ Sinochem Overseas Capital Co Ltd 6.3% 12/11/2040 1,166,721 1.85

235,000 US$ Sinopec Group Overseas Development 2012 Ltd 4.875% 17/05/2042 217,786 0.34

1,902,108 3.01

Peru



888,000 US$ Peruvian Government International Bond 8.75% 21/11/2033 1,292,040 2.04

1,944,790 3.08

Philippines


631,200 1.00

Poland


950,000 US$ Poland Government International Bond 5% 23/03/2022 1,021,250 1.62

1,021,250 1.62

Romania

850,000 US$ Romanian Government International Bond 4.375% 22/08/2023 807,517 1.28


3,594,642 5.69

Russian Federation






5,920,679 9.37

South Africa



1,387,500 2.19



75


Holdings


US$ Net Assets

%


Bonds (continued)

Turkey


1,000,000 US$ Turkey Government International Bond 4.875% 16/04/2043 860,000 1.36

1,187,188 1.88

Uruguay


962,000 US$ Uruguay Government International Bond 7.625% 21/03/2036 1,214,525 1.92

1,794,805 2.84

Total bonds 58,993,372 93.35



Cash at bank 3,379,366 5.35

Other assets and liabilities 823,198 1.30




76

Ashmore SICAV Turkish Debt Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Turkey

580,000 TRY AK Finansal Kiralama FRN 21/02/2014 300,604 0.64

1,250,000 TRY Akfen FRN 24/12/2013 656,275 1.40

2,000,000 TRY Boyner Buyuk Magazacilik FRN 31/12/2015 1,051,483 2.24

2,000,000 TRY Creditwest Faktoring Hizmetleri A.S. FRN 24/11/2014 1,037,601 2.21

1,500,000 TRY Lider Faktoring Hizmetleri A.S. FRN 08/11/2013 782,866 1.67

4,000,000 TRY Ronesans FRN 18/12/2015 2,085,568 4.44

9,000,000 TRY Turkey Government Bond 6.3% 14/02/2018 4,343,808 9.25





11,800,000 TRY Turkey Government Bond 9% 08/03/2017 6,314,494 13.45





45,134,310 96.15

Total bonds 45,134,310 96.15



Cash at bank 661,720 1.41

Other assets and liabilities 1,143,113 2.44




77

Ashmore SICAV Local Currency Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Brazil

254,000 BRL Brazil Letras do Tesouro Nacional 0% 01/01/2015 994,538 0.07

2,821,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2016 30,980,762 2.22



2,330,000 BRL RBS-Zero Hora Editora Jornalistica SA 11.25% 15/06/2017 1,010,062 0.07

102,598,636 7.36

Colombia

2,995,000,000 COP Emgesa SA ESP 8.75% 25/01/2021 1,705,890 0.12

1,705,890 0.12

Ghana

4,790,000 GHS Ghana Government Bond 21% 26/10/2015 2,366,870 0.17

2,366,870 0.17

Mexico

1,005,000,000 MXN Mexican Bonos 8% 19/12/2013 78,571,521 5.64

78,571,521 5.64


32,500,000 CNH Evergrande Real Estate Group Ltd 9.25% 19/01/2016 4,900,682 0.35

4,900,682 0.35

Philippines

105,000,000 PHP Petron Corp 7% 10/11/2017 2,462,785 0.18

25,000,000 PHP Philippine Government International Bond 6.25% 14/01/2036 615,197 0.04

3,077,982 0.22

Poland

58,220,000 PLN Poland Government Bond 3% 24/08/2016 23,241,113 1.67

23,241,113 1.67

Romania

2,920,000 RON Romania Government Bond 5.6% 28/11/2018 853,242 0.06

10,730,000 RON Romania Government Bond 5.8% 26/10/2015 3,157,789 0.23



17,913,416 1.29

Russian Federation

9,510,000 RUB Russian Federal Bond - OFZ 6.9% 03/08/2016 292,589 0.02



18,402,604 1.32

Thailand

48,000,000 THB Thailand Government Bond 1.2% 14/07/2021 1,568,128 0.11




78

Ashmore SICAV Local Currency Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Turkey

1,000,000 TRY Ronesans Gayrimenkul Yatirim AS FRN 25/07/2013 518,675 0.04

2,800,000 TRY Ronesans Holding FRN 18/12/2015 1,459,898 0.11



14,628,000 TRY Turkiye Garanti Bankasi AS 0% 15/11/2013 7,372,263 0.53

54,494,895 3.92

Ukraine

15,900,000 UAH Ukreximbank Via Biz Finance PLC 11% 03/02/2014 1,831,068 0.13

1,831,068 0.13

Uruguay

39,090,000 UYU Uruguay Government International Bond 3.7% 26/06/2037 3,168,788 0.23



71,210,000 UYU Uruguay Government International Bond 5% 14/09/2018 6,485,797 0.47

10,600,000 UYU Uruguay Notas Del Teso 3.25% Index Linked 27/01/2019 1,383,592 0.10

12,700,000 UYU Uruguay Notas Del Teso 9.0% 27/01/2014 618,056 0.04

21,885,584 1.57

Total bonds 334,655,498 24.02

Certificates of deposit

United Kingdom

50,000,000 US$ Barclays Bank Plc 0.34% 01/07/2013 50,000,000 3.59

50,000,000 US$ Nationwide Building Society 0.0% 20/09/2013 49,974,032 3.59

99,974,032 7.18

Total certificates of deposit 99,974,032 7.18

Commercial papers

Ireland

35,000,000 US$ DZ Bank Ireland Plc ZCPN 15/10/2013 34,961,154 2.51

34,961,154 2.51


50,000,000 US$ China Construction Bank Corporation ZCPN 06/09/2013 49,948,941 3.59

50,000,000 US$ ICBC Limited ZCPN 01/10/2013 49,917,719 3.58

99,866,660 7.17

United Kingdom

50,000,000 US$ Deutsche Bank Ag ZCPN 18/10/2013 49,923,866 3.59

49,923,866 3.59

Total commercial papers 184,751,680 13.27




79


Holdings


US$ Net Assets

%


Bonds

Nigeria

400,000,000 NGN Nigeria T-Bill 0.00% 07/11/2013 2,345,758 0.17




12,858,344 0.92

Romania

39,750,000 RON Romania Treasury Bills 0% 08/01/2014 11,280,804 0.81

11,280,804 0.81

Total bonds 24,139,148 1.73


Fully-funded total return swaps

Colombia

7,671,000,000 COP Colombian TES 8% 28/10/2015 4,205,595 0.30

4,205,595 0.30

India

80,610,000 INR India Government Bond 7.49% 16/04/2017 1,346,188 0.10



291,000,000 INR Rural Electrification Corp Ltd 9.35% 19/10/2016 4,848,670 0.35

25,609,731 1.84

Republic of South Korea

1,943,700,000 KRW Inflation Linked Korea Treasury Bond 2.75% 10/06/2020 2,059,655 0.15

21,347,800,000 KRW Korea Treasury Bond 5% 10/06/2020 20,663,466 1.48

22,723,121 1.63

Total fully-funded total return swaps 52,538,447 3.77

Undertakings for collective investments

Luxembourg

138,798,057 US$ Ashmore SICAV 2 Global Liquidity US$ Fund 138,798,057 9.97

138,798,057 9.97

Total undertakings for collective investments 138,798,057 9.97



80


Holdings


US$ Net Assets

%

Written options


640,736 0.05

52,300,000 EUR Currency PUT option EUR/USD 1.27 European 11/09/2013 (HSBC) 516,172 0.04



717,152 0.05

1,972,754 0.15

Total written options 1,972,754 0.15


Cash at bank, including time deposits (note 11) 588,082,455 42.22


Total net assets 1,392,698,227 100.00



81

Ashmore SICAV Emerging Markets Local Currency Bond Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Brazil

20,764,000 BRL Brazil Letras do Tesouro Nacional 0% 01/01/2017 64,932,456 2.39




78,280,000 BRL Brazilian Government International Bond 8.5% 05/01/2024 32,601,163 1.20

2,050,000 BRL Brazilian Government International Bond 10.25% 10/01/2028 951,201 0.04

286,186,740 10.54

Chile

760,000,000 CLP Bonos de la Tesoreria de la Republica en pesos 6% 01/01/2020 1,558,470 0.06

3,514,500,000 CLP Chile Government International Bond 5.5% 05/08/2020 6,998,505 0.26

8,556,975 0.32

Colombia

11,747,000,000 COP Colombia Government International Bond 4.375% 21/03/2023 5,352,678 0.20



20,711,000,000 COP Colombia Government International Bond 12% 22/10/2015 12,316,678 0.45

27,505,000,000 COP Colombian TES 7.5% 26/08/2026 14,301,888 0.53

55,909,121 2.06

Ghana

11,460,000 GHS Ghana Government Bond 21% 26/10/2015 5,662,701 0.21

5,662,701 0.21

Hungary

5,259,200,000 HUF Hungary Government Bond 5.5% 22/12/2016 23,565,158 0.87


5,317,100,000 HUF Hungary Government Bond 7% 24/06/2022 24,916,916 0.92


136,407,959 5.03

Indonesia

35,000,000,000 IDR Indonesia Treasury Bond 5.25% 15/05/2018 3,347,456 0.12



18,208,523 0.67

Mexico







28,190,000 MXN Mexican Udibonos 4% 11/15/2040 11,795,549 0.43



82

Ashmore SICAV Emerging Markets Local Currency Bond Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Nigeria

2,980,000,000 NGN Nigeria Government Bond 16% 29/06/2019 19,676,837 0.73

2,148,000,000 NGN Nigeria Government Bond 16.39% 27/01/2022 14,760,710 0.54

34,437,547 1.27

Philippines

303,000,000 PHP Philippine Government International Bond 3.9% 26/11/2022 6,770,086 0.25



20,297,782 0.75

Poland

21,700,000 PLN Poland Government Bond 2.75% 25/08/2023 7,721,046 0.28







298,563,392 10.98

Romania







37,475,216 1.39

Russian Federation

1,459,840,000 RUB Russian Federal Bond - OFZ 6.9% 03/08/2016 44,914,049 1.66

124,200,000 RUB Russian Federal Bond - OFZ 7% 25/01/2023 3,652,951 0.13









349,270,258 12.87

Singapore

19,700,000 SGD Singapore Government Bond 2.75% 01/07/2023 15,845,755 0.58



83


Holdings


US$ Net Assets

%


Bonds (continued)

South Africa

210,600,000 ZAR South Africa Government Bond 6.25% 31/03/2036 16,248,819 0.60


592,500,000 ZAR South Africa Government Bond 7% 28/02/2031 51,845,541 1.91






294,591,691 10.85

Thailand







1,170,700,000 THB Thailand Government Bond 3.65% 17/12/2021 37,600,061 1.39


23,400,000 THB Thailand Government Bond 4.5% 09/04/2024 797,160 0.03





128,831,945 4.76

Turkey






148,886,724 5.50

Uruguay




142,265,000 UYU Uruguay Government International Bond 5% 14/09/2018 12,957,477 0.48

16,600,000 UYU Uruguay Notas Del Teso 3.25% Index Linked 27/01/2019 2,166,758 0.08

23,400,000 UYU Uruguay Notas Del Teso 9.0% 27/01/2014 1,138,781 0.04

41,957,106 1.55

Total bonds 2,055,648,122 75.76




84


Holdings


US$ Net Assets

%


Bonds

Malaysia

38,800,000 MYR Malaysia Government Bond 3.314% 31/10/2017 12,237,308 0.45













164,893,402 6.07

Nigeria


1,820,000,000 NGN Nigeria T-Bill 0.00% 10/04/2014 10,065,150 0.37





32,728,119 1.20

Peru

14,580,000 PEN Peruvian Government International Bond 6.95% 12/08/2031 5,449,419 0.20




32,890,148 1.22

Total bonds 230,511,669 8.49



Colombia


1,416,000,000 COP Colombian TES 11% 24/07/2020 897,881 0.03

858,000,000 COP Colombian TES 11.25% 24/10/2018 553,740 0.02


3,505,404 0.12

India

1,774,000,000 INR India Government Bond 8.07% 03/07/2017 30,267,560 1.12

113,800,000 INR India Government Bond 7.49% 16/04/2017 1,900,461 0.07 The accompanying notes form an integral part of these consolidated financial statements.


85


Holdings


US$ Net Assets

%

Fully-funded total return swaps (continued)

India (continued)



39,999,615 1.48

Indonesia


178,100,000,000 IDR Indonesia Treasury Bond 7% 15/05/2027 16,871,588 0.62



4,100,000,000 IDR Indonesia Treasury Bond 8.375% 09/15/2026 437,933 0.02








157,037,148 5.80


2,071,100,000 KRW Inflation Linked Korea Treasury Bond 2.75% 10/06/2020 2,194,655 0.08


38,889,852 1.43


Undertakings for collective investment schemes

Luxembourg

356,717 US$ Ashmore SICAV Turkish Debt Fund 32,764,457 1.21

32,764,457 1.21

Total undertakings for collective investment schemes 32,764,457 1.21


America) 1,263,520 0.05

116,900,000 EUR Currency PUT option EUR/USD 1.27 European 11/09/2013 (HSBC) 1,153,737 0.04


1,414,212 0.05

3,831,469 0.14

Total written options 3,831,469 0.14


Cash at bank 131,657,356 4.85


Total net assets 2,713,349,311 100.00



86

Ashmore SICAV Emerging Markets Local Markets Currency Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Mexico

9,000,000 MXN Mexican Bonos 8% 19/12/2013 703,626 5.10

703,626 5.10

Romania

250,000 RON Romania Government Bond 5.85% 28/07/2014 73,406 0.53

73,406 0.53

Turkey

900,000 TRY Turkey Government Bond 0% 11/09/2013 460,679 3.34

460,679 3.34

Total bonds 1,237,711 8.97



Bonds

Nigeria

9,000,000 NGN Nigeria T-Bill 0.00% 20/03/2014 50,112 0.36



127,498 0.92




Luxembourg


1,300,674 9.43


Written options 400,000 EUR Currency PUT option EUR/USD 1.28 European 04/10/2013 (Bank of

America) 6,182 0.05

400,000 EUR Currency PUT option EUR/USD 1.26 European 08/11/2013 (Bank of America)

5,524 0.04

600,000 EUR Currency PUT option EUR/USD 1.27 European 11/09/2013 (HSBC) 5,922 0.04

17,628 0.13








87

Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Brazil

3,591,000 BRL Brazil Letras do Tesouro Nacional 0% 01/01/2017 11,229,650 3.40




10,090,000 BRL Brazilian Government International Bond 8.5% 05/01/2024 4,202,168 1.27

44,248,007 13.38

Chile

100,000,000 CLP Bonos de la Tesoreria de la Republica en pesos 6% 01/01/2020 205,062 0.06

431,000,000 CLP Chile Government International Bond 5.5% 05/08/2020 858,260 0.26

1,063,322 0.32

Colombia

1,523,000,000 COP Colombia Government International Bond 4.375% 21/03/2023 693,975 0.21



7,021,000,000 COP Colombia Government International Bond 12% 22/10/2015 4,175,337 1.26

2,402,000,000 COP Colombian TES 7.5% 26/08/2026 1,248,978 0.38

10,264,996 3.10

Mexico









34,149,714 10.32

Philippines



1,782,026 0.54

Poland











88

Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Romania




4,727,042 1.43

Russian Federation


32,114,000 RUB Russian Federal Bond - OFZ 7% 25/01/2023 944,532 0.29








47,302,346 14.30

Singapore

2,400,000 SGD Singapore Government Bond 2.75% 01/07/2023 1,930,447 0.58

1,930,447 0.58

South Africa








6,700,000 ZAR South Africa Government Bond 8.75% 28/02/2048 672,422 0.20


53,277,391 16.11

Thailand















89


Holdings


US$ Net Assets

%


Bonds (continued)

Uruguay

9,200,000 UYU Uruguay Government International Bond 3.25% Index Linked 27/01/2019 1,200,854 0.36

9,310,000 UYU Uruguay Government International Bond 3.7% 26/06/2037 754,705 0.23



8,870,000 UYU Uruguay Government International Bond 5% 14/09/2018 807,878 0.24

5,208,318 1.56

Total bonds 254,458,271 76.93

Transferable securities admitted to an official stock exchange listing / dealt on another regulated market (continued) 254,458,271 76.93


Bonds

Malaysia


330,000 MYR Malaysia Government Bond 3.418% 15/08/2022 102,580 0.03

2,660,000 MYR Malaysia Government Bond 3.48% 15/03/2023 829,183 0.25











26,175,667 7.91

Peru





6,052,293 1.84

Total bonds 32,227,960 9.75

Total other transferable securities and money market instruments 32,227,960 9.75 The accompanying notes form an integral part of these consolidated financial statements.


90


Holdings


US$ Net Assets

%


Colombia


1,597,589 0.48

India

58,000,000 INR India Government Bond 7.83% 11/04/2018 979,373 0.30


5,517,801 1.67


840,000,000 KRW Korea Treasury Bond 5% 10/06/2020 813,072 0.24

813,072 0.24



Luxembourg


13,501,365 4.08



America) 149,137 0.05

4,000,000 EUR Currency PUT option EUR/USD 1.27 European 11/09/2013 (HSBC) 39,478 0.01 11,900,000 EUR Currency PUT option EUR/USD 1.27 European 11/09/2013 (HSBC) 117,446 0.04


166,923 0.05

472,984 0.15



Cash at bank 19,763,972 5.98





91

Ashmore SICAV Emerging Markets Inflation Linked Bond Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Brazil

2,030,000 BRL Banco Votorantim SA 6.25% 16/05/2016 1,002,916 2.01

17,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2016 186,697 0.37









12,536,367 25.13

Chile

5,000 CLP Bonos del Banco Central de Chile en UF 3% 01/02/2016 230,291 0.46



803,061 1.61

Israel

6,020,000 ILS Israel Government Bond - CPI Linked 3% 31/10/2019 2,091,087 4.19

2,300,000 ILS Israel Government Bond - CPI Linked 3.5% 30/04/2018 850,097 1.70

2,941,184 5.89

Mexico


1,495,000 MXN Mexican Udibonos 4.5% 04/12/2025 706,989 1.42

8,050,000 MXN Mexican Udibonos 4.5% 22/11/2035 3,595,554 7.21

7,307,709 14.66

Poland

2,800,000 PLN Poland Government Bond 2.75% 25/08/2023 996,264 2.00


2,125,985 4.27

South Africa

6,300,000 ZAR South Africa Government Bond - CPI Linked 2.5% 31/01/2017 813,997 1.63



9,470,000 ZAR South Africa Government Bond - CPI Linked 3.45% 07/12/2033 1,899,629 3.81

7,415,000 ZAR South Africa Government Bond - CPI Linked 5.5% 07/12/2023 2,030,395 4.07

6,282,019 12.59

Thailand





92

Ashmore SICAV Emerging Markets Inflation Linked Bond Fund Schedule of Investments (continued) As at 30 June 2013

Holdings Currency Description of Investment Market Value

US$ Net Assets

%


Bonds (continued)

Turkey


1,410,000 TRY Turkey Government Bond 3% 23/02/2022 806,324 1.62



8,459,391 16.97

Uruguay



2,395,342 4.80

Total bonds 43,706,214 87.63



Bonds

Brazil

900,000 BRL Cia Energetica de Sao Paulo 9.75% 15/01/2015 630,000 1.26

630,000 1.26


Total other transferable securities and money market instruments

630,000 1.26


America) 24,856 0.05

2,300,000 EUR Currency PUT option EUR/USD 1.27 European 11/09/2013(HSBC) 22,700 0.05


27,820 0.06

75,376 0.16



Cash at bank 4,607,170 9.24





93

Ashmore SICAV Emerging Markets Total Return Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Asset

%


Bonds

Argentina

914,000 US$ Argentina Boden Bonds 7% 03/10/2015 792,895 0.26

1,297,756 US$ Argentine Republic Government International Bond 8.28% 31/12/2033 725,967 0.24




4,291,672 1.41

Azerbaijan



872,788 0.28

Belarus



1,249,925 0.41

Bolivia


327,250 0.11

Brazil



500,000 BRL Banco Santander Brasil SA/Cayman Islands 8% 18/03/2016 208,234 0.07


700,000 BRL Brazil Letras do Tesouro Nacional 0% 01/01/2017 2,189,016 0.72


365,000 BRL Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2021 1,648,265 0.54

150,000 BRL Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2023 669,461 0.22








900,000 BRL Cosan Luxembourg SA 9.5% 14/03/2018 387,553 0.13

700,000 US$ Fibria Overseas Finance Ltd 6.75% 03/03/2021 750,050 0.25

1,350,000 US$ JBS Finance II Ltd 8.25% 29/01/2018 1,370,250 0.45

1,563,000 US$ Marfrig Holding Europe BV 8.375% 09/05/2018 1,469,220 0.48

300,000 US$ Marfrig Overseas Ltd 9.5% 04/05/2020 297,375 0.10

950,000 US$ Minerva Luxembourg SA 12.25% 10/02/2022 1,135,250 0.37

700,000 US$ Minerva Luxembourg SA 7.75% 31/01/2023 696,500 0.23

1,700,000 US$ OGX Austria GmbH 8.5% 01/06/2018 535,500 0.18

500,000 BRL Oi SA 9.75% 15/09/2016 209,366 0.07

800,000 US$ OSX 3 Leasing BV 9.25% 20/03/2015 696,000 0.23



94

Ashmore SICAV Emerging Markets Total Return Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Chile

700,000 US$ Automotores Gildemeister SA 6.75% 15/01/2023 595,000 0.20



175,000,000 CLP Banco Santander Chile 6.5% 22/09/2020 340,699 0.11








567,069 US$ Inversiones Alsacia SA 8% 18/08/2018 479,173 0.16

700,000 US$ SMU SA 7.75% 08/02/2020 633,500 0.21

3,408,725 1.12

Colombia


978,000 US$ Colombia Government International Bond 6.125% 18/01/2041 1,088,025 0.36



610,000,000 COP Colombia Government International Bond 7.75% 14/04/2021 354,929 0.12




453,000,000 COP Emgesa SA ESP 8.75% 25/01/2021 258,019 0.08

828,000,000 COP Empresa de Telecomunicaciones de Bogota 7% 17/01/2023 405,157 0.13

764,000,000 COP Empresas Publicas de Medellin ESP 8.375% 01/02/2021 423,291 0.14

4,705,325 1.54

Costa Rica





769,675 0.26

Croatia







95


Holdings


US$ Net Assets

%


Bonds (continued)

Dominican Republic



832,525 0.27

Ecuador


156,663 0.05

Egypt


100,000 US$ Nile Finance Ltd 5.25% 05/08/2015 89,000 0.03

234,591 0.08

El Salvador






960,000 US$ Telemovil Finance Co Ltd 8% 01/10/2017 1,015,200 0.33

1,816,825 0.60

Gabon


168,750 0.06

Georgia


200,000 US$ Georgian Railway JSC 7.75% 11/07/2022 216,140 0.07

430,140 0.14

Ghana

670,000 GHS Ghana Government Bond 21% 26/10/2015 331,065 0.11


647,565 0.21

Guatemala


362,000 0.12

Hong Kong

500,000 US$ Central China Real Estate Ltd 6.5% 04/06/2018 450,840 0.15


1,200,000 US$ Hengdeli Holdings Ltd 6.25% 29/01/2018 1,167,706 0.38

1,000,000 CNH RKI Finance 2011 Ltd 6% 25/02/2014 161,210 0.05

650,000 US$ Shimao Property Holdings Ltd 9.65% 03/08/2017 679,477 0.22



96


Holdings


US$ Net Assets

%


Bonds (continued)

Hungary

365,000,000 HUF Hungary Government Bond 5.5% 12/02/2016 1,635,683 0.54

35,000,000 HUF Hungary Government Bond 6.5% 24/06/2019 162,149 0.05

311,130,000 HUF Hungary Government Bond 6.75% 24/11/2017 1,446,644 0.47

152,370,000 HUF Hungary Government Bond 7% 24/06/2022 714,034 0.23





5,575,698 1.82

India

400,000 US$ Bharti Airtel International Netherlands BV 5.125% 11/03/2023 363,520 0.12


1,150,000 US$ Vedanta Resources PLC 8.25% 07/06/2021 1,158,625 0.38

100,000 US$ Vedanta Resources PLC 9.5% 18/07/2018 109,250 0.04

1,809,255 0.60

Indonesia

300,000 US$ Indo Energy Finance II BV 6.375% 24/01/2023 261,750 0.09









500,000,000 IDR Indonesia Treasury Bond 6.625% 15/05/2033 44,299 0.01








5,082,988 1.65

Israel

1,400,000 US$ Altice Finco SA 9.875% 15/12/2020 1,498,000 0.49

1,250,000 ILS Plaza Centers NV 5.4% 01/07/2015 280,193 0.09

1,778,193 0.58

Ivory Coast

1,783,000 US$ Ivory Coast Government International Bond Step Cpn 31/12/2032 1,462,060 0.48

1,462,060 0.48

Jamaica

2,600,000 US$ Digicel Group Ltd 8.25% 30/09/2020 2,691,000 0.88



97


Holdings


US$ Net Assets

%


Bonds (continued)

Kazakhstan

500,000 US$ ATF Bank JSC 9% 11/05/2016 481,250 0.16


500,000 US$ Halyk Savings Bank of Kazakhstan JSC 7.25% 28/01/2021 512,500 0.17




2,050,000 US$ Kazkommertsbank JSC 8.5% 11/05/2018 1,947,500 0.64






800,000 US$ Zhaikmunai LP 7.125% 13/11/2019 802,000 0.26

6,514,761 2.13

Latvia


462,500 0.15

Lebanon






1,486,395 0.50

Lithuania





1,972,466 0.65

Malaysia




778,063 0.26

Mexico

5,770,000 MXN America Movil SAB de CV 6.45% 05/12/2022 428,989 0.14




800,000 US$ Corp GEO SAB de CV 8.875% 27/03/2022 352,000 0.12

800,000 US$ Desarrolladora Homex SAB de CV 9.75% 25/03/2020 272,000 0.09

2,900,000 MXN Grupo Televisa SAB 7.25% 14/05/2043 188,822 0.06



98


Holdings


US$ Net Assets

%


Bonds (continued)

Mexico (continued)

9,000,000 MXN Mexican Bonos 7.5% 03/06/2027 773,838 0.25





1,120,000 MXN Mexican Udibonos 4% 15/11/2040 468,642 0.15






1,700,000 US$ NII Capital Corp 7.625% 01/04/2021 1,321,750 0.43

400,000 US$ NII Capital Corp 10% 15/08/2016 388,000 0.13





3,220,000 MXN Petroleos Mexicanos 7.65% 24/11/2021 261,514 0.09


1,100,000 US$ Urbi Desarrollos Urbanos SAB de CV 9.5% 21/01/2020 242,000 0.08


100,000 US$ Urbi Desarrollos Urbanos SAB de CV FRN 19/04/2016 (Defaulted) 22,000 0.01

13,451,434 4.40

Mongolia


1,200,000 US$ Mongolian Mining Corp 8.875% 29/03/2017 1,020,000 0.33

1,222,400 0.40

Morocco



426,600 0.14

Nigeria

1,000,000 US$ Afren PLC 10.25% 08/04/2019 1,117,500 0.37

1,100,000 US$ Afren PLC 11.5% 01/02/2016 1,221,000 0.40

50,000,000 NGN Nigeria Government Bond 16% 29/06/2019 330,148 0.11

134,400,000 NGN Nigeria Government Bond 16.39% 27/01/2022 923,575 0.30


3,801,223 1.25

Pakistan





99


Holdings


US$ Net Assets

%


Bonds (continued)

Panama






1,006,545 0.34

Paraguay

200,000 US$ Republic of Paraguay 4.625% 25/01/2023 193,000 0.06

200,000 US$ Telefonica Celular del Paraguay SA 6.75% 13/12/2022 207,500 0.07

400,500 0.13


564,000 US$ Agile Property Holdings Ltd 9.875% 20/03/2017 590,790 0.19

950,000 US$ China Oriental Group Co Ltd 7% 17/11/2017 874,000 0.29

3,000,000 CNH China SCE Property Holdings Ltd 10.5% 14/01/2016 481,779 0.16

2,000,000 CNH China Shanshui Cement Group Ltd 6.5% 22/07/2014 320,783 0.11

1,300,000 US$ China Shanshui Cement Group Ltd 10.5% 27/04/2017 1,358,500 0.45

300,000 US$ Country Garden Holdings Co Ltd 7.5% 10/01/2023 274,500 0.09


2,990,000 CNH Evergrande Real Estate Group Ltd 9.25% 19/01/2016 450,863 0.15

1,253,000 US$ Evergrande Real Estate Group Ltd 13% 27/01/2015 1,290,590 0.42

700,000 US$ Fosun International Ltd 7.5% 12/05/2016 707,000 0.23

2,750,000 CNY Gemdale International Holding Ltd 9.15% 26/07/2015 453,977 0.15

700,000 US$ Gemdale International Investment Ltd 7.125% 16/11/2017 684,498 0.22

1,200,000 US$ Hidili Industry International Development Ltd 8.625% 04/11/2015 918,000 0.30

700,000 US$ Longfor Properties Co Ltd 9.5% 07/04/2016 750,750 0.25

1,000,000 CNH Powerlong Real Estate Holdings Ltd 11.5% 17/03/2014 161,814 0.05



1,900,000 US$ Sunac China Holdings Ltd 9.375% 05/04/2018 1,829,499 0.60

650,000 US$ Yanlord Land Group Ltd 9.5% 04/05/2017 672,750 0.22


14,516,072 4.76

Peru




1,272,885 0.41

Philippines

12,000,000 PHP Petron Corp 7% 10/11/2017 281,461 0.09







100


Holdings


US$ Net Assets

%


Bonds (continued)

Philippines (continued)







3,701,857 1.21

Poland

379,173 US$ CEDC Finance Corp International Inc 10% 30/04/2018 271,564 0.09

880,801 US$ CEDC Finance Corp International Inc Step Cpn 30/04/2018 778,980 0.26

1,200,000 US$ Eileme 2 AB 11.625% 31/01/2020 1,356,000 0.44

1,000,000 EUR Eileme 2 AB 11.75% 31/01/2020 1,475,330 0.49

750,000 PLN Poland Government Bond 2.75% 25/08/2023 266,856 0.09


2,709,000 PLN Poland Government Bond 4% 25/10/2023 789,642 0.26








15,808,527 5.20

Qatar



607,788 0.20

Romania








2,907,174 0.96

Russian Federation

500,000 US$ Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.5% 26/09/2019 510,000 0.17

850,000 US$ Brunswick Rail Finance Ltd 6.5% 01/11/2017 841,500 0.28

1,300,000 US$ Credit Bank of Moscow Via CBOM Finance PLC 7.7% 01/02/2018 1,319,500 0.43

2,200,000 US$ Evraz Group SA 6.75% 27/04/2018 2,106,500 0.69

1,350,000 US$ Far East Capital Ltd SA 8% 02/05/2018 1,245,375 0.41

750,000 US$ Far East Capital Ltd SA 8.75% 02/05/2020 686,250 0.23 The accompanying notes form an integral part of these consolidated financial statements.


101


Holdings


US$ Net Assets

%


Bonds (continued)


300,000 US$ Metalloinvest Finance Ltd 6.5% 21/07/2016 309,000 0.10

9,000,000 RUB Mobile Telesystems OJSC FRN 03/11/2020 276,075 0.09

1,700,000 US$ MTS International Funding Ltd 8.625% 22/06/2020 1,997,500 0.66

200,000 US$ Promsvyazbank OJSC Via PSB Finance SA 8.5% 25/04/2017 210,834 0.07

1,250,000 US$ Promsvyazbank OJSC Via PSB Finance SA 10.2% 06/11/2019 1,312,500 0.43

















1,150,000 US$ Russian Standard Bank Via Russian Standard Finance SA 9.25% 11/07/2017 1,190,307 0.39

700,000 US$ Severstal OAO Via Steel Capital SA 5.9% 17/10/2022 638,750 0.21

13,500,000 RUB Sibmetinvest OOO FRN 10/10/2019 433,852 0.14

15,000,000 RUB SUEK Finance FRN 26/06/2020 456,790 0.15

2,100,000 US$ TMK OAO Via TMK Capital SA 7.75% 27/01/2018 2,100,000 0.69 2,422,000 US$ Vimpel Communications Via VIP Finance Ireland Ltd OJSC 7.748% 02/02/202 2,582,457 0.85

14,500,000 RUB VimpelCom Holdings BV 9% 13/02/2018 435,108 0.14



971,000 US$ Vnesheconombank Via VEB Finance PLC 6.902% 09/07/2020 1,065,672 0.35

33,926,757 11.15

Senegal


416,000 0.14

Serbia



733,020 0.24

Singapore

750,000 US$ MMI International Ltd 8% 01/03/2017 753,750 0.25

750,000 SGD Olam International Ltd 6% 25/10/2022 513,345 0.17

600,000 SGD Singapore Government Bond 2.75% 01/07/2023 482,612 0.16



102


Holdings


US$ Net Assets

%


Bonds (continued)

South Africa

1,350,000 EUR Edcon Pty Ltd 9.5% 01/03/2018 1,505,995 0.49

600,000 US$ Sappi Papier Holding GmbH 8.375% 15/06/2019 633,000 0.21













12,421,627 4.08

Sri Lanka

280,000 US$ Bank of Ceylon 6.875% 03/05/2017 282,800 0.09





882,920 0.28

Thailand







3,698,632 1.22

Turkey

290,000 TRY Ronesans Holding FRN 18/12/2015 151,204 0.05



800,000 TRY Turkey Government Bond 7.1% 08/03/2023 381,456 0.13

1,130,000 TRY Turkey Government Bond 8.5% 14/09/2022 591,516 0.19











103


Holdings


US$ Net Assets

%


Bonds (continued)

Turkey (continued)










500,000 TRY Turkiye Garanti Bankasi AS 7.375% 07/03/2018 237,892 0.08

10,401,856 3.42

Ukraine

1,300,000 US$ DTEK Finance PLC 7.875% 04/04/2018 1,212,250 0.40

1,450,000 US$ Ferrexpo Finance PLC 7.875% 07/04/2016 1,338,161 0.44

2,570,000 US$ Metinvest BV 10.25% 20/05/2015 2,602,125 0.85

1,500,000 US$ MHP SA 8.25% 02/04/2020 1,322,475 0.43

1,400,000 US$ Mriya Agro Holding PLC 9.45% 19/04/2018 1,246,000 0.41




737,000 US$ Privatbank CJSC Via UK SPV Credit Finance PLC 9.375% 23/09/2015 685,410 0.22







200,000 US$ Ukraine Railways via Shortline PLC 9.5% 21/05/2018 180,500 0.06

600,000 US$ Ukrlandfarming PLC 10.875% 26/03/2018 567,000 0.19

12,828,640 4.19


1,750,000 AED Anka a Sukuk Ltd 10% 25/08/2016 483,596 0.16

1,250,000 US$ Atlantic Finance Ltd Step Cpn 27/05/2014 1,328,125 0.44

500,000 US$ Dana Gas Sukuk Ltd 7% 31/10/2017 459,005 0.15


2,000,000 US$ DP World Ltd 6.85% 02/07/2037 2,065,000 0.68

400,000 US$ DP World Sukuk Ltd 6.25% 02/07/2017 428,000 0.14

90,000 US$ Dubai DOF Sukuk Ltd 6.45% 02/05/2022 94,725 0.03

1,250,000 EUR Dubai Holding Commercial Operations MTN Ltd 4.75% 30/01/2014 1,616,688 0.53

1,050,000 GBP Dubai Holding Commercial Operations MTN Ltd 6% 01/02/2017 1,544,759 0.51

800,000 US$ Emaar Sukuk Ltd 6.4% 18/07/2019 820,000 0.27





104


Holdings


US$ Net Assets

%


Bonds (continued)

Uruguay

1,000,000 UYU Uruguay Notas Del Teso 3.25% Index Linked 27/01/2019 130,528 0.04








408,000 US$ Uruguay Government International Bond PIK 15/01/2033 518,160 0.17

2,967,293 0.97

Venezuela














1,015,100 US$ Venezuela Government International Bond 11.95% 05/08/2031 969,421 0.32


4,620,524 1.51

Vietnam



604,260 0.20

Zambia

150,000 US$ Zambia Government International Bond 5.375% 20/09/2022 133,500 0.04

133,500 0.04

Total bonds 233,069,650 76.48

Equities

Hong Kong

379,957 US$ Emerald Plantation Holdings 98,789 0.03



105


Holdings


US$ Net Assets

%


Equities (continued)

Kazakhstan

47,852 US$ BTA Bank GDR 47,373 0.02

47,373 0.02

Total equities 146,162 0.05



Bonds

Brazil

500,000 BRL Cia Energetica de Sao Paulo 9.75% 15/01/2015 350,000 0.11

350,000 0.11

Hong Kong

377,176 US$ Emerald Plantation 6.00% 30/01/2020 226,306 0.07


100,000 US$ Sino-Forest Corporation Claim 5% 01/08/2013 - -

116,000 US$ Sino-Forest Corporation Claim 5% 01/08/2013 144A - -



184,000 US$ Sino-Forest Corporation Claim 10.25% 28/07/2014 - -


226,306 0.07

Iraq

680,000 US$ Republic of Iraq 5.8% 15/01/2028 564,400 0.19

564,400 0.19

Malaysia










5,269,059 1.72

Nigeria


1,400,000 US$ Sea Trucks Group 9% 26/03/2018 1,354,500 0.44



106


Holdings


US$ Net Assets

%


Bonds (continued)


300,000 US$ Far East Energy Bermuda Ltd PIK 15/01/2016 300,000 0.10

1,750,000 CNH Lafarge Shui on Cement Ltd 9% 14/11/2014 291,986 0.10

591,986 0.10

Peru

400,000 PEN Peruvian Government International Bond 6.95% 12/08/2031 149,504 0.05

1,490,000 PEN Peruvian Government International Bond 7.84% 12/08/2020 616,406 0.20



1,193,020 0.39

Romania

3,330,000 RON Romania Treasury Bills 0% 08/01/2014 945,033 0.31

945,033 0.31

Total bonds 11,162,466 3.66

Warrants and rights


280,432 US$ Far East Energy 15/01/2018 52,441 0.02

52,441 0.02




Colombia

908,000,000 COP Colombian TES 8% 28/10/2015 497,807 0.16

497,807 0.16

India




24,000,000 INR Rural Electrification Corp Ltd 9.35% 19/10/2016 399,890 0.13

2,100,866 0.69

Indonesia

3,300,000,000 IDR Indonesia Treasury Bond 7% 15/05/2027 312,612 0.10





4,554,444 1.49



2,580,537 0.85

Total fully-funded total return swaps 9,733,654 3.19 The accompanying notes form an integral part of these consolidated financial statements.


