Ashmore SICAV Audited Annual Report - STOCKSELECTIONonline.stockselection.de/annual/438007.pdf ·...

Audited Annual Reportfor the year ended 31 December 2012

Ashmore SICAV

General Information

The information represented in this report relates to

the period from 1 January 2012 to 31 December 2012.

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 nineteen 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 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 and

Ashmore SICAV Emerging Markets Frontier 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.

PB 1

Contents

Ashmore SICAVSociété d’Investissement à Capital Variable, Luxembourg

Page

Management and Administration 2

Investment Manager’s Report 3

Directors’ Report 8

Consolidated Statement of Net Assets 10

Consolidated Statement of Operations andChanges in Net Assets 14

Fund Statistics 18

Schedule of Investments

Emerging Markets Debt Fund 37

Emerging Markets Sovereign Debt Fund 49

Emerging Markets Sovereign Investment Grade Debt Fund 57

Local Currency Fund 61

Emerging Markets Local Currency Bond Fund 65

Emerging Markets Local Markets Currency Fund 70

Emerging Markets Investment Grade Local Currency Fund 71

Emerging Markets Inflation Linked Bond Fund 75

Emerging Markets Total Return Fund 77

Emerging Markets Total Return Fund II 90

Emerging Markets Investment Grade Total Return Fund 101

Emerging Markets Corporate Debt Fund 107

Emerging Markets Investment Grade Corporate Debt Fund 116

Emerging Markets Local Currency Corporate Debt Fund 120

Emerging Markets Asian Corporate Debt Fund 123

Emerging Markets Global Equity Fund 126

EM Equity Select Fund 130

Emerging Markets Global Small-Cap Equity Fund 132

Emerging Markets Frontier Equity Fund 136

Other Information on Investments 138

Notes to the Consolidated Financial Statements 151

Supplementary Information onFair Value Measurement 195

Report of the Réviseur d’Entreprises agréé 200

Ashmore SICAV

2 3

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 (appointed 2 July 2012)

Managing Director of Northern Trust

Management Company S.A.

Ian Baillie (resigned 2 July 2012)

Managing Director of Northern Trust

Global Services Limited, Luxembourg Branch

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-Manager

Ashmore EMM, L.L.C.

1001 19th Street North

17th Floor

Arlington

Virginia 22209

United States of America

Custodian and Principal Paying Agent

Northern Trust Global Services Limited,

Luxembourg Branch




Management Company

Northern Trust Luxembourg





Auditor

KPMG Luxembourg S.à r.l.

9, Allée Scheffer



Legal Advisors

Arendt & Medernach

14, rue Erasme



Listing Agent

Banque et Caisse d’Epargne de l’Etat Luxembourg

1 Place de Metz



Financial Servicing

Austria

UniCredit Bank Austria AG

(Paying & Information Agent)

Schottengasse 6-8

1010 Wien

Austria

Germany

Deutsche Bank AG


TSS post-IPO Services

Taunusanlage 12

60325 Frankfurt am Main

Germany

Luxembourg

Northern Trust Luxembourg





Switzerland

BNP Paribas Securities Services,

Paris succursale de Zurich


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

Ashmore SICAV

2 3

Investment Manager’s Report

Net Asset Value as at % Increase/(decrease) in the period NAV Share Class 31 December 2012 (gross of dividends)

SUB-FUND PERFORMANCE

Emerging Markets Debt Fund Retail Class Shares (EUR) Income 168.23 22.44% Retail Class Shares (US$) Income 109.13 22.91% Retail Class Shares (GBP) Income 125.32 22.89% Retail Class Shares (NOK) Income 120.13 24.41% Retail Class Shares (AUD) Income13 103.38 3.38% Institutional Class Shares (EUR) Income 37.99 23.06% Institutional Class Shares (US$) Income 121.57 23.65% Institutional Class Shares (GBP) Income 124.12 23.65% Institutional Class Shares (NOK) Income 124.03 25.13% Institutional Class Shares (CHF) Income7 114.92 14.92%