107


Holdings


US$ Net Assets

%


Luxembourg

13,911 US$ Ashmore SICAV Turkish Debt Fund 1,277,723 0.42


26,789,427 8.79


Written options


82,854 0.03



92,735 0.03

237,766 0.08



Cash at bank 22,573,645 7.41





108

Ashmore SICAV Emerging Markets Total Return Fund II Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Argentina

914,000 US$ Argentina Boden Bonds 7% 03/10/2015 792,895 0.26

1,297,756 US$ Argentine Republic Government International Bond 8.28% 31/12/2033 725,967 0.24




4,291,672 1.41

Azerbaijan



872,788 0.28

Belarus



1,249,925 0.41

Bolivia


327,250 0.11

Brazil



500,000 BRL Banco Santander Brasil SA/Cayman Islands 8% 18/03/2016 208,234 0.07


700,000 BRL Brazil Letras do Tesouro Nacional 0% 01/01/2017 2,189,016 0.72


365,000 BRL Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2021 1,648,265 0.54









900,000 BRL Cosan Luxembourg SA 9.5% 14/03/2018 387,553 0.13

700,000 US$ Fibria Overseas Finance Ltd 6.75% 03/03/2021 750,050 0.25

1,350,000 US$ JBS Finance II Ltd 8.25% 29/01/2018 1,370,250 0.45


300,000 US$ Marfrig Overseas Ltd 9.5% 04/05/2020 297,375 0.10

950,000 US$ Minerva Luxembourg SA 12.25% 10/02/2022 1,135,250 0.37

700,000 US$ Minerva Luxembourg SA 7.75% 31/01/2023 696,500 0.23

1,700,000 US$ OGX Austria GmbH 8.5% 01/06/2018 535,500 0.18

500,000 BRL Oi SA 9.75% 15/09/2016 209,366 0.07

800,000 US$ OSX 3 Leasing BV 9.25% 20/03/2015 696,000 0.23



109

Ashmore SICAV Emerging Markets Total Return Fund II Schedule of Investments (continued) As at 30 June 2013

Holdings Currency Description of Investment

Market Value US$

Net Assets %


Bonds (continued)

Chile











348,966 US$ Inversiones Alsacia SA 8% 18/08/2018 294,876 0.17

200,000 US$ SMU SA 7.75% 08/02/2020 181,000 0.10

1,833,532 1.04

Colombia







1,000,000,000 COP Colombian TES 7.5% 26/08/2026 519,974 0.29

542,000,000 COP Emgesa SA ESP 8.75% 25/01/2021 308,712 0.17

200,000,000 COP Empresas Publicas de Medellin ESP 8.375% 01/02/2021 110,809 0.06

2,665,127 1.50

Costa Rica




312,575 0.18

Croatia




999,517 0.56

Dominican Republic



429,550 0.24

Ecuador




110



Market Value US$

Net Assets %


Bonds (continued)

Egypt



149,540 0.08

El Salvador






200,000 US$ Telemovil Finance Co Ltd 8% 01/10/2017 211,500 0.12

668,806 0.38

Gabon


112,500 0.06

Georgia


246,100 0.14

Ghana

200,000 GHS Ghana Government Bond 21% 26/10/2015 98,825 0.06


330,925 0.19

Guatemala


90,500 0.05

Hong Kong


1,000,000 US$ CFG Investment SAC 9.75% 30/07/2019 895,000 0.50

600,000 US$ Evergrande Real Estate Group Ltd 13% 27/01/2015 618,000 0.35


500,000 US$ Hengdeli Holdings Ltd 6.25% 29/01/2018 486,544 0.27


200,000 US$ Shimao Property Holdings Ltd 9.65% 03/08/2017 209,070 0.12

200,000 US$ Shimao Property Holdings Ltd 11% 08/03/2018 213,486 0.12

3,000,007 1.68

Hungary




106,680,000 HUF Hungary Government Bond 7% 24/06/2022 499,922 0.28







111



Market Value US$

Net Assets %


Bonds (continued)

India




854,736 0.48

Indonesia















2,712,435 1.51

Israel

200,000 US$ Altice Financing SA 7.875% 15/12/2019 209,000 0.12

700,000 EUR Altice Financing SA 8% 15/12/2019 946,291 0.53

200,000 US$ Altice Finco SA 9.875% 15/12/2020 214,000 0.12

1,369,291 0.77

Ivory Coast

1,065,000 US$ Ivory Coast Government International Bond Step Cpn 31/12/2032 873,300 0.49

873,300 0.49

Jamaica

500,000 US$ Digicel 8.25% 30/09/2020 517,500 0.29

600,000 US$ Digicel 6% 15/04/2021 567,000 0.32

1,084,500 0.61

Kazakhstan

200,000 US$ ATF Bank JSC 9% 11/05/2016 192,500 0.11


500,000 US$ Halyk Savings Bank of Kazakhstan JSC 7.25% 28/01/2021 512,500 0.29










112



Market Value US$

Net Assets %


Bonds (continued)




400,000 US$ Zhaikmunai LP 7.125% 13/11/2019 401,000 0.23

4,081,135 2.30

Latvia


323,750 0.18

Lebanon






858,735 0.48

Lithuania





1,140,091 0.64

Malaysia




396,683 0.22

Mexico

700,000 US$ Cemex Espana Luxembourg 9.25% 12/05/2020 738,500 0.42

500,000 US$ Cemex SAB de CV 5.875% 25/03/2019 485,000 0.27


400,000 US$ Corp GEO SAB de CV 8.875% 27/03/2022 176,000 0.10

400,000 US$ Desarrolladora Homex SAB de CV 9.75% 25/03/2020 136,000 0.08

2,000,000 MXN Grupo Televisa SAB 7.25% 14/05/2043 130,222 0.07




750,000 MXN Mexican Bonos 8.5% 18/11/2038 67,066 0.04



640,000 MXN Mexican Udibonos 4% 15/11/2040 267,795 0.15




2,000 US$ Mexico Government International Bond 6.05% 11/01/2040 2,180 -




113



Market Value US$

Net Assets %


Bonds (continued)

Mexico (continued)

1,200,000 US$ NII Capital Corp 7.625% 01/04/2021 933,000 0.52






600,000 US$ Urbi Desarrollos Urbanos SAB de CV 9.5% 21/01/2020 132,000 0.07


10,164,359 5.71

Mongolia


200,000 US$ Mongolian Mining Corp 8.875% 29/03/2017 170,000 0.10

258,000 0.15

Morocco



347,580 0.20

Nigeria

600,000 US$ Afren PLC 10.25% 08/04/2019 670,500 0.38

300,000 US$ Afren PLC 11.5% 01/02/2016 333,000 0.19

30,000,000 NGN Nigeria Government Bond 16% 29/06/2019 198,089 0.11

73,000,000 NGN Nigeria Government Bond 16.39% 27/01/2022 501,644 0.28


1,807,733 1.02

Pakistan



192,650 0.10

Panama






625,613 0.35

Paraguay

200,000 US$ Telefonica Celular del Paraguay SA 6.75% 13/12/2022 207,500 0.12

207,500 0.12


300,000 US$ Agile Property Holdings Ltd 9.875% 20/03/2017 314,250 0.18

400,000 US$ China Oriental Group Co Ltd 7% 17/11/2017 368,000 0.21

600,000 US$ China Shanshui Cement Group Ltd 10.5% 27/04/2017 627,000 0.35


200,000 US$ Country Garden Holdings Co Ltd 11.125% 23/02/2018 217,000 0.12 The accompanying notes form an integral part of these consolidated financial statements.


114



Market Value US$

Net Assets %


Bonds (continued)

People's Republic of China (continued)

700,000 US$ Hidili Industry International Development Ltd 8.625% 04/11/2015 535,500 0.30

200,000 US$ Longfor Properties Co Ltd 9.5% 07/04/2016 214,500 0.12



800,000 US$ Sunac China Holdings Ltd 9.375% 05/04/2018 770,315 0.43



4,731,520 2.66

Peru




749,710 0.42

Philippines










1,744,846 0.98

Poland

213,255 US$ CEDC Finance Corp International Inc 10% 30/04/2018 152,733 0.09

495,382 US$ CEDC Finance Corp International Inc Step Cpn 30/04/2018 438,116 0.25

500,000 EUR Eileme 2 AB 11.75% 31/01/2020 737,665 0.41














115



Market Value US$

Net Assets %


Bonds (continued)

Qatar


181,738 0.10

Romania







1,697,973 0.95

Russian Federation

200,000 US$ Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.5% 26/09/2019 204,000 0.11

300,000 US$ Brunswick Rail Finance Ltd 6.5% 01/11/2017 297,000 0.17

500,000 US$ Credit Bank of Moscow Via CBOM Finance PLC 7.7% 01/02/2018 507,500 0.29

679,000 US$ Evraz Group SA 6.75% 27/04/2018 650,143 0.37

200,000 US$ Evraz Group SA 9.5% 24/04/2018 212,000 0.12

650,000 US$ Far East Capital Ltd SA 8% 02/05/2018 599,625 0.34

350,000 US$ Far East Capital Ltd SA 8.75% 02/05/2020 320,250 0.18

200,000 US$ Metalloinvest Finance Ltd 6.5% 21/07/2016 206,000 0.12

















920,075 US$ Russian Foreign Bond - Eurobond Step Cpn 31/03/2030 1,077,638 0.61

200,000 US$ Russian Standard Bank Via Russian Standard Finance SA 9.25% 11/07/2017 207,010 0.12

800,000 US$ Severstal OAO Via Steel Capital SA 5.9% 17/10/2022 730,000 0.41

700,000 US$ TMK OAO Via TMK Capital SA 7.75% 27/01/2018 700,000 0.39 2,300,000 US$ Vimpel Communications Via VIP Finance Ireland Ltd OJSC 7.748% 02/02/2021 2,452,375 1.38




16,643,044 9.38



116



Market Value US$

Net Assets %


Bonds (continued)

Senegal


208,000 0.12

Serbia



376,000 0.21

Singapore



522,741 0.29

South Africa

1,300,000 EUR Edcon Pty Ltd 9.5% 01/03/2018 1,565,604 0.88



10,440,000 ZAR South Africa Government Bond 7% 28/02/2031 913,532 0.51










7,552,675 4.24

Sri Lanka



490,500 0.27

Thailand








3,425,914 1.94

Turkey

130,000 TRY Ronesans Holding FRN 18/12/2015 67,781 0.04







117



Market Value US$

Net Assets %


Bonds (continued)

Turkey (continued)


















5,859,930 3.29

Ukraine


400,000 US$ Metinvest BV 10.25% 20/05/2015 405,000 0.23

250,000 US$ MHP SA 10.25% 29/04/2015 257,503 0.14

200,000 US$ MHP SA 8.25% 02/04/2020 176,330 0.10

600,000 US$ Mriya Agro Holding PLC 9.45% 19/04/2018 534,000 0.30





200,000 US$ Ukrlandfarming PLC 10.875% 26/03/2018 189,000 0.11

500,000 US$ DTEK Finance 7.875% 04/04/2018 466,250 0.26

500,000 US$ Ferrexpo Finance PLC 7.875% 07/04/2016 461,435 0.26

100,000 US$ Privatbank CJSC Via UK SPV Credit Finance PLC 9.375% 23/09/2015 93,000 0.05




4,689,098 2.64


600,000 US$ Atlantic Finance Ltd FRN 27/05/2014 637,500 0.36



700,000 US$ DP World Ltd 6.85% 02/07/2037 722,750 0.41



118



Market Value US$

Net Assets %


Bonds (continued)

United Arab Emirates (continued)


500,000 GBP Dubai Holding Commercial Operations MTN Ltd 6% 01/02/2017 735,599 0.41

500,000 US$ Emaar Sukuk Ltd 6.4% 18/07/2019 512,500 0.29


920,000 US$ Emirate of Dubai Government International Bonds 7.75% 05/10/2020 1,062,600 0.60

5,475,745 3.08

Uruguay







260,000 US$ Uruguay Government International Bond PIK 15/01/2033 330,200 0.19

1,714,428 0.96

Venezuela



10,000 US$ Petroleos de Venezuela SA 5.5% 12/04/2037 5,900 -













2,642,509 1.49

Vietnam



391,150 0.22

Total bonds 124,486,909 69.99




119



Market Value US$

Net Assets %


Bonds

Iraq

460,000 US$ Republic of Iraq 5.8% 15/01/2028 381,800 0.21

381,800 0.21

Malaysia









3,181,980 1.79

Peru


1,140,000 PEN Peruvian Government International Bond 7.84% 12/08/2020 471,613 0.27



718,769 0.41



100,000 0.06

Nigeria



600,000 US$ Sea Trucks Group 9% 26/03/2018 580,500 0.33

1,530,468 0.86

Romania

450,000 RON Romania Treasury Bills 0% 08/01/2014 127,707 0.07

127,707 0.07

Total bonds 6,040,724 3.40

Warrants and rights



17,480 0.01





120



Market Value US$

Net Assets %


Colombia


372,259 0.21

India


614,223 0.35

Indonesia

600,000,000 IDR Indonesia Treasury Bond 6.625% 15/05/2033 53,159 0.03


800,000,000 IDR Indonesia Treasury Bond 7% 15/05/2027 75,785 0.04




4,100,000,000 IDR Indonesia Treasury Bond 11% 15/09/2025 525,059 0.29


2,943,557 1.64



Luxembourg


16,507,208 9.28








121

Ashmore SICAV Emerging Markets Investment Grade Total Return Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Brazil

200,000 US$ Banco do Brasil SA 3.875% 10/10/2022 175,260 0.40



139,000 BRL Brazil Letras do Tesouro Nacional 0% 01/01/2017 434,676 0.99







280,000 BRL Brazilian Government International Bond 10.25% 10/01/2028 129,920 0.30

200,000 US$ BRF SA 5.875% 06/06/2022 205,260 0.47

200,000 US$ Itau Unibanco Holding SA/Cayman Island 6.2% 21/12/2021 202,500 0.46

230,000 US$ Odebrecht Finance Ltd 4.375% 25/04/2025 205,850 0.47

883,200 US$ Schahin II Finance Co SPV Ltd 5.875% 25/09/2022 874,368 2.00

800,000 US$ Telemar Norte Leste SA 5.5% 23/10/2020 744,000 1.70

400,000 US$ Vale Overseas Ltd 4.375% 11/01/2022 379,934 0.87

4,899,343 11.20

Chile

200,000 US$ Banco de Credito e Inversiones 4% 11/02/2023 188,556 0.43



200,000 US$ Cencosud SA 5.5% 20/01/2021 205,228 0.47




200,000 US$ Inversiones CMPC SA 4.375% 15/05/2023 191,425 0.44

200,000 US$ Telefonica Chile SA 3.875% 12/10/2022 182,640 0.42

1,485,706 3.41

Colombia

200,000 US$ Banco de Bogota SA 5.375% 19/02/2023 195,000 0.45

500,000 US$ Bancolombia SA 5.125% 11/09/2022 476,250 1.09









200,000 US$ Gruposura Finance 5.7% 18/05/2021 206,000 0.47

1,696,868 3.89



122

Ashmore SICAV Emerging Markets Investment Grade Total Return Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Costa Rica





659,500 1.51

Czech Republic

100,000 EUR EP Energy AS 5.875% 01/11/2019 137,784 0.32

137,784 0.32

Hong Kong

200,000 US$ Hutchison Whampoa International 11 Ltd 4.625% 13/01/2022 204,193 0.47

500,000 US$ Noble Group Ltd 6.75% 29/01/2020 507,500 1.16

400,000 US$ PCCW-HKT Capital No 5 Ltd 3.75% 08/03/2023 354,501 0.81

1,066,194 2.44

India

100,000 US$ Bank of Baroda/London FRN 25/05/2022 97,581 0.22


100,000 US$ ICICI Bank Ltd 5.75% 16/11/2020 101,926 0.23

381,814 0.87

Indonesia








1,084,435 2.49

Israel

200,000 US$ Israel Electric Corp Ltd 6.875% 21/06/2023 201,802 0.46


414,802 0.95

Kazakhstan







1,194,411 2.74

Kuwait

200,000 US$ Kuwait Projects Co 9.375% 15/07/2020 232,000 0.53

232,000 0.53



123


Holdings


US$ Net Assets

%


Bonds (continued)

Latvia



406,350 0.93

Lithuania




861,278 1.97

Malaysia


170,572 0.39

Mexico

400,000 US$ Alpek SA de CV 4.5% 20/11/2022 385,000 0.88

200,000 US$ America Movil SAB de CV 3.125% 16/07/2022 184,279 0.42

200,000 US$ BBVA Bancomer SA 6.5% 10/03/2021 210,000 0.48




200,000 US$ Grupo Televisa SAB 8.5% 11/03/2032 251,055 0.57








140,000 MXN Mexican Udibonos 4% 15/11/2040 58,580 0.13

200,000 US$ Mexichem SAB de CV 4.875% 19/09/2022 201,000 0.46

600,000 US$ Mexichem SAB de CV 6.75% 19/09/2042 588,000 1.35














4,374,390 10.00



124


Holdings


US$ Net Assets

%


Bonds (continued)

Morocco



342,630 0.78

Namibia

15,000 US$ Namibia International Bonds 5.5% 03/11/2021 15,150 0.03

15,150 0.03

Panama





366,025 0.84


500,000 US$ Bestgain Real Estate Ltd 2.625% 13/03/2018 473,654 1.08

200,000 US$ ENN Energy Holdings Ltd 6% 13/05/2021 211,149 0.48



30,000 US$ Sinopec Group Overseas Development 2012 Ltd 4.875% 17/05/2042 27,803 0.06

1,019,363 2.33

Peru

200,000 US$ Alicorp SAA 3.875% 20/03/2023 185,000 0.42

300,000 US$ Banco Internacional del Peru SAA 5.75% 07/10/2020 306,000 0.70

200,000 US$ BBVA Banco Continental SA 3.25% 08/04/2018 194,500 0.44




200,000 US$ Transportadora de Gas del Peru SA 4.25% 30/04/2028 177,000 0.40

100,000 US$ Volcan Cia Minera SAA 5.375% 02/02/2022 98,500 0.23

1,335,125 3.05

Philippines


120,000 0.27

Poland

200,000 EUR Koleje Mazowieckie Finance AB 6.75% 09/03/2016 270,369 0.62

200,000 US$ PKO Finance AB 4.63% 26/09/2022 194,320 0.44

340,000 PLN Poland Government Bond 3% 24/08/2016 135,726 0.31

60,000 US$ Poland Government Bond 3% 17/03/2023 54,150 0.12

668,000 PLN Poland Government Bond 4% 25/10/2023 194,714 0.45







2,346,130 5.36



125


Holdings


US$ Net Assets

%


Bonds (continued)

Qatar

100,000 US$ CBQ Finance Ltd 7.5% 18/11/2019 116,466 0.27

284,642 US$ Nakilat Inc 6.267% 31/12/2033 298,874 0.68

415,340 0.95


100,000 US$ Shinhan Bank FRN 20/09/2036 110,312 0.25

400,000 US$ Woori Bank Co Ltd 5.875% 13/04/2021 426,582 0.98

536,894 1.23

Romania









970,292 2.22

Russian Federation

200,000 US$ Lukoil International Finance BV 6.125% 09/11/2020 210,500 0.48


600,000 US$ Novatek OAO via Novatek Finance Ltd 4.422% 13/12/2022 550,500 1.26











298,000 US$ Russian Foreign Bond - Eurobond Step Cpn 31/03/2030 349,033 0.80

200,000 US$ Uralkali OJSC via Uralkali Finance Ltd 3.723% 30/04/2018 192,250 0.44



4,292,478 9.82

Singapore


80,435 0.18

South Africa

400,000 US$ African Bank Ltd 8.125% 24/02/2017 394,620 0.90

830,000 ZAR South Africa Government Bond 6.25% 31/03/2036 64,039 0.15






126


Holdings


US$ Net Assets

%


Bonds (continued)

South Africa (continued)








400,000 US$ Standard Bank PLC 8.125% 02/12/2019 431,000 0.99

3,014,402 6.89

Taiwan

100,000 US$ Cathay United Bank Co Ltd FRN 05/10/2020 101,000 0.23

101,000 0.23

Thailand







603,934 1.39

Turkey

200,000 US$ Akbank TAS 5% 24/10/2022 186,500 0.43

200,000 US$ KOC Holding AS 3.5% 24/04/2020 173,000 0.40

200,000 US$ Yapi ve Kredi Bankasi AS 4% 22/01/2020 178,500 0.41



200,000 US$ Turkiye Halk Bankasi AS 3.875% 05/02/2020 180,000 0.41

200,000 US$ Turkiye Is Bankasi 3.75% 10/10/2018 188,000 0.43

1,130,350 2.59


300,000 US$ Abu Dhabi National Energy Co 3.625% 12/01/2023 277,500 0.63

800,000 US$ DP World Ltd 6.85% 02/07/2037 826,000 1.89

200,000 US$ MAF Global Securities Ltd 5.25% 05/07/2019 204,000 0.47

1,307,500 2.99

Uruguay

300,000 UYU Uruguay Government International Bond 3.7% 26/06/2037 24,319 0.06




840,000 UYU Uruguay Government International Bond 5% 14/09/2018 76,507 0.18


548,898 1.26

Total bonds 37,611,393 86.05




127


Holdings


US$ Net Assets

%


Bonds

Malaysia









1,133,099 2.58

Peru



131,174 0.30

Total bonds 1,264,273 2.88



Colombia


78,399 0.18

India


112,608 0.26

Total fully-funded total return swaps 191,007 0.44

Written options 700,000 EUR Currency PUT option EUR/USD 1.26 European 08/11/2013 (Bank of

America) 9,666 0.02

800,000 EUR Currency PUT option EUR/USD 1.27 European 11/09/2013 (HSBC) 7,896 0.02 700,000 EUR Currency PUT option EUR/USD 1.28 European 04/10/2013 (Bank of

America) 10,819 0.02

28,381 0.06



Cash at bank 5,033,583 11.52

Other assets and liabilities (415,707) (0.95)




128

Ashmore SICAV Emerging Markets Corporate Debt Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Argentina

1,010,000 US$ Transportadora de Gas del Sur SA 7.875% 14/05/2017 881,124 0.03


11,316,744 0.34

Barbados

20,500,000 US$ Columbus International Inc 11.5% 20/11/2014 22,088,750 0.65

22,088,750 0.65

Brazil

5,170,000 US$ Banco do Brasil SA 3.875% 10/10/2022 4,530,471 0.13

4,300,000 US$ Banco do Brasil SA FRN (Perpetual) 4,622,500 0.14

6,030,000 US$ Banco Santander Brasil SA 4.625% 13/02/2017 6,120,450 0.18

8,000,000 BRL Banco Santander Brasil SA 8% 18/03/2016 3,331,749 0.10


5,200,000 US$ Braskem Finance Ltd 5.75% 15/04/2021 5,070,000 0.15

10,710,000 US$ BRF SA 5.875% 06/06/2022 10,991,673 0.32

26,800,000 BRL Cosan Luxembourg SA 9.5% 14/03/2018 11,540,481 0.34

1,650,000 US$ Gerdau Holdings Inc 7% 20/01/2020 1,740,750 0.05

4,870,000 US$ Globo Comunicacao e Participacoes SA 4.875% 11/04/2022 4,930,875 0.15

5,670,000 US$ Itau Unibanco Holding SA 5.65% 19/03/2022 5,499,900 0.16

2,200,000 US$ Itau Unibanco Holding SA 6.2% 21/12/2021 2,227,500 0.07


11,000,000 US$ Marfrig Overseas Ltd 9.5% 04/05/2020 10,903,750 0.32

17,500,000 US$ Minerva Luxembourg SA 7.75% 31/01/2023 17,412,500 0.51


4,215,000 US$ Mirabela Nickel Ltd 8.75% 15/04/2018 3,329,850 0.10

11,750,000 US$ Odebrecht Finance Ltd 4.375% 25/04/2025 10,516,250 0.31

4,370,000 US$ OGX Austria GmbH 8.375% 01/04/2022 1,267,300 0.04

37,700,000 US$ OGX Austria GmbH 8.5% 01/06/2018 11,875,500 0.35

13,162,954 US$ OSX 3 Leasing BV 9.25% 20/03/2015 11,451,770 0.34

1,000,000 US$ Oi SA 5.75% 10/02/2022 931,250 0.03

8,400,000 US$ Petrobras Global Finance BV 4.375% 20/05/2023 7,705,673 0.23


5,191,253 US$ Schahin II Finance Co SPV Ltd 5.875% 25/09/2022 5,139,341 0.15

5,421,000 US$ Telemar Norte Leste SA 5.5% 23/10/2020 5,041,530 0.15

5,790,000 US$ Vale Overseas Ltd 4.375% 11/01/2022 5,499,545 0.16

196,693,619 5.81

Chile

1,600,000 US$ Automotores Gildemeister SA 6.75% 15/01/2023 1,360,000 0.04

7,190,000 US$ Automotores Gildemeister SA 8.25% 24/05/2021 6,650,750 0.20

3,610,000 US$ Banco de Credito e Inversiones 4% 11/02/2023 3,403,439 0.10

1,872,500,000 CLP Banco Santander Chile 6.5% 22/09/2020 3,645,480 0.11

6,600,000 US$ Cencosud SA 4.875% 20/01/2023 6,469,927 0.19

1,700,000 US$ Cencosud SA 5.5% 20/01/2021 1,744,440 0.05 The accompanying notes form an integral part of these consolidated financial statements.


129

Ashmore SICAV Emerging Markets Corporate Debt Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Chile (contnued)

6,600,000 US$ Cencosud SA 4.875% 20/01/2023 6,469,927 0.19

1,700,000 US$ Cencosud SA 5.5% 20/01/2021 1,744,440 0.05

2,655,000 US$ E.CL SA 5.625% 15/01/2021 2,756,657 0.08

21,330,518 US$ Inversiones Alsacia SA 8% 18/08/2018 18,024,287 0.53

2,300,000 US$ Inversiones CMPC SA 4.375% 15/05/2023 2,201,388 0.06

3,900,000 US$ SACI Falabella 3.75% 30/04/2023 3,568,500 0.11

16,200,000 US$ SMU SA 7.75% 08/02/2020 14,661,000 0.43

2,500,000 US$ Sociedad Quimica y Minera de Chile SA 3.625% 03/04/2023 2,323,468 0.07

6,200,000 US$ Telefonica Chile SA 3.875% 12/10/2022 5,661,840 0.17

72,471,176 2.14

Colombia

3,800,000 US$ Banco Davivienda SA 2.95% 29/01/2018 3,591,000 0.11

4,000,000 US$ Banco de Bogota SA 5.375% 19/02/2023 3,900,000 0.12

13,500,000 US$ Bancolombia SA 5.125% 11/09/2022 12,858,750 0.38

4,900,000 US$ Empresa de Energia de Bogota SA 6.125% 10/11/2021 5,071,500 0.15

11,100,000,000 COP Empresa de Telecomunicaciones de Bogota 7% 17/01/2023 5,431,456 0.16

6,510,000 US$ Grupo Aval Ltd 4.75% 26/09/2022 6,119,400 0.18

4,000,000 US$ Gruposura Finance 5.7% 18/05/2021 4,120,000 0.12

41,092,106 1.22

Croatia

1,200,000 EUR Zagrebacki Holding D.O.O. 5.5% 10/07/2017 1,269,226 0.04

1,269,226 0.04

Czech Republic

4,020,000 EUR EP Energy AS 5.875% 01/11/2019 5,538,921 0.16

16,473,000 EUR New World Resources NV 7.875% 01/05/2018 12,686,865 0.37

13,100,000 EUR New World Resources NV 7.875% 15/01/2021 4,853,024 0.14

23,078,810 0.67

Greece

4,500,000 EUR Frigoglass Finance BV 8.25% 15/05/2018 6,024,805 0.18

6,024,805 0.18

Hong Kong


17,620,000 US$ CIFI Holdings Group Co Ltd 12.25% 15/04/2018 17,791,266 0.52

11,684,000 US$ Hengdeli Holdings Ltd 6.25% 29/01/2018 11,369,560 0.34

7,400,000 US$ Hutchison Whampoa International 11 Ltd 4.625% 13/01/2022 7,555,126 0.22

17,440,000 US$ Noble Group Ltd 6.75% 29/01/2020 17,701,600 0.52

12,700,000 US$ Nord Anglia Education Inc PIK 15/02/2018 12,319,000 0.36

15,600,000 US$ Nord Anglia Education UK Holdings PLC 10.25% 01/04/2017 16,692,000 0.49

9,700,000 US$ Pacnet Ltd 9.25% 09/11/2015 9,700,000 0.29

6,600,000 US$ PCCW-HKT Capital No 5 Ltd 3.75% 08/03/2023 5,849,263 0.17

16,900,000 US$ Shimao Property Holdings Ltd 6.625% 14/01/2020 14,868,181 0.44

6,200,000 US$ Shimao Property Holdings Ltd 9.65% 03/08/2017 6,481,170 0.19

4,700,000 US$ Shimao Property Holdings Ltd 11% 08/03/2018 5,016,912 0.15



130


Holdings


US$ Net Assets

%


Bonds (continued)

India

6,687,000 US$ Bank of Baroda FRN 25/05/2022 6,525,215 0.19

1,800,000 US$ Bartronics India Ltd 0% 04/02/2013 (Defaulted) 324,000 0.01

9,420,000 US$ Bharat Petroleum Corp Ltd 4.625% 25/10/2022 8,695,951 0.26

6,100,000 US$ Bharti Airtel International Netherlands BV 5.125% 11/03/2023 5,543,680 0.16

2,200,000 US$ Geodesic Ltd 0% 18/01/2013 (Defaulted) 440,000 0.01

8,050,000 US$ ICICI Bank Ltd 5.75% 16/11/2020 8,205,019 0.24

12,150,000 US$ Reliance Holdings USA Inc 5.4% 14/02/2022 12,343,051 0.36

1,350,000 US$ Suzlon Energy Ltd 0% 11/10/2012 (Defaulted) 958,500 0.03

1,800,000 US$ Suzlon Energy Ltd 0% 25/07/2014 1,170,000 0.03

14,000,000 US$ Suzlon Energy Ltd FRN 13/04/2016 6,930,000 0.20

10,400,000 US$ Vedanta Resources PLC 6% 31/01/2019 9,880,000 0.29



97,000,916 2.84

Indonesia

4,000,000 US$ Bumi Investment Pte Ltd 10.75% 06/10/2017 2,880,000 0.08

5,800,000 US$ Indo Energy Finance II BV 6.375% 24/01/2023 5,060,500 0.15

5,190,000 US$ Indosat Palapa Co BV 7.375% 29/07/2020 5,553,300 0.16

13,493,800 0.39

Israel

11,300,000 US$ Altice Financing SA 7.875% 15/12/2019 11,808,500 0.35

11,400,000 EUR Altice Financing SA 8% 15/12/2019 15,411,022 0.45

19,750,000 US$ Altice Finco SA 9.875% 15/12/2020 21,132,500 0.62

2,000,000 US$ Israel Electric Corp Ltd 6.875% 21/06/2023 2,018,020 0.06


61,360,842 1.80

Jamaica



30,300,000 US$ Digicel Ltd 6% 15/04/2021 28,633,500 0.84

19,060,000 US$ Digicel Ltd 7% 15/02/2020 19,250,600 0.57

159,010,650 4.69

Kazakhstan

5,520,000 US$ ATF Bank JSC 9% 11/05/2016 5,313,000 0.16

3,450,000 US$ Development Bank of Kazakhstan JSC 4.125% 10/12/2022 3,070,500 0.09

1,000,000 US$ Development Bank of Kazakhstan JSC 6% 23/03/2026 972,500 0.03

5,805,000 US$ Development Bank of Kazakhstan JSC 6.5% 03/06/2020 6,095,250 0.18

4,100,000 US$ KazAgro National Management Holding JSC 4.625% 24/05/2023 3,772,000 0.11

11,600,000 EUR Kazkommertsbank JSC 6.875% 13/02/2017 14,399,739 0.42



12,050,000 US$ Kazkommertsbank JSC 8% 03/11/2015 11,977,821 0.35



131


Holdings


US$ Net Assets

%


Bonds (continued)



2,500,000 US$ Kazkommertsbank JSC Via Citigroup Global Markets FRN 07/04/2014 2,506,250 0.07

7,500,000 US$ KazMunayGas National Co JSC 5.75% 30/04/2043 6,637,500 0.20

800,000 US$ Tristan Oil Ltd 0% 01/01/2016 432,000 0.01

23,500,000 US$ Zhaikmunai LP 7.125% 13/11/2019 23,558,750 0.69

116,852,935 3.43

Kuwait

8,690,000 US$ Kuwait Projects Co 9.375% 15/07/2020 10,080,400 0.30

10,080,400 0.30

Lithuania

9,370,000 EUR Bite Finance International BV FRN 15/02/2018 12,179,595 0.36

12,179,595 0.36

Malaysia

4,900,000 US$ IOI Investment L Bhd 4.375% 27/06/2022 4,573,483 0.13

6,490,000 US$ Malayan Banking Bhd FRN 20/09/2022 6,278,024 0.19

10,851,507 0.32

Mexico

8,540,000 US$ Alpek SA de CV 4.5% 20/11/2022 8,219,750 0.24

700,000 US$ America Movil SAB de CV 3.125% 16/07/2022 644,977 0.02

1,600,000 US$ America Movil SAB de CV 6.125% 30/03/2040 1,730,300 0.05

1,750,000 US$ America Movil SAB de CV 6.375% 01/03/2035 1,945,365 0.06

119,100,000 MXN America Movil SAB de CV 6.45% 05/12/2022 8,854,866 0.26

1,200,000 US$ BBVA Bancomer SA 4.5% 10/03/2016 1,245,000 0.04





34,100,000 US$ Cemex Finance LLC 9.375% 12/10/2022 37,169,000 1.10

2,500,000 US$ Cemex SAB de CV 5.875% 25/03/2019 2,425,000 0.07

32,100,000 US$ Cemex SAB de CV 9% 11/01/2018 33,705,000 0.99

6,800,000 US$ Cemex SAB de CV 9.5% 15/06/2018 7,344,000 0.22


4,305,000 US$ Corp GEO SAB de CV FRN 30/06/2020 1,894,200 0.06

6,100,000 US$ Desarrolladora Homex SAB de CV 9.75% 25/03/2020 2,074,000 0.06

4,250,000 US$ Desarrolladora Homex SAB de CV FRN 11/12/2019 (Defaulted) 1,445,000 0.04

15,250,000 US$ Empresas ICA SAB de CV 8.375% 24/07/2017 13,420,000 0.40

8,180,000 US$ Fomento Economico Mexicano SAB de CV 2.875% 10/05/2023 7,406,352 0.22

13,511,000 US$ Grupo Papelero Scribe SA de CV 8.875% 07/04/2020 12,970,560 0.38

9,350,000 US$ Grupo Senda Autotransporte SA de CV 10.5% 03/10/2015 9,607,125 0.28

2,500,000 US$ Grupo Televisa SAB 6.625% 18/03/2025 2,922,393 0.09

950,000 US$ Grupo Televisa SAB 6.625% 15/01/2040 1,047,610 0.03

16,950,000 US$ Mexichem SAB de CV 4.875% 19/09/2022 17,034,750 0.50

7,360,000 US$ Mexichem SAB de CV 6.75% 19/09/2042 7,212,800 0.21 The accompanying notes form an integral part of these consolidated financial statements.


132


Holdings


US$ Net Assets %


Bonds (continued)

Mexico (continued)



11,388,000 US$ Oceanografia SA de CV 11.25% 15/07/2015 9,480,511 0.28

127,600,000 MXN Petroleos Mexicanos 7.65% 24/11/2021 10,363,089 0.31

15,113,000 US$ Urbi Desarrollos Urbanos SAB de CV 9.5% 21/01/2020 3,324,860 0.10

17,860,000 US$ Urbi Desarrollos Urbanos SAB de CV 9.75% 03/02/2022 3,929,200 0.12

910,000 US$ Urbi Desarrollos Urbanos SAB de CV FRN 19/04/2016 (Defaulted) 200,200 0.01

322,239,398 9.51

Mongolia

34,020,000 US$ Mongolian Mining Corp 8.875% 29/03/2017 28,917,000 0.85

4,325,000 US$ Trade & Development Bank of Mongolia LLC 8.5% 25/10/2013 4,323,517 0.13

7,800,000 US$ Trade & Development Bank of Mongolia LLC 8.5% 20/09/2015 7,590,219 0.22

40,830,736 1.20

Nigeria

10,240,000 US$ Afren PLC 10.25% 08/04/2019 11,443,200 0.34

9,515,000 US$ Afren PLC 11.5% 01/02/2016 10,561,650 0.31

22,004,850 0.65

Pakistan

3,875,000 US$ Pakistan Mobile Communications Ltd 8.625% 13/11/2013 3,855,625 0.11

3,855,625 0.11

Panama

7,000,000 US$ Sable International Finance Ltd 8.75% 01/02/2020 7,700,000 0.23

7,700,000 0.23

Paraguay

3,950,000 US$ Banco Bilbao Vizcaya Argentaria Paraguay SA 9.75% 11/02/2016 4,167,250 0.12

12,300,000 US$ Telefonica Celular del Paraguay SA 6.75% 13/12/2022 12,761,250 0.38

16,928,500 0.50


47,000,000 CNH 21Vianet Group Inc 7.875% 22/03/2016 7,310,839 0.22

5,010,000 US$ Agile Property Holdings Ltd 9.875% 20/03/2017 5,247,975 0.15

1,850,000 US$ Agile Property Holdings Ltd 10% 14/11/2016 1,965,625 0.06

2,500,000 US$ Baidu Inc 3.5% 28/11/2022 2,233,795 0.07

9,250,000 US$ Bestgain Real Estate Ltd 2.625% 13/03/2018 8,762,599 0.26

15,000,000 CNY Chaowei Power Holdings Ltd 7.25% 24/09/2017 2,309,535 0.07

3,750,000 US$ China Automation Group Ltd 7.75% 20/04/2016 3,529,050 0.10

4,050,000 US$ China CITIC Bank International Ltd 6.875% 24/06/2020 4,277,513 0.13

4,510,000 US$ China Forestry Holdings Co Ltd 10.25% 17/11/2015 1,849,100 0.06

11,700,000 US$ China Liansu Group Holdings Ltd 7.875% 13/05/2016 11,612,250 0.34

6,950,000 US$ China Oriental Group Co Ltd 8% 18/08/2015 6,845,750 0.20

2,450,000 US$ China Overseas Finance Cayman II Ltd 5.5% 10/11/2020 2,542,007 0.08

4,500,000 US$ China Railway Resources Huitung Ltd 3.85% 05/02/2023 4,031,964 0.12

6,433,000 US$ China SCE Property Holdings Ltd 11.5% 14/11/2017 6,432,022 0.19 The accompanying notes form an integral part of these consolidated financial statements.


133


Holdings


US$ Net Assets

%


Bonds (continued)

People's Republic of China (continued)

1,400,000 US$ COSL Finance BVI Ltd 3.25% 06/09/2022 1,252,157 0.04

17,200,000 US$ Country Garden Holdings Co Ltd 7.5% 10/01/2023 15,738,000 0.46



7,370,000 US$ ENN Energy Holdings Ltd 6% 13/05/2021 7,780,848 0.23


20,590,000 US$ Evergrande Real Estate Group Ltd 13% 27/01/2015 21,207,700 0.63

10,050,000 US$ Fosun International Ltd 7.5% 12/05/2016 10,150,500 0.30

7,600,000 US$ Franshion Development Ltd 6.75% 15/04/2021 7,410,000 0.22

10,200,000 US$ Fufeng Group Ltd 7.625% 13/04/2016 9,588,000 0.28

15,750,000 US$ Gemdale International Investment Ltd 7.125% 16/11/2017 15,401,216 0.45

8,450,000 US$ Hidili Industry International Development Ltd 8.625% 04/11/2015 6,464,250 0.19

18,400,000 US$ Hyva Global BV 8.625% 24/03/2016 17,296,000 0.51

3,550,000 US$ KWG Property Holding Ltd 12.5% 18/08/2017 3,792,387 0.11

8,900,000 US$ KWG Property Holding Ltd 13.25% 22/03/2017 9,668,649 0.29

8,800,000 US$ Lonking Holdings Ltd 8.5% 03/06/2016 8,624,000 0.25

700,000 US$ Natixis FRN 13/05/2016 694,750 0.02

8,700,000 US$ Powerlong Real Estate Holdings Ltd 11.25% 25/01/2018 8,045,664 0.24

2,200,000 US$ Powerlong Real Estate Holdings Ltd 13.75% 16/09/2015 2,299,000 0.07



8,100,000 US$ Texhong Textile Group Ltd 6.5% 18/01/2019 7,551,905 0.22

29,550,000 US$ West China Cement Ltd 7.5% 25/01/2016 28,220,250 0.83

11,509,000 US$ Yanlord Land Group Ltd 9.5% 04/05/2017 11,911,815 0.35

23,198,000 US$ Yanlord Land Group Ltd 10.625% 29/03/2018 24,299,906 0.72

11,600,000 US$ Yingde Gases Investment Ltd 8.125% 22/04/2018 11,252,000 0.33

8,900,000 US$ Yuzhou Properties Co 11.75% 25/10/2017 9,229,790 0.27

366,593,604 10.82

Peru

13,490,000 US$ Ajecorp BV 6.5% 14/05/2022 13,732,820 0.40

7,330,000 US$ Alicorp SAA 3.875% 20/03/2023 6,780,250 0.20 2,600,000 US$ Banco Continental SA via Continental Senior Trustees II Cayman Ltd 5.75%

18/01/2017 2,749,500 0.08

1,900,000 US$ Banco de Credito del Peru 4.25% 01/04/2023 1,752,750 0.05

1,933,000 US$ Banco Internacional del Peru SAA 5.75% 07/10/2020 1,971,660 0.06

2,680,000 US$ BBVA Banco Continental SA 5% 26/08/2022 2,613,000 0.08

12,030,000 US$ Corp Azucarera del Peru SA 6.375% 02/08/2022 11,972,256 0.35

4,180,000 US$ Southern Copper Corp 3.5% 08/11/2022 3,751,483 0.11

4,675,000 US$ Southern Copper Corp 6.75% 16/04/2040 4,596,497 0.14

800,000 US$ Southern Copper Corp 7.5% 27/07/2035 855,163 0.03

6,200,000 US$ Transportadora de Gas del Peru SA 4.25% 30/04/2028 5,487,000 0.16



134


Holdings


US$ Net Assets

%


Bonds (continued)

Philippines

8,800,000 US$ JGSH Philippines Ltd 4.375% 23/01/2023 8,250,000 0.24

639,000,000 PHP Petron Corp 7% 10/11/2017 14,987,804 0.44

23,237,804 0.68

Poland

9,507,308 US$ CEDC Finance Corp International Inc 10% 30/04/2018 6,809,134 0.20

22,085,016 US$ CEDC Finance Corp International Inc Step Cpn 30/04/2018 19,531,988 0.58

12,753,075 US$ Eileme 1 AB PIK 15/08/2020 14,028,383 0.41

10,000,000 US$ Eileme 2 AB 11.625% 31/01/2020 11,300,000 0.33

27,750,000 EUR Eileme 2 AB 11.75% 31/01/2020 40,940,403 1.21

1,675,000 EUR Koleje Mazowieckie Finance AB 6.75% 09/03/2016 2,264,339 0.07

8,150,000 US$ PKO Finance AB 4.63% 26/09/2022 7,918,540 0.23

20,100,000 EUR Polish Television Holding BV Step Cpn 15/05/2017 27,041,431 0.80

129,834,218 3.83

Qatar

5,000,000 US$ CBQ Finance Ltd 7.5% 18/11/2019 5,823,325 0.17

2,870,138 US$ Nakilat Inc 6.267% 31/12/2033 3,013,645 0.09

4,400,000 US$ Qtel International Finance Ltd 5% 19/10/2025 4,466,000 0.13

4,950,000 US$ Ras Laffan Liquefied Natural Gas Co Ltd III 5.838% 30/09/2027 5,568,750 0.16

18,871,720 0.55


13,220,000 US$ Korea Hydro & Nuclear Power Co Ltd 4.75% 13/07/2021 13,549,495 0.40

8,410,000 US$ Shinhan Bank 1.875% 30/07/2018 7,856,874 0.23

2,800,000 US$ Shinhan Bank 4.125% 04/10/2016 2,966,222 0.09

4,750,000 US$ Woori Bank Co Ltd 5.875% 13/04/2021 5,065,661 0.15

29,438,252 0.87

Russian Federation

21,120,000 US$ Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.5% 26/09/2019 21,542,400 0.64

5,730,000 US$ Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.75% 28/04/2021 5,901,900 0.17

28,650,000 US$ Brunswick Rail Finance Ltd 6.5% 01/11/2017 28,363,500 0.84

12,500,000 US$ Credit Bank of Moscow Via CBOM Finance PLC 7.7% 01/02/2018 12,687,500 0.37

8,700,000 US$ Evraz Group SA 6.5% 22/04/2020 7,830,000 0.23


8,800,000 US$ Far East Capital Ltd SA 8.75% 02/05/2020 8,052,000 0.24

8,420,000 US$ Gazprom Neft OAO Via GPN Capital SA 4.375% 19/09/2022 7,711,457 0.23

6,000,000 US$ Lukoil International Finance BV 4.563% 24/04/2023 5,580,000 0.16



17,400,000 US$ Metalloinvest Finance Ltd 5.625% 17/04/2020 15,921,000 0.47

5,800,000 US$ Novatek OAO via Novatek Finance Ltd 4.422% 13/12/2022 5,321,500 0.16

6,090,000 US$ Phosagro OAO via Phosagro Bond Funding Ltd 4.204% 13/02/2018 5,998,650 0.18




2,300,000 US$ Rosneft Oil Co via Rosneft International Finance Ltd 4.199% 06/03/2022 2,130,950 0.06 The accompanying notes form an integral part of these consolidated financial statements.


135


Holdings


US$ Net Assets

%


Bonds (continued)




13,660,000 US$ Sberbank of Russia Via SB Capital SA 5.125% 29/10/2022 12,806,250 0.38

18,400,000 US$ Tinkoff Credit Systems Via TCS Finance Ltd 10.75% 18/09/2015 19,440,520 0.57

24,360,000 US$ Tinkoff Credit Systems Via TCS Finance Ltd 11.5% 21/04/2014 25,745,110 0.76

13,500,000 US$ Tinkoff Credit Systems Via TCS Finance Ltd 14% 06/06/2018 14,985,000 0.44

1,500,000 US$ TMK OAO Via TMK Capital SA 6.75% 03/04/2020 1,391,250 0.04

2,500,000 US$ TMK OAO Via TMK Capital SA 7.75% 27/01/2018 2,500,000 0.07

6,500,000 US$ TNK-BP Finance SA 7.25% 02/02/2020 7,280,000 0.22

1,100,000 US$ TNK-BP Finance SA 7.875% 13/03/2018 1,251,250 0.04

3,900,000 US$ Uralkali OJSC via Uralkali Finance Ltd 3.723% 30/04/2018 3,748,875 0.11

33,700,000 US$ Vimpel Communications Via VIP Finance Ireland Ltd OJSC 7.748% 02/02/2021 35,932,625 1.06

265,000,000 RUB VimpelCom Holdings BV 9% 13/02/2018 7,951,978 0.23



8,270,000 US$ VTB Bank OJSC Via VTB Capital SA 6.551% 13/10/2020 8,559,450 0.25


373,760,688 11.03

Saudi Arabia

10,160,000 US$ Saudi Electricity Global Sukuk Co 4.211% 03/04/2022 10,160,000 0.30

10,160,000 0.30

Seychelles

5,400,000 US$ RDS Ultra-Deepwater Ltd 11.875% 15/03/2017 5,832,000 0.17

5,832,000 0.17

Singapore

6,800,000 US$ MMI International Ltd 8% 01/03/2017 6,834,000 0.20

8,824,925 US$ Rubicon Offshore Holdings Ltd PIK 16/04/2014 8,163,056 0.24

5,033,753 US$ Sea Production Ltd FRN 14/02/2014 4,631,053 0.14

19,628,109 0.58

South Africa

4,550,000 US$ African Bank Ltd 8.125% 24/02/2017 4,488,803 0.13

28,633,000 EUR Edcon Holdings Pty Ltd FRN 15/06/2015 32,566,281 0.96

23,700,000 EUR Edcon Pty Ltd 9.5% 01/03/2018 28,597,676 0.84

7,805,000 EUR Foodcorp Pty Ltd 8.75% 01/03/2018 10,780,427 0.32

4,300,000 US$ Sappi Papier Holding GmbH 6.625% 15/04/2021 4,171,000 0.12



11,805,000 US$ Standard Bank PLC 8.125% 02/12/2019 12,719,888 0.38

100,603,575 2.96



136

Ashmore SICAV Emerging Markets Corporate Debt Fund Schedule of Investments (continued) As 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Taiwan

100,000 US$ Cathay United Bank Co Ltd FRN 05/10/2020 101,000 -

576,000 US$ Chinatrust Commercial Bank Hong Kong FRN 29/03/2049 567,360 0.02

668,360 0.02

Thailand

7,550,000 US$ PTT Global Chemical PCL 4.25% 19/09/2022 7,233,413 0.21

7,233,413 0.21

Turkey

4,000,000 US$ Akbank TAS 5% 24/10/2022 3,730,000 0.11

3,800,000 US$ Anadolu Efes Biracilik Ve Malt Sanayii AS 3.375% 01/11/2022 3,268,000 0.10

3,530,000 US$ KOC Holding AS 3.5% 24/04/2020 3,053,450 0.09

3,600,000 US$ Tupras Turkiye Petrol Rafinerileri AS 4.125% 02/05/2018 3,420,000 0.10

2,400,000 US$ Turkiye Garanti Bankasi AS 5.25% 13/09/2022 2,247,000 0.07

1,100,000 US$ Turkiye Garanti Bankasi AS 6.25% 20/04/2021 1,138,500 0.03

17,000,000 TRY Turkiye Garanti Bankasi AS 7.375% 07/03/2018 8,088,312 0.24

4,400,000 US$ Turkiye Halk Bankasi AS 3.875% 05/02/2020 3,960,000 0.12

3,400,000 US$ Turkiye Is Bankasi 3.75% 10/10/2018 3,196,000 0.10

17,500,000 US$ Turkiye Sise ve Cam Fabrikalari AS 4.25% 09/05/2020 15,925,000 0.47

10,500,000 US$ Yuksel Insaat AS 9.5% 10/11/2015 6,242,250 0.18

54,268,512 1.61

Ukraine

6,625,000 US$ Avangardco Investments Public Ltd 10% 29/10/2015 6,625,000 0.20

4,405,000 US$ Commercial Bank Privatbank JSC Via Standard Bank FRN 09/02/2016 3,568,887 0.11

6,500,000 US$ DTEK Finance 7.875% 04/04/2018 6,061,250 0.18

900,000 US$ DTEK Finance BV 9.5% 28/04/2015 905,625 0.03

9,000,000 US$ DTEK Finance PLC 7.875% 04/04/2018 8,392,500 0.25

19,200,000 US$ Ferrexpo Finance PLC 7.875% 07/04/2016 17,719,104 0.52

16,550,000 US$ Metinvest BV 8.75% 14/02/2018 15,391,500 0.45

4,100,000 US$ Metinvest BV 10.25% 20/05/2015 4,151,250 0.12

24,400,000 US$ MHP SA 8.25% 02/04/2020 21,512,260 0.64

3,750,000 US$ MHP SA 10.25% 29/04/2015 3,862,538 0.11

16,400,000 US$ Mriya Agro Holding PLC 9.45% 19/04/2018 14,596,000 0.43

10,300,000 US$ NTRP Via Interpipe Ltd 10.25% 02/08/2017 8,858,000 0.26

3,900,000 US$ Privatbank CJSC Via UK SPV Credit Finance PLC 9.375% 23/09/2015 3,627,000 0.11

28,700,000 US$ Ukrlandfarming PLC 10.875% 26/03/2018 27,121,500 0.80

142,392,414 4.21


5,000,000 US$ Abu Dhabi National Energy Co 3.625% 12/01/2023 4,625,000 0.14

149,100,000 AED Anka a Sukuk Ltd 10% 25/08/2016 41,202,423 1.21

8,325,000 US$ Baghlan Group FZCO Via Aquarius Investments 14.75% 27/06/2015 8,075,250 0.24

17,981,440 US$ Dana Gas Sukuk Ltd 7% 31/10/2017 16,507,142 0.49

18,981,440 US$ Dana Gas Sukuk Ltd 9% 31/10/2017 18,198,835 0.54

16,300,000 US$ DP World Ltd 6.85% 02/07/2037 16,829,750 0.50

7,100,000 US$ DP World Sukuk Ltd 6.25% 02/07/2017 7,597,000 0.22



137


Holdings


US$ Net Assets

%


Bonds (continued)



27,050,000 GBP Dubai Holding Commercial Operations MTN Ltd 6% 01/02/2017 39,795,931 1.17

15,600,000 US$ Jafz Sukuk Ltd 7% 19/06/2019 16,692,000 0.49

13,720,000 US$ MAF Global Securities Ltd 5.25% 05/07/2019 13,994,400 0.41

12,200,000 US$ Pyrus Ltd 7.5% 20/12/2015 15,347,600 0.45

290,305,233 8.56

Total bonds 3,030,332,599 89.35



Bonds

Brazil

18,030,000 BRL Cia Energetica de Sao Paulo 9.75% 15/01/2015 12,621,000 0.37

12,621,000 0.37

Hong Kong

4,985,609 US$ Emerald Plantation 6% 30/01/2020 2,991,365 0.09



800,000 US$ Sino-Forest Corporation Claim 5% 01/08/2013 - -

2,043,000 US$ Sino-Forest Corporation Claim 5% 01/08/2013 144A - -





2,991,365 0.09

Indonesia

4,500,000 US$ Enercoal Resources Bumii Bond 9.25% 05/08/2014 3,240,000 0.10

3,240,000 0.10

Kazakhstan

7,600,000 US$ Septinvest BV 10% 31/03/2015 7,068,000 0.21

7,068,000 0.21

Nigeria

17,700,000 US$ Sea Trucks Group 9% 26/03/2018 17,124,750 0.50

9,200,000 US$ Seven Energy 10% Convertible Bond 31/12/14 9,347,200 0.28

26,471,950 0.78


6,300,000 US$ Far East Energy Bermuda Ltd PIK 15/01/2016 6,300,000 0.19



138


Holdings


US$ Net Assets

%


Bonds (continued)

Turkey

3,500,000 US$ Yapi ve Kredi Bankasi AS 4% 22/01/2020 3,123,750 0.09

3,123,750 0.09

Total bonds 61,816,065 1.83

Equities

Hong Kong

5,034,511 US$ Emerald Plantation Holdings 1,308,973 0.04

1,308,973 0.04

Kazakhstan

278,217 US$ BTA Bank JSC GDR 275,435 0.01

275,435 0.01

Total equities 1,584,408 0.05

Warrants and rights


5,889,076 US$ Far East Energy Corporation Wts 01.04.18 1,101,257 0.03

1,101,257 0.03

Total warrants and rights 1,101,257 0.03

Loan participations

Brazil

7,100,000 US$ Doux Frangosul 11.50% 30/06/2014 2,130,000 0.06

2,130,000 0.06

Israel

ECI

7,178,147 US$ TIFL15% PIK Loan 01/01/2014 Tranche 1 3,269,107 0.10







33,798,326 1.01

Singapore

5,209,788 US$ Rubicon Offshore International Holding 30% PIK Loan Rolled Up 5,209,788 0.15

5,209,788 0.15


9,896,419 US$ Dubai World 1% 23/03/2016 6,927,493 0.20

16,173,507 US$ Dubai World Tlb 1% + 1.5% PIK 23/03/2019 10,027,570 0.30

18,757,143 US$ Nakheel PJSC FRN Loan 30/09/2015 15,005,714 0.44

31,960,777 0.94

Total loan participations 73,098,891 2.16



139


Holdings


US$ Net Assets

%


Luxembourg


1,182,639 0.03



Cash at bank 184,099,533 5.43


Total net assets 3,391,193,562 100.00



140

Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Brazil



600,000 US$ Banco Santander Brasil SA 4.625% 13/02/2017 609,000 0.78

1,400,000 BRL Banco Santander Brasil SA 8% 18/03/2016 583,056 0.75

600,000 US$ Braskem Finance Ltd 5.75% 15/04/2021 585,000 0.75

1,250,000 US$ BRF SA 5.875% 06/06/2022 1,282,875 1.65

100,000 US$ Gerdau Holdings Inc 7% 20/01/2020 105,500 0.14

550,000 US$ Globo Comunicacao e Participacoes SA 4.875% 11/04/2022 556,875 0.71

500,000 US$ Itau Unibanco Holding SA 5.65% 19/03/2022 485,000 0.62

400,000 US$ Itau Unibanco Holding SA 6.2% 21/12/2021 405,000 0.52

1,200,000 US$ Odebrecht Finance Ltd 5.125% 26/06/2022 1,176,000 1.51

250,000 US$ Oi SA 5.75% 10/02/2022 232,813 0.30

588,800 US$ Schahin II Finance Co SPV Ltd 5.875% 25/09/2022 582,912 0.75

429,000 US$ Telemar Norte Leste SA 5.5% 23/10/2020 398,970 0.51

700,000 US$ Vale Overseas Ltd 4.375% 11/01/2022 664,885 0.85

8,693,906 11.16

Chile

400,000 US$ Banco de Credito e Inversiones 4% 11/02/2023 377,112 0.48


600,000 US$ Cencosud SA 4.875% 20/01/2023 588,175 0.75

400,000 US$ Cencosud SA 5.5% 20/01/2021 410,456 0.53

300,000 US$ E.CL SA 5.625% 15/01/2021 311,487 0.40

300,000 US$ Inversiones CMPC SA 4.375% 15/05/2023 287,138 0.37

500,000 US$ SACI Falabella 3.75% 30/04/2023 457,500 0.59

250,000 US$ Sociedad Quimica y Minera de Chile SA 3.625% 03/04/2023 232,347 0.30

750,000 US$ Telefonica Chile SA 3.875% 12/10/2022 684,900 0.88

3,933,171 5.05

Colombia

450,000 US$ Banco Davivienda SA 2.95% 29/01/2018 425,250 0.55

500,000 US$ Banco de Bogota SA 5.375% 19/02/2023 487,500 0.63



600,000 US$ Empresa de Energia de Bogota SA 6.125% 10/11/2021 621,000 0.80

770,000,000 COP Empresa de Telecomunicaciones de Bogota 7% 17/01/2023 376,777 0.48

750,000 US$ Grupo Aval Ltd 4.75% 26/09/2022 705,000 0.90

500,000 US$ Gruposura Finance 5.7% 18/05/2021 515,000 0.66

4,125,429 5.30

Czech Republic

450,000 EUR EP Energy AS 5.875% 01/11/2019 620,028 0.80



141

Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Hong Kong


2,000,000 US$ Noble Group Ltd 6.75% 29/01/2020 2,030,000 2.60


3,657,869 4.69

India

800,000 US$ Bank of Baroda FRN 25/05/2022 780,645 1.00

200,000 US$ Bharat Petroleum Corp Ltd 4.625% 25/10/2022 184,627 0.24


850,000 US$ ICICI Bank Ltd 5.75% 16/11/2020 866,368 1.11

1,400,000 US$ Reliance Holdings USA Inc 5.4% 14/02/2022 1,422,245 1.82

3,890,045 4.99

Indonesia

600,000 US$ Indosat Palapa Co BV 7.375% 29/07/2020 642,000 0.82

642,000 0.82

Israel



1,580,703 2.03

Kazakhstan



500,000 US$ KazAgro National Management Holding JSC 4.625% 24/05/2023 460,000 0.59


1,967,750 2.52

Kuwait

1,000,000 US$ Kuwait Projects Co 9.375% 15/07/2020 1,160,000 1.49

1,160,000 1.49

Malaysia

600,000 US$ IOI Investment L Bhd 4.375% 27/06/2022 560,018 0.72

750,000 US$ Malayan Banking Bhd FRN 20/09/2022 725,504 0.93

1,285,522 1.65

Mexico

1,000,000 US$ Alpek SA de CV 4.5% 20/11/2022 962,500 1.23

300,000 US$ America Movil SAB de CV 5% 30/03/2020 321,987 0.41

13,000,000 MXN America Movil SAB de CV 6.45% 05/12/2022 966,526 1.24





1,000,000 US$ Fomento Economico Mexicano SAB de CV 2.875% 10/05/2023 905,422 1.16

300,000 US$ Grupo Televisa SAB 6.625% 18/03/2025 350,687 0.45

2,900,000 US$ Mexichem SAB de CV 4.875% 19/09/2022 2,914,500 3.74




142


Holdings


US$ Net Assets

%


Bonds (continued)


300,000 US$ Baidu Inc 3.5% 28/11/2022 268,055 0.34

1,000,000 US$ Bestgain Real Estate Ltd 2.625% 13/03/2018 947,308 1.21

500,000 US$ China CITIC Bank International Ltd 6.875% 24/06/2020 528,088 0.68

130,000 US$ China Overseas Finance Cayman II Ltd 5.5% 10/11/2020 134,882 0.17

550,000 US$ China Railway Resources Huitung Ltd 3.85% 05/02/2023 492,796 0.63

200,000 US$ COSL Finance BVI Ltd 3.25% 06/09/2022 178,880 0.23

800,000 US$ ENN Energy Holdings Ltd 6% 13/05/2021 844,597 1.08

900,000 US$ Franshion Development Ltd 6.75% 15/04/2021 877,500 1.12

4,272,106 5.46

Peru

800,000 US$ Alicorp SAA 3.875% 20/03/2023 740,000 0.95 500,000 US$ Banco Continental SA via Continental Senior Trustees II Cayman Ltd 5.75%

18/01/2017 528,750 0.68

150,000 US$ Banco de Credito del Peru 4.25% 01/04/2023 138,375 0.18

250,000 US$ Banco Internacional del Peru SAA 5.75% 07/10/2020 255,000 0.33

300,000 US$ BBVA Banco Continental SA 5% 26/08/2022 292,500 0.37

1,050,000 US$ Southern Copper Corp 3.5% 08/11/2022 942,358 1.21

800,000 US$ Transportadora de Gas del Peru SA 4.25% 30/04/2028 708,000 0.91

3,604,983 4.63

Poland

225,000 EUR Koleje Mazowieckie Finance AB 6.75% 09/03/2016 304,165 0.39

1,000,000 US$ PKO Finance AB 4.63% 26/09/2022 971,600 1.25

1,275,765 1.64

Qatar

625,000 US$ CBQ Finance Ltd 7.5% 18/11/2019 727,916 0.93

284,642 US$ Nakilat Inc 6.267% 31/12/2033 298,874 0.38

550,000 US$ Qtel International Finance Ltd 5% 19/10/2025 558,250 0.72

1,585,040 2.03


1,450,000 US$ Korea Hydro & Nuclear Power Co Ltd 4.75% 13/07/2021 1,486,140 1.91

600,000 US$ Shinhan Bank 1.875% 30/07/2018 560,538 0.72

600,000 US$ Shinhan Bank 4.125% 04/10/2016 635,619 0.81


3,322,170 4.26

Russian Federation

1,000,000 US$ Gazprom Neft OAO Via GPN Capital SA 4.375% 19/09/2022 915,850 1.17


500,000 US$ Novatek OAO via Novatek Finance Ltd 4.422% 13/12/2022 458,750 0.59

700,000 US$ Phosagro OAO via Phosagro Bond Funding Ltd 4.204% 13/02/2018 689,500 0.88

200,000 US$ Rosneft Oil Co via Rosneft International Finance Ltd 4.199% 06/03/2022 185,300 0.24

1,375,000 US$ Sberbank of Russia Via SB Capital SA 5.499% 07/07/2015 1,453,540 1.86

500,000 US$ Uralkali OJSC via Uralkali Finance Ltd 3.723% 30/04/2018 480,625 0.62

1,100,000 US$ VEB-Leasing Via VEB Leasing Investment Ltd 5.125% 27/05/2016 1,142,625 1.47

1,150,000 US$ Vnesheconombank Via VEB Finance PLC 6.8% 22/11/2025 1,224,750 1.57 The accompanying notes form an integral part of these consolidated financial statements.


143


Holdings


US$ Net Assets

%


Bonds (continued)




800,000 US$ VTB Bank OJSC Via VTB Capital SA 6.95% 17/10/2022 812,000 1.04

10,212,442 13.09

Saudi Arabia

875,000 US$ Saudi Electricity Global Sukuk Co 2.665% 03/04/2017 884,153 1.13

884,153 1.13

South Africa

300,000 US$ African Bank Ltd 8.125% 24/02/2017 295,965 0.38

1,400,000 US$ Standard Bank PLC 8.125% 02/12/2019 1,508,500 1.93

1,804,465 2.31

Taiwan


68,000 US$ Chinatrust Commercial Bank Hong Kong FRN (Perpetual) 66,980 0.09

268,980 0.35

Turkey

400,000 US$ Yapi ve Kredi Bankasi AS 4% 22/01/2020 357,000 0.46

357,000 0.46

Thailand

800,000 US$ PTT Global Chemical PCL 4.25% 19/09/2022 766,454 0.98

766,454 0.98

Turkey

450,000 US$ Akbank TAS 5% 24/10/2022 419,625 0.54

450,000 US$ Anadolu Efes Biracilik Ve Malt Sanayii AS 3.375% 01/11/2022 387,000 0.50

400,000 US$ KOC Holding AS 3.5% 24/04/2020 346,000 0.44

450,000 US$ Tupras Turkiye Petrol Rafinerileri AS 4.125% 02/05/2018 427,500 0.55

300,000 US$ Turkiye Garanti Bankasi AS 5.25% 13/09/2022 280,875 0.36

200,000 US$ Turkiye Garanti Bankasi AS 6.25% 20/04/2021 207,000 0.26

700,000 TRY Turkiye Garanti Bankasi AS 7.375% 07/03/2018 333,048 0.43

500,000 US$ Turkiye Halk Bankasi AS 3.875% 05/02/2020 450,000 0.58

400,000 US$ Turkiye Is Bankasi 3.75% 10/10/2018 376,000 0.48

3,227,048 4.14


600,000 US$ Abu Dhabi National Energy Co 3.625% 12/01/2023 555,000 0.71

2,700,000 US$ DP World Sukuk Ltd 6.25% 02/07/2017 2,889,000 3.70

1,600,000 US$ MAF Global Securities Ltd 5.25% 05/07/2019 1,632,000 2.09

5,076,000 6.50

Total bonds 78,622,493 100.82








144

Ashmore SICAV Emerging Markets Local Currency Corporate Debt Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Brazil

8,200,000 BRL Banco Santander Brasil SA 8% 18/03/2016 3,414,363 2.04


10,950,000 BRL Cosan Luxembourg SA 9.5% 14/03/2018 4,715,234 2.82

600,000 US$ JBS Finance II Ltd 8.25% 29/01/2018 609,000 0.36


6,750,000 BRL Oi SA 9.75% 15/09/2016 2,826,441 1.69

1,250,000 US$ OSX 3 Leasing BV 9.25% 20/03/2015 1,087,500 0.65


19,267,483 11.51

Chile

2,212,500,000 CLP Banco Santander Chile 6.5% 22/09/2020 4,307,410 2.58

4,307,410 2.58

Colombia

5,662,000,000 COP Emgesa SA ESP 8.75% 25/01/2021 3,224,958 1.93

5,750,000,000 COP Empresa de Telecomunicaciones de Bogota 7% 17/01/2023 2,813,592 1.68

2,166,000,000 COP Empresas Publicas de Medellin ESP 8.375% 01/02/2021 1,200,062 0.72

7,238,612 4.33

Hong Kong

5,000,000 SGD Bank of East Asia Ltd FRN 13/09/2022 4,001,467 2.39

2,250,000 SGD Standard Chartered Bank Hong Kong Ltd FRN 27/10/2021 1,796,502 1.07

5,797,969 3.46

India

500,000 US$ Geodesic Ltd 0% 18/01/2013 (Defaulted) 100,000 0.06



5,443,763 3.25

Indonesia

1,900,000 US$ Indo Energy Finance II BV 6.375% 24/01/2023 1,657,750 0.99

1,800,000 US$ TBG Global Pte Ltd 4.625% 03/04/2018 1,719,000 1.03

3,376,750 2.02

Israel

7,383,000 ILS Elbit Imaging Ltd 5% 01/04/2020 658,930 0.39

4,027,000 ILS Plaza Centers NV 5.4% 01/07/2015 902,669 0.54

1,561,599 0.93

Malaysia

9,000,000 CNH Axiata SPV2 Bhd 3.75% 18/09/2014 1,445,188 0.86

1,445,188 0.86

Mexico




900,000 US$ Corp GEO SAB de CV FRN 30/06/2020 396,000 0.24

1,100,000 US$ Desarrolladora Homex SAB de CV FRN 11/12/2019 (Defaulted) 374,000 0.22 The accompanying notes form an integral part of these consolidated financial statements.


145

Ashmore SICAV Emerging Markets Local Currency Corporate Debt Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Mexico (continued)

68,500,000 MXN Grupo Televisa SAB 7.25% 14/05/2043 4,460,098 2.67

27,700,000 MXN Grupo Televisa SAB 8.49% 11/05/2037 2,128,327 1.27

27,380,000 MXN Petroleos Mexicanos 7.65% 24/11/2021 2,223,678 1.33

21,867,879 13.09


14,300,000 CNH 21Vianet Group Inc 7.875% 22/03/2016 2,224,362 1.33

6,000,000 CNY Chaowei Power Holdings Ltd 7.25% 24/09/2017 923,814 0.55

23,400,000 CNH China SCE Property Holdings Ltd 10.5% 14/01/2016 3,757,877 2.25

11,030,000 CNH China Shanshui Cement Group Ltd 6.5% 22/07/2014 1,769,120 1.06



8,560,000 CNY Gemdale International Holding Ltd 9.15% 26/07/2015 1,413,107 0.85

16,550,000 CNH Powerlong Real Estate Holdings Ltd 11.5% 17/03/2014 2,678,014 1.60

10,310,000 CNH RKI Finance 2011 Ltd 6% 25/02/2014 1,662,073 0.99

22,687,933 13.57

Philippines

217,000,000 PHP Petron Corp 7% 10/11/2017 5,089,755 3.04

5,089,755 3.04

Russian Federation

89,300,000 RUB Alfa Bank OJSC Via Alfa Bond Issuance PLC 8.625% 26/04/2016 2,690,615 1.61

45,050,000 RUB EuroChem Mineral & Chemical Co OJSC FRN 14/11/2018 1,374,363 0.82


2,500,000 US$ Far East Capital Ltd SA 8.75% 02/05/2020 2,287,500 1.37

37,610,000 RUB Iks 5 Finans FRN 02/06/2016 1,107,288 0.66

62,251,000 RUB Mobile Telesystems OJSC FRN 03/11/2020 1,909,552 1.14

64,766,000 RUB Sibmetinvest OOO FRN 10/10/2019 2,081,398 1.25

40,935,000 RUB SUEK Finance FRN 26/06/2020 1,246,580 0.75

99,100,000 RUB VimpelCom Holdings BV 9% 13/02/2018 2,973,740 1.78

90,382,000 RUB VimpelCom-Invest 8.3% 13/10/2015 2,755,687 1.65

20,363,973 12.19

Singapore

2,500,000 SGD Mapletree Treasury Services Ltd FRN (Perpetual) 1,942,263 1.16

2,250,000 SGD Neptune Orient Lines Ltd/Singapore 4.4% 22/06/2021 1,685,651 1.01

4,750,000 SGD NTUC Income Insurance Cooperative Ltd FRN 23/08/2027 3,774,716 2.26

4,250,000 SGD Olam International Ltd 6% 25/10/2022 2,908,953 1.74

10,311,583 6.17

South Africa

3,900,000 EUR Edcon Holdings Pty Ltd FRN 15/06/2015 4,435,738 2.65

15,000,000 ZAR Sappi Southern Africa Pty Ltd 8.06% 16/04/2020 1,434,135 0.86

7,000,000 ZAR Sappi Southern Africa Pty Ltd 9.63% 28/06/2016 732,387 0.44

16,000,000 ZAR Transnet SOC Ltd 9.5% 19/08/2025 1,684,717 1.01



146


Holdings


US$ Net Assets

%


Bonds (continued)

Turkey

3,400,000 TRY Akbank TAS 7.5% 05/02/2018 1,618,016 0.97

2,200,000 TRY Ronesans Gayrimenkul Yatirim AS FRN 25/07/2013 1,141,084 0.68

2,200,000 TRY Ronesans Holding FRN 18/12/2015 1,147,063 0.69

1,580,000 TRY Turkiye Garanti Bankasi AS 0% 15/11/2013 796,293 0.48

7,700,000 TRY Turkiye Garanti Bankasi AS 7.375% 07/03/2018 3,663,531 2.19

2,250,000 US$ Yuksel Insaat AS 9.5% 10/11/2015 1,337,625 0.80

9,703,612 5.81

Ukraine

7,700,000 UAH Ukreximbank Via Biz Finance PLC 11% 03/02/2014 886,744 0.53

886,744 0.53


14,450,000 AED Anka a Sukuk Ltd 10% 25/08/2016 3,993,126 2.39

3,993,126 2.39

Total bonds 151,630,356 90.69



Bonds

Brazil

3,428,000 BRL Cia Energetica de Sao Paulo 9.75% 15/01/2015 2,399,600 1.44

2,399,600 1.44

Israel

499,629 ILS Delek Real Estate Zcpn 27/02/2019 45,705 0.03

3,607,225 ILS Delek Real Estate Zcpn 31/12/2049 659,969 0.40

705,674 0.43

Malaysia

4,196,530 MYR Binariang GSM SDN BHD 5.55% 27/12/2013 1,340,633 0.80

4,301,303 MYR Binariang GSM SDN BHD 5.65% 26/12/2014 1,395,606 0.83

2,736,239 1.63


15,290,000 CNH Lafarge Shui on Cement Ltd 9% 14/11/2014 2,551,125 1.53

2,551,125 1.53

Total bonds 8,392,638 5.03



147


Holdings


US$ Net Assets

%


Indonesia

9,000,000,000 IDR Adira Dinamika Multi Finance PT 9.25% 29/10/2014 930,233 0.56

930,233 0.56

Total fully-funded total return swaps 930,233 0.56


America) 60,759 0.04

5,500,000 EUR Currency PUT option EUR/USD 1.27 European 11/09/2013 (HSBC) 54,282 0.03 4,400,000 EUR Currency PUT option EUR/USD 1.28 European 04/10/2013 (Bank of

America) 68,006 0.04

183,047 0.11



Cash at bank 4,907,101 2.93





148

Ashmore SICAV Emerging Markets Asian Corporate Debt Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

Hong Kong

200,000 US$ Bank of East Asia Ltd FRN 04/05/2022 213,192 0.78


400,000 US$ CFG Investment SAC 9.75% 30/07/2019 358,000 1.31

400,000 US$ CIFI Holdings Group Co Ltd 12.25% 15/04/2018 403,888 1.47

200,000 US$ Hengdeli Holdings Ltd 6.25% 29/01/2018 194,617 0.71

400,000 US$ Howes Capital Ltd 4.75% 10/04/2017 412,250 1.50

300,000 US$ Hutchison Whampoa Finance CI Ltd 7.5% 01/08/2027 372,427 1.36


200,000 US$ Li & Fung Ltd 5.25% 13/05/2020 207,434 0.76

200,000 US$ LS Finance 2017 Ltd 5.25% 26/01/2017 209,156 0.76

300,000 US$ Noble Group Ltd 6.75% 29/01/2020 304,500 1.11

200,000 US$ Nord Anglia Education Inc PIK 15/02/2018 194,000 0.71

300,000 US$ Pacnet Ltd 9.25% 09/11/2015 300,000 1.09


200,000 US$ Shimao Property Holdings Ltd 11% 08/03/2018 213,486 0.78

300,000 US$ Sun Hung Kai Properties Capital Market Ltd 4% 02/11/2020 295,119 1.08

200,000 US$ Wheelock Finance Ltd 4.75% 23/02/2017 206,390 0.75

400,000 US$ Wiseyear Holdings Ltd 5.875% 06/04/2021 420,585 1.54

5,734,891 20.93

India

200,000 US$ Bank of Baroda FRN 25/05/2022 195,161 0.71


200,000 US$ ICICI Bank Ltd 4.75% 25/11/2016 205,719 0.75

300,000 US$ ICICI Bank Ltd 5.75% 16/11/2020 305,777 1.12

200,000 US$ Indian Overseas Bank 5% 19/10/2016 209,492 0.76

400,000 US$ Reliance Holdings USA Inc 6.25% 19/10/2040 398,550 1.45

200,000 US$ State Bank of India 4.125% 01/08/2017 198,162 0.72

400,000 US$ Suzlon Energy Ltd FRN 13/04/2016 198,000 0.72



2,603,631 9.50

Indonesia

300,000 US$ Adaro Indonesia PT 7.625% 22/10/2019 315,000 1.15

200,000 US$ Indo Energy Finance BV 7% 07/05/2018 196,000 0.72


200,000 US$ TBG Global Pte Ltd 4.625% 03/04/2018 191,000 0.70

1,051,000 3.84

Malaysia

200,000 US$ Axiata SPV1 Labuan Ltd 5.375% 28/04/2020 215,765 0.79

200,000 US$ IOI Investment Bhd 4.375% 27/06/2022 186,673 0.68

400,000 US$ Malayan Banking Bhd FRN 20/09/2022 386,935 1.41

200,000 US$ RHB Bank BHD 3.25% 11/05/2017 199,425 0.73



149

Ashmore SICAV Emerging Markets Asian Corporate Debt Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Mongolia

500,000 US$ Mongolian Mining Corp 8.875% 29/03/2017 425,000 1.55

200,000 US$ Trade & Development Bank of Mongolia LLC 8.5% 20/09/2015 194,621 0.71

619,621 2.26

Pakistan

200,000 US$ Pakistan Mobile Communications Ltd 8.625% 13/11/2013 199,000 0.73

199,000 0.73


3,000,000 CNH 21Vianet Group Inc 7.875% 22/03/2016 466,649 1.70

2,000,000 CNY Chaowei Power Holdings Ltd 7.25% 24/09/2017 307,938 1.12

200,000 US$ China Automation Group Ltd 7.75% 20/04/2016 188,216 0.69

400,000 US$ China Liansu Group Holdings Ltd 7.875% 13/05/2016 397,000 1.45

400,000 US$ China SCE Property Holdings Ltd 11.5% 14/11/2017 399,939 1.46

200,000 US$ China Shanshui Cement Group Ltd 8.5% 25/05/2016 199,508 0.73


200,000 US$ Evergrande Real Estate Group Ltd 13% 27/01/2015 206,000 0.75


200,000 US$ Fufeng Group Ltd 7.625% 13/04/2016 188,000 0.69


200,000 US$ Hidili Industry International Development Ltd 8.625% 04/11/2015 153,000 0.56

400,000 US$ Hyva Global BV 8.625% 24/03/2016 376,000 1.37

300,000 US$ KWG Property Holding Ltd 12.5% 18/08/2017 320,484 1.17

200,000 US$ Lonking Holdings Ltd 8.5% 03/06/2016 196,000 0.72

200,000 US$ Powerlong Real Estate Holdings Ltd 11.25% 25/01/2018 184,958 0.67

400,000 US$ Sound Global Ltd 11.875% 10/08/2017 418,931 1.53

400,000 US$ Sunac China Holdings Ltd 9.375% 05/04/2018 385,157 1.41

200,000 US$ Texhong Textile Group Ltd 6.5% 18/01/2019 186,467 0.68

400,000 US$ West China Cement Ltd 7.5% 25/01/2016 382,000 1.39


400,000 US$ Yingde Gases Investment Ltd 8.125% 22/04/2018 388,000 1.42

300,000 US$ Yuzhou Properties Co 13.5% 15/12/2015 322,500 1.18

6,491,318 23.69

Philippines

300,000 US$ FPMH Finance Ltd 7.375% 24/07/2017 324,000 1.18

400,000 US$ JGSH Philippines Ltd 4.375% 23/01/2023 375,000 1.37

8,000,000 PHP Petron Corp 7% 10/11/2017 187,641 0.68

300,000 US$ SM Investments Corp 5.5% 13/10/2017 308,670 1.13

1,195,311 4.36


300,000 US$ GS Caltex Corp 5.5% 24/04/2017 325,631 1.19

200,000 US$ Hyundai Capital America 3.75% 06/04/2016 207,516 0.76

200,000 US$ Korea Exchange Bank 3.125% 26/06/2017 198,218 0.72

400,000 US$ Korea Hydro & Nuclear Power Co Ltd 4.75% 13/07/2021 409,970 1.50

200,000 US$ Lotte Shopping Co Ltd 3.375% 09/05/2017 200,442 0.73

200,000 US$ Shinhan Bank FRN 20/09/2036 220,625 0.81

200,000 US$ SK Telecom Co Ltd 2.125% 01/05/2018 190,340 0.69 The accompanying notes form an integral part of these consolidated financial statements.