Emerging Markets Sovereign Debt Fund Retail Class Shares (GBP) Income 119.20 17.73% Institutional Class Shares (US$) Income 122.40 18.38% Institutional Class Shares (GBP) Income8 110.37 10.37%

Emerging Markets Sovereign Investment Grade Debt Fund Institutional Class Shares (US$) Income 125.18 16.47%

Local Currency Fund Retail Class Shares (EUR) Income 103.65 11.70% Retail Class Shares (US$) Income 114.69 12.28% Retail Class Shares (GBP) Income 110.46 12.18% Retail Class Shares (CHF) Income6 103.31 3.31% Institutional Class Shares (EUR) Income 101.52 12.25% Institutional Class Shares (US$) Income 100.27 12.89% Institutional Class Shares (GBP) Income 101.21 12.68% Institutional Class Shares (CHF) Income 98.33 11.80%

Emerging Markets Local Currency Bond Fund Retail Class Shares (EUR) Income 106.83 17.10% Retail Class Shares (US$) Income 105.49 17.82% Retail Class Shares (GBP) Income 105.38 17.70% Institutional Class Shares (EUR) Income 114.22 17.79% Institutional Class Shares (US$) Income 123.13 18.50% Institutional Class Shares (GBP) Income 118.73 18.36% Institutional Class Shares (CHF) Income 104.40 17.47%

Emerging Markets Local Markets Currency Fund Retail Class Shares (GBP) Income3 100.01 0.01% Institutional Class Shares (US$) Income 104.38 7.85%

Emerging Markets Investment Grade Local Currency Fund Institutional Class Shares (EUR) Income19 100.11 0.11% Institutional Class Shares (US$) Income 103.19 18.76%

Emerging Markets Inflation Linked Bond Fund Institutional Class Shares (US$) Income 108.90 24.05%

Emerging Markets Total Return Fund Retail Class Shares (GBP) Income3 110.43 10.43% Institutional Class Shares (US$) Income 109.03 21.64% Institutional Class Shares (GBP) Income 120.35 21.55%

Emerging Markets Total Return Fund II Institutional Class Shares (US$) Income15 100.95 0.95%

Emerging Markets Investment Grade Total Return Fund Institutional Class Shares (EUR) Income17 100.53 0.53% Institutional Class Shares (US$) Income12 102.43 2.43%

1 launched on 3 January 20122 launched on 23 February 20123 launched on 8 March 20124 launched on 16 March 2012

5 launched on 22 March 20126 launched on 3 April 20127 launched on 10 April 20128 launched on 3 May 2012

9 launched on 17 July 201210 terminated on 31 August 201211 terminated on 13 September 201212 launched on 5 November 2012

13 launched on 23 November 201214 launched on 29 November 201215 launched on 5 December 201216 launched on 11 December 2012

17 launched on 18 December 201218 launched on 19 December 201219 launched on 20 December 201220 terminated on 27 December 2012

As per the Company’s revised prospectus dated October 2012, all active Institutional II share classes have been renamed to Institutional share classes.

Ashmore SICAV

4 5

Investment Manager’s Report continued

Net Asset Value as at % Increase/(decrease) in the period NAV Share Class 31 December 2012 (gross of dividends)

SUB-FUND PERFORMANCE continued

Emerging Markets Corporate Debt Fund Retail Class Shares (EUR) Income 104.83 21.71% Retail Class Shares (US$) Income 104.64 21.99% Retail Class Shares (GBP) Income 107.51 22.12% Retail Class Shares (CHF) Income 102.75 21.38% Institutional Class Shares (EUR) Income 120.08 22.42% Institutional Class Shares (US$) Income 122.14 22.78% Institutional Class Shares (GBP) Income15 101.62 1.62% Institutional Class Shares (NOK) Income 113.91 24.42% Institutional Class Shares (CHF) Income14 102.07 2.07%

Emerging Markets Investment Grade Corporate Debt Fund Institutional Class Shares (US$) Income 125.50 18.03%