150

Ashmore SICAV Emerging Markets Asian Corporate Debt Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds (continued)

Republic of South Korea (continued)


2,179,324 7.96

Singapore

400,000 US$ BW Group Ltd 6.625% 28/06/2017 400,000 1.46

300,000 US$ DBS Bank Ltd FRN 21/09/2022 300,365 1.10


500,000 US$ Olam International Ltd 6% 15/10/2016 472,125 1.72

600,000 US$ Oversea-Chinese Banking Corp Ltd FRN 18/11/2019 615,906 2.25

340,808 US$ Rubicon Offshore Holdings Ltd PIK 16/04/2014 315,247 1.15

600,000 US$ UOB Cayman I Ltd FRN 29/12/2049 615,810 2.25

2,970,703 10.85

Taiwan


202,000 0.74

Thailand

200,000 US$ Bangkok Bank PCL 4.8% 18/10/2020 206,719 0.75

200,000 US$ Bangkok Bank PCL 9.025% 15/03/2029 256,500 0.94

400,000 US$ PTT Global Chemical PCL 4.25% 19/09/2022 383,228 1.40

846,447 3.09

Total bonds 25,082,044 91.56



Bonds

Indonesia

300,000 US$ Enercoal Resources Bumii 9.25% 05/08/2014 216,000 0.79

216,000 0.79



300,000 1.10


Warrants and rights



52,441 0.19




Cash at bank 3,666,697 13.38





151

Ashmore SICAV Emerging Markets Global Equity Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Equities

Brazil

40,800 BRL ALL - America Latina Logistica 174,721 0.48

16,600 BRL Banco ABC Brasil Pref 101,521 0.28

8,500 US$ Braskem ADR 126,480 0.34

19,837 US$ Cia Energetica de Minas Gerais ADR 177,938 0.48

50,700 BRL Direcional Engenharia 308,692 0.84

25,300 BRL Estacio Participacoes 183,246 0.50

26,600 BRL Even Construtora e Incorporadora 94,886 0.26

29,826 US$ Itau Unibanco Pref ADR 385,352 1.05

37,000 BRL Petroleo Brasileiro 248,057 0.67

108,743 US$ Petroleo Brasileiro ADR 1,459,331 3.97

51,700 BRL Usinas Siderurgicas de Minas Gerais Pref Class A 173,890 0.47

31,800 BRL Vale SA 418,904 1.14

31,261 US$ Vale SA 411,082 1.12

4,264,100 11.60

Czech Republic

5,054 CZK CEZ Class A 121,146 0.33

121,146 0.33

Hong Kong

175,368 HKD Chow Tai Fook Jewellery 183,138 0.50

183,138 0.50

India

7,852 US$ ICICI Bank ADR 300,339 0.82

6,673 US$ Infosys ADR 274,861 0.75

9,692 US$ Reliance Industries GDR 279,033 0.76

2,537 US$ State Bank of India GDR 169,725 0.46

1,023,958 2.79

Indonesia

306,000 IDR Erajaya Swasembada 94,035 0.26

277,000 IDR Indomobil Sukses Internasional 147,919 0.40

282,000 IDR Perusahaan Gas Negara Persero 163,375 0.44

425,500 IDR Timah Persero 44,158 0.12

449,487 1.22

Malaysia

108,900 MYR CIMB 285,391 0.78

439,700 MYR DRB-Hicom 374,361 1.02

146,100 MYR Gamuda 219,185 0.60

23,100 MYR Kuala Lumpur Kepong 158,801 0.43

120,700 MYR SP Setia 127,978 0.35

95,200 MYR Tenaga Nasional 249,789 0.68

342,078 MYR UEM Sunrise 337,801 0.92



152

Ashmore SICAV Emerging Markets Global Equity Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%



Mexico

59,400 MXN Alpekde Class C 125,541 0.34

34,470 US$ Cemex ADR 364,693 0.99

9,300 US$ Empresas ICA ADR 70,029 0.19

33,100 MXN Grupo Financiero Banorte 194,953 0.53

16,292 US$ Ternium ADR 368,688 1.00

1,123,904 3.05


49,000 HKD AAC Technologies Class I 276,702 0.75

264,000 HKD Anton Oilfield Services Group 190,605 0.52

3,756 US$ Baidu ADR 355,055 0.96

522,000 HKD Beijing Enterprises Water 187,093 0.51

134,000 HKD Belle International 184,164 0.50

1,204,000 HKD China Dongxiang Group Class C 194,035 0.53

365,500 HKD China Merchants Bank 610,710 1.66

81,800 HKD China Pacific Insurance 261,018 0.71

103,000 HKD China Shenhua Energy 262,933 0.72

113,500 HKD CITIC Securities 201,645 0.55

273,000 HKD CNOOC 463,192 1.26

18,996 US$ Hollysys Automation Technologies 235,740 0.64

411,000 HKD Honghua 141,480 0.38

1,280,000 HKD Industrial & Commercial Bank of China 806,978 2.19

444,491 HKD Parkson Retail 183,382 0.50

89,500 HKD Ping An Insurance Groupof China 602,332 1.64

102,200 HKD Shanghai Pharmaceuticals 191,583 0.52

75,500 HKD Shimao Property 149,903 0.41

93,500 HKD Sinopec Engineering Class C 125,850 0.34

4,700 US$ Sohu.com 289,614 0.79

41,800 HKD Weichai Power 123,411 0.33

205,600 HKD Xinjiang Goldwind Science & Technology 140,489 0.38

68,000 HKD ZTE 109,588 0.30

6,287,502 17.09


7,610 KRW Grand Korea Leisure 235,886 0.64

14,030 KRW Hana Financial 408,474 1.11

13,360 KRW Hyundai Development Co-Engineering & Construction 292,457 0.80

1,765 KRW Hyundai Mobis 421,912 1.15

9,020 KRW Hyundai Motor Class C 1,781,017 4.84

250,500 HKD Intime Department Store 244,482 0.66

9,046 KRW Kia Motors 491,884 1.34

29,170 KRW Korean Reinsurance Class C 268,189 0.73

1,724 KRW LG Chem 381,920 1.04

7,760 KRW LG Display 186,517 0.51



153


Holdings


US$ Net Assets

%




1,008 KRW Samsung Electronics 1,184,481 3.22

3,534 KRW Samsung Engineering 229,298 0.62

11,150 KRW Samsung Heavy Industries 349,521 0.95

8,990 KRW SK Hynix 245,600 0.67

6,721,638 18.28

Russian Federation

54,800 US$ Aeroflot - Russian Airlines 94,333 0.26

15,505 US$ Lukoil ADR 889,987 2.42

1,556 US$ NovaTek GDR 185,942 0.51

149,108 US$ Sberbank of Russia ADR 1,698,340 4.62

30,700 US$ Sberbank of Russia Pref 65,444 0.18

12,819 US$ Sistema JSFC GDR 253,175 0.69

3,187,221 8.68

South Africa

11,408 ZAR Exxaro Resources 167,296 0.46

9,111 ZAR Imperial 192,606 0.52

31,178 ZAR Investec 200,971 0.55

82,828 ZAR Steinhoff International 204,584 0.56

765,457 2.09

Taiwan

98,000 TWD Catcher Technology 510,093 1.39

199,000 TWD China Life Insurance 196,869 0.54

66,000 TWD Formosa Plastics 159,654 0.43

41,200 TWD Hon Hai Precision Industry 101,725 0.28

42,000 TWD HTC 334,924 0.91

232,000 TWD Innolux 115,725 0.31

47,000 TWD MediaTek 546,512 1.49

56,747 TWD Taiwan Fertilizer 137,082 0.37

63,741 US$ Taiwan Semiconductor Manufacturing ADR 1,167,735 3.18

386,000 TWD United Microelectronics 186,747 0.51

3,457,066 9.41

Thailand

42,000 THB BEC World 79,558 0.22

129,300 THB Charoen Pokphand Foods 107,350 0.29

347,000 SGD Thai Beverage 161,421 0.44

348,329 0.95

Turkey

34,625 TRY Turkiye Halk Bankasi 293,409 0.80



154


Holdings


US$ Net Assets

%




100,000 AED First Gulf Bank 434,250 1.18

655,586 AED Sorouh Real Estate 485,487 1.32

919,737 2.50




REITs

Mexico

99,200 MXN Concentradora Fibra Hotelera Mexicanade REITs 193,970 0.53

193,970 0.53

Total REITs 193,970 0.53

Warrants and rights Maturity date

India

12,405 US$ Axis Bank 16/03/2015 276,350 0.75

1,852 US$ Axis Bank 20/06/2018 41,281 0.11

206,459 US$ Jaiprakash Associates 15/06/2015 186,329 0.51

8,508 US$ Hero Motocorp 22/02/2017 238,564 0.65

11,552 US$ Maruti Suzuki India 30/11/2015 299,109 0.81

97,597 US$ Satyam Computer Services 28/02/2014 200,367 0.54

10,032 US$ Wockhardt 28/02/2014 168,718 0.45

1,410,718 3.82

Saudi Arabia

3,676 US$ Abdullah Al Othaim Markets 09/09/2015 111,741 0.30


111,741 0.30




Luxembourg

28,288 US$ Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund 3,493,791 9.50

3,493,791 9.50








155

Ashmore SICAV EM Equity Select Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Bonds

United Kingdom

13,029 GBP Edinburgh Dragon Trust PLC 3.5% 31/01/2018 21,095 0.07

21,095 0.07


Equities

Brazil

171,600 BRL Itausa - Investimentos Itau SA Pref 643,971 2.23

71,600 BRL Petroleo Brasileiro SA 480,024 1.67

1,123,995 3.90

Malaysia

372,000 MYR Gamuda Bhd Com 558,088 1.94

558,088 1.94


900 KRW Samsung Electronics Co Ltd Pref 696,642 2.42

696,642 2.42



Other transferable securities

Warrants and rights

Brazil

4,628 BRL Itausa - Investimentos Itau SA Receipt 17,598 0.06

17,598 0.06




Ireland

33,725 GBP iShares MSCI AC Far East ex-Japan SmallCap UCITS 927,362 3.22

19,010 US$ iShares MSCI Brazil UCITS ETF (Inc) 667,133 2.31

1,594,495 5.53

Luxembourg

7,586 US$ Ashmore SICAV - Emerging Markets Global Small-Cap Equity Class I 936,931 3.25




156

Ashmore SICAV EM Equity Select Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%

Undertakings for collective investments (continued)

United Kingdom

39,692 GBP Aberdeen Asian Smaller Companies Investment Trust PLC 603,213 2.09

38,790 US$ Aberdeen Latin America Equity Fund Inc 1,206,757 4.19

11,090 GBP Aberdeen New Dawn Investment Trust PLC 153,484 0.53

40,193 GBP Baring Emerging Europe PLC 443,794 1.54

122,827 GBP Blackrock Emerging Europe PLC 462,003 1.60

23,150 GBP Blackrock Emerging Europe PLC NPV 46 -

18,368 US$ Central Europe Russia and Turkey Fund Inc 547,734 1.90

40,332 US$ China Fund Inc 805,833 2.79

194,902 GBP Edinburgh Dragon Trust PLC 786,317 2.73

36,237 US$ India Fund Inc 694,663 2.41

70,110 US$ JF China Region Fund Inc 924,050 3.21

345,000 GBP JPMorgan Chinese Investment Trust PLC 722,101 2.51

107,447 GBP JPMorgan Russian Securities PLC 815,639 2.83

145,592 US$ Korea Equity Fund Inc 1,138,529 3.95

85,329 US$ Mexico Equity and Income Fund Inc 1,308,094 4.54

2,889 US$ Mexico Fund Inc 88,923 0.31

89,632 GBP New India Investment Trust PLC 292,961 1.02

277,000 GBP Pacific Assets Trust PLC 630,189 2.19

72,296 GBP Schroder AsiaPacific Fund PLC 272,484 0.95

35,352 GBP Scottish Oriental Smaller Companies Trust PLC 450,662 1.56

39,066 US$ Shelton Greater China Fund 260,570 0.90

31,321 US$ Taiwan Fund Inc 508,966 1.77

30,630 US$ Templeton Dragon Fund Inc 768,813 2.67

33,400 GBP Templeton Emerging Markets Investment Trust PLC 280,391 0.97

14,166,216 49.16

United States

60,527 US$ Aberdeen Indonesia Fund Inc 716,640 2.49

20,634 US$ iShares MSCI Brazil Small-Cap ETF Class C NPV ETF 438,473 1.52

36,932 US$ Korea Fund Inc 1,273,046 4.42

14,950 US$ Market Vectors Gulf States Index ETF NPV ETF 364,631 1.26

39,365 US$ Morgan Stanley Eastern Europe Fund Inc NPV 636,532 2.21

34,335 US$ Morgan Stanley India Investment Fund Inc 529,102 1.84

23,074 US$ Templeton Russia and East European Fund 316,345 1.10

46,725 US$ Thai Fund Inc 1,009,260 3.50

12,627 US$ Turkish Investment Fund Inc 200,643 0.70

29,950 US$ WisdomTree Middle East Dividend Fund NPV ETF 516,937 1.79

6,001,609 20.83



Cash at bank 1,150,837 3.99





157

Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Equities

Brazil

21,100 BRL Abril Educacao 372,513 0.32

285,479 BRL Banco ABC Brasil Pref 1,745,919 1.48

252,661 BRL Cia de Locacao das Americas 1,146,042 0.97

238,200 BRL Direcional Engenharia 1,450,302 1.23

176,740 BRL Iochpe-Maxion 1,927,374 1.64

210,800 BRL Randon Participacoes Pref 1,150,833 0.98

79,300 BRL Sonae Sierra Brasil 875,906 0.74

63,594 BRL Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao 939,638 0.80

9,608,527 8.16

Canada

206,300 US$ Gran Tierra Energy 1,239,863 1.05

1,239,863 1.05

Chile

14,643,838 CLP Cia Sud Americana de Vapores 973,950 0.83

973,950 0.83

Hong Kong

1,364,500 HKD Comba Telecom Systems 436,283 0.37

4,421,000 HKD GOME Electrical Appliances 398,989 0.34

4,222,000 HKD Ju Teng International 1,975,911 1.68

4,843,000 HKD Pacific Basin Shipping 2,753,567 2.34

706,000 HKD NagaCorp 550,684 0.47

400,000 HKD Shenzhou International 1,150,025 0.98

7,265,459 6.18

Indonesia

30,848,000 IDR Adi Sarana Armada 885,812 0.75

5,991,500 IDR Berlian Laju Tanker 88,741 0.08

6,194,000 IDR Bumi Serpong Damai 1,123,345 0.95

2,825,500 IDR Erajaya Swasembada 868,290 0.74

2,499,500 IDR Gajah Tunggal 805,884 0.68

6,422,840 IDR Perusahaan Perkebunan London Sumatra Indonesia 1,113,077 0.95

6,921,000 IDR Timah Persero 718,250 0.61

5,862,000 IDR Wismilak Inti Makmur 490,223 0.42

6,093,622 5.18

Malaysia

584,200 MYR AirAsia 589,840 0.50

1,389,200 MYR DRB-Hicom 1,182,766 1.01

1,702,300 MYR Gamuda 2,553,854 2.17

864,100 MYR Padini 516,901 0.44

2,166,518 MYR Wah Seong Corp 1,248,002 1.06

1,141,700 MYR Wct 899,773 0.76



158

Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%



Mexico

372,000 MXN Asesor de Activos Prisma SAPI de Reits 542,613 0.46

232,440 MXN Cydsa Class C 819,063 0.70

125,098 US$ Empresas ICA ADR 941,988 0.80

680,000 MXN Grupo Famsa Class A 1,181,896 1.00

687,965 MXN Grupo Industrial Saltillo 1,431,824 1.22

377,900 MXN Grupo KUO Class B Series B 863,093 0.73

867,000 MXN Infraestructura Energetica Nova 3,106,353 2.64

8,886,830 7.55

Nigeria

5,546,947 NGN Zenith Bank 675,749 0.57

675,749 0.57


982,000 HKD Anton Oilfield Services Group 708,993 0.60

5,417,000 HKD China Automation 1,033,625 0.88

7,805,000 HKD China Dongxiang Group Class C 1,257,840 1.07

727,000 HKD China High Precision Automation 58,112 0.05

49,106 US$ China Lodging ADR 785,696 0.67

4,010,000 HKD Chinasoft International 1,096,031 0.93

1,387,000 HKD Goodbaby International 550,769 0.47

222,887 US$ Hollysys Automation Technologies 2,766,028 2.35

1,104,000 HKD Honghua 380,034 0.32

1,814,500 HKD Intime Department Store 1,770,906 1.50

77,500 US$ LightInTheBox ADR 1,043,150 0.89

1,154,000 HKD Minth 1,794,303 1.53

69,600 US$ Noah ADR 617,352 0.52

3,063,000 HKD Semiconductor Manufacturing International 225,094 0.19

97,584 US$ SouFun ADR 2,422,035 2.06

97,669 US$ Spreadtrum Communications ADR 2,563,811 2.18

19,073,779 16.21

Philippines

1,675,000 PHP Atlas Consolidated Mining & Development 573,843 0.49

7,886,000 PHP Oriental Peninsula Resources 217,230 0.18

791,073 0.67


74,910 KRW Basic House Co 1,072,439 0.91

71,000 KRW BS Financial 898,341 0.76

11,913 KRW Gamevil 767,739 0.65

39,740 KRW Grand Korea Leisure 1,231,816 1.05

32,485 KRW Hana Tour Service 2,045,157 1.74

18,549 KRW Hyundai Department Store Class C 2,436,277 2.07

52,960 KRW Hyundai Development Co-Engineering & Construction 1,159,319 0.99

8,503 KRW Hyundai Home Shopping Network 1,142,866 0.97

281,726 KRW Korean Reinsurance Class C 2,590,187 2.20



159


Holdings


US$ Net Assets

%




90,120 KRW LG Fashion 2,225,283 1.89

39,945 KRW Modetour Network 930,377 0.79

159,849 KRW Nexen Tire 2,288,456 1.94

33,776 KRW Osstem Implant 857,672 0.73

19,645,929 16.69

Russian Federation

57,300 US$ Aeroflot - Russian Airlines 98,636 0.08

98,636 0.08

Taiwan

593,000 TWD Catcher Technology 3,086,584 2.62

146,000 TWD Chicony Electronics 379,967 0.32

2,639,102 TWD China Life Insurance 2,610,836 2.22

1,109,000 TWD Evergreen MarineTaiwan 606,840 0.52

144,000 TWD HTC 1,148,310 0.98

1,032,000 TWD Hung Poo Real Estate Development 1,017,504 0.87

634,000 TWD Kinsus Interconnect Technology 2,411,531 2.05

144,000 TWD Parade Technologies 1,143,505 0.97

656,000 TWD Shin Zu Shing 1,549,658 1.32

3,062,000 TWD Tainan Spinning 1,440,533 1.22

1,091,000 TWD TXC 1,492,476 1.27

16,887,744 14.36

Thailand

1,769,100 THB Amata PCL 1,038,131 0.88

2,834,700 THB Jasmine International 717,472 0.61

3,768,600 THB Supalai 2,150,708 1.83

3,906,311 3.32

Turkey

2,200,607 TRY Turkiye Sinai Kalkinma Bankasi 2,178,424 1.85

2,178,424 1.85


3,165,379 AED Aldar Properties 1,844,245 1.57

1,844,245 1.57


Total transferable securities admitted to an official stock exchange listing/dealt on another regulated market 106,161,277 90.21



India

551,997 US$ Dewan Housing Finance 28/02/2014 1,482,112 1.26

369,941 US$ Hexaware Technologies 06/05/2016 540,373 0.46 The accompanying notes form an integral part of these consolidated financial statements.


160


Holdings


US$ Net Assets

%


Warrants and rights (continued)

India (continued)

700,120 US$ HT Media 28/02/2014 1,147,497 0.98

454,306 US$ Indian Bank 13/01/2017 880,445 0.75

249,189 US$ KPIT Cummins Infosystems 24/06/2016 509,786 0.43

76,520 US$ KPIT Cummins Infosystems 04/04/2018 156,866 0.13

763,393 US$ MT Educare 20/11/2017 1,201,199 1.02

724,342 US$ PI Industries 28/02/2014 1,568,925 1.33

7,487,203 6.36

Saudi Arabia

45,326 US$ Abdullah Al Othaim Markets 09/09/2015 1,377,800 1.17


45,310 US$ Fawaz Abdulaziz Alhokair 27/09/2016 1,896,677 1.61

3,521,329 2.99




Cash at bank 1,199,881 1.02





161

Ashmore SICAV Emerging Markets Frontier Equity Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Equities

Argentina

18,511 US$ Petrobras Argentina ADR 67,010 0.41

67,010 0.41

Canada

899,500 CAD 360 VOX 123,634 0.76

123,634 0.76

Estonia

101,053 EUR Silvano Fashion Class A 345,460 2.13

345,460 2.13

Georgia

3,400 GBP Bank of Georgia 86,118 0.53

86,118 0.53

Ghana

1,308,000 GHS CAL Bank 525,765 3.24

167,000 GHS Ecobank Ghana 360,196 2.22

759,600 GHS UT Bank 193,624 1.19

1,079,585 6.65

Hong Kong

262,000 HKD NagaCorp 204,362 1.26

204,362 1.26

Kazakhstan

79,373 US$ Halyk Savings Bank of Kazakhstan GDR 585,773 3.61

15,600 US$ KCell GDR 234,780 1.45

820,553 5.06

Kenya

93,000 KES CFC Stanbic 68,768 0.42

1,308,903 KES Co-operative Bank of Kenya 233,964 1.44

15,300 KES Crown Paints Kenya 9,977 0.06

1,385,000 KES Mumias Sugar 67,738 0.42

380,447 2.34

Kuwait

140,000 KWD ALAFCO Aviation Lease and FinanceKSCC Class C 142,331 0.88

372,000 KWD Burgan Bank SAK 782,472 4.82

210,000 KWD Commercial Facilities Class C 222,699 1.37

130,000 KWD KGL LogisticsKSCC 132,165 0.81

85,000 KWD Kuwait Foods Americana 637,686 3.93

105,000 KWD Yiaco MedicalKSCC 156,442 0.96

2,073,795 12.77

Lithuania

4,500 EUR Apranga PVA 14,272 0.09

14,272 0.09

Namibia

497,399 ZAR Trustco 31,566 0.19



162

Ashmore SICAV Emerging Markets Frontier Equity Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%



Nigeria

330 GBP Afren 648 -

3,164,613 NGN Diamond Bank 117,799 0.73

3,266,943 NGN FBN 359,800 2.22

1,211,496 NGN FCMB 35,257 0.22

1,941,940 NGN Guaranty Trust Bank 290,341 1.79

1,485,174 NGN Mansard Insurance 18,458 0.11

4,950,648 NGN MAY & Baker Nigeria 83,460 0.51

685,766 NGN Nigerian Aviation Handling Class C 30,674 0.19

8,192,730 NGN Skye Bank 240,948 1.48

8,705,768 NGN Sterling Bank 141,945 0.87

2,500,000 NGN Zenith Bank 304,559 1.87

1,623,889 9.99

Pakistan

326,823 PKR Bank Al-Habib 89,310 0.55

80,950 PKR Fauji Fertilizer 87,402 0.54

244,209 PKR Fauji Fertilizer Bin Qasim 92,137 0.57

91,393 PKR Habib Bank 109,525 0.67

215,300 PKR HUB Power 133,399 0.82

60,100 PKR Lucky Cement 126,675 0.78

638,448 3.93

Qatar

12,389 QAR Ooredoo 410,074 2.52

20,183 QAR Qatar National Bank SAQ 881,499 5.43

8,261 QAR Qatar Navigation 163,155 1.00

1,454,728 8.95

Romania

829,800 RON Banca Transilvania 297,232 1.83

297,232 1.83

South Africa

6,150 AUD Zimplats 47,906 0.29

47,906 0.29

Togo

700,000 NGN Ecobank Transnational 64,173 0.40

64,173 0.40

Ukraine

5,908 US$ Avangardco Investments Public GDR 51,813 0.32

51,813 0.32


1,467,651 AED Aldar Properties 855,098 5.26

227,429 AED Emaar Properties 321,980 1.98

171,312 AED First Gulf Bank 743,922 4.58

3,488 GBP NMC Health 14,284 0.09

720,000 AED Ras Al Khaimah Cement Class C 182,303 1.12 The accompanying notes form an integral part of these consolidated financial statements.


163

Ashmore SICAV Emerging Markets Frontier Equity Fund Schedule of Investments (continued) As at 30 June 2013

Holdings


US$ Net Assets

%




733,972 AED Union National Bank PJSC 927,207 5.71

3,044,794 18.74





Nigeria

3,264,663 NGN Sterling Bank 31/10/2013 10,646 0.07

10,646 0.07

Qatar

14,688 US$ Qatar Insurance 14/04/2017 245,290 1.51

245,290 1.51

Saudi Arabia

17,000 US$ Al-Abdullatif Industrial 04/05/2015 183,807 1.13

16,000 US$ Al-Hassan G.I. Shaker 23/04/2018 353,038 2.17

17,000 US$ AL-Khaleej Training & Education 04/09/2015 160,466 0.99


13,000 US$ Astra Industrial 04/05/2015 145,860 0.90

9,411 US$ Fawaz Abdulaziz Alhokair 27/09/2016 393,944 2.43

2,118,979 13.05


400,000 US$ Aramex PJSC 30/03/2016 260,000 1.60

260,000 1.60

Zimbabwe

641,694 US$ Econet Wireless 15/04/2016 408,220 2.51

408,220 2.51









164

Ashmore SICAV Brazil Equity Fund Schedule of Investments As at 30 June 2013

Holdings


US$ Net Assets

%


Equities

Brazil

59,700 BRL Anhanguera Educacional Participacoes 348,625 9.45

17,100 BRL Banco Santander Brasil 104,889 2.85

23,400 BRL Bematech 75,738 2.05

18,100 BRL BR Malls Participacoes 163,707 4.43

18,400 BRL Bradespar Pref 168,253 4.56

7,400 BRL BRF - Brasil foods 162,300 4.39

9,000 BRL CPFL Energia 84,376 2.28

24,100 BRL Estacio Participacoes 174,555 4.73

46,400 BRL EucatexIndustria e Comercio Pref 131,278 3.55

24,400 BRL General Shopping Brasil 93,997 2.55

15,200 BRL International MealHoldings 146,630 3.97

27,100 BRL Itau Unibanco Pref 352,942 9.56

42,400 BRL Log-in Logistica Intermodal 188,675 5.11

29,500 BRL Lojas Americanas 180,949 4.90

7,990 BRL Lojas Americanas Pref 56,569 1.53

45,400 BRL Petroleo Brasileiro 304,372 8.24

15,900 BRL Porto Seguro 170,585 4.62

14,000 BRL Sonae Sierra Brasil 154,637 4.19

14,800 BRL Vale Pref 181,227 4.92

3,244,304 87.88




Cash at bank 427,130 11.57





165

Other Information on Investments As at 30 June 2013 Breakdown by country Ashmore SICAV Emerging Markets Debt Fund



166

Other Information on Investments (continued) As at 30 June 2013 Breakdown by country (continued) Ashmore SICAV Emerging Markets Sovereign Investment Grade Debt Fund

Ashmore SICAV Turkish Debt Fund


167

Other Information on Investments (continued) As at 30 June 2013 Breakdown by country (continued) Ashmore SICAV Local Currency Fund*

Ashmore SICAV Emerging Markets Local Currency Bond Fund

*As per schedule of investvestments country classification, no look-through approach is applied.


168

Other Information on Investments (continued) As at 30 June 2013 Breakdown by country (continued)

Ashmore SICAV Emerging Markets Local Markets Currency Fund*

Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund*



169

Other Information on Investments (continued) As at 30 June 2013 Breakdown by country (continued) Ashmore SICAV Emerging Markets Inflation Linked Bond Fund

Ashmore SICAV Emerging Markets Total Return Fund*



170

Other Information on Investments (continued) As at 30 June 2013 Breakdown by country (continued) Ashmore SICAV Emerging Markets Total Return Fund II*

Ashmore SICAV Emerging Markets Investment Grade Total Return Fund



171

Other Information on Investments (continued) As at 30 June 2013 Breakdown by country (continued) Ashmore SICAV Emerging Markets Corporate Debt Fund

Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund


172

Other Information on Investments (continued) As at 30 June 2013 Breakdown by country (continued) Ashmore SICAV Emerging Markets Local Currency Corporate Debt Fund

Ashmore SICAV Emerging Markets Asian Corporate Debt Fund


173

Other Information on Investments (continued) As at 30 June 2013 Breakdown by country (continued) Ashmore SICAV Emerging Markets Global Equity Fund*

Ashmore SICAV EM Equity Select Fund*



174

Other Information on Investments (continued) As at 30 June 2013 Breakdown by country (continued) Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund

Ashmore SICAV Emerging Markets Frontier Equity Fund


175

Other Information on Investments (continued) As at 30 June 2013 Breakdown by country (continued) Ashmore SICAV Brazil Equity Fund


176

Other Information on Investments (continued) As at 30 June 2013

Breakdown by rating

Emerging Markets Debt Fund Emerging Markets Sovereign Debt Fund

Emerging Markets Sovereign Investment Grade Debt Fund

Turkish Debt Fund Local Currency Fund

Ratings Market Value

in US$ % Investment

Portfolio Market Value

in US$ % Investment


in US$ % Investment


in US$ % Investment


in US$ % Investment

Portfolio

Aa2 1,817,712 0.16% 791,500 0.69% - - - - - -

Aa3 10,106,580 0.90% 1,144,313 0.99% 852,178 1.44% - - 22,723,121 2.71%

A1 16,463,698 1.47% 1,254,677 1.09% 1,442,784 2.45% - - - -

A2 24,114,604 2.15% 2,592,499 2.24% 1,337,125 2.27% - - 23,241,113 2.78%

A3 4,709,285 0.42% 566,410 0.49% 6,293 0.01% - - - -

Baa1 158,698,070 14.17% 15,469,106 13.39% 14,705,084 24.93% - - 100,639,362 12.03%

Baa2 76,390,691 6.82% 9,640,668 8.35% 8,980,162 15.22% - - 100,594,036 12.02%

Baa3 208,177,138 18.59% 30,411,635 26.33% 25,996,963 44.07% - - 24,180,400 2.89%

Ba1 82,628,646 7.38% 12,279,934 10.63% 631,200 1.07% - - 615,197 0.07%

Ba2 18,118,336 1.62% - - - - - - - -

Ba3 56,392,876 5.04% 2,467,091 2.14% - - - - - -

B1 66,124,155 5.91% 4,736,600 4.10% - - - - - -

B2 81,797,596 7.30% 7,033,976 6.09% - - - - 4,900,682 0.59%

B3 71,418,107 6.38% 7,782,648 6.74% - - - - 1,831,068 0.22%

Caa1 32,934,361 2.94% 966,768 0.84% - - - - - -

Caa2 8,116,754 0.72% - - - - - - - -

Ca 6,113,460 0.55% - - - - - - - -

Unrated/not rated 195,750,918 17.48% 18,357,810 15.89% 5,041,583 8.54% 45,134,310 100.00% 558,104,637 66.69%

1,119,872,987 100.00% 115,495,635 100.00% 58,993,372 100.00% 45,134,310 100.00% 836,829,616 100.00%


177


Breakdown by rating (continued)

Emerging Markets Local Currency Bond Fund

Emerging Markets Local Markets Currency Fund

Emerging Markets Investment Grade Local Currency Fund

Emerging Markets Inflation Linked Bond Fund



in US$

% Investment

Portfolio

Market Value in US$

% Investment

Portfolio

Market Value in US$

% Investment

Portfolio

Market Value in US$

% Investment

Portfolio

Market Value in US$

% Investment

Portfolio

Aaa 15,845,755 0.62% - - 1,930,447 0.63% - - 482,612 0.17%

Aa2 - - - - - - - - 607,788 0.22%

Aa3 45,888,357 1.79% - - 1,671,332 0.54% - - 3,480,938 1.24%

A1 - - - - - - - - 1,015,418 0.36%

A2 298,563,392 11.65% - - 32,580,655 10.56% 2,125,985 4.79% 12,355,642 4.39%

A3 99,642,253 3.89% - - 13,093,746 4.24% - - 3,640,416 1.29%

Baa1 873,086,181 34.08% 703,626 26.22% 140,408,084 45.50% 12,721,990 28.64% 36,127,631 12.85%

Baa2 254,144,432 9.92% - - 39,070,650 12.66% 10,919,991 24.59% 15,194,999 5.40%

Baa3 246,564,865 9.62% - - 14,002,855 4.54% 2,395,342 5.39% 29,045,917 10.33%

Ba1 156,705,741 6.12% - - 1,782,026 0.58% 630,000 1.42% 15,459,079 5.50%

Ba2 - - - - - - - - 5,474,427 1.95%

Ba3 - - - - - - - - 17,771,350 6.32%

B1 - - - - - - - - 18,221,091 6.48%

B2 - - - - - - - - 15,343,118 5.46%

B3 - - - - - - - - 15,070,229 5.36%

Caa1 - - - - - - - - 8,145,479 2.90%

Caa2 - - - - - - - - 1,709,750 0.61%

Ca - - - - - - - - 1,962,500 0.70%


2,562,187,736 100.00% 2,683,511 100.00% 308,589,042 100.00% 44,411,590 100.00% 281,191,566 100.00%


178




Emerging Markets Investment Grade Total Return Fund


Emerging Markets Investment Grade Corporate Debt Fund



in US$

% Investment

Portfolio

Market Value in US$

% Investment

Portfolio

Market Value in US$

% Investment

Portfolio

Market Value in US$

% Investment

Portfolio

Market Value in US$

% Investment

Portfolio

Aaa 321,741 0.21% 80,435 0.21% - - - - - -

Aa2 181,738 0.12% - - - - - - - -

Aa3 522,116 0.35% 562,790 1.44% 9,214,230 0.29% 584,056 0.74% 4,307,410 2.67%

A1 449,142 0.30% 723,790 1.85% 40,949,675 1.29% 4,242,436 5.40% 1,796,502 1.11%

A2 6,565,668 4.35% 2,686,622 6.87% 31,870,709 1.01% 4,806,986 6.11% 11,019,776 6.84%

A3 2,520,391 1.67% 1,053,166 2.69% 23,472,751 0.74% 2,122,802 2.70% 4,001,467 2.48%

Baa1 25,159,332 16.66% 8,785,079 22.47% 44,326,762 1.40% 6,677,340 8.49% 8,812,103 5.47%

Baa2 10,480,758 6.94% 6,224,780 15.92% 165,993,781 5.24% 16,734,532 21.29% 10,677,618 6.63%

Baa3 15,556,916 10.30% 13,020,646 33.31% 247,504,912 7.81% 25,696,839 32.68% 4,026,503 2.50%

Ba1 8,258,032 5.47% 1,495,562 3.83% 118,040,766 3.72% 6,431,277 8.18% 7,903,807 4.90%

Ba2 1,236,809 0.82% - - 77,520,897 2.45% - - 4,715,234 2.93%

Ba3 8,895,238 5.89% - - 348,542,798 11.00% - - 13,305,190 8.26%

B1 9,748,191 6.46% - - 298,575,543 9.42% - - 4,414,323 2.74%

B2 7,432,514 4.92% - - 402,904,514 12.71% - - 12,017,443 7.46%

B3 6,366,128 4.22% - - 215,796,848 6.81% - - 886,744 0.55%

Caa1 3,583,063 2.37% - - 250,651,885 7.91% - - 4,015,639 2.49%

Caa2 933,000 0.62% - - 65,625,131 2.07% - - 4,435,738 2.75%

Ca 985,000 0.65% - - 26,010,260 0.82% - - 770,000 0.48%


150,982,360 100.00% 39,095,054 100.00% 3,169,115,859 100.00% 78,622,493 100.00% 161,136,274 100.00%


179



Emerging Markets Asian Corporate Debt Fund


EM Equity Select Fund Emerging Markets Global Small-Cap Equity Fund

Emerging Markets Frontier Equity Fund


in US$

% Investment

Portfolio

Market Value in US$

% Investment

Portfolio

Market Value in US$

% Investment

Portfolio

Market Value in US$

% Investment

Portfolio

Market Value in US$

% Investment

Portfolio

Aa2 916,271 3.57% - - - - - - - -

A1 903,307 3.52% - - - - - - - -

A2 426,582 1.66% - - - - - - - -

A3 2,922,021 11.39% - - - - - - - -

Baa1 664,458 2.59% - - - - - - - -

Baa2 2,574,006 10.03% - - - - - - - -

Baa3 918,309 3.58% - - - - - - - -

Ba1 730,242 2.85% - - - - - - - -

Ba2 797,000 3.11% - - - - - - - -

Ba3 2,356,754 9.19% - - - - - - - -

B1 3,576,351 13.94% - - - - - - - -

B2 2,057,327 8.02% - - - - - - - -

B3 376,000 1.47% - - - - - - - -

Caa1 536,958 2.09% - - - - - - - -

Caa2 194,000 0.76% - - - - - - - -


25,650,485 100.00% 36,419,656 100.00% 27,767,407 100.00% 117,169,809 100.00% 15,492,920 100.00%

Brazil Equity Fund

Market Value in US$

% Investment

Portfolio

Unrated/not rated 3,244,304 100.00%

3,244,304 100.00%


180

Notes to the Consolidated Financial Statements 1- General Ashmore SICAV (the “Company”) is incorporated as a société anonyme (public limited company) under the laws of the Grand Duchy of Luxembourg and qualifies as an open-ended société d'investissement à capital variable (a “SICAV”) and is authorised as an undertaking for collective investment in transferable securities under part I of the law dated 17 December 2010 on undertakings for collective investment, as amended (the “Law of 2010”). The Company was incorporated under the laws of the Grand Duchy of Luxembourg on 19 December 2002 for an unlimited period of time. It is registered under number B90 279 at the Register of Commerce at the District Court of Luxembourg. As at 30 June 2013 the Company comprised twenty-one active Sub-Funds (individually the “Sub-Fund” and collectively the “Sub-Funds”):

- Ashmore SICAV Emerging Markets Debt Fund - Ashmore SICAV Emerging Markets Sovereign Debt Fund - Ashmore SICAV Emerging Markets Sovereign Investment Grade Debt Fund - Ashmore SICAV Turkish Debt Fund - Ashmore SICAV Local Currency Fund - Ashmore SICAV Emerging Markets Local Currency Bond Fund - Ashmore SICAV Emerging Markets Local Markets Currency Fund - Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund - Ashmore SICAV Emerging Markets Inflation Linked Bond Fund - Ashmore SICAV Emerging Markets Total Return Fund - Ashmore SICAV Emerging Markets Total Return Fund II - Ashmore SICAV Emerging Markets Investment Grade Total Return Fund - Ashmore SICAV Emerging Markets Corporate Debt Fund - Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund - Ashmore SICAV Emerging Markets Local Currency Corporate Debt Fund - Ashmore SICAV Emerging Markets Asian Corporate Debt Fund - Ashmore SICAV Emerging Markets Global Equity Fund - Ashmore SICAV EM Equity Select Fund - Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund - Ashmore SICAV Emerging Markets Frontier Equity Fund - Ashmore SICAV Brazil Equity Fund

The institutional and institutional II shares of all the Ashmore SICAV Sub-Funds are listed on the Luxembourg Stock Exchange. The Memorandum and Articles of Association of the Company were published in the Mémorial, Recueil Spécial des Sociétés et Associations du Grand-Duché de Luxembourg (the “Mémorial”) and filed with the Registry of the Luxembourg District Court where they may be consulted and copies may be obtained upon the payment of Registry fees. Share class information As per the prospectus amended in April 2013, the Sub-Funds may contain Institutional Class Shares, Institutional II Class Shares, Retail Class Shares and Z Class Shares denominated in US Dollar (US$), Euro (EUR), British Pound Sterling (GBP), Danish Krone (DKK), Norwegian Krone (NOK), Swedish Krona (SEK), Swiss Franc (CHF), Japanese Yen (JPY), Canadian Dollar (CAD), Mexican Peso (MXP) and Australian Dollar (AUD).

The following table presents share class launches and terminations, which took place during the period under review:

Number of classes

Classes launched Classes terminated active as at 30 June 2013

Emerging Markets Debt Fund Institutional US$ Accumulation, - 13 Z US$ Income, GBP Income

Emerging Markets Sovereign Debt Fund Institutional II JPY Income - 4

Emerging Markets Sovereign Investment Grade Debt Fund

- - 1

Turkish Debt Fund Institutional US$ Accumulation - 1


181

Notes to the Consolidated Financial Statements (continued) 1- General (continued) Share class information (continued)

Number of classes

active as at Classes launched Classes terminated 30 June 2013

Local Currency Fund Institutional US$ Accumulation, - 12

Z US$ Accumulation, EUR Accumulation, GBP Accumulation

Emerging Markets Local Currency Bond Fund Institutional US$ Accumulation, Institutional CHF Income 9

Z GBP Income, US$ Accumulation

Emerging Markets Local Markets Currency Fund - - 2

Emerging Markets Investment Grade Local Currency Fund

Retail US$ Income Retail US$ Income 2

Emerging Markets Inflation Linked Bond Fund Retail US$ Income, - 3

Institutional US$ Accumulation

Emerging Markets Total Return Fund Retail US$ Income, - 6

Institutional US$ Accumulation, GBP Accumulation

Emerging Markets Total Return Fund II - - 1

Emerging Markets Investment Grade Total Return Fund

- - 2

Emerging Markets Corporate Debt Fund Retail EUR Accumulation, US$ Accumulation, CHF Accumulation,

- 21

Institutional AUD Income, EUR Accumulation, US$ Accumulation, CHF Accumulation, MXN Accumulation, CAD Accumulation,

Institutional II JPY Income,

Z US$ Income, Z GBP Income

Emerging Markets Investment Grade Corporate Debt Fund

Institutional EUR Income, Z GBP Income - 3


Retail US$ Income, - 8

Institutional EUR Accumulation, US$ Accumulation, CHF Accumulation

Emerging Markets Asian Corporate Debt Fund - - 1

Emerging Markets Global Equity Fund - Retail EUR Income 4

EM Equity Select Fund - - 2

Emerging Markets Global Small-Cap Equity Fund - - 5

Emerging Markets Frontier Equity Fund Retail GBP Income - 2

Brazil Equity Fund Retail US$ Accumulation, Retail US$ Accumulation 1

Institutional US$ Accumulation

Shares denominated in EUR, GBP, NOK, SEK, DKK, CHF, JPY, CAD, MXN and AUD may, at the Investment Manager’s absolute discretion, be hedged with respect to currency movements in relation to the EUR, GBP, NOK, SEK, DKK, CHF, JPY, CAD, MXN and AUD against the US$. The Investment Manager may, at its absolute discretion, engage, for the exclusive account and cost of each of the EUR, GBP, NOK, SEK, DKK, CHF, JPY, CAD, MXN and AUD dominated shares classes, currency forwards, currency futures, currency option transactions and currency swaps, within the investment restrictions set out in the Prospectus, in order to preserve the current EUR, GBP, NOK, SEK, DKK, CHF, JPY, CAD, MXN and AUD value of the portion, in whole or in part, of the assets attributable to the relevant EUR, GBP, NOK, SEK, DKK, CHF, JPY, CAD, MXP and AUD shares class that is invested in US$ denominated assets. 2- Principal accounting policies a) Presentation of financial statements The financial statements are prepared in accordance with Luxembourg legal and regulatory requirements relating to undertakings for collective investment. The consolidated financial statements of the Company and the financial statements of each Sub-Fund are expressed in US$ (“the reference currency”). The consolidated statement of net assets and the consolidated statement of operations and changes in net assets are the sum of the statement of net assets and the sum of the statement of operations and changes in net assets of each Sub-Fund, after the elimination of transactions and balances between Sub-Funds. The semi-annual report is presented on the basis of the latest net asset value calculated during the financial period (i.e. 28 June, 2013).


182

Notes to the Consolidated Financial Statements (continued) 2- Principal accounting policies (continued) b) Basis of consolidation The consolidated financial statements include all the assets, liabilities and operations of the Company. Intragroup transactions are fully eliminated on consolidation but this has no impact on the results and financial position of the individual sub-funds. c) Net asset value adjustment (swing pricing) If on any Valuation Day the aggregate transactions in Shares of a Sub-Fund result in a net increase or decrease in the number of Shares which exceeds a threshold of 5% (or a threshold as determined by the Board of Directors and as applicable to all transactions) for that Sub-Fund, as further described in the Fund’s swing policy (a copy of which may be obtained at the registered office of the Fund), the Management Company shall apply an alternative net asset value calculation method (to include such reasonable factors as they see fit) for the net asset value per Share. This method of valuation is intended to pass the estimated costs of the underlying investment activity of the Fund to the active Shareholders by adjusting the net asset value of the relevant Share and thus protect the Fund’s existing Shareholders from the costs associated with ongoing subscription and redemption activity. Where the Management Company, based on the prevailing market conditions and the level of subscriptions or redemptions requested by Shareholders or potential Shareholders in relation to the size of the relevant Sub-Fund, has determined for a particular Sub-Fund to apply an alternative net asset value calculation method, the Sub-Fund may be valued either on a bid or offer basis (which would include the factors referenced in the preceding paragraph). Such adjustment may vary from Sub-Fund to Sub-Fund and will not exceed 3% of the original net asset value per Share. d) Valuation of investments of each Sub-Fund Securities listed on a recognised stock exchange or dealt on any other regulated market that operates regularly, is recognised and is open to the public, are valued at the last known available closing bid price. If such a price is not available, a closing mid price (the mean of the listed closing bid and asking prices) may be taken as a basis for the valuation. If a security is traded on several stock exchanges, the valuation is made on the basis of the last known bid price on the main market on which the securities are traded. In the case of securities for which trading on a stock exchange is not significant, but which are bought and sold on a secondary market with regulated trading among security dealers (with the effect that the price is set on a market basis), the valuation may be based on this secondary market. Securities traded on a regulated market are valued in the same way as securities listed on a stock exchange. Where investments are not listed on any stock exchange or traded on any regulated markets, these investments are valued in good faith based on information provided by any person whom the Board of Directors considers to be suitably qualified (“an Approved Person”). The Approved Persons include the Pricing Methodology & Valuation Committee of the Investment Manager and certain brokers. Where the Company enters into fully funded total return swap (“TRS”) transactions with a swap counterparty, pursuant to which the Company makes an initial payment equal to the estimated value of the underlying emerging market debt securities, loans or other financial instruments, the TRS are valued using the same rules as the underlying assets they represent. Fully funded TRS are recognised as investments and therefore disclosed in the schedules of investments. Investments in open-ended funds are valued on the basis of the last available NAV of the units or shares of such funds. e) Valuation of financial derivative instruments The value of derivative financial instruments not traded on stock exchanges or other regulated markets is determined on a fair and reasonable basis and consistently applied for each different variety of contracts as follows: Forward currency contracts are valued on the marked-to-market value of the position based on the forward rate prevailing on the valuation date of the assets. The forward rate applied is based on WM/Reuters (4pm GMT). Future contracts are valued using the last available price on the exchange where the contracts are traded. Interest rate swaps, currency swaps, swaptions and OTC options are valued based on daily counterparty prices verified against third party pricing agents. f) Realised gain/loss on sales of investments in securities of each Sub-Fund Realised gains or losses on the sale of investments in securities are determined on the basis of the average acquisition cost. Investments in securities are accounted for on a trade date basis and net of any applicable tax.


183

Notes to the Consolidated Financial Statements (continued) 2- Principal accounting policies (continued) g) Foreign currency translation Assets and liabilities expressed in currencies other than the reference currency of each Sub-Fund were converted into the reference currency at the foreign exchange rate prevailing at 30 June 2013. Income and expenses in currencies other than the reference currency of each Sub-Fund were converted into the reference currency at the foreign exchange rate ruling at the transaction date. Realised and unrealised gains or losses on foreign currencies are accounted for in the consolidated statement of operations. The acquisition cost of investments expressed in currencies other than the reference currency of each Sub-Fund is converted into the reference currency at the foreign exchange rate prevailing at the date of acquisition. Principal exchange rates applied at 30 June 2013 are as follows:

US$ US Dollar = 3.673000 AED United Arab Emirates Dirhams

US$ US Dollar = 5.383750 ARS Argentine Peso

US$ US Dollar = 1.092478 AUD Australian Dollar

US$ US Dollar = 2.209050 BRL Brazilian Real

US$ US Dollar = 1.054950 CAD Canadian Dollar

US$ US Dollar = 0.946150 CHF Swiss Franc

US$ US Dollar = 505.945000 CLP Chilean Peso

US$ US Dollar = 6.134500 CNH Offshore Chinese Yuan Renminbi

US$ US Dollar = 6.137600 CNY Onshore Chinese Yuan Renminbi

US$ US Dollar = 1,931.250000 COP Colombian Peso

US$ US Dollar = 19.983050 CZK Czech Republic Koruna

US$ US Dollar = 0.769320 EUR Euro

US$ US Dollar = 0.659326 GBP Pound Sterling

US$ US Dollar = 2.040000 GHS Ghanaian Cedi

US$ US Dollar = 7.756350 HKD Hong Kong Dollar

US$ US Dollar = 226.591550 HUF Hungarian Forint

US$ US Dollar = 9,925.000000 IDR Indonesian Rupiah

US$ US Dollar = 3.640350 ILS Israel Shekel

US$ US Dollar = 59.425000 INR Indian Rupee

US$ US Dollar = 99.335000 JPY Japanese Yen

US$ US Dollar = 85.875000 KES Kenyan Shilling

US$ US Dollar = 1,142.050000 KRW South Korean Won

US$ US Dollar = 0.285250 KWD Kuwaiti Dinar

US$ US Dollar = 13.025850 MXN Mexican Peso

US$ US Dollar = 3.159500 MYR Malaysian Ringgit

US$ US Dollar = 162.530000 NGN Nigerian Naira

US$ US Dollar = 6.106050 NOK Norwegian Krone

US$ US Dollar = 2.782000 PEN Peruvian Nuevo Sol

US$ US Dollar = 43.200000 PHP Philippine Peso

US$ US Dollar = 99.500000 PKR Pakistani Rupee

US$ US Dollar = 3.331350 PLN Polish Zloty

US$ US Dollar = 3.640500 QAR Qatari Riyal

US$ US Dollar = 3.436650 RON New Romanian Leu

US$ US Dollar = 32.828000 RUB Russian Rouble

US$ US Dollar = 1.268300 SGD Singapore Dollar

US$ US Dollar = 31.015000 THB Thai Baht

US$ US Dollar = 1.929450 TRY New Turkish Lira

US$ US Dollar = 29.971000 TWD Taiwan Dollar

US$ US Dollar = 8.155500 UAH Ukrainian Hryvnia

US$ US Dollar = 20.425000 UYU Uruguayan Peso

US$ US Dollar = 21,205.000000 VND Vietnamese Dong

US$ US Dollar = 9.927200 ZAR South African Rand


184

Notes to the Consolidated Financial Statements (continued) 2- Principal accounting policies (continued) h) Income and expenses

Allocation of accrued expenses Accrued expenses which can be allocated directly to a Sub-Fund are charged to the relevant Sub-Fund. Accrued expenses which cannot be allocated directly are divided among the Sub-Funds in proportion to the net assets of each Sub-Fund.

Income Interest income is accrued on a daily basis. Dividend income from quoted equity investments and collective investment schemes is shown net of withholding tax deducted at source and is recorded as income on the ex-dividend date.

Apart from Ashmore SICAV Emerging Markets Inflation Linked Bond Fund, all Ashmore SICAV Sub-Funds account for bond and bank interest, with the exception of non-performing assets, on an effective interest basis. Interest income on non-performing assets, pay-in-kind instruments (PIK) and PIK paired with profit participating notes (PIK/PPN) is recognised on receipt unless the Investment Manager deems it appropriate to recognise income on an accruals basis. Fee rebates on investments in other collective investment schemes are recognised on an accruals basis in revenue, unless it is the policy of the underlying fund to charge its fees to capital, in which case, fee rebates should be treated as capital refunds in the investing fund.

i) Repurchase agreements Securities sold under agreements to repurchase are treated as collateralised borrowing transactions. The securities continue to be carried on the statement of net assets at market value and the loans are carried at the amount at which the securities were sold under the agreement. The interest expense recognised under these agreements and the interest income on underlying securities are included in the statement of net assets and in the statement of operations and changes in net assets. Interest expenses are accrued on a daily basis.

Reverse repurchase agreements are securities purchased subject to a simultaneous agreement to sell those securities at an agreed later date at an agreed price. Reverse repurchase agreements (see note 12) are reported as receivables and are carried at cost.

Interest earned on reverse repurchase agreements is recognised as interest income over the term of the agreement using the straight-line method.

3- Expenses

Management fees The Investment Manager is entitled to receive from each Sub-Fund a management fee at an annual rate expressed as a percentage of the net asset value of any class of shares of a Sub-Fund and as determined in the Sub-Funds Appendix of the Prospectus.

The management fees are calculated on the basis of the average net asset value of the relevant class payable monthly in arrears. The rates applied are as follows:

Institutional class shares

Institutional II class shares

Retail class shares Z class shares

% % % %

Emerging Markets Debt Fund 0.95 - 1.50 0.95

Emerging Markets Sovereign Debt Fund 0.85 0.70* 1.40 0.85

Emerging Markets Sovereign Investment Grade Debt Fund 0.80 - 1.35 0.80

Turkish Debt Fund 0.95 - 1.75 0.95

Local Currency Fund 1.00 - 1.50 1.00

Emerging Markets Local Currency Bond Fund 0.95 - 1.50 0.95

Emerging Markets Local Markets Currency Fund 0.80 - 1.35 0.80

Emerging Markets Investment Grade Local Currency Fund 0.90 - 1.50 0.90

Emerging Markets Inflation Linked Bond Fund 0.85 - 1.45 0.85

Emerging Markets Total Return Fund 1.10 - 1.75 1.10

Emerging Markets Total Return Fund II 1.10 - 1.75 1.10

Emerging Markets Investment Grade Total Return Fund 0.85 - 1.40 0.85

Emerging Markets Corporate Debt Fund 1.15 1.00** 1.75 1.15

Emerging Markets Investment Grade Corporate Debt Fund 1.10 - 1.65 1.10


185

Notes to the Consolidated Financial Statements (continued) 3- Expenses (continued)

Management fees (continued)

Institutional class shares

Institutional II class shares

Retail class shares Z class shares

% % % %

Emerging Markets Local Currency Corporate Debt Fund 1.35 - 1.95 1.35

Emerging Markets Asian Corporate Debt Fund 1.05 - 1.75 1.05

Emerging Markets Global Equity Fund 1.15 - 1.65 1.15

EM Equity Select Fund 1.00 - 1.50 1.00

Emerging Markets Global Small-Cap Equity Fund 1.50 - 1.95 1.50

Emerging Market Frontier Equity Fund 1.50 - 1.95 1.50

Brazil Equity Fund 1.10 - 1.80 1.10

* as per fee waiver agreement dated 15 April 2013, fee equals to 0.40%. ** as per fee waiver agreement dated 27 March 2013, fee equals to 0.40%.

The Investment Manager has appointed the following Sub-Managers, Ashmore Equities Investment Management (US) L.L.C. to act as Sub-Manager of Ashmore SICAV Emerging Markets Global Equity Fund, Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund and Ashmore SICAV Emerging Markets Frontier Equity Fund. Ashmore Management Company Turkey Limited has been appointed to act as Sub-Manager of Ashmore SICAV Turkish Debt Fund, which has in turn sub-delegated these functions to Ashmore Portföy Yönetimi Anonim Sirketi. Ashmore Management Company Brazil Limited has been appointed to act as Sub-Manager of Ashmore SICAV Brazil Equity Fund, which has in turn sub-delegated these functions to Ashmore Brasil Gestora de Recursos Ltda.

The Sub-Manager is entitled to a management fee payable by the Investment Manager out of its own assets. 4- Custodian fees Prior to 1 January 2013, under the Custodian Agreement between Northern Trust Global Services Limited, Luxembourg Branch (the "Custodian") and the Company, the fees due to the Custodian were limited to a maximum of 0.02% per annum of the Company's net assets. Effective 1 January 2013, under the revised Custodian Agreement, the fees due to the Custodian are limited to 0.01% per annum of the Company's net assets. The Custodian is also entitled to reimbursement by the Company of reasonable out-of-pocket expenses incurred by it in performing its duties, including the fees and charges of correspondents and agents. 5- Management Company fees Prior to 1 January 2013, for the execution of its duties (which included the provision of administration services to the Fund), the Management Company of the Fund received fees out of the assets of the Fund, based on the average net asset value of the relevant Sub-Fund and paid monthly in arrears. The fees were calculated as follows:

- Management Company fees: 0.02% per annum - Fund Accounting fees: 0.04% per annum on the first US$500 million, 0.025% between US$500 million to US$1

billion and 0.01% above US$1 billion Effective 1 January 2013, the calculation of the administration fees for the Sub-Funds was amended to:

- Management Company fees: 0.015% per annum (services are capped at US$1million per annum for all Luxembourg Mangement Company services provided for Ashmore SICAV entities)

- Fund Accounting fees: 0.02% per annum 6- Other operating expenses

Other operating expenses represent other amounts paid by the Company relating to the operation of the Sub-Funds. They include legal fees, audit fees, Directors' fees, the cost of printing and distributing the prospectuses and the annual and half yearly reports, they also include fees in connection with obtaining or maintaining any registration or authorisation of the Company with any governmental agency or stock exchange as well as the cost of publication of shares, bank charges and other miscellaneous expenses.


186

Notes to the Consolidated Financial Statements (continued) 7- Taxation Under Luxembourg law, the Company is not subject to any taxes on income or capital gains. However, the Company is subject to the “Taxe d’abonnement” or “Subscription tax” of 0.01% per annum for all net assets belonging to Institutional class shares and 0.05% per annum for all net assets belonging to Retail class shares. This tax is payable quarterly and calculated on the Net Asset Value of the Company at the end of the relevant calendar quarter. No subscription tax is paid on assets held by the Company in other Undertakings for Collective Investment already subject to that tax in Luxembourg.

The reduced tax rate of 0.01% of the net assets per annum is applicable to Classes which are only sold to and held by Institutional Investors.

8- Transaction fees

Transaction fees represent fees incurred by the Company in relation to the purchase and sale of transferable securities and loan agreements: and in relation to trade communication services. 9- Other assets and liabilities As at 30 June 2013, “Other Assets” comprise:



Fund



US$ US$ US$ US$ Receivable on sales of investments 43,793,206 1,118,166 - -

Accrued income on investments 22,254,813 2,280,084 919,710 1,138,047

Receivable on subscriptions 12,730 - - -

Prepaid fees 2,934 380 273 22,589

66,063,683 3,398,630 919,983 1,160,636

Local Currency Fund


Bond Fund


Currency Fund


Local Currency Fund

US$ US$ US$ US$ Receivable on sales of investments 2,099,302 36,025,648 - 3,167,315

Accrued income on investments 3,919,862 45,478,992 5,146 4,296,613

Receivable on subscriptions 160,343 4,299,517 - -

Prepaid fees 3,206 9,183 656 1,775

6,182,713 85,813,340 5,802 7,465,703




II


Total Return Fund US$ US$ US$ US$

Receivable on sales of investments 498,357 2,197,723 1,446,369 325,554

Accrued income on investments 254,591 5,053,692 2,498,020 618,997

Receivable on subscriptions - 766 - -

Prepaid fees 919 2,344 1,470 1,725

753,867 7,254,525 3,945,859 946,276

Emerging Markets

Corporate Debt Fund


Corporate Debt Fund


Fund


Debt Fund US$ US$ US$ -

Receivable on sales of investments 5,700,000 5,807,432 - 210,000

Accrued income on investments 62,400,794 1,090,204 2,771,194 414,717

Receivable on subscriptions 65,948,776 - 8,247 -

Prepaid fees 8,496 824 2,277 1,403

134,058,066 6,898,460 2,781,718 626,120


187

Notes to the Consolidated Financial Statements (continued) 9- Other assets and liabilities As at 30 June 2013, “Other Assets” comprise:


EM Equity Select Fund


Equity Fund


Fund

US$ US$ US$ US$ Receivable on sales of investments 115,931 - 113,147 324,896 Accrued income on investments 281,918 21,111 190,650 35,350 Receivable on subscriptions - - - 6,135 Prepaid fees 4,250 357 571 4,316

402,099 21,468 304,368 370,697

Brazil Equity Fund US$

Receivable on sales of investments 123,714 Accrued income on investments 18,710 Prepaid fees 2,494

144,918

As at 30 June 2013, “Other Liabilities” comprise:



Fund



US$ US$ US$ US$ Payable on purchases of investments 34,950,533 - 72,024 - Payable on redemptions 40,775,622 - - - Accrued management fees 819,242 53,028 13,218 37,367 Accrued audit fees 18,013 2,055 1,059 815 Accrued management company fees 24,710 2,131 488 3,000 Accrued custody fees 47,941 4,565 740 2,549 Accrued other budgeted expenses 182,080 31,385 8,825 7,821 Accrued subscription tax 28,787 3,025 386 1,300 Accrued bank interest payable 278 - - - VAT 43,084 1,038 168 -

76,890,290 97,227 96,908 52,852

Local Currency Fund


Bond Fund


Currency Fund


Local Currency Fund

US$ US$ US$ US$ Payable on purchases of investments 49,917,719 31,921,442 - 2,939,109 Payable on redemptions 852,225 11,575,998 - 212,587 Accrued management fees 1,189,692 2,031,685 7,761 222,715 Accrued audit fees 23,816 45,899 233 5,571 Accrued management company fees 33,593 73,439 368 7,569 Accrued custody fees 71,647 140,312 692 16,357 Accrued other budgeted expenses 179,479 346,772 8,855 48,190 Accrued subscription tax 52,830 71,245 385 8,330 Accrued bank interest payable - 5,369 39 615 VAT 10,248 20,607 194 3,499

52,331,249 46,232,768 18,527 3,464,542

Emerging Markets

Inflation Linked Bond Fund



II


Total Return Fund US$ US$ US$ US$

Payable on purchases of investments - 1,418,665 777,235 214,952 Accrued management fees 31,962 248,160 153,959 29,717 Accrued audit fees 846 5,169 3,001 735 Accrued management company fees 1,356 9,232 2,938 1,030 Accrued custody fees 2,750 16,664 8,223 2,106 Accrued other budgeted expenses 17,384 67,025 25,705 12,780 Accrued subscription tax 1,455 9,346 3,830 1,089 Accrued bank interest payable - 760 - - VAT 514 1,670 - -

56,267 1,776,691 974,891 262,409


188

Notes to the Consolidated Financial Statements (continued) 9- Other assets and liabilities (continued) As at 30 June 2013, “Other Liabilities” comprise:

Emerging Markets

Corporate Debt Fund


Corporate Debt Fund


Fund


Debt Fund US$ US$ US$ US$

Payable on purchases of investments 29,771,473 7,188,258 1,665,000 2,519,457 Payable on redemptions 2,161,371 - 53,380 - Accrued management fees 3,056,278 66,091 164,015 20,892 Accrued audit fees 56,236 1,311 2,831 464 Accrued management company fees 51,848 1,764 3,513 568 Accrued custody fees 122,859 3,747 7,313 1,076 Accrued other budgeted expenses 317,779 20,431 44,086 6,911 Accrued subscription tax 81,205 1,889 4,341 555 Accrued bank interest payable 190 - - - VAT 20,275 471 1,243 -

35,639,514 7,283,962 1,945,722 2,549,923


EM Equity Select Fund


Equity Fund


Fund US$ US$ US$ US$

Payable on purchases of investments 143,407 - 704,854 73,081 Payable on redemptions - - 70,759 - Accrued management fees 28,217 21,526 136,901 17,786 Accrued audit fees 612 476 1,970 273 Accrued management company fees 1,286 902 2,928 321 Accrued custody fees 1,931 1,464 5,534 716 Accrued other budgeted expenses 5,929 8,071 28,606 2,171 Accrued subscription tax 1,117 487 3,130 285 Accrued bank interest payable - 28 1,488 10 VAT 528 192 1,032 62

183,027 33,146 957,202 94,705

Brazil Equity

Fund US$

Payable on purchases of investments 114,605 Accrued management fees 2,677 Accrued audit fees 63 Accrued management company fees 280 Accrued custody fees 217 Accrued other budgeted expenses 5,169 Accrued subscription tax 115

123,126


189

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments Ashmore SICAV Emerging Markets Debt Fund Open financial derivative investments as at 30 June 2013 are detailed below:

Forward currency contracts To receive To pay Rate Date Unrealised gain (US$)

CNY 33,705,350 US$ 5,434,594 6.20 23/08/2013 1,886

MXN 34,623,996 US$ 2,640,000 13.12 23/08/2013 6,725

US$ 26 AUD 28 1.08 19/07/2013 -

US$ 62,687,348 BRL 127,144,842 2.03 02/08/2013 5,452,304

US$ 247,351 CHF 233,097 0.94 01/07/2013 988

US$ 783,666 CHF 735,876 0.94 19/07/2013 5,821

US$ 5,452,264 CNY 33,705,350 6.18 23/08/2013 15,784

US$ 290,367 EUR 223,314 0.77 02/07/2013 92

US$ 9,128,631 EUR 6,973,487 0.76 19/07/2013 63,676

US$ 32,402,311 EUR 24,765,341 0.76 22/07/2013 209,035

US$ 44,432 GBP 28,967 0.65 01/07/2013 498

US$ 19,222,847 GBP 12,467,183 0.65 19/07/2013 315,544

US$ 2,355,789 GBP 1,528,651 0.65 22/07/2013 37,537

US$ 3,869,119 MXN 47,278,247 12.22 26/07/2013 245,975

US$ 65,920,999 MXN 849,721,675 12.89 23/08/2013 966,644

US$ 389,112 NOK 2,376,320 6.11 19/07/2013 111

US$ 4,612,533 RUB 147,400,425 31.96 30/08/2013 167,223

Unrealised gain on forward currency contracts 7,489,843

Total unrealised gain on financial derivative investments 7,489,843

Forward currency contracts To receive To pay Rate Date Unrealised loss (US$)

AUD 507 US$ 480 1.06 19/07/2013 (16)

BRL 31,336,610 US$ 15,534,707 2.02 04/09/2013 (1,524,918)

CHF 230,676 US$ 244,697 0.94 01/07/2013 (892)

CHF 7,951,842 US$ 8,638,020 0.92 19/07/2013 (232,669)

EUR 219,492 US$ 285,405 0.77 02/07/2013 (99)

EUR 108,726,905 US$ 145,680,165 0.75 19/07/2013 (4,344,194)

EUR 6,454,928 US$ 8,434,921 0.77 22/07/2013 (43,949)

GBP 33,953 US$ 52,079 0.65 01/07/2013 (583)

GBP 192,818,491 US$ 301,633,753 0.64 19/07/2013 (9,211,830)

MXN 296,233,722 US$ 24,155,036 12.26 26/07/2013 (1,453,318)

NOK 38,225,972 US$ 6,653,732 5.75 19/07/2013 (396,189)

RUB 136,256,263 US$ 4,257,276 32.01 21/08/2013 (141,231)

US$ 14,364,851 RUB 474,808,593 33.05 31/07/2013 (33,486)

Unrealised (loss) on forward currency contracts (17,383,374)

Total unrealised (loss) on financial derivative investments (17,383,374)

Ashmore SICAV Emerging Markets Sovereign Debt Fund Open financial derivative investments as at 30 June 2013 are detailed below:


US$ 246,813 GBP 160,012 0.65 19/07/2013 4,145

US$ 3,259,834 JPY 318,622,719 97.74 19/07/2013 52,121

Unrealised gain on forward currency contracts 56,266

Total unrealised gain on financial derivative investments 56,266


190

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Sovereign Debt Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)


GBP 2,778,638 US$ 4,346,445 0.64 19/07/2013 (132,458)

JPY 5,512,904,045 US$ 58,010,708 95.03 19/07/2013 (2,509,910)



Ashmore SICAV Emerging Markets Sovereign Investment Grade Debt Fund Open financial derivative investments as at 30 June 2013 are detailed below:


US$ 22,191 EUR 16,976 0.76 22/07/2013 123

Unrealised gain on forward currency contracts 123

Total unrealised gain on financial derivative investments 123

Ashmore SICAV Turkish Debt Fund Open financial derivative investments as at 30 June 2013 are detailed below:


US$ 3,000,000 TRY 5,628,966 1.88 02/07/2013 82,606




TRY 5,697,132 US$ 3,000,000 1.90 02/07/2013 (47,277)

Unrealised (loss) on forward currency contracts (47,277)

Total unrealised (loss) on financial derivative investments (47,277)

Ashmore SICAV Local Currency Fund Open financial derivative investments as at 30 June 2013 are detailed below:


ARS 63,705,110 US$ 11,351,000 5.61 18/07/2013 364,547

ARS 9,056,233 US$ 1,410,000 6.42 18/09/2013 175,027

ARS 10,032,300 US$ 1,570,000 6.39 23/09/2013 177,458

ARS 10,956,120 US$ 1,680,000 6.52 25/09/2013 224,702

ARS 30,927,100 US$ 5,050,000 6.12 27/09/2013 316,263

ARS 17,081,406 US$ 2,610,000 6.54 30/09/2013 345,269

ARS 20,766,900 US$ 3,190,000 6.51 03/10/2013 392,466

ARS 63,494,000 US$ 10,600,000 5.99 17/10/2013 178,032

BRL 9,076,800 US$ 4,000,000 2.27 02/08/2013 85,978

BRL 41,804,514 US$ 18,230,567 2.29 02/10/2013 366,055


191

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Local Currency Fund Open financial derivative investments as at 30 June 2013 are detailed below: (continued)

Forward currency contracts (continued)

To receive To pay Rate Date Unrealised gain (US$)

CHF 24,068 US$ 25,372 0.95 02/07/2013 66

CNH 37,191,495 US$ 5,759,384 6.46 17/07/2013 296,651

CNH 166,890,645 US$ 25,233,527 6.61 13/04/2015 1,112,792

CNH 105,885,160 US$ 16,134,542 6.56 04/05/2015 568,250

CNH 37,191,495 US$ 5,597,589 6.64 17/07/2015 255,691

CZK 83,022,442 US$ 4,100,961 20.24 30/08/2013 54,844

HUF 7,173,886,822 US$ 30,817,359 232.79 31/07/2013 761,760

HUF 898,735,212 US$ 3,938,287 228.20 30/08/2013 5,808

IDR 532,177,144,457 US$ 52,712,268 10,095.89 17/07/2013 412,848

ILS 89,491,548 US$ 24,047,779 3.72 29/08/2013 506,427

INR 534,857,800 US$ 8,928,438 59.90 17/07/2013 39,663

MXN 80,990,462 US$ 6,030,563 13.43 26/07/2013 176,099

MYR 63,500,000 US$ 19,782,004 3.21 15/07/2013 273,034

US$ 28,180,000 BRL 58,485,214 2.08 02/07/2013 1,704,721

US$ 60,372,011 BRL 122,448,790 2.03 02/08/2013 5,250,925

US$ 12,784,197 BRL 26,644,822 2.08 04/09/2013 871,985

US$ 100,578 CHF 94,784 0.94 01/07/2013 399

US$ 279,517 CHF 261,323 0.93 19/07/2013 3,291

US$ 8,336,503 CLP 4,181,590,000 501.60 06/08/2013 116,273

US$ 11,444,730 CLP 5,797,900,000 506.60 09/09/2013 102,077

US$ 17,090,000 CNY 105,813,317 6.19 12/08/2013 10,707

US$ 38,270,000 CNY 238,306,907 6.23 16/12/2013 44,475

US$ 8,980,742 COP 16,933,189,000 1,885.50 26/07/2013 229,433

US$ 10,579,840 CZK 209,457,467 19.80 31/07/2013 96,958

US$ 136,152 EUR 104,715 0.77 01/07/2013 38

US$ 223,505 EUR 171,891 0.77 02/07/2013 72

US$ 5,881,631 EUR 4,447,637 0.76 19/07/2013 100,071

US$ 7,150,329 EUR 5,470,000 0.76 22/07/2013 39,698

US$ 84,367 GBP 55,003 0.65 01/07/2013 944

US$ 12,124 GBP 7,973 0.66 02/07/2013 31

US$ 7,538,230 GBP 4,904,604 0.65 19/07/2013 100,075

US$ 4,110,000 HUF 933,616,092 227.16 31/07/2013 265

US$ 3,360,000 ILS 12,197,714 3.63 29/08/2013 13,257

US$ 35,030,000 INR 2,024,344,678 57.79 17/07/2013 1,087,282

US$ 5,900,000 INR 335,963,700 56.94 30/08/2013 330,764

US$ 9,307,580 KRW 10,505,186,391 1,128.67 24/07/2013 135,575

US$ 71,208,982 MXN 889,052,259 12.49 26/07/2013 3,076,924

US$ 16,080,000 MYR 49,925,496 3.10 15/07/2013 312,162

US$ 360,000 MYR 1,103,256 3.06 30/08/2013 13,854

US$ 1,870,000 PLN 6,238,569 3.34 31/07/2013 261

US$ 740,000 PLN 2,421,003 3.27 30/08/2013 15,799

US$ 4,488,646 RON 15,330,224 3.42 30/08/2013 54,515

US$ 3,212,649 RUB 102,822,450 32.01 21/08/2013 106,576

US$ 1,780,000 RUB 56,883,255 31.96 30/08/2013 64,511

US$ 4,300,000 SGD 5,355,611 1.25 31/07/2013 77,089

US$ 1,900,000 SGD 2,402,930 1.26 30/08/2013 5,212

US$ 32,932,275 THB 999,361,100 30.35 12/07/2013 721,251

US$ 480,000 TRY 897,753 1.87 29/08/2013 18,638

US$ 262,076 TRY 500,000 1.91 27/09/2013 6,250

US$ 2,600,000 TWD 77,896,000 29.96 24/07/2013 1,659

ZAR 123,672,809 US$ 11,981,045 10.32 30/08/2013 377,103



192

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Local Currency Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)

Interest rate swap contracts

Notional /

Nominal

Currency Paying Receiving Maturity

date Counterparty

Commitment

(US$) Unrealised gain

(US$)

Malaysia

20,096,875 MYR 3.89% KLIBO3M 01/03/2022 Morgan Stanley 6,360,777 109,897

1,588,000 MYR 3.89% KLIBO3M 01/03/2022 Morgan Stanley 502,611 8,684

Singapore

3,970,742 SGD 1.82% SORF6M 25/10/2022 Barclays 3,130,759 194,196



Unrealised gain on interest rate swap contracts 709,254



BRL 100,289,728 US$ 47,130,000 2.13 02/07/2013 (1,730,517)

CHF 60,844,880 US$ 66,093,517 0.92 19/07/2013 (1,778,531)

CLP 7,334,437,500 US$ 14,750,000 497.25 17/07/2013 (281,295)

CLP 10,049,526,080 US$ 19,687,582 510.45 09/09/2013 (27,312)

CNY 943,368,555 US$ 152,586,375 6.18 12/08/2013 (317,563)

CNY 14,348,103 US$ 2,310,000 6.21 16/12/2013 (8,498)

COP 18,538,232,389 US$ 9,721,150 1,907.00 26/07/2013 (140,332)

CZK 1,048,203,287 US$ 53,124,490 19.73 31/07/2013 (664,238)

EUR 23,164 US$ 30,118 0.77 01/07/2013 (8)

EUR 77,399 US$ 100,639 0.77 02/07/2013 (33)

EUR 67,923,128 US$ 91,015,591 0.75 19/07/2013 (2,721,150)

GBP 51,473 US$ 78,952 0.65 01/07/2013 (883)

GBP 645,102,902 US$ 1,009,206,396 0.64 19/07/2013 (30,865,417)

HUF 305,815,312 US$ 1,360,000 224.86 30/08/2013 (17,931)

INR 6,708,557,766 US$ 117,098,707 57.29 17/07/2013 (4,614,562)

MXN 1,446,236,378 US$ 113,363,965 12.76 26/07/2013 (2,532,391)

MXN 278,376,996 US$ 21,668,788 12.85 23/08/2013 (389,116)

MYR 80,340,802 US$ 25,994,031 3.09 15/07/2013 (620,207)

MYR 47,365,669 US$ 15,820,000 2.99 12/08/2013 (944,142)

MYR 59,221,638 US$ 19,864,034 2.98 22/08/2013 (1,274,993)

PEN 32,096,996 US$ 12,176,402 2.64 26/07/2013 (658,767)

PHP 626,819,341 US$ 14,645,312 42.80 24/07/2013 (113,117)

PLN 45,956,348 US$ 13,956,589 3.29 31/07/2013 (183,174)

PLN 71,917,281 US$ 22,024,877 3.27 30/08/2013 (512,069)

RON 49,402,618 US$ 14,505,437 3.41 30/08/2013 (216,169)

RUB 3,383,288,979 US$ 105,765,238 31.99 30/08/2013 (3,731,813)

SGD 74,232,117 US$ 58,862,057 1.26 31/07/2013 (329,876)

SGD 74,350,880 US$ 59,277,501 1.25 30/08/2013 (649,438)

THB 2,175,278,138 US$ 71,992,811 30.22 12/07/2013 (1,880,079)

THB 820,200,588 US$ 27,142,608 30.22 23/07/2013 (722,527)

TRY 2,400,000 US$ 1,290,496 1.86 31/07/2013 (51,379)

TRY 3,597,451 US$ 1,923,195 1.87 29/08/2013 (74,437)

TWD 2,710,380,392 US$ 90,548,237 29.93 24/07/2013 (139,323)


193

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Local Currency Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)


To receive To pay Rate Date Unrealised loss (US$)

US$ 18,538,587 BRL 41,804,514 2.26 02/07/2013 (385,617)

US$ 34,628 CHF 32,848 0.95 02/07/2013 (90)

US$ 5,779,034 CNH 37,191,495 6.44 17/07/2013 (277,002)

US$ 25,660,000 CNH 166,890,645 6.50 13/04/2015 (686,319)

US$ 16,270,000 CNH 105,885,160 6.51 04/05/2015 (432,792)

US$ 5,610,000 CNH 37,191,495 6.63 17/07/2015 (243,280)

US$ 1,100,000 COP 2,132,900,000 1,939.00 26/07/2013 (2,313)

US$ 1,560,000 CZK 31,340,197 20.09 30/08/2013 (8,778)

US$ 1,314,660 HUF 301,600,000 229.41 31/07/2013 (12,970)

US$ 12,915,840 KRW 14,917,795,200 1,155.00 24/07/2013 (108,783)

US$ 36,330,496 MXN 487,662,537 13.42 26/07/2013 (1,041,269)

US$ 9,484,037 MYR 30,415,306 3.21 15/07/2013 (121,949)

US$ 12,427,199 MYR 39,913,678 3.21 12/08/2013 (108,256)

US$ 1,420,000 MYR 4,531,930 3.19 22/08/2013 (2,523)

US$ 13,870,000 RUB 456,669,750 32.93 22/07/2013 (856)

US$ 28,016,168 RUB 926,032,402 33.05 31/07/2013 (65,308)

US$ 1,280,000 THB 39,763,200 31.07 23/07/2013 (842)

US$ 1,400,000 TRY 2,718,940 1.94 31/07/2013 (3,786)

US$ 254,820 TRY 500,000 1.96 28/08/2013 (2,175)

US$ 14,780,000 ZAR 152,200,006 10.30 30/08/2013 (428,762)



Notional / Nominal


date Counterparty Commitment

(US$) Unrealised (loss)

(US$)

Singapore

4,144,955 SGD SORF6M 2.76% 14/06/2032 Barclays 3,268,119 (243,343)


749,290 SGD SORF6M 2.54% 14/12/2032 Barclays 590,783 (66,492)

Unrealised (loss) on interest rate swap contracts (479,728)


Ashmore SICAV Emerging Markets Local Currency Bond Fund Open financial derivative investments as at 30 June 2013 are detailed below:


ARS 18,305,151 US$ 2,850,000 6.42 18/09/2013 353,778

ARS 18,531,000 US$ 2,900,000 6.39 23/09/2013 327,789

ARS 20,347,080 US$ 3,120,000 6.52 25/09/2013 417,304

ARS 24,626,900 US$ 3,830,000 6.43 27/09/2013 443,095

ARS 31,872,202 US$ 4,870,000 6.54 30/09/2013 644,238

ARS 38,734,500 US$ 5,950,000 6.51 03/10/2013 732,029

BRL 175,831,825 US$ 77,974,202 2.25 02/07/2013 1,621,926

BRL 8,488,820 US$ 3,800,000 2.23 02/08/2013 21,295

CNH 115,419,595 US$ 17,873,598 6.46 17/07/2013 920,622

CNH 334,536,985 US$ 50,493,344 6.63 13/04/2015 2,318,593

CNH 238,615,960 US$ 36,374,384 6.56 04/05/2015 1,265,949

CNH 176,778,995 US$ 26,704,500 6.62 17/07/2015 1,117,369

CNY 59,616,000 US$ 9,200,000 6.48 17/07/2013 482,411


194

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Local Currency Bond Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below (continued):



COP 11,623,930,769 US$ 6,013,415 1,933.00 08/07/2013 4,294

COP 11,623,930,769 US$ 6,004,872 1,935.75 26/07/2013 2,538

COP 11,674,112,540 US$ 6,008,293 1,943.00 06/08/2013 18,720

COP 11,704,154,004 US$ 6,008,293 1,948.00 09/09/2013 14,817

HUF 2,685,144,722 US$ 11,739,186 228.73 31/07/2013 80,698

HUF 4,724,151,416 US$ 20,701,386 228.20 30/08/2013 30,529

IDR 532,624,781,365 US$ 52,741,735 10,098.73 17/07/2013 428,067

INR 1,561,121,200 US$ 25,733,474 60.66 17/07/2013 442,254

MXN 176,511,009 US$ 13,151,294 13.42 26/07/2013 375,536

RUB 294,986,849 US$ 8,928,359 33.04 31/07/2013 16,971

THB 151,907,850 US$ 4,890,000 31.07 23/07/2013 3,215

TRY 25,272,461 US$ 13,020,000 1.94 31/07/2013 28,144

TRY 63,313,683 US$ 32,046,203 1.98 27/09/2013 348,477

US$ 193,398,232 BRL 411,233,789 2.13 02/07/2013 7,239,572

US$ 66,778,240 BRL 135,442,145 2.03 02/08/2013 5,808,114

US$ 30,354,006 BRL 63,263,819 2.08 04/09/2013 2,070,387

US$ 2,613,142 CHF 2,462,644 0.94 01/07/2013 10,337

US$ 2,751,010 CHF 2,592,831 0.94 19/07/2013 10,305

US$ 18,629,241 CLP 9,344,427,500 501.60 06/08/2013 259,830

US$ 6,570,646 CLP 3,256,740,500 495.65 07/08/2013 169,408

US$ 22,476,699 CLP 11,390,360,216 506.76 09/09/2013 193,304

US$ 72,530,000 CNY 451,633,584 6.23 16/12/2013 85,894

US$ 9,048,565 COP 17,061,069,600 1,885.50 26/07/2013 231,166

US$ 14,410,000 CZK 285,291,630 19.80 31/07/2013 131,786

US$ 4,712,320 EUR 3,589,581 0.76 19/07/2013 46,162

US$ 7,033 GBP 4,585 0.65 01/07/2013 79

US$ 23,940,488 GBP 15,532,114 0.65 19/07/2013 385,015

US$ 4,460,000 HUF 1,008,776,180 226.18 30/08/2013 32,991

US$ 110,835,605 INR 6,384,433,416 57.60 17/07/2013 3,786,137

US$ 13,516,079 KRW 15,255,192,480 1,128.67 24/07/2013 196,877

US$ 90,804,765 MXN 1,141,219,233 12.57 26/07/2013 3,348,021

US$ 35,290,000 MYR 109,653,088 3.11 15/07/2013 658,554

US$ 2,970,000 MYR 9,395,595 3.16 12/08/2013 19,181

US$ 1,522,863 PEN 4,160,310 2.73 26/07/2013 29,984

US$ 7,897,950 PHP 338,032,240 42.80 24/07/2013 61,002

US$ 70,628,735 PLN 231,881,285 3.28 31/07/2013 1,132,414

US$ 50,961,253 PLN 166,657,923 3.27 30/08/2013 1,108,425

US$ 1,890,000 RON 6,415,259 3.39 30/08/2013 34,443

US$ 6,454,339 RUB 206,574,363 32.01 21/08/2013 214,116

US$ 165,039,639 RUB 5,275,423,366 31.96 30/08/2013 5,943,115

US$ 58,431,978 THB 1,771,235,700 30.31 12/07/2013 1,342,187

US$ 2,194,964 THB 68,000,000 30.98 23/07/2013 4,567

US$ 478,292 TRY 923,819 1.93 31/07/2013 1,325

US$ 8,130,000 TRY 15,319,847 1.88 29/08/2013 257,012

US$ 14,071,499 ZAR 135,600,000 9.64 30/08/2013 521,512



Notional /

Nominal



(US$) Unrealised gain (US$)

Brazil

46,531,663 BRL BZDIOVRA 11.03% 02/01/2017 HSBC 21,064,106 144,771


195

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Local Currency Bond Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)

Interest rate swap contracts (continued)

Notional / Nominal




Singapore






Unrealised gain on interest rate swap contracts 1,571,754



BRL 235,401,963 US$ 110,490,000 2.13 02/07/2013 (3,927,467)

BRL 330,262,468 US$ 161,080,927 2.05 04/09/2013 (13,429,109)

CHF 2,438,629 US$ 2,586,856 0.94 01/07/2013 (9,433)

CHF 2,592,831 US$ 2,816,571 0.92 19/07/2013 (75,866)

CLP 13,927,972,500 US$ 28,010,000 497.25 17/07/2013 (534,177)

COP 18,097,983,359 US$ 9,477,341 1,909.61 26/07/2013 (124,050)

CZK 286,284,225 US$ 14,846,325 19.28 31/07/2013 (518,434)

EUR 41,242,500 US$ 55,261,302 0.75 19/07/2013 (1,649,468)

GBP 4,585 US$ 7,032 0.65 01/07/2013 (78)

GBP 239,526,426 US$ 374,710,117 0.64 19/07/2013 (11,452,538)

HUF 390,290,000 US$ 1,740,505 224.24 31/07/2013 (22,467)

IDR 79,039,500,000 US$ 7,900,000 10,005.00 17/07/2013 (9,803)

INR 2,170,858,381 US$ 37,374,036 58.08 17/07/2013 (974,684)

INR 132,963,000 US$ 2,300,000 57.81 30/08/2013 (95,886)

MXN 1,671,359,440 US$ 135,049,650 12.38 26/07/2013 (6,965,887)

MXN 928,656,499 US$ 72,182,276 12.87 23/08/2013 (1,193,992)

MYR 114,147,180 US$ 36,618,429 3.12 15/07/2013 (567,626)

MYR 129,928,610 US$ 43,110,000 3.01 12/08/2013 (2,304,084)

MYR 223,271,674 US$ 74,889,454 2.98 22/08/2013 (4,806,860)

MYR 16,549,650 US$ 5,330,000 3.11 30/08/2013 (137,556)

PEN 50,821,350 US$ 19,219,177 2.64 26/07/2013 (982,524)

PLN 80,510,764 US$ 24,653,233 3.27 31/07/2013 (523,637)

PLN 205,012,948 US$ 61,855,222 3.31 30/08/2013 (529,153)

RON 4,838,659 US$ 1,406,288 3.44 31/07/2013 (2,327)

RON 95,197,250 US$ 27,918,917 3.41 30/08/2013 (383,958)

RUB 359,870,416 US$ 10,991,598 32.74 30/08/2013 (138,605)

THB 2,813,903,141 US$ 93,969,014 29.95 12/07/2013 (3,272,365)

THB 1,249,944,258 US$ 41,121,441 30.40 23/07/2013 (858,571)

TRY 62,311,419 US$ 33,458,489 1.86 31/07/2013 (1,287,171)

TRY 44,996,341 US$ 24,113,795 1.87 29/08/2013 (989,826)

US$ 750,000 ARS 4,432,500 5.91 27/09/2013 (19,098)

US$ 76,678,656 BRL 175,831,825 2.29 02/10/2013 (1,539,644)

US$ 27,264,348 CNH 175,035,595 6.42 17/07/2013 (1,237,375)

US$ 51,337,427 CNH 334,536,985 6.52 13/04/2015 (1,474,509)

US$ 36,570,000 CNH 238,615,960 6.52 04/05/2015 (1,070,333)

US$ 17,410,000 CNH 115,419,595 6.63 17/07/2015 (754,991)

US$ 9,200,000 CNY 61,359,400 6.67 17/07/2015 (430,338)

US$ 6,013,415 COP 11,623,930,769 1,933.00 08/07/2013 (4,294)

US$ 11,575,478 HUF 2,694,623,028 232.79 31/07/2013 (286,129)

US$ 2,270,000 IDR 23,301,550,000 10,265.00 17/07/2013 (56,102)


196

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Local Currency Bond Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



US$ 24,368,790 KRW 28,145,952,450 1,155.00 24/07/2013 (205,244)

US$ 45,350,000 MXN 610,333,452 13.46 26/07/2013 (1,422,587)

US$ 1,401,338 MYR 4,494,092 3.21 15/07/2013 (18,019)

US$ 37,528,182 MYR 120,533,015 3.21 12/08/2013 (326,915)

US$ 9,230,125 MYR 29,540,978 3.20 22/08/2013 (42,472)

US$ 26,940,000 RUB 886,999,500 32.93 22/07/2013 (1,663)

US$ 15,524,708 SGD 19,700,000 1.27 30/08/2013 (9,377)

US$ 1,440,000 THB 44,769,024 31.09 12/07/2013 (2,978)

US$ 9,374,789 THB 292,000,000 31.15 23/07/2013 (31,037)

US$ 28,750,000 ZAR 296,058,875 10.30 30/08/2013 (834,026)

US$ 42,320,435 ZAR 434,702,814 10.27 30/09/2013 (931,540)

ZAR 26,893,485 US$ 2,700,000 9.96 31/07/2013 (788)



Notional / Nominal



(US$) Unrealised (loss) (US$)

Singapore







Ashmore SICAV Emerging Markets Local Markets Currency Fund Open financial derivative investments as at 30 June 2013 are detailed below:


ARS 583,440 US$ 104,000 5.61 18/07/2013 3,296

ARS 64,229 US$ 10,000 6.42 18/09/2013 1,241

ARS 127,800 US$ 20,000 6.39 23/09/2013 2,261

ARS 130,430 US$ 20,000 6.52 25/09/2013 2,675

ARS 187,700 US$ 30,000 6.26 27/09/2013 2,569

ARS 130,892 US$ 20,000 6.54 30/09/2013 2,646

ARS 195,300 US$ 30,000 6.51 03/10/2013 3,691

ARS 658,900 US$ 110,000 5.99 17/10/2013 1,848

BRL 272,411 US$ 118,796 2.29 02/10/2013 2,385

CNH 861,835 US$ 133,462 6.46 17/07/2013 6,874

CNH 3,387,078 US$ 512,276 6.61 13/04/2015 22,428

CNH 1,757,160 US$ 267,120 6.58 04/05/2015 10,064

CNH 861,835 US$ 129,712 6.64 17/07/2015 5,925

CNY 185,970 US$ 30,000 6.20 12/08/2013 17

HUF 68,872,257 US$ 295,859 232.79 31/07/2013 7,313

HUF 10,993,024 US$ 48,172 228.20 30/08/2013 71

IDR 4,755,640,200 US$ 471,313 10,090.19 17/07/2013 3,423

ILS 842,111 US$ 226,288 3.72 29/08/2013 4,766

INR 4,773,600 US$ 80,000 59.67 17/07/2013 40

TRY 100,000 US$ 50,615 1.98 27/09/2013 550


197

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Local Markets Currency Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)

Forward currency contracts


US$ 300,000 BRL 621,353 2.07 02/07/2013 18,724

US$ 465,672 BRL 944,494 2.03 02/08/2013 40,502

US$ 108,897 BRL 226,962 2.08 04/09/2013 7,428

US$ 96,043 CLP 48,175,000 501.60 06/08/2013 1,340

US$ 158,902 CLP 80,500,000 506.60 09/09/2013 1,417

US$ 110,000 CNY 681,395 6.19 12/08/2013 16

US$ 350,000 CNY 2,179,447 6.23 16/12/2013 407

US$ 78,952 COP 148,863,200 1,885.50 26/07/2013 2,017

US$ 90,000 CZK 1,781,835 19.80 31/07/2013 823

US$ 4,475 GBP 2,905 0.65 19/07/2013 69

US$ 50,000 HUF 11,357,860 227.16 31/07/2013 3

US$ 30,000 ILS 108,908 3.63 29/08/2013 118

US$ 280,000 INR 16,206,806 57.88 17/07/2013 8,256

US$ 110,000 INR 6,259,110 56.90 30/08/2013 6,243

US$ 1,130,732 MXN 13,962,075 12.35 26/07/2013 60,755

US$ 130,000 MYR 403,936 3.11 15/07/2013 2,426

US$ 50,000 MYR 153,230 3.06 30/08/2013 1,924

US$ 9,821 PEN 26,830 2.73 26/07/2013 193

US$ 60,000 RON 206,126 3.44 31/07/2013 192

US$ 80,000 RON 271,848 3.40 30/08/2013 1,370

US$ 41,740 RUB 1,335,925 32.01 21/08/2013 1,385

US$ 140,000 THB 4,183,200 29.88 12/07/2013 5,169

US$ 140,000 THB 4,305,000 30.75 23/07/2013 1,329

US$ 10,000 TRY 18,703 1.87 29/08/2013 388

ZAR 1,439,260 US$ 139,628 10.31 30/08/2013 4,192




BRL 893,764 US$ 420,000 2.13 02/07/2013 (15,408)

BRL 2,375,476 US$ 1,154,704 2.06 04/09/2013 (92,690)

CLP 69,615,000 US$ 140,000 497.25 17/07/2013 (2,670)

CLP 131,725,601 US$ 258,058 510.45 09/09/2013 (358)

CNY 9,069,591 US$ 1,466,978 6.18 12/08/2013 (3,058)

COP 293,577,300 US$ 153,947 1,907.00 26/07/2013 (2,222)

CZK 10,745,131 US$ 544,580 19.73 31/07/2013 (6,810)

GBP 108,975 US$ 170,461 0.64 19/07/2013 (5,193)

INR 83,382,515 US$ 1,458,246 57.18 17/07/2013 (60,150)

KRW 153,775,000 US$ 136,244 1,128.67 24/07/2013 (1,986)

MXN 15,973,294 US$ 1,246,821 12.81 26/07/2013 (22,715)

MXN 5,123,089 US$ 398,134 12.87 23/08/2013 (6,517)

MYR 1,086,472 US$ 351,981 3.09 15/07/2013 (8,844)

MYR 419,182 US$ 140,000 2.99 12/08/2013 (8,350)

MYR 1,023,734 US$ 343,379 2.98 22/08/2013 (22,040)

PEN 341,279 US$ 129,324 2.64 26/07/2013 (6,860)

PHP 7,793,527 US$ 182,092 42.80 24/07/2013 (1,406)

PLN 998,182 US$ 301,127 3.31 31/07/2013 (1,965)

PLN 949,412 US$ 290,760 3.27 30/08/2013 (6,760)

RON 1,375,278 US$ 403,805 3.41 30/08/2013 (6,018)

RUB 47,431,128 US$ 1,484,240 31.96 30/08/2013 (53,809)

SGD 474,880 US$ 376,554 1.26 31/07/2013 (2,110)

SGD 937,569 US$ 747,492 1.25 30/08/2013 (8,189)


198

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Local Markets Currency Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)


THB 21,936,598 US$ 728,572 30.11 12/07/2013 (21,520)

THB 7,255,939 US$ 239,701 30.27 23/07/2013 (5,975)

TRY 100,000 US$ 53,771 1.86 31/07/2013 (2,141)

TRY 6,872 US$ 3,683 1.87 29/08/2013 (151)

TWD 25,862,129 US$ 864,343 29.92 24/07/2013 (1,672)

US$ 120,803 BRL 272,411 2.26 02/07/2013 (2,513)

US$ 133,917 CNH 861,835 6.44 17/07/2013 (6,419)

US$ 520,000 CNH 3,387,078 6.51 13/04/2015 (14,704)

US$ 270,000 CNH 1,757,160 6.51 04/05/2015 (7,182)

US$ 130,000 CNH 861,835 6.63 17/07/2015 (5,639)

US$ 9,932 CZK 201,075 20.24 30/08/2013 (133)

US$ 133,139 KRW 153,775,000 1,155.00 24/07/2013 (1,121)

US$ 150,000 MXN 2,018,744 13.46 26/07/2013 (4,705)

US$ 169,053 MYR 542,152 3.21 15/07/2013 (2,174)

US$ 50,000 MYR 159,575 3.19 22/08/2013 (89)

US$ 130,000 RUB 4,280,250 32.93 22/07/2013 (8)

US$ 494,820 RUB 16,355,540 33.05 31/07/2013 (1,153)

US$ 10,000 TRY 19,421 1.94 31/07/2013 (27)

US$ 140,000 ZAR 1,441,678 10.30 30/08/2013 (4,061)



Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund Open financial derivative investments as at 30 June 2013 are detailed below:


BRL 19,398,916 US$ 8,602,623 2.26 02/07/2013 178,941

CNH 21,811,055 US$ 3,377,607 6.46 17/07/2013 173,972

CNH 68,390,634 US$ 10,340,453 6.61 13/04/2015 456,087

CNH 37,225,760 US$ 5,664,895 6.57 04/05/2015 207,260

CNH 21,811,055 US$ 3,282,721 6.64 17/07/2015 149,951

INR 170,498,400 US$ 2,810,490 60.66 17/07/2013 48,301

MXN 21,133,856 US$ 1,574,617 13.42 26/07/2013 44,965

US$ 19,524,918 BRL 41,743,714 2.14 02/07/2013 628,237

US$ 3,167,995 BRL 6,425,446 2.03 02/08/2013 275,540

US$ 3,361,737 BRL 7,006,532 2.08 04/09/2013 229,297

US$ 2,650,778 CLP 1,329,630,000 501.60 06/08/2013 36,972

US$ 3,231,739 CLP 1,639,133,143 507.20 09/09/2013 25,041

US$ 8,670,000 CNY 53,988,003 6.23 16/12/2013 10,076

US$ 1,657,983 COP 3,126,127,200 1,885.50 26/07/2013 42,357

US$ 1,740,000 CZK 34,448,816 19.80 31/07/2013 15,913

US$ 206,669 EUR 157,859 0.76 19/07/2013 1,465

US$ 12,455,420 INR 717,811,461 57.63 17/07/2013 419,687

US$ 1,170,000 INR 66,574,170 56.90 30/08/2013 66,407

US$ 11,077,823 MXN 138,893,469 12.54 26/07/2013 433,794

US$ 4,270,000 MYR 13,267,744 3.11 15/07/2013 79,683

US$ 2,141,355 PHP 91,650,000 42.80 24/07/2013 16,539

US$ 4,725,741 RON 16,090,153 3.40 30/08/2013 71,807

US$ 651,846 RUB 20,862,663 32.01 21/08/2013 21,624

US$ 10,461,515 RUB 334,882,994 32.01 30/08/2013 362,094


199

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



US$ 7,186,917 THB 217,807,900 30.31 12/07/2013 166,616

US$ 322,789 THB 10,000,000 30.98 23/07/2013 672

US$ 2,428,268 ZAR 23,400,000 9.64 30/08/2013 89,995

ZAR 8,286,831 US$ 810,000 10.23 30/09/2013 14,522



Notional / Nominal




Poland

10,300,000 PLN WIBO 6M 4.8550% 04/05/2017 Morgan Stanley 3,091,840 143,812

15,870,000 PLN WIBO 6M 4.8800% 15/05/2017 HSBC 4,763,834 227,166

15,870,000 PLN WIBO 6M 4.8800% 15/05/2017 HSBC 4,763,834 232,527

16,600,000 PLN WIBO 6M 4.9400% 04/05/2022 Morgan Stanley 4,982,965 329,541

Singapore


Unrealised gain on interest rate swap contracts 1,079,419



BRL 45,315,799 US$ 21,115,445 2.15 02/07/2013 (601,741)

BRL 20,558,240 US$ 10,144,464 2.03 04/09/2013 (953,406)

CLP 1,685,677,500 US$ 3,390,000 497.25 17/07/2013 (64,652)

COP 2,533,143,423 US$ 1,328,340 1,907.00 26/07/2013 (19,177)

CZK 34,661,064 US$ 1,797,460 19.28 31/07/2013 (62,750)

EUR 3,156,587 US$ 4,226,407 0.75 19/07/2013 (123,105)

INR 280,357,874 US$ 4,828,345 58.07 17/07/2013 (127,511)

KRW 2,834,476,128 US$ 2,511,342 1,128.67 24/07/2013 (36,581)

MXN 153,679,137 US$ 12,466,292 12.33 26/07/2013 (689,171)

MXN 233,338,748 US$ 18,118,955 12.88 23/08/2013 (282,094)

MYR 9,882,032 US$ 3,184,198 3.10 15/07/2013 (63,182)

MYR 11,347,414 US$ 3,790,000 2.99 12/08/2013 (226,184)

MYR 49,249,697 US$ 16,519,260 2.98 22/08/2013 (1,060,307)

PEN 3,080,274 US$ 1,164,611 2.64 26/07/2013 (59,290)

PLN 17,447,801 US$ 5,298,588 3.29 31/07/2013 (69,369)

PLN 36,315,720 US$ 11,120,783 3.27 30/08/2013 (257,565)

RON 15,563,808 US$ 4,509,288 3.45 30/08/2013 (7,595)

RUB 119,488,878 US$ 3,679,252 32.48 30/08/2013 (75,699)

THB 418,143,851 US$ 13,876,662 30.13 12/07/2013 (399,210)

THB 155,234,141 US$ 5,110,875 30.37 23/07/2013 (110,515)

US$ 10,164,159 BRL 22,971,000 2.26 02/07/2013 (234,428)

US$ 8,459,690 BRL 19,398,916 2.29 02/10/2013 (169,864)

US$ 3,389,130 CNH 21,811,055 6.44 17/07/2013 (162,448)

US$ 10,500,000 CNH 68,390,634 6.51 13/04/2015 (296,540)

US$ 5,720,000 CNH 37,225,760 6.51 04/05/2015 (152,155)

US$ 3,290,000 CNH 21,811,055 6.63 17/07/2015 (142,672)

US$ 3,097,830 KRW 3,577,993,650 1,155.00 24/07/2013 (26,091)

US$ 3,595,386 MXN 48,126,435 13.39 26/07/2013 (92,758)

US$ 3,533,039 MYR 11,347,414 3.21 12/08/2013 (30,777)

US$ 1,736,880 MYR 5,581,202 3.21 22/08/2013 (15,000)


200

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



US$ 3,230,000 RUB 106,347,750 32.93 22/07/2013 (199)

US$ 4,914,633 RUB 162,445,832 33.05 31/07/2013 (11,456)

US$ 1,891,335 SGD 2,400,000 1.27 30/08/2013 (1,142)

US$ 1,252,402 THB 39,000,000 31.14 23/07/2013 (3,856)

US$ 3,400,000 ZAR 35,012,180 10.30 30/08/2013 (98,633)

US$ 5,554,909 ZAR 57,058,359 10.27 30/09/2013 (122,272)



Notional / Nominal




Singapore




Ashmore SICAV Emerging Markets Inflation Linked Bond Fund Open financial derivative investments as at 30 June 2013 are detailed below:


BRL 1,565,792 US$ 682,828 2.29 02/10/2013 13,711

CNH 3,513,635 US$ 544,113 6.46 17/07/2013 28,026

CNH 11,725,308 US$ 1,773,031 6.61 13/04/2015 77,994

CNH 6,377,840 US$ 970,329 6.57 04/05/2015 35,740

CNH 3,513,635 US$ 528,827 6.64 17/07/2015 24,156

HUF 21,379,754 US$ 93,134 229.56 31/07/2013 978

IDR 6,448,775,000 US$ 637,484 10,115.98 17/07/2013 6,272

ILS 20,783,690 US$ 5,584,903 3.72 29/08/2013 117,613

RUB 2,309,804 US$ 70,000 33.00 31/07/2013 44

THB 19,611,827 US$ 630,106 31.12 23/07/2013 1,625

TRY 568,475 US$ 290,000 1.96 31/07/2013 3,503

US$ 1,340,000 BRL 2,775,346 2.07 02/07/2013 83,647

US$ 1,971,931 BRL 3,999,545 2.03 02/08/2013 171,511

US$ 473,648 BRL 987,177 2.08 04/09/2013 32,307

US$ 268,002 CLP 134,430,000 501.60 06/08/2013 3,738

US$ 426,175 CLP 215,900,000 506.60 09/09/2013 3,801

US$ 1,240,000 CNY 7,721,468 6.23 16/12/2013 1,441

US$ 266,084 COP 503,188,950 1,891.09 26/07/2013 6,029

US$ 271,370 CZK 5,372,751 19.80 31/07/2013 2,476

US$ 350,000 ILS 1,275,240 3.64 29/08/2013 107

US$ 220,000 ILS 797,874 3.63 30/08/2013 1,088

US$ 1,158,788 INR 67,031,526 57.85 17/07/2013 34,852

US$ 10,000 INR 578,100 57.81 30/08/2013 417

US$ 1,670,000 MXN 21,148,575 12.66 26/07/2013 49,290

US$ 862,275 MYR 2,680,332 3.11 15/07/2013 15,752

US$ 3,322 PEN 8,758 2.64 26/07/2013 180

US$ 493 PHP 21,100 42.80 24/07/2013 4

US$ 150,000 PLN 500,436 3.34 31/07/2013 16

US$ 3,769,946 PLN 12,309,910 3.27 30/08/2013 87,650


201

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Inflation Linked Bond Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



US$ 50,000 RON 172,208 3.44 31/07/2013 33

US$ 30,000 RON 102,838 3.43 30/08/2013 255

US$ 260,000 RUB 8,565,700 32.95 29/07/2013 155

US$ 83,685 RUB 2,678,388 32.01 21/08/2013 2,776

US$ 1,575,109 THB 47,857,364 30.38 12/07/2013 32,589

US$ 537,388 THB 16,551,000 30.80 23/07/2013 4,251

US$ 1,396,569 TRY 2,605,997 1.87 29/08/2013 57,327

US$ 1,127,231 TRY 2,150,577 1.91 27/09/2013 26,881

US$ 60,000 ZAR 597,633 9.96 31/07/2013 17

US$ 684,896 ZAR 6,600,000 9.64 30/08/2013 25,383




BRL 4,341,138 US$ 2,040,000 2.13 02/07/2013 (74,840)

CLP 258,570,000 US$ 520,000 497.25 17/07/2013 (9,917)

CLP 690,660,609 US$ 1,353,043 510.45 09/09/2013 (1,877)

CNY 17,640 US$ 2,853 6.18 12/08/2013 (6)

CZK 5,398,728 US$ 280,000 19.28 31/07/2013 (9,806)

IDR 1,700,850,000 US$ 170,000 10,005.00 17/07/2013 (211)

INR 53,384,376 US$ 933,620 57.18 17/07/2013 (38,510)

INR 14,225,250 US$ 250,000 56.90 30/08/2013 (14,189)

KRW 2,145,153,308 US$ 1,900,603 1,128.67 24/07/2013 (27,684)

MXN 26,962,630 US$ 2,184,494 12.34 26/07/2013 (118,227)

MXN 44,983,737 US$ 3,492,370 12.88 23/08/2013 (53,727)

MYR 1,766,525 US$ 590,000 2.99 12/08/2013 (35,198)

MYR 923,824 US$ 300,000 3.08 30/08/2013 (10,151)

NGN 41,938,000 US$ 258,430 162.28 07/08/2013 (1,624)

PEN 136,000 US$ 50,000 2.72 26/07/2013 (1,198)

PLN 3,949,999 US$ 1,190,559 3.32 31/07/2013 (6,719)

PLN 5,545,694 US$ 1,712,114 3.24 30/08/2013 (53,215)

RON 2,556,745 US$ 749,310 3.41 30/08/2013 (9,794)

RUB 649,202 US$ 20,000 32.46 31/07/2013 (313)

RUB 29,194,001 US$ 913,554 31.96 30/08/2013 (33,120)

THB 20,490,950 US$ 670,000 30.58 12/07/2013 (9,544)

THB 23,802,812 US$ 783,667 30.37 23/07/2013 (16,937)

TRY 1,316,609 US$ 689,165 1.91 31/07/2013 (9,402)

TRY 2,337,609 US$ 1,232,294 1.90 29/08/2013 (30,978)

US$ 694,365 BRL 1,565,792 2.25 02/07/2013 (14,443)

US$ 110,000 CLP 56,448,205 513.17 09/09/2013 (432)

US$ 545,969 CNH 3,513,635 6.44 17/07/2013 (26,169)

US$ 1,800,000 CNH 11,725,308 6.51 13/04/2015 (51,025)

US$ 980,000 CNH 6,377,840 6.51 04/05/2015 (26,069)

US$ 530,000 CNH 3,513,635 6.63 17/07/2015 (22,984)

US$ 11,511 HUF 2,626,828 228.20 30/08/2013 (17)

US$ 808,334 IDR 8,149,625,000 10,082.00 17/07/2013 (5,210)

US$ 506,850 KRW 585,411,750 1,155.00 24/07/2013 (4,269)

US$ 530,000 MXN 7,132,894 13.46 26/07/2013 (16,626)

US$ 550,011 MYR 1,766,525 3.21 12/08/2013 (4,791)

US$ 219,875 MYR 706,843 3.21 30/08/2013 (1,897)


202

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Inflation Linked Bond Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



US$ 490,000 RUB 16,133,250 32.93 22/07/2013 (30)

US$ 1,835,990 RUB 60,685,896 33.05 31/07/2013 (4,280)

US$ 560,000 TRY 1,086,858 1.94 31/07/2013 (1,144)

US$ 1,096,022 TRY 2,150,577 1.96 28/08/2013 (9,355)

US$ 510,000 ZAR 5,251,827 10.30 30/08/2013 (14,795)

US$ 1,362,419 ZAR 13,988,612 10.27 30/09/2013 (29,417)



Ashmore SICAV Emerging Markets Total Return Fund Open financial derivative investments as at 30 June 2013 are detailed below:


ARS 3,719,430 US$ 663,000 5.61 18/07/2013 21,014

ARS 1,091,886 US$ 170,000 6.42 18/09/2013 21,103

ARS 1,214,100 US$ 190,000 6.39 23/09/2013 21,476

ARS 1,304,300 US$ 200,000 6.52 25/09/2013 26,750

ARS 1,543,200 US$ 240,000 6.43 27/09/2013 27,766

ARS 1,963,380 US$ 300,000 6.54 30/09/2013 39,686

ARS 2,408,700 US$ 370,000 6.51 03/10/2013 45,521

ARS 4,013,300 US$ 670,000 5.99 17/10/2013 11,253

BRL 2,961,006 US$ 1,313,085 2.26 02/07/2013 27,313

CNH 27,831,525 US$ 4,301,925 6.47 17/07/2013 229,990

CNH 34,057,230 US$ 5,136,336 6.63 13/04/2015 240,134

CNH 20,177,990 US$ 3,074,887 6.56 04/05/2015 108,078

CNH 28,267,375 US$ 4,278,226 6.61 17/07/2015 170,556

CZK 5,800,145 US$ 290,000 20.00 30/08/2013 334

EUR 1,225,418 US$ 1,577,275 0.78 22/07/2013 15,686

HUF 73,554,294 US$ 315,972 232.79 31/07/2013 7,810

IDR 13,842,850,000 US$ 1,370,000 10,104.27 17/07/2013 11,876

ILS 2,767,832 US$ 743,760 3.72 29/08/2013 15,663

INR 24,863,300 US$ 409,846 60.67 17/07/2013 7,044

MXN 5,391,370 US$ 401,702 13.42 26/07/2013 11,463

MYR 2,329,795 US$ 730,000 3.19 22/08/2013 1,298

THB 3,106,500 US$ 100,000 31.07 23/07/2013 66

TRY 271,894 US$ 140,000 1.94 31/07/2013 379

TRY 600,000 US$ 303,690 1.98 27/09/2013 3,302

US$ 5,565,802 BRL 11,714,581 2.10 02/07/2013 262,807

US$ 3,879,469 BRL 7,868,486 2.03 02/08/2013 337,421

US$ 3,848,610 BRL 8,021,272 2.08 04/09/2013 262,506

US$ 1,238,950 CLP 621,457,500 501.60 06/08/2013 17,280

US$ 1,220,292 CLP 618,200,000 506.60 09/09/2013 10,884

US$ 1,470,000 CNY 9,099,315 6.19 12/08/2013 1,283

US$ 2,850,000 CNY 17,746,922 6.23 16/12/2013 3,312

US$ 621,744 COP 1,172,297,700 1,885.50 26/07/2013 15,884

US$ 550,000 CZK 10,889,642 19.80 31/07/2013 4,998

US$ 10,263,081 EUR 7,851,254 0.76 22/07/2013 56,979

US$ 5,765,152 GBP 3,737,649 0.65 19/07/2013 96,762

US$ 1,587,789 GBP 1,039,545 0.65 22/07/2013 11,283


203

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Total Return Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



US$ 220,000 HUF 49,974,584 227.16 31/07/2013 14

US$ 580,000 HUF 130,323,970 224.70 30/08/2013 8,074

US$ 130,000 ILS 471,935 3.63 29/08/2013 513

US$ 2,400,000 INR 138,949,125 57.90 17/07/2013 70,204

US$ 1,653,509 KRW 1,866,265,685 1,128.67 24/07/2013 24,085

US$ 5,051,549 MXN 63,398,023 12.55 26/07/2013 193,075

US$ 2,610,690 MYR 8,119,253 3.11 15/07/2013 46,408

US$ 27,796 PEN 75,936 2.73 26/07/2013 547

US$ 15,031 PHP 643,344 42.80 24/07/2013 116

US$ 2,175,191 PLN 7,210,371 3.31 31/07/2013 14,196

US$ 3,026,826 PLN 9,898,961 3.27 30/08/2013 65,723

US$ 450,000 RON 1,545,944 3.44 31/07/2013 1,436

US$ 420,000 RON 1,423,682 3.39 30/08/2013 8,213

US$ 280,000 RUB 9,224,600 32.95 29/07/2013 167

US$ 3,390,000 RUB 107,494,950 31.71 01/08/2013 130,859

US$ 1,380,000 RUB 44,180,700 32.02 30/08/2013 47,596

US$ 4,545,717 THB 137,283,490 30.20 12/07/2013 120,848

US$ 96,837 THB 3,000,000 30.98 23/07/2013 202

US$ 10,594 TRY 20,463 1.93 31/07/2013 29

US$ 1,792,286 TRY 3,370,386 1.88 29/08/2013 60,218

US$ 1,349,038 ZAR 13,000,000 9.64 30/08/2013 49,997



Notional / Nominal




Brazil

959,644 SGD 1.80% SORF6M 25/10/2022 Barclays 756,638 46,933





BRL 8,753,575 US$ 4,107,219 2.13 02/07/2013 (144,622)

BRL 11,286,520 US$ 5,595,142 2.02 04/09/2013 (549,230)

CLP 556,920,000 US$ 1,120,000 497.25 17/07/2013 (21,359)

CLP 538,206,880 US$ 1,054,377 510.45 09/09/2013 (1,463)

CNY 36,662,429 US$ 5,930,033 6.18 12/08/2013 (12,362)

COP 173,026,924 US$ 90,733 1,907.00 26/07/2013 (1,310)

CZK 62,447,122 US$ 3,168,248 19.71 31/07/2013 (42,908)

EUR 1,774,683 US$ 2,312,584 0.77 22/07/2013 (5,616)

GBP 500 US$ 767 0.65 01/07/2013 (8)

GBP 90,902,034 US$ 142,198,395 0.64 19/07/2013 (4,339,482)

HUF 327,300,455 US$ 1,450,478 225.65 30/08/2013 (14,122)

INR 256,702,504 US$ 4,470,767 57.42 17/07/2013 (166,569)

MXN 89,774,102 US$ 7,341,173 12.23 26/07/2013 (461,381)

MXN 41,181,966 US$ 3,200,377 12.87 23/08/2013 (52,349)

MYR 8,589,357 US$ 2,789,205 3.08 15/07/2013 (76,451)

MYR 5,089,882 US$ 1,700,000 2.99 12/08/2013 (101,450)

MYR 3,300,000 US$ 1,066,339 3.09 30/08/2013 (30,966)

PEN 644,393 US$ 244,459 2.64 26/07/2013 (13,226)


204

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Total Return Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



PLN 1,675,353 US$ 513,652 3.26 31/07/2013 (11,538)

PLN 5,227,663 US$ 1,587,749 3.29 30/08/2013 (23,984)

RON 5,268,383 US$ 1,542,881 3.41 30/08/2013 (19,048)

RUB 755,575 US$ 23,608 32.01 21/08/2013 (783)

RUB 146,341,455 US$ 4,566,557 32.05 30/08/2013 (153,183)

SGD 2,682,228 US$ 2,126,862 1.26 31/07/2013 (11,919)

SGD 2,343,592 US$ 1,868,469 1.25 30/08/2013 (20,471)

THB 159,868,398 US$ 5,327,488 30.01 12/07/2013 (174,671)

THB 64,976,379 US$ 2,152,367 30.19 23/07/2013 (59,365)

TRY 2,837,894 US$ 1,510,278 1.88 29/08/2013 (51,862)

TWD 101,745,719 US$ 3,399,115 29.93 24/07/2013 (5,230)

US$ 560,000 ARS 3,309,600 5.91 27/09/2013 (14,260)

US$ 1,291,268 BRL 2,961,006 2.29 02/10/2013 (25,928)

US$ 4,340,602 CNH 27,831,525 6.41 17/07/2013 (191,313)

US$ 5,230,665 CNH 34,057,230 6.51 13/04/2015 (145,806)

US$ 3,080,000 CNH 20,177,990 6.55 04/05/2015 (102,965)

US$ 4,250,000 CNH 28,267,375 6.65 17/07/2015 (198,782)

US$ 1,120,000 CNY 6,946,760 6.20 12/08/2013 (1,274)

US$ 400,382 CZK 8,105,576 20.24 30/08/2013 (5,354)

US$ 218,204 HUF 50,058,800 229.41 31/07/2013 (2,153)

US$ 664,091 HUF 151,548,652 228.20 30/08/2013 (979)

US$ 560,771 IDR 5,653,697,140 10,082.00 17/07/2013 (3,615)

US$ 100,000 ILS 369,905 3.70 29/08/2013 (1,492)

US$ 919,770 KRW 1,062,334,350 1,155.00 24/07/2013 (7,747)

US$ 1,060,000 MXN 14,265,787 13.46 26/07/2013 (33,251)

US$ 146,587 MYR 470,104 3.21 15/07/2013 (1,885)

US$ 1,584,744 MYR 5,089,882 3.21 12/08/2013 (13,805)

US$ 945,847 MYR 3,040,662 3.21 30/08/2013 (8,159)

US$ 1,080,000 RUB 35,559,000 32.93 22/07/2013 (67)

US$ 4,974,142 RUB 164,412,804 33.05 31/07/2013 (11,595)

US$ 472,834 SGD 600,000 1.27 30/08/2013 (286)

US$ 321,107 THB 10,000,000 31.14 23/07/2013 (1,010)

US$ 1,100,000 ZAR 11,327,470 10.30 30/08/2013 (31,911)

US$ 2,823,990 ZAR 29,007,181 10.27 30/09/2013 (62,160)



Notional / Nominal




Singapore





205

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Total Return Fund II (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)


ARS 2,570,500 US$ 450,000 5.71 18/07/2013 22,722

ARS 1,086,300 US$ 170,000 6.39 23/09/2013 19,215

ARS 1,478,900 US$ 230,000 6.43 27/09/2013 26,609

ARS 2,278,500 US$ 350,000 6.51 03/10/2013 43,061

ARS 1,502,500 US$ 250,000 6.01 17/10/2013 5,048

BRL 3,369,468 US$ 1,494,221 2.25 02/07/2013 31,081

HUF 191,842,055 US$ 824,109 232.79 31/07/2013 20,371

IDR 7,881,500,000 US$ 780,000 10,104.49 17/07/2013 6,779

ILS 2,466,518 US$ 662,753 3.72 29/08/2013 13,996

INR 28,541,500 US$ 470,477 60.67 17/07/2013 8,086

MXN 2,911,496 US$ 216,947 13.42 26/07/2013 6,175

MYR 1,755,325 US$ 550,000 3.19 22/08/2013 978

THB 5,591,700 US$ 180,000 31.07 23/07/2013 118

TRY 1,100,000 US$ 556,765 1.98 27/09/2013 6,054

US$ 4,003,627 BRL 8,478,894 2.12 02/07/2013 165,374

US$ 3,758,637 BRL 7,623,410 2.03 02/08/2013 326,912

US$ 2,276,282 BRL 4,713,456 2.07 04/09/2013 169,017

US$ 403,379 CLP 202,335,000 501.60 06/08/2013 5,626

US$ 693,249 CLP 351,200,000 506.60 09/09/2013 6,183

US$ 960,000 CNY 5,939,120 6.19 12/08/2013 1,369

US$ 1,640,000 CNY 10,212,264 6.23 16/12/2013 1,906

US$ 355,282 COP 669,884,400 1,885.50 26/07/2013 9,076

US$ 320,000 CZK 6,335,414 19.80 31/07/2013 2,926

US$ 6,145,322 EUR 4,701,170 0.76 22/07/2013 34,118

US$ 773,816 GBP 506,627 0.65 22/07/2013 5,499

US$ 170,000 HUF 38,190,313 224.65 30/08/2013 2,402

US$ 2,270,000 INR 130,831,288 57.63 17/07/2013 76,318

US$ 1,879,588 MXN 23,435,823 12.47 26/07/2013 83,596

US$ 2,386,218 MXN 30,758,354 12.89 23/08/2013 34,991

US$ 1,471,727 MYR 4,577,040 3.11 15/07/2013 26,172

US$ 1,480,000 MYR 4,582,080 3.10 12/08/2013 40,933

US$ 1,252,883 PLN 4,156,775 3.32 31/07/2013 7,071

US$ 1,221,056 PLN 3,992,457 3.27 30/08/2013 26,781

US$ 310,000 RON 1,049,745 3.39 30/08/2013 6,371

US$ 1,450,000 RUB 45,977,250 31.71 01/08/2013 56,015

US$ 962,300 RUB 30,798,900 32.01 21/08/2013 31,923

US$ 540,000 RUB 17,288,100 32.02 30/08/2013 18,624

US$ 1,350,000 THB 40,885,500 30.29 12/07/2013 32,194

US$ 64,558 THB 2,000,000 30.98 26/07/2013 145

US$ 395 TRY 763 1.93 31/07/2013 1

US$ 450,000 TRY 845,451 1.88 29/08/2013 15,516

US$ 1,055,273 ZAR 10,266,763 9.73 30/08/2013 29,355




BRL 5,109,426 US$ 2,407,211 2.12 02/07/2013 (94,259)

BRL 9,408,005 US$ 4,612,760 2.04 04/09/2013 (406,684)

CLP 318,240,000 US$ 640,000 497.25 17/07/2013 (12,205)

CLP 94,001,720 US$ 184,155 510.45 09/09/2013 (256)

CNY 29,449,813 US$ 4,763,415 6.18 12/08/2013 (9,930)


206

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Total Return Fund II (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



COP 92,934,124 US$ 48,733 1,907.00 26/07/2013 (703)

CZK 6,748,409 US$ 350,000 19.28 31/07/2013 (12,257)

EUR 666,756 US$ 868,848 0.77 22/07/2013 (2,110)

HUF 65,247,956 US$ 289,156 225.65 30/08/2013 (2,815)

INR 220,880,685 US$ 3,851,126 57.35 17/07/2013 (147,562)

KRW 685,335,000 US$ 607,206 1,128.67 24/07/2013 (8,845)

MXN 49,127,513 US$ 4,000,724 12.28 26/07/2013 (235,863)

MXN 8,209,088 US$ 640,000 12.83 23/08/2013 (12,482)

MYR 2,884,868 US$ 965,000 2.99 12/08/2013 (58,967)

MYR 8,948,777 US$ 3,001,586 2.98 22/08/2013 (192,660)

MYR 2,000,000 US$ 646,266 3.09 30/08/2013 (18,767)

PEN 558,900 US$ 212,026 2.64 26/07/2013 (11,471)

PHP 26,500,569 US$ 619,172 42.80 24/07/2013 (4,782)

PLN 1,047,096 US$ 321,033 3.26 31/07/2013 (7,211)

PLN 3,111,864 US$ 945,137 3.29 30/08/2013 (14,277)

RON 4,147,547 US$ 1,217,789 3.41 30/08/2013 (18,148)

RUB 103,339,162 US$ 3,227,661 32.02 30/08/2013 (111,153)

SGD 2,053,849 US$ 1,628,591 1.26 31/07/2013 (9,127)

SGD 1,580,396 US$ 1,259,998 1.25 30/08/2013 (13,804)

THB 31,671,385 US$ 1,039,376 30.47 12/07/2013 (18,556)

THB 19,717,760 US$ 640,000 30.81 23/07/2013 (4,857)

TRY 500,000 US$ 268,853 1.86 31/07/2013 (10,704)

TRY 1,491,785 US$ 795,966 1.87 29/08/2013 (29,326)

TWD 58,858,700 US$ 1,966,348 29.93 24/07/2013 (3,026)

US$ 140,000 ARS 827,400 5.91 27/09/2013 (3,565)

US$ 352,019 BRL 790,000 2.24 02/08/2013 (3,605)

US$ 1,469,394 BRL 3,369,468 2.29 02/10/2013 (29,504)

US$ 420,000 CNY 2,605,260 6.20 12/08/2013 (514)

US$ 606,088 HUF 138,232,930 228.07 30/08/2013 (546)

US$ 122,387 IDR 1,233,909,800 10,082.00 17/07/2013 (789)

US$ 593,364 KRW 685,335,000 1,155.00 24/07/2013 (4,998)

US$ 590,000 MXN 7,940,391 13.46 26/07/2013 (18,508)

US$ 1,753,076 MYR 5,633,248 3.21 22/08/2013 (15,140)

US$ 620,000 RUB 20,413,500 32.93 22/07/2013 (38)

US$ 2,106,008 RUB 69,610,921 33.05 31/07/2013 (4,909)

US$ 315,222 SGD 400,000 1.27 30/08/2013 (190)

US$ 192,664 THB 6,000,000 31.14 23/07/2013 (606)

US$ 610,000 ZAR 6,281,597 10.30 30/08/2013 (17,696)

US$ 1,337,086 ZAR 13,734,144 10.27 30/09/2013 (29,431)



Ashmore SICAV Emerging Markets Investment Grade Total Return Fund Open financial derivative investments as at 30 June 2013 are detailed below:


BRL 1,610,157 US$ 714,039 2.25 02/07/2013 14,853

CZK 1,143,790 US$ 56,981 20.07 30/08/2013 273

ILS 718,190 US$ 192,978 3.72 29/08/2013 4,075

INR 8,511,800 US$ 140,308 60.67 17/07/2013 2,411


207

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Investment Grade Total Return Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



MXN 754,732 US$ 56,228 13.42 26/07/2013 1,611

MYR 670,215 US$ 210,000 3.19 22/08/2013 373

US$ 1,377,378 BRL 2,935,167 2.13 02/07/2013 48,677

US$ 514,155 BRL 1,042,828 2.03 02/08/2013 44,719

US$ 471,083 BRL 981,831 2.08 04/09/2013 32,132

US$ 192,085 CLP 96,350,000 501.60 06/08/2013 2,679

US$ 46,122 CLP 22,860,500 495.65 07/08/2013 1,189

US$ 229,239 CLP 116,430,500 507.90 09/09/2013 1,461

US$ 220,000 CNY 1,361,860 6.19 12/08/2013 183

US$ 420,000 CNY 2,615,336 6.23 16/12/2013 488

US$ 88,821 COP 167,471,100 1,885.50 26/07/2013 2,269

US$ 80,000 CZK 1,583,854 19.80 31/07/2013 732

US$ 1,495,665 EUR 1,142,427 0.76 19/07/2013 10,605

US$ 407,254 EUR 311,549 0.76 22/07/2013 2,261

US$ 350,000 INR 20,261,872 57.89 17/07/2013 10,264

US$ 692,342 MXN 8,691,085 12.55 26/07/2013 26,306

US$ 180,000 MYR 559,296 3.11 15/07/2013 3,359

US$ 11,682 PHP 500,000 42.80 24/07/2013 90

US$ 536,369 PLN 1,754,298 3.27 30/08/2013 11,601

US$ 100,000 RON 343,810 3.44 31/07/2013 242

US$ 111,476 RON 379,184 3.40 30/08/2013 1,801

US$ 40,000 RUB 1,317,800 32.95 29/07/2013 24

US$ 470,000 RUB 14,902,350 31.71 01/08/2013 18,176

US$ 62,406 RUB 1,997,350 32.01 21/08/2013 2,070

US$ 220,000 RUB 7,043,300 32.02 30/08/2013 7,588

US$ 667,925 THB 20,171,250 30.20 12/07/2013 17,773

US$ 32,279 THB 1,000,000 30.98 23/07/2013 67

US$ 321,694 ZAR 3,100,000 9.64 30/08/2013 11,922

ZAR 1,227,679 US$ 120,000 10.23 30/09/2013 2,151



Notional / Nominal




Brazil

338,739 BRL BZDIOVRA 11.0320% 02/01/2017 Barclays 153,341 1,054

Singapore





BRL 2,190,010 US$ 1,024,940 2.14 02/07/2013 (33,559)

BRL 3,283,948 US$ 1,598,025 2.06 04/09/2013 (129,856)

CLP 79,560,000 US$ 160,000 497.25 17/07/2013 (3,051)

CNY 7,628,077 US$ 1,233,832 6.18 12/08/2013 (2,587)

COP 197,905,387 US$ 103,778 1,907.00 26/07/2013 (1,498)

CZK 8,984,631 US$ 455,970 19.70 31/07/2013 (6,310)

EUR 23,802,674 US$ 31,894,514 0.75 19/07/2013 (953,009)

INR 55,027,086 US$ 959,690 57.34 17/07/2013 (37,036)


208

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Investment Grade Total Return Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



KRW 181,789,000 US$ 161,065 1,128.67 24/07/2013 (2,346)

MXN 10,002,772 US$ 818,324 12.22 26/07/2013 (51,767)

MXN 9,438,570 US$ 733,025 12.88 23/08/2013 (11,523)

MYR 207,211 US$ 66,750 3.10 15/07/2013 (1,307)

MYR 658,774 US$ 220,000 2.99 12/08/2013 (13,103)

MYR 323,855 US$ 108,627 2.98 22/08/2013 (6,972)

MYR 600,000 US$ 193,880 3.09 30/08/2013 (5,630)

PEN 342,138 US$ 129,102 2.65 26/07/2013 (6,330)

PLN 704,729 US$ 212,599 3.31 31/07/2013 (1,387)

PLN 876,439 US$ 266,193 3.29 30/08/2013 (4,021)

RON 463,662 US$ 134,336 3.45 30/08/2013 (226)

RUB 22,622,284 US$ 707,211 31.99 30/08/2013 (24,967)

SGD 694,467 US$ 550,675 1.26 31/07/2013 (3,086)

SGD 336,233 US$ 268,067 1.25 30/08/2013 (2,937)

THB 29,834,474 US$ 985,866 30.26 12/07/2013 (24,252)

THB 8,889,666 US$ 294,177 30.22 23/07/2013 (7,825)

TWD 18,659,079 US$ 623,199 29.94 24/07/2013 (797)

US$ 382,743 BRL 865,000 2.26 02/07/2013 (8,828)

US$ 702,175 BRL 1,610,157 2.29 02/10/2013 (14,099)

US$ 170,000 CNY 1,054,510 6.20 12/08/2013 (208)

US$ 20,000 ILS 73,981 3.70 29/08/2013 (298)

US$ 146,376 KRW 169,063,770 1,155.00 24/07/2013 (1,233)

US$ 110,000 MXN 1,480,412 13.46 26/07/2013 (3,451)

US$ 205,110 MYR 658,774 3.21 12/08/2013 (1,787)

US$ 105,809 MYR 340,000 3.21 22/08/2013 (914)

US$ 186,640 MYR 600,000 3.21 30/08/2013 (1,610)

US$ 160,000 RUB 5,268,000 32.93 22/07/2013 (10)

US$ 584,155 RUB 19,308,359 33.05 31/07/2013 (1,362)

US$ 78,806 SGD 100,000 1.27 30/08/2013 (48)

US$ 64,221 THB 2,000,000 31.14 23/07/2013 (202)

US$ 200,000 ZAR 2,059,540 10.30 30/08/2013 (5,802)

US$ 478,613 ZAR 4,916,173 10.27 30/09/2013 (10,535)



Notional / Nominal




Singapore




Ashmore SICAV Emerging Markets Corporate Debt Fund Open financial derivative investments as at 30 June 2013 are detailed below:


MXN 22,164,604 US$ 1,690,000 13.12 23/08/2013 4,305

US$ 3,223,736 AUD 3,493,845 1.08 19/07/2013 28,693

US$ 35,250,382 BRL 71,496,154 2.03 02/08/2013 3,065,943

US$ 13,039,709 BRL 27,177,361 2.08 04/09/2013 889,413


209

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Corporate Debt Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



US$ 948,595 CAD 996,564 1.05 19/07/2013 4,228

US$ 372,069 CHF 350,636 0.94 01/07/2013 1,476

US$ 2,672,829 CHF 2,506,130 0.94 19/07/2013 23,769

US$ 848,668 CLP 420,642,500 495.65 07/08/2013 21,881

US$ 2,779,905 CLP 1,408,300,000 506.60 09/09/2013 24,794

US$ 65,171,100 EUR 50,121,992 0.77 01/07/2013 20,025

US$ 37,427 EUR 28,784 0.77 02/07/2013 13

US$ 52,172,548 EUR 39,827,966 0.76 19/07/2013 399,491

US$ 369,662,610 EUR 282,616,961 0.76 22/07/2013 2,279,593

US$ 7,031 GBP 4,584 0.65 01/07/2013 79

US$ 512,888 GBP 331,444 0.65 19/07/2013 10,231

US$ 37,636,580 GBP 24,517,028 0.65 22/07/2013 455,654

US$ 1,319,987 JPY 128,935,085 97.68 19/07/2013 21,942

US$ 17,006 MXN 207,046 12.18 26/07/2013 1,139

US$ 21,169,907 MXN 272,880,101 12.89 23/08/2013 310,429

US$ 42,065 NOK 248,801 5.91 19/07/2013 1,336




AUD 72,624,100 US$ 68,848,809 1.05 19/07/2013 (2,435,685)

CAD 20,585,100 US$ 20,143,218 1.02 19/07/2013 (636,319)

CHF 75,567,941 US$ 82,085,100 0.92 19/07/2013 (2,207,367)

EUR 50,390,626 US$ 65,519,022 0.77 01/07/2013 (18,764)

EUR 69,375 US$ 90,212 0.77 02/07/2013 (34)

EUR 1,055,019,501 US$ 1,410,136,386 0.75 19/07/2013 (38,698,421)

EUR 30,469,787 US$ 39,816,380 0.77 22/07/2013 (207,710)

GBP 4,585 US$ 7,032 0.65 01/07/2013 (78)

GBP 4,519,090 US$ 7,062,742 0.64 19/07/2013 (209,244)

JPY 2,964,068,539 US$ 31,195,763 95.02 19/07/2013 (1,355,199)

MXN 1,705,820,803 US$ 132,424,251 12.88 19/07/2013 (1,618,398)

NOK 2,284,726 US$ 397,829 5.74 19/07/2013 (23,823)

US$ 71,190 CHF 67,529 0.95 02/07/2013 (182)

US$ 31,775,731 EUR 24,600,443 0.77 22/07/2013 (203,188)

US$ 3,809,169 GBP 2,520,132 0.66 22/07/2013 (12,698)

US$ 5,559,689 MXN 73,902,463 13.29 19/07/2013 (107,304)

US$ 36,550 NOK 223,922 6.13 19/07/2013 (105)



Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund Open financial derivative investments as at 30 June 2013 are detailed below:


MXN 3,016,485 US$ 230,000 13.12 23/08/2013 586

US$ 701,694 BRL 1,423,202 2.03 02/08/2013 61,031

US$ 141,092 CLP 69,932,000 495.65 07/08/2013 3,638

US$ 462,100 CLP 234,100,000 506.60 09/09/2013 4,121


210

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



US$ 1,878,773 EUR 1,435,054 0.76 19/07/2013 13,321

US$ 1,495,435 EUR 1,144,008 0.76 22/07/2013 8,302

US$ 3,211 GBP 2,082 0.65 19/07/2013 54

US$ 173,435 MXN 2,111,570 12.17 26/07/2013 11,616

US$ 2,007,383 MXN 25,875,164 12.89 23/08/2013 29,436




EUR 29,760,401 US$ 39,872,919 0.75 19/07/2013 (1,186,863)

EUR 487,202 US$ 649,054 0.75 22/07/2013 (15,725)

GBP 43,447 US$ 67,961 0.64 19/07/2013 (2,071)



Ashmore SICAV Emerging Markets Local Currency Corporate Debt Fund Open financial derivative investments as at 30 June 2013 are detailed below:


ARS 1,150,200 US$ 180,000 6.39 23/09/2013 20,346

ARS 1,108,655 US$ 170,000 6.52 25/09/2013 22,738

ARS 2,956,400 US$ 480,000 6.16 27/09/2013 32,975

ARS 1,701,596 US$ 260,000 6.54 30/09/2013 34,395

ARS 2,343,600 US$ 360,000 6.51 03/10/2013 44,291

BRL 3,011,415 US$ 1,335,439 2.26 02/07/2013 27,778

CHF 5,567 US$ 5,868 0.95 02/07/2013 15

US$ 5,160,000 BRL 10,691,004 2.07 02/07/2013 320,361

US$ 3,601,876 BRL 7,305,461 2.03 02/08/2013 313,277

US$ 2,987,054 BRL 6,225,617 2.08 04/09/2013 203,741

US$ 35,774 CHF 33,715 0.94 01/07/2013 140

US$ 700,722 CHF 656,664 0.94 19/07/2013 6,608

US$ 1,530,000 CLP 768,595,500 502.35 17/07/2013 13,786

US$ 568,605 CLP 281,829,000 495.65 07/08/2013 14,660

US$ 2,313,205 CLP 1,173,602,880 507.35 09/09/2013 17,241

US$ 2,448,729 COP 4,657,879,400 1,902.16 26/07/2013 41,472

US$ 910,000 CZK 18,016,335 19.80 31/07/2013 8,322

US$ 952,499 EUR 724,347 0.76 19/07/2013 10,908

US$ 4,810,920 EUR 3,679,992 0.76 22/07/2013 27,179

US$ 16,520 GBP 10,718 0.65 19/07/2013 266

US$ 2,976,187 INR 172,062,891 57.81 17/07/2013 91,164

US$ 11,880,992 MXN 148,867,210 12.53 26/07/2013 472,631

US$ 7,113,295 MXN 91,690,377 12.89 23/08/2013 104,307

US$ 1,800,000 MYR 5,592,960 3.11 15/07/2013 33,590

US$ 1,464,052 MYR 4,551,006 3.11 12/08/2013 34,744

US$ 18,279 PEN 48,183 2.64 26/07/2013 989

US$ 5,292,915 PLN 17,282,822 3.27 30/08/2013 123,058


211

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Local Currency Corporate Debt Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)



US$ 604,138 RUB 19,140,533 31.68 01/08/2013 23,816

US$ 2,712,750 RUB 86,929,591 32.04 30/08/2013 91,122

US$ 9 THB 290 30.69 12/07/2013 -

US$ 41,509 ZAR 400,000 9.64 30/08/2013 1,538




BRL 7,679,589 US$ 3,610,000 2.13 02/07/2013 (133,578)

BRL 2,663,112 US$ 1,320,202 2.02 04/09/2013 (129,594)

CHF 15,036,013 US$ 16,333,497 0.92 19/07/2013 (439,950)

CLP 281,829,000 US$ 569,697 494.70 07/08/2013 (15,752)

CLP 1,173,602,880 US$ 2,362,562 496.75 09/09/2013 (66,600)

CZK 17,931,488 US$ 930,000 19.28 31/07/2013 (32,569)

EUR 5,778,898 US$ 7,740,573 0.75 19/07/2013 (228,485)

GBP 1,564 US$ 2,378 0.66 02/07/2013 (6)

GBP 259,915 US$ 406,614 0.64 19/07/2013 (12,436)

INR 172,062,891 US$ 3,009,145 57.18 17/07/2013 (124,121)

KRW 2,015,910,000 US$ 1,786,093 1,128.67 24/07/2013 (26,016)

MXN 71,904,987 US$ 5,650,000 12.73 26/07/2013 (139,599)

MYR 5,592,960 US$ 1,783,754 3.14 15/07/2013 (17,344)

MYR 4,551,006 US$ 1,520,000 2.99 12/08/2013 (90,692)

PHP 3,201,840 US$ 74,809 42.80 24/07/2013 (578)

PLN 17,303,889 US$ 5,220,156 3.31 31/07/2013 (34,069)

RON 4,267,721 US$ 1,253,074 3.41 30/08/2013 (18,674)

RUB 24,932,200 US$ 778,997 32.01 21/08/2013 (25,842)

US$ 1,313,251 BRL 3,011,415 2.29 02/10/2013 (26,369)

US$ 17,605 CHF 16,700 0.95 02/07/2013 (46)

US$ 930,877 IDR 9,385,100,000 10,082.00 17/07/2013 (6,000)

US$ 2,452,690 ILS 9,127,000 3.72 29/08/2013 (51,527)

US$ 1,745,377 KRW 2,015,910,000 1,155.00 24/07/2013 (14,700)

US$ 1,790,000 MXN 24,090,339 13.46 26/07/2013 (56,151)

US$ 2,800,000 MYR 8,996,400 3.21 15/07/2013 (41,309)

US$ 1,730,000 RUB 56,960,250 32.93 22/07/2013 (107)

US$ 7,519,834 RUB 248,556,833 33.05 31/07/2013 (17,529)

US$ 1,800,000 ZAR 18,535,860 10.30 30/08/2013 (52,217)

US$ 1,772,080 ZAR 18,202,273 10.27 30/09/2013 (39,006)



Ashmore SICAV Emerging Markets Global Equity Fund Open financial derivative investments as at 30 June 2013 are detailed below:


US$ 357,729 CHF 335,293 0.94 19/07/2013 3,313

US$ 31,426 GBP 20,416 0.65 19/07/2013 464




212

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Global Equity Fund (continued) Open financial derivative investments as at 30 June 2013 are detailed below: (continued)


CHF 4,310,989 US$ 4,680,012 0.92 19/07/2013 (123,159)

GBP 54,910 US$ 85,958 0.64 19/07/2013 (2,683)

HKD 326,839 US$ 42,141 7.76 03/07/2013 (3)

US$ 12,396 HKD 96,159 7.76 02/07/2013 (2)



Ashmore SICAV EM Equity Select Fund Open financial derivative investments as at 30 June 2013 are detailed below:


US$ 3,044 GBP 1,975 0.65 19/07/2013 49


Open future contracts

Quantity Currency Underlying Maturity

date Variation margin (US$)

Commitment (US$) Unrealised gain (US$)

55 USD FTSE CHINA A50 30/07/2013 - 375,375 7,425

32 USD MSCI TAIWAN Index 30/07/2013 - 894,400 16,320

11 HKD H-SHARES Index 30/07/2013 - 655,489 6,099

5 HKD HANG SENG Index 31/07/2013 - 668,130 12,982

28 MYR FTSE KLCI 31/07/2013 - 783,194 9,738

137 TRY BIST 30 30/08/2013 - 654,308 5,700

Unrealised gain on open future contracts 58,264



GBP 23,153 US$ 36,178 0.64 19/07/2013 (1,065)

ZAR 10,180,331 US$ 1,100,338 9.25 22/07/2013 (77,228)


Open future contracts

Quantity Currency Underlying Maturity

date Variation margin (US$)

Commitment (US$) Unrealised loss (US$)

30 TWD ELECTRONICS 17/07/2013 - 1,169,931 (2,704)

15 KRW KOSPI2 Index 13/09/2013 - 1,589,247 (66,919)

Unrealised loss on open future contracts (69,623)

Total unrealised loss on financial derivative investments (147,916)


213

Notes to the Consolidated Financial Statements (continued) 10- Financial derivative investments (continued) Ashmore SICAV Emerging Markets Global Small – Cap Equity Fund Open financial derivative investments as at 30 June 2013 are detailed below:


HKD 1,165,271 US$ 150,212 7.76 02/07/2013 23

US$ 6,715 CHF 6,294 0.94 19/07/2013 62

US$ 489,118 EUR 373,504 0.76 19/07/2013 3,593

US$ 25,481 GBP 16,528 0.65 19/07/2013 415

US$ 54,119 HKD 419,733 7.76 03/07/2013 4




CHF 77,321 US$ 83,942 0.92 19/07/2013 (2,211)

EUR 728,058 US$ 974,636 0.75 19/07/2013 (28,221)

GBP 178,858 US$ 279,632 0.64 19/07/2013 (8,382)



Ashmore SICAV Emerging Markets Frontier Equity Fund Open financial derivative investments as at 30 June 2013 are detailed below:


US$ 6,135 GBP 4,000 0.65 01/07/2013 69


Total unrealised gain on financial derivative investments 69


GBP 4,000 US$ 6,135 0.65 01/07/2013 (68)

GBP 38,127 US$ 58,969 0.65 19/07/2013 (1,147)




214

Notes to the Consolidated Financial Statements (continued) 11- Cash at bank In accordance with the investment strategies of the Ashmore SICAV Local Currency Fund, Ashmore SICAV Emerging Markets Local Currency Bond Fund and Ashmore SICAV Emerging Markets Local Markets Currency Fund, forward positions have been taken primarily to gain market access to emerging market currencies. In order to cover its commitment under such positions, these Sub-Funds maintain appropriate cash levels in their portfolios. As at the balance sheet date, Ashmore SICAV Local Currency Fund held at bank the following time deposits:

Bank Nominal Currency Interest Rate (%) Lock in Period US$

ABN Amro Bank N.V. 50,000,000 US$ 0.30 19/03/2013-19/08/2013 50,000,000

Credit Agricole 50,000,000 US$ 0.28 05/06/2013-05/09/2013 50,000,000

National Bank of Abu Dhabi 50,000,000 US$ 0.19 07/05/2013-08/07/2013 50,000,000

Qatar National Bank London 50,000,000 US$ 0.30 20/05/2013-20/09/2013 50,000,000

Riyad Bank London 50,000,000 US$ 0.23 30/04/2013-30/08/2013 50,000,000

250,000,000

As at the balance sheet date, Ashmore SICAV Emerging Markets Local Markets Currency Fund held at bank the following time deposits:


ABN Amro Bank N.V. 2,000,000 US$ 0.12 25/06/2013-02/07/2013 2,000,000

Landesbank Hessen-Thueringen 1,300,000 US$ 0.12 28/06/2013-01/07/2013 1,300,000

National Bank of Abu Dhabi 2,000,000 US$ 0.10 27/06/2013-05/07/2013 2,000,000

5,300,000

As at the balance sheet date, Ashmore SICAV Emerging Markets Total Return Fund II held at bank the following time deposits:


Landesbank Hessen-Thueringen 10,000,000 US$ 0.12 28/06/2013-01/07/2013 10,000,000

10,000,000

The cash balances (in US$) on current accounts as at 30 June 2013 for Ashmore SICAV Sub-Funds were:

Fund Time deposits Cash Balance Total Emerging Markets Debt Fund - 68,924,261 68,924,261 Emerging Markets Sovereign Debt Fund - 7,600,559 7,600,559 Emerging Markets Sovereign Investment Grade Debt Fund - 3,379,366 3,379,366 Turkish Debt Fund 661,720 661,720 Local Currency Fund 250,000,000 338,082,455 588,082,455 Emerging Markets Local Currency Bond Fund - 131,657,356 131,657,356 Emerging Markets Local Markets Currency Fund 5,300,000 1,977,472 7,277,472 Emerging Markets Investment Grade Local Currency Fund - 19,763,972 19,763,972 Emerging Markets Inflation Linked Bond Fund - 4,607,170 4,607,170 Emerging Markets Total Return Fund - 22,573,645 22,573,645 Emerging Markets Total Return Fund II 10,000,000 14,099,386 24,099,386 Emerging Markets Investment Grade Total Return Fund - 5,033,583 5,033,583 Emerging Markets Corporate Debt Fund - 184,099,533 184,099,533 Emerging Markets Investment Grade Corporate Debt Fund - 821,738 821,738 Emerging Markets Local Currency Corporate Debt Fund - 4,907,101 4,907,101 Emerging Markets Asian Corporate Debt Fund - 3,666,697 3,666,697 Emerging Markets Global Equity Fund - 250,732 250,732 EM Equity Select Fund - 1,150,837 1,150,837 Emerging Markets Global Small-Cap Equity Fund - 1,199,881 1,199,881 Emerging Market Frontier Equity Fund - 475,970 475,970 Brazil Equity Fund - 427,130 427,130

The cash balances include collateral for forward exchange contracts which are held with various brokers.


215

Notes to the Consolidated Financial Statements (continued) 12- Repurchase agreement Ashmore SICAV Emerging Markets Debt Fund

Repurchase agreement contracts as at 30 June 2013 are detailed below:

Name Nominal Interest Rate %

Payable on repo (US$)

Argentina Boden Bonds 7% 03/10/2015 (693,000) 0.25 (693,120)

Argentine Republic Government International Bond 8.28% Discount 31/12/2033 (2,834,759) 0.25 (2,835,821)

Argentine Republic Government International Bond 8.28% Discount 31/12/2033 (1,791,423) 0.30 (1,791,482)

Bolivian Government International Bond 4.875% 29/10/2022 (184,032) - (184,032)

Bolivian Government International Bond 4.875% 29/10/2022 (1,336,000) 0.35 (1,336,052)

Brazil, Banco Nacional de Desenvolvimento Economico e Social 5.5% 12/07/2020 (615,528) 0.35 (616,371)

Brazil, Fibria Overseas Finance 6.75% 03/03/2021 (1,537,650) 0.25 (1,538,152)

Brazil, Marfrig Overseas 9.5% 04/05/2020 (3,201,990) (1.00) (3,201,530)

Brazil, Minerva Luxembourg 7.75% 31/01/2023 (699,680) - (699,680)

Brazil, OSX 3 Leasing 9.25% 20/03/2015 (65,650) (0.45) (65,600)

Brazil, OSX 3 Leasing 9.25% 20/03/2015 (1,134,274) 0.35 (1,135,535)

Brazilian Government International Bond 2.625% 05/01/2023 (2,252,170) - (2,252,170)

Brazilian Government International Bond 8.875% 15/04/2024 (1,921,799) 0.25 (1,922,132)

Brazilian Government International Bond 10.125% 15/05/2027 (4,158,000) 0.34 (4,158,118)

Chile, Automotores Gildemeister 6.75% 15/01/2023 (1,257,600) 0.35 (1,258,945)

Chile, Empresa Nacional del Petroleo 6.25% 08/07/2019 (1,050,000) 0.25 (1,053,325)

Chile, Empresa Nacional del Petroleo 6.25% 08/07/2019 (823,323) 0.35 (824,203)

Chile, Inversiones Alsacia 8% 18/08/2018 (631,600) 0.25 (631,666)

China, China Oriental 7% 17/11/2017 (234,000) (0.25) (233,974)

China, China Oriental 7% 17/11/2017 (509,600) - (509,600)

China, China Oriental 8% 18/08/2015 (153,711) (0.10) (153,593)

China, China Shanshui Cement 10.5% 27/04/2017 (387,141) (0.10) (386,904)

China, Country Garden 11.125% 23/02/2018 (897,300) (0.10) (897,295)

China, Evergrande Real Estate 13% 27/01/2015 (939,050) (0.25) (938,378)

China, Evergrande Real Estate 13% 27/01/2015 (921,148) - (921,148)

China, Fosun International 7.5% 12/05/2016 (553,079) (1.00) (552,695)

China, Hidili Industry International Development 8.625% 04/11/2015 (1,978,845) 0.25 (1,979,560)

China, Longfor Properties 9.5% 07/04/2016 (748,014) - (748,014)

China, Sinochem Overseas Capital 4.5% 12/11/2020 (479,500) 0.35 (480,134)

China, Sinochem Overseas Capital 6.3% 12/11/2040 (850,250) 0.35 (850,266)

China, Sinopec Overseas Development 2012 4.875% 17/05/2042 (855,750) 0.35 (855,767)

China, Sunac China 9.375% 05/04/2018 (3,158,946) (0.25) (3,158,529)

China, Yanlord Land 9.5% 04/05/2017 (1,049,950) (2.00) (1,049,075)

Colombia Government International Bond 6.125% 18/01/2041 (856,800) 0.20 (856,824)

Colombia Government International Bond 7.375% 18/09/2037 (3,167,090) 0.30 (3,171,445)

Croatia Government International Bond 6.375% 24/03/2021 (5,118,340) 0.30 (5,118,466)

Croatia Government International Bond 6.625% 14/07/2020 (1,100,000) - (1,100,000)

Croatia Government International Bond 6.625% 14/07/2020 (1,085,975) 0.25 (1,088,848)

Ghana, Republic of, 8.5% 04/10/2017 (1,423,500) 0.35 (1,423,528)

Hong Kong, Central China Real Estate 8% 28/01/2020 (513,239) - (513,239)

Hong Kong, Shimao Property 9.65% 03/08/2017 (472,360) 0.30 (473,179)

Hungary Government International Bond 6.25% 29/01/2020 (309,304) 0.30 (309,461)

Hungary Government International Bond 6.375% 29/03/2021 (1,710,000) 0.25 (1,715,962)

Indonesia Government International Bond 4.875% 05/05/2021 (2,597,990) 0.25 (2,603,921)



Indonesia, Perusahaan Listrik Negara 5.25% 24/10/2042 (484,400) 0.35 (484,409)

Ivory Coast Government International Bond Step Cpn 31/12/2032 (1,773,000) 0.25 (1,773,037)

Kazakhstan, ATF Bank 9% 11/05/2016 (833,000) 0.25 (833,029)

Kazakhstan, Halyk Savings Bank of Kazakhstan 7.25% 28/01/2021 (349,670) (0.15) (349,510)

Kazakhstan, Halyk Savings Bank of Kazakhstan 7.25% 28/01/2021 (796,711) - (796,711)

Kazakhstan, Halyk Savings Bank of Kazakhstan 7.25% 28/01/2021 (172,968) 0.25 (173,058)

Kazakhstan, KazMunayGas National 7% 05/05/2020 (1,028,200) 0.25 (1,028,307)

Lebanon Government International Bond 8.25% 12/04/2021 (933,850) 0.35 (933,886)

Lithuania Government International Bond 7.375% 11/02/2020 (5,311,347) 0.25 (5,313,569)


216

Notes to the Consolidated Financial Statements (continued) 12- Repurchase agreement (continued) Ashmore SICAV Emerging Markets Debt Fund (continued)

Repurchase agreement contracts as at 30 June 2013 are detailed below: (continued)



Malaysia, Axiata SPV1 Labuan 5.375% 28/04/2020 (523,600) 0.25 (523,607)

Malaysia, Petronas Capital 7.875% 22/05/2022 (964,460) 0.35 (964,497)

Mexico Government International Bond 6.05% 11/01/2040 (1,167,516) 0.25 (1,167,557)

Mexico Government International Bond 6.05% 11/01/2040 (820,828) 0.35 (821,147)

Mexico, Cemex Finance 9.375% 12/10/2022 (1,172,748) 0.25 (1,173,383)

Mexico, Comision Federal de Electricidad 4.875% 26/05/2021 (1,639,080) 0.35 (1,639,144)

Mexico, Corp GEO 8.875% 27/03/2022 (296,944) (2.00) (296,169)

Mexico, Corp GEO FRN 30/06/2020 (675,476) (2.00) (673,712)

Mexico, Desarrolladora Homex 9.75% 25/03/2020 (707,040) (0.50) (706,245)

Mexico, Grupo Papelero Scribede 8.875% 07/04/2020 (312,849) (0.05) (312,822)

Mexico, Urbi Desarrollos Urbanos 9.5% 21/01/2020 (832,480) (1.75) (832,075)



Mongolia, Mongolian Mining 8.875% 29/03/2017 (170,100) (0.25) (169,974)

Nigeria, Afren 11.5% 01/02/2016 (3,430,000) 0.25 (3,433,930)

Panama Government International Bond 4.3% 29/04/2053 (339,348) 0.35 (339,503)

Panama Government International Bond 7.125% 29/01/2026 (345,060) 0.35 (345,442)

Peruvian Government International Bond 7.35% 21/07/2025 (737,605) 0.35 (738,616)

Philippine Government International Bond 8.375% 17/06/2019 (695,800) 0.35 (697,146)

Poland Government International Bond 5% 23/03/2022 (5,217,300) 0.30 (5,217,430)

Qatar Government International Bond 6.4% 20/01/2040 (1,262,587) 0.35 (1,262,611)

Qatar, Qtel International Finance 4.5% 31/01/2043 (864,873) (0.10) (864,529)

Russia, Credit Bank of Moscow Via CBOM Finance 7.7% 01/02/2018 (423,337) 0.30 (423,570)

Russia, PromsvyazbankVia PSB Finance 8.5% 25/04/2017 (1,038,000) 0.25 (1,039,067)

Russia, Sberbank of Russia Via SB Capital 6.125% 07/02/2022 (2,342,070) 0.15 (2,342,119)

Russia, SeverstalVia Steel Capital 5.9% 17/10/2022 (632,629) 0.30 (632,983)

Russia, SeverstalVia Steel Capital 6.7% 25/10/2017 (446,542) 0.30 (446,605)

Russia, VimpelCom 7.504% 01/03/2022 (1,464,480) 0.30 (1,464,517)

Russia, Vnesheconombank Via VEB Finance 6.8% 22/11/2025 (2,013,900) 0.35 (2,013,959)

Russian Foreign Bond - Eurobond 5% 29/04/2020 (727,510) 0.25 (728,020)

Russian Foreign Bond - Eurobond Step Cpn 31/03/2030 (4,693,882) 0.30 (4,694,682)

Serbia, Republic of, 4.875% 25/02/2020 (1,272,000) 0.25 (1,272,027)

Serbia, Republic of, 7.25% 28/09/2021 (2,051,244) 0.25 (2,051,787)

South Africa Government International Bond 5.875% 30/05/2022 (1,952,000) 0.20 (1,952,033)

South Africa Government International Bond 5.875% 30/05/2022 (257,869) 0.30 (258,313)


South Africa Government International Bond 6.875% 27/05/2019 (3,543,386) 0.25 (3,543,435)


South Africa, Edcon Pty FRN 15/06/2015 (795,000) (0.10) (1,032,230)

Turkey Government International Bond 3.25% 23/03/2023 (940,253) (0.35) (940,226)

Turkey Government International Bond 6.25% 26/09/2022 (1,008,600) 0.25 (1,008,614)

Ukraine Government International Bond 7.75% 23/09/2020 (2,134,138) 0.25 (2,135,294)

Ukraine Government International Bond 7.8% 28/11/2022 (1,496,000) 0.15 (1,496,031)

United Arab Emirates, Atlantic Finance Step Cpn 27/05/2014 (895,700) 0.25 (898,841)

United Arab Emirates, Dubai Electricity & Water Authority 7.375% 21/10/2020 (836,800) 0.25 (839,857)

United Arab Emirates, Emirate of Dubai Government International Bonds 5.25% 30/01/2043 (1,697,477) 0.25 (1,698,196)

United Arab Emirates, Emirate of Dubai Government International Bonds 7.75% 05/10/2020 (2,035,062) 0.30 (2,037,571)

Uruguay Government International Bond 7.625% 21/03/2036 (2,023,120) 0.25 (2,023,148)

Venezuela Government International Bond 9.25% 15/09/2027 - Eurotlx (1,657,356) 0.30 (1,658,337)

Venezuela Government International Bond 9.25% 15/09/2027 - Eurotlx (790,856) 0.35 (791,594)

Vietnam Government International Bond 6.75% 29/01/2020 (3,042,935) 0.35 (3,046,465)

(139,827,880)


217

Notes to the Consolidated Financial Statements (continued) 12- Repurchase agreement (continued) Ashmore SICAV Emerging Markets Sovereign Debt Fund Repurchase agreement contracts as at 30 June 2013 are detailed below:



Argentine Republic Government International Bond 8.75% 02/06/2017 (277,550) (2.50) (277,242)

Russian Foreign Bond - Eurobond Step Cpn 31/03/2030 (1,699,718) 0.25 (1,700,226)

(1,977,468)

Ashmore SICAV Local Currency Fund Reverse repurchase agreement contracts as at 30 June 2013 are detailed below:


Receivable on reverse repo (US$)

Turkey Government International Bond 7.25% 15/03/2015 33,804,800 0.30 33,820,012


53,649,273

Ashmore SICAV Emerging Markets Local Markets Currency Fund Reverse repurchase agreement contracts as at 30 June 2013 are detailed below:


Receivable on reverse repo (US$)

Hungary Government International Bond 7.625% 29/03/2041 2,002,500 0.40 2,008,797


4,029,130

Ashmore SICAV Emerging Markets Total Return Fund Repurchase agreement contracts as at 30 June 2013 are detailed below:



Argentine Republic Government International Bond 8.75% 02/06/2017 (89,026) (2.50) (88,927)

(88,927)

Ashmore SICAV Emerging Markets Corporate Debt Fund Repurchase agreement contracts as at 30 June 2013 are detailed below:



China, Evergrande Real Estate Group Ltd 13% 27/01/2015 (1,635,000) (0.25) (1,632,354)

China, Evergrande Real Estate Group Ltd 13% 27/01/2015 (2,290,847) (0.50) (2,281,907)

Czech Republic, New World Resources NV 7.875% 15/01/2021 (168,600) (3.00) (218,716)

Mexico, Cemex SAB de CV 9.5% 15/06/2018 (1,054,388) (0.25) (1,053,904)

Mexico, Urbi Desarrollos Urbanos SAB de CV 9.75% 03/02/2022 (36,630) (2.00) (36,571)

Peru, Ajecorp BV 6.5% 14/05/2022 (5,926,500) (1.25) (5,926,089)

Peru, Corp Azucarera del Peru SA 6.375% 02/08/2022 (5,278,500) (1.25) (5,278,134)

Qatar, Nakilat Inc 6.267% 31/12/2033 (1,416,053) - (1,416,053)

South Africa, African Bank Ltd 8.125% 24/02/2017 (2,427,142) (0.50) (2,426,569)

(20,270,297)

13- Change in investment portfolio The schedule of changes in the investment portfolios is available on request from the Registered Office in Luxembourg and from the local agents listed under Management and Administration and in the Prospectus.


218

Notes to the Consolidated Financial Statements (continued)

14- Transactions with related parties

Related party (figures in US$)

Emerging Markets Debt

Fund

Emerging Markets

Sovereign Debt Fund

Emerging Markets

Sovereign Investment

Grade Debt Fund

Turkish Debt Fund Nature

Ashmore Investment Management Limited 4,681,465 333,136 59,375 282,424 Management fees

Ashmore Investment Management Limited 201,309 16,028 (154) 12,632 Promotional fees

Ashmore Investment Management Limited 11,851 1,119 (12) 454 Director insurance fees

Board of Directors (331) (826) 6 42 Director fees

Related Funds 6,000,205 - - 487 Net sales

Related Funds 467 - - 532 Dividends

Related party (figures in US$) Local Currency

Fund


Currency Bond Fund


Markets Currency Fund

Emerging Markets

Investment Grade Local

Currency Fund Nature Ashmore Investment Management Limited 7,601,957 13,307,283 56,302 1,479,689 Management fees

Ashmore Investment Management Limited 265,024 606,228 (3,527) 73,551 Promotional fees

Ashmore Investment Management Limited 1,122 7,026 47 1,429 Director insurance fees

Board of Directors 1,284 3,086 (25) (454) Director fees

Related Funds (21,000,000) 14,152,376 (1,299,976) (11,793,411) Net purchases/sales

Related Funds 86,715 27,702 1,118 2,788 Dividends


Emerging Markets

Inflation Linked Bond Fund


Return Fund


Return Fund II

Emerging Markets

Investment Grade Total

Return Fund Nature

Ashmore Investment Management Limited 238,510 1,836,484 905,390 179,706 Management fees

Ashmore Investment Management Limited 13,374 77,102 37,671 9,847 Promotional fees

Ashmore Investment Management Limited (112) 1,022 719 198 Director insurance fees

Board of Directors (297) 219 152 (13) Director fees

Related Funds - (9,400,000) (6,500,000) - Net purchases

Related Funds - 10,869 7,208 - Dividends


Emerging Markets

Corporate Debt Fund

Emerging Markets

Investment Grade Corporate

Debt Fund


Currency Corporate Debt

Fund

Emerging Markets Asian

Corporate Debt Fund Nature

Ashmore Investment Management Limited 14,426,371 412,707 989,159 113,164 Management fees


Ashmore Investment Management Limited 8,617 5 275 42 Director insurance fees

Board of Directors 3,308 (147) 14 (28) Director fees

Related Funds 11,350,000 - 10,011,670 - Net sales

Related Funds 31,325 - 7,520 - Dividends



Equity Fund EM Equity Select

Fund


Small-Cap Equity Fund

Emerging Markets Frontier

Equity Fund Nature Ashmore Investment Management Limited 203,004 142,476 842,768 107,760 Management fees


Ashmore Investment Management Limited 150 385 (23) 56 Director insurance fees

Board of Directors (35) (1,003) 276 (13) Director fees

Related Funds 612,510 (1,148,558) - - Net sales/purchases

Related Funds 4,642 3,266 - - Dividends


219

Notes to the Consolidated Financial Statements (continued)

14- Transactions with related parties (continued)

Related party (figures in US$) Brazil Equity

Fund Nature Ashmore Investment Management Limited 29,859 Management fees

Ashmore Investment Management Limited 5,960 Promotional fees

Ashmore Investment Management Limited 38 Director insurance fees

Board of Directors 1,363 Director fees

Relatated Funds are other Funds managed by Ashmore Investment Mangement Limited. 15- Distribution

UK reporting status is granted retrospectively by the UK taxation authorities. The UK taxation authorities have approved the reporting status applications, for the share classes where the Company made applications for the year ended 31 December 2012.

The current list of share classes with UK reporting status and the effective dates when they entered into the UK reporting fund regime can be found on the hmrc.gov.uk website.

The Board of Directors intends to apply to the UK taxation authorities for UK reporting status for the year ended 31 December 2013 and for subsequent years if the Board of Directors deems it appropriate to do so.

The Ashmore SICAV EM Equity Select Fund will not distribute dividends, interest or other income on an annual basis so will not seek to be treated as a “reporting fund” for United Kingdom taxation purposes.

Emerging Markets

Debt Fund


Fund


Investment Grade Debt Fund

Local Currency Fund

US$ US$ US$ US$

Retail Class Shares (EUR) Income 966,027 - - 516,506

Retail Class Shares (US$) Income 1,389,650 - - 301,907

Retail Class Shares (GBP) Income 89,092 1,842 - 12,606

Retail Class Shares (NOK) Income 181,844 - - -

Retail Class Shares (CHF) Income - - - 209,475

Retail Class Shares (AUD) Income 525 - - -

Institutional Class Shares (EUR) Income* 1,306,245 - - 516,728

Institutional Class Shares (US$) Income - 2,940,897 503,456 -

Institutional Class Shares (US$) Income* 21,756,007 - - 627,674

Institutional Class Shares (GBP) Income - 207,092 - -

Institutional Class Shares (GBP) Income 19,353,012 - - 4,938,387

Institutional Class Shares (NOK) Income 196,153 - - -

Institutional Class Shares (CHF) Income 387,227 - - 663,699

45,625,782 3,149,831 503,456 7,786,982

Emerging Markets

Local Currency Bond Fund


Local Currency Fund



US$ US$ US$ US$

Retail Class Shares (EUR) Income 70,472 - - -

Retail Class Shares (US$) Income 31,955 232 - -

Retail Class Shares (GBP) Income 12,234 - - 3,655

Retail Class Shares (CHF) Income - - - -

Institutional Class Shares (EUR) Income 2,101,046 4,116 - -

Institutional Class Shares (US$) Income 63,488,366 15,296,170 828,953 4,462,760

Institutional Class Shares (GBP) Income 13,515,209 - - 3,053,623

Institutional Class Shares (CHF) Income 203,786 - - -

79,423,068 15,300,518 828,953 7,520,038


220

Notes to the Consolidated Financial Statements (continued) 15- Distribution (continued) During the period the following distributions were made:


II


Total Return Fund


Fund


Corporate Debt Fund

US$ US$ US$ US$

Retail Class Shares (EUR) Income - - 926,567 -

Retail Class Shares (US$) Income - - 4,481,066 -

Retail Class Shares (GBP) Income - - 131,665 -

Retail Class Shares (CHF) Income - - 85,546 -

Institutional Class Shares (EUR) Income - 33,536 26,667,994 -

Institutional Class Shares (US$) Income 445,018 108,824 111,772,254 1,747,534

Institutional Class Shares (GBP) Income - - 47,748 -

Institutional Class Shares (NOK) Income - - 78,393 -

Institutional Class Shares (CHF) Income - - 440,816 -

Institutional Class Shares II (JPY) Income - - 283,624 -

445,018 142,360 144,915,673 1,747,534


Fund


Debt Fund

Emerging Markets Global Equity

Fund


Equity Fund US$ US$ US$ US$

Retail Class Shares (EUR) Income 1,816 - 23 -

Retail Class Shares (US$) Income - - 249 -

Retail Class Shares (GBP) Income 6,854 - 47 -

Retail Class Shares (CHF) Income 133 - - -

Institutional Class Shares (US$) Income 5,510,767 541,983 189,514 153,316

Institutional Class Shares (CHF) Income - - 38,430 -

5,519,570 541,983 228,263 153,316

16- European Savings Directive

From 1 July 2005 distributions and proceeds on redemption from UCITS may be reportable or subject to withholding tax in accordance with the EU Savings Directive, Council Directive 2003/48/EC. Ashmore SICAV is a UCITS for the purposes of the Directive. Only savings income payments are reportable or subject to withholding tax. Distributions are savings income payments if a Sub-Fund holds more than 15% of its assets in “eligible money debts” and proceeds on redemptions are savings income payments if a Sub-Fund holds more than 40% of its assets in eligible money debts. All of the Sub-Funds are deemed to be within scope of the Directive with the exception of Emerging Markets Global Equity Fund, EM Equity Select Fund, Emerging Markets Global Small-Cap Equity Fund, Emerging Markets Frontier Equity Fund and Brazil Equity Fund. Responsibility for compliance with the Directive remains that of the “paying agent” as defined by the Directive. 17- Risk Management The Fund uses a risk management process which enables it to assess the exposure of each of the Sub-Funds to market, liquidity and counterparty risks, including operational risks, which are material for the Sub-Fund. As part of the risk management process, the Fund calculates the global exposure of each Sub-Fund by using either the commitment approach or the Value-at-Risk (VaR) methodology. The methodology used depends on an assessment of the risk profile of the relevant Sub-Fund resulting from its policy (including but not limited to its potential use of financial derivative instruments and features thereof) in accordance with relevant European and Luxembourg laws and regulations. In the interest of the Shareholders, the Fund has determined that it will, as a default, use the commitment approach to monitor and measure the global exposure of each Sub-Fund unless otherwise specified for a particular Sub-Fund. This approach measures the global exposure related to positions in financial derivative instruments and other efficient portfolio management techniques which, unless otherwise specified for a particular Sub-Fund, may not exceed the total net value of the portfolio of the relevant Sub-Fund. The global risk on derivatives has been determined according to the commitment approach during the reporting period from 1 January 2013 until 30 June 2013.


221

Notes to the Consolidated Financial Statements (continued) 18- Additional information concerning representation in Germany Deutsche Bank AG, TSS Post-IPO Services, Taunusanlage 12, 60325 Frankfurt am Main, acts as the German representative of the Company and carries out the function of the Company’s paying agent in relation to the shares distributed in or from Germany.

Foreign investment companies must provide documentation to the German fiscal authorities upon request e.g. in order to verify the accuracy of published tax information. The basis upon which such figures are calculated is open to interpretation and it cannot be guaranteed that the German fiscal authorities will accept the investment company’s calculation methodology in every material respect. In addition, if it transpires that these publications are incorrect, any subsequent correction will, as a general rule, not have a retrospective effect and will, as a general rule, only take effect during the current financial period. Consequently, the correction may positively or negatively affect the investors who receive a distribution or an attribution of deemed income distributions in the current period. 19- Additional information concerning representation in Switzerland The Directors appointed BNP Paribas Securities Services, Paris, Succursale de Zurich, Selnaustrasse 16, CH - 8022 Zurich, as the Company’s representative and paying agent for Switzerland. In accordance with Article 124 CISA, BNP Paribas Securities Services, Paris, Succursale de Zurich, represents the Fund vis a vis the investors and the Swiss Financial Market Supervisory Authority FINMA. For shares distributed in or from Switzerland, the performance place is at the BNP Paribas Securities Services, Paris, Succursale de Zurich address. Investors can obtain the following information free of charge from the representative at the above address: the Prospectus, the Key Investor Information Document (KIID) (both of which are also available for potential investors), the most recent audited annual and un-audited interim reports, copies of the Articles of Incorporation and any amendments thereto, in German, and a list of the purchases and sales made on behalf of the Fund. 19- Subsquent events Effective 17 July 2013, Steve Hicks replaced Micheal Moody as Chairman of the Board of Directors.


222

Supplementary Information on Fair Value Measurement For certain of the Company’s financial instruments, including cash and cash equivalents, amounts due to/from brokers, dividends receivable and other assets, accounts payable and accrued expenses, their carrying amounts approximate fair value due to the immediate or short-term nature of these financial instruments. The Company’s investments are carried at market value which approximates fair value. Repurchase agreements are of a short term nature and their carrying amount approximates their fair value. FASB ASC Topic 820, Fair Value Measurements and Disclosures ("FASB ASC Topic 820") establishes a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy under FASB ASC TOPIC 820 are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including: - quoted prices for similar assets or liabilities in active markets - quoted prices for identical or similar assets or liabilities in markets that are not active - inputs other than quoted prices that are observable for the asset or liability - inputs that are derived principally from or corroborated by an observable market. Level 3 inputs are unobservable inputs for the asset or liability. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Investment Manager. The Investment Manager considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Investment Manager's perceived risk of that instrument. Investments: Investments whose values are based on quoted market prices in active markets, and are therefore classified within level 1, include active listed equities, certain U.S. government and sovereign obligations, and certain money market securities. The Investment Manager does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These may include government and sovereign obligations, government agency securities, corporate bonds, and municipal and provincial obligations. Investments classified within level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 instruments may include private equity, certain loan participations, less liquid corporate debt securities (including distressed debt instruments) and collateralised debt obligations. Also included in this category are options, swaps, government and sovereign obligations, government agency securities and corporate bonds for which independent broker prices are used and information relating to the inputs of the price models is currently unavailable. When observable prices are not available for these securities, the Investment Manager uses one or more valuation techniques (e.g., the market approach, the income approach or, the cost approach) for which sufficient and reliable data is available. Within level 3, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.


223

Supplementary Information on Fair Value Measurement (continued) The inputs used by the Investment Manager in estimating the value of level 3 investments include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalisations and other transactions across the capital structure, offerings in the equity or debt capital markets, and changes in financial ratios or cash flows. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Investment Manager in the absence of market information. The fair value measurement of level 3 investments does not include transaction costs that may have been capitalised as part of the security's cost basis. Level 3 fair value measurements are based primarily on the Investment Manager’s own estimates and assumptions. Therefore, the results cannot be determined with precision, cannot be substantiated by comparison to quoted prices in active markets, and may not be realised in a current sale or immediate settlement of the asset or liability. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including discount rates, liquidity risks, and estimates of future cash flows, could significantly affect the fair value measurement amounts and may therefore impact the Company’s results of operations. Derivative Instruments: Derivative instruments can be exchange-traded or privately negotiated over-the-counter ("OTC"). Exchange-traded derivatives, such as futures contracts and exchange traded option contracts, are typically classified within level 1 or level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. OTC derivatives, including forwards, credit default swaps, total return swaps, and interest rate swaps, are valued by the Investment Manager using observable inputs, such as quotations received from the counterparty, dealers or brokers, whenever these are available and considered reliable. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs. Such inputs include market prices for reference securities, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. Certain OTC derivatives, such as generic forwards, swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within level 2. Those OTC derivatives that have less liquidity or for which inputs are unobservable are classified within level 3. While the valuations of these less liquid OTC derivatives may utilise some level 1 and/or level 2 inputs, they also include other unobservable inputs which are considered significant to the fair value determination. At each measurement date, the Investment Manager updates the level 1 and level 2 inputs to reflect observable inputs, though the resulting gains and losses are reflected within level 3 due to the significance of the unobservable inputs. The following tables present the assets and liabilities that are measured at fair value on a recurring basis as at 30 June 2013. Ashmore SICAV Emerging Markets Debt Fund

Level 1 Level 2 Level 3 Total Investments 1,003,722,168 108,652,786 7,498,033 1,119,872,987 Derivative assets - 7,489,843 - 7,489,843 Derivative liabilities - (17,383,374) - (17,383,374) Repurchase agreements - (139,827,880) - (139,827,880) Total 1,003,722,168 (41,068,625) 7,498,033 970,151,576


Level 1 Level 2 Level 3 Total Investments 113,994,618 1,318,450 182,567 115,495,635 Derivative assets - 56,266 - 56,266 Derivative liabilities - (2,642,368) - (2,642,368) Repurchase agreements - (1,977,468) - (1,977,468) Total 113,994,618 (3,245,120) 182,567 110,932,065

Ashmore SICAV Emerging Markets Sovereign Investment Grade Debt Fund

Level 1 Level 2 Level 3 Total Investments 57,990,997 1,002,375 - 58,993,372 Derivative assets - 123 - 123 Total 57,990,997 1,002,498 - 58,993,495


224

Supplementary Information on Fair Value Measurement (continued) Ashmore SICAV Turkish Debt Fund

Level 1 Level 2 Level 3 Total Investments 30,388,536 10,539,135 4,206,639 45,134,310 Derivative assets - 82,606 - 82,606 Derivative liabilities - (47,277) - (47,277) Total 30,388,536 10,574,464 4,206,639 45,169,639

Ashmore SICAV Local Currency Fund

Level 1 Level 2 Level 3 Total Investments 96,493,340 728,492,405 11,843,871 836,829,616 Derivative assets - 22,180,850 709,254 22,890,104 Derivative liabilities - (62,124,957) (479,728) (62,604,685) Reverse repurchase agreements - 53,649,273 - 53,649,273 Total 96,493,340 742,197,571 12,073,397 850,764,308

Ashmore SICAV Emerging Markets Local Currency Bond Fund

Level 1 Level 2 Level 3 Total Investments 1,184,350,152 1,374,532,045 3,305,539 2,562,187,736 Derivative assets - 47,793,880 1,571,754 49,365,634 Derivative liabilities - (68,467,061) (974,926) (69,441,987) Total 1,184,350,152 1,353,858,864 3,902,367 2,542,111,383

Ashmore SICAV Emerging Markets Local Markets Currency Fund

Level 1 Level 2 Level 3 Total Investments - 2,683,511 - 2,683,511 Derivative assets - 250,769 - 250,769 Derivative liabilities - (427,515) - (427,515) Reverse repurchase agreements - 4,029,130 - 4,029,130 Total - 6,535,895 - 6,535,895

Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund

Level 1 Level 2 Level 3 Total Investments 137,362,560 170,025,628 1,200,854 308,589,042 Derivative assets - 4,267,815 1,079,419 5,347,234 Derivative liabilities - (6,849,395) (111,978) (6,961,373) Total 137,362,560 167,444,048 2,168,295 306,974,903

Ashmore SICAV Emerging Markets Inflation Linked Bond Fund

Level 1 Level 2 Level 3 Total Investments 3,128,901 41,282,689 - 44,411,590 Derivative assets - 953,635 - 953,635 Derivative liabilities - (800,140) - (800,140) Total 3,128,901 41,436,184 - 44,565,085

Ashmore SICAV Emerging Markets Total Return Fund

Level 1 Level 2 Level 3 Total Investments 196,450,604 83,779,223 961,739 281,191,566 Derivative assets - 2,989,480 54,762 3,044,242 Derivative liabilities - (7,432,725) (34,207) (7,466,932) Repurchase agreements - (88,927) - (88,927) Total 196,450,604 79,247,051 982,294 276,679,949


225

Supplementary Information on Fair Value Measurement (continued) Ashmore SICAV Emerging Markets Total Return Fund II

Level 1 Level 2 Level 3 Total Investments 100,996,632 49,800,467 185,261 150,982,360 Derivative assets - 1,426,707 - 1,426,707 Derivative liabilities - (1,602,846) - (1,602,846) Total 100,996,632 49,624,328 185,261 150,806,221

Ashmore SICAV Emerging Markets Investment Grade Total Return Fund

Level 1 Level 2 Level 3 Total Investments 32,792,663 6,302,391 - 39,095,054 Derivative assets - 284,425 6,582 291,007 Derivative liabilities - (1,385,769) (4,812) (1,390,581) Total 32,792,663 5,201,047 1,770 37,995,480

Ashmore SICAV Emerging Markets Corporate Debt Fund

Level 1 Level 2 Level 3 Total Investments 2,557,312,660 500,551,279 111,251,920 3,169,115,859 Derivative assets - 7,564,434 - 7,564,434 Derivative liabilities - (47,734,519) - (47,734,519) Repurchase agreements - (20,270,297) - (20,270,297) Total 2,557,312,660 440,110,897 111,251,920 3,108,675,477

Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund

Level 1 Level 2 Level 3 Total Investments 74,011,389 4,611,104 - 78,622,493 Derivative assets - 132,105 - 132,105 Derivative liabilities - (1,204,659) - (1,204,659) Total 74,011,389 3,538,550 - 77,549,939

Ashmore SICAV Emerging Markets Local Currency Corporate Debt Fund

Level 1 Level 2 Level 3 Total Investments 68,331,940 80,513,025 12,291,309 161,136,274 Derivative assets - 2,137,458 - 2,137,458 Derivative liabilities - (1,840,866) - (1,840,866) Total 68,331,940 80,809,617 12,291,309 161,432,866

Ashmore SICAV Emerging Markets Asian Corporate Debt Fund

Level 1 Level 2 Level 3 Total Investments 22,121,634 3,176,410 352,441 25,650,485 Total 22,121,634 3,176,410 352,441 25,650,485

Ashmore SICAV Emerging Markets Global Equity Fund

Level 1 Level 2 Level 3 Total Investments 36,259,879 159,777 - 36,419,656 Derivative assets - 3,777 - 3,777 Derivative liabilities - (125,847) - (125,847) Total 36,259,879 37,707 - 36,297,586


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Supplementary Information on Fair Value Measurement (continued) Ashmore SICAV EM Equity Select Fund

Level 1 Level 2 Level 3 Total Investments 14,029,519 13,737,888 - 27,767,407 Derivative assets 58,264 49 - 58,313 Derivative liabilities (69,623) (78,293) - (147,916) Total 14,018,160 13,659,644 - 27,677,804

Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund

Level 1 Level 2 Level 3 Total Investments 116,924,320 245,489 - 117,169,809 Derivative assets - 4,097 - 4,097 Derivative liabilities - (38,814) - (38,814) Total 116,924,320 210,772 - 117,135,092

Ashmore SICAV Emerging Markets Frontier Equity Fund

Level 1 Level 2 Level 3 Total Investments 15,084,700 408,220 - 15,492,920 Derivative assets - 69 - 69 Derivative liabilities - (1,215) - (1,215) Total 15,084,700 407,074 - 15,491,774

Ashmore SICAV Brazil Equity Fund

Level 1 Level 2 Level 3 Total Investments 3,244,304 - - 3,244,304 Total 3,244,304 - - 3,244,304

Documents

SICAV June 2013 Final