Emerging Markets Local Currency Corporate Debt Fund Retail Class Shares (EUR) Income16 100.87 0.87% Retail Class Shares (GBP) Income 112.69 17.58% Retail Class Shares (CHF) Income18 100.09 0.09% Institutional Class Shares (US$) Income 102.67 18.41%

Emerging Markets Asian Corporate Debt Fund Institutional Class Shares (US$) Income12 101.04 1.04%

Emerging Markets Global Equity Fund* Retail Class Shares (EUR) Income5 99.54 (0.46%) Retail Class Shares (US$) Income 119.37 16.06% Retail Class Shares (GBP) Income3 98.78 (1.22%) Institutional Class Shares (US$) Income 125.08 16.68% Institutional Class Shares (CHF) Income6 98.98 (1.02%)

EM Equity Select Fund* Retail Class Shares (GBP) Accumulation 94.07 18.96% Institutional Class Shares (US$) Accumulation 121.72 19.92%

Emerging Markets Global Small-Cap Equity Fund* Retail Class Shares (EUR) Income4 100.36 0.36% Retail Class Shares (US$) Income 125.82 22.55% Retail Class Shares (GBP) Income3 101.69 1.69% Retail Class Shares (CHF) Income2 101.44 1.44% Institutional Class Shares (US$) Income 127.91 23.16%

Emerging Markets Frontier Equity Fund* Institutional Class Shares (US$) Income9 112.26 12.26%

Emerging Markets Debt Fund Institutional Class Shares (EUR) Income11 107.74 13.62% Institutional Class Shares (US$) Income11 181.91 13.81%

Local Currency Fund Institutional Class Shares (EUR) Income11 100.60 7.07% Institutional Class Shares (US$) Income10 84.23 5.60% Institutional Class Shares (GBP) Income11 98.07 7.38%

Emerging Markets Total Return Fund Institutional Class Shares (EUR) Income1, 20 120.18 20.18%

Last official % Increase/(decrease) in the period NAV Share Class Net Asset Value (gross of dividends)






* The investments were adjusted for fair value as at 31 December 2012.


Ashmore SICAV

4 5


Economic and Market Review

Overview

Markets generally rose amidst volatility in 2012.

While growth accelerated in the US, underlying fiscal

problems were not addressed. Europe continued to

lag, partly due to lack of bank recapitalisation whereas

Emerging Markets (“EM”) countries showed healthy

growth in spite of a stagnant external environment.

Central Banks in the developed world have played their

part to avert a depression; pumping money into the

financial system by way of Quantitative Easing (“QE”)

as well as by providing various sources of liquidity to

European financial institutions. The first such liquidity

provision in the period was an extension of the Long

Term Refinancing Operation (“LTRO”) initially enacted

in late 2011. This enabled European banks to borrow

money from the European Central Bank (“ECB”) at

discounted rates, thus helping remove some of the tail

risk of an outright European bank failure. This in turn

helped alleviate some of the tensions in the Eurozone.

Despite the LTRO, the market soon became concerned

about the state of the Spanish banking sector and

uncertainty surrounding the Greek elections helped to

fuel the fire. Consequently, in July, Mario Draghi,

President of the European Central Bank, pledged to do

“whatever it takes” to protect the Eurozone from

collapse – including fighting unreasonably high

government borrowing costs. In our view this was a

game changer as it effectively highlighted that the ECB

would act as lender of last resort. This was soon

followed by an announcement that the ECB would

engage in Outright Monetary Transactions to address

“severe distortion” in government bond markets.

These two events helped set the tone for a positive end

to the year. At the same time, data from the US showed

a slow move towards growth, starting with a recovery in

the housing sector, while payroll and manufacturing

indices also began to show an improvement.

Following Draghi’s announcement, European

governments and the IMF agreed on a major

restructuring of the Greek debt and arranged to

disburse a substantial amount of money ahead of

the impending Greek debt payment obligations.

Progress was also made on the regulatory side as

European leaders agreed that legislation establishing

a Single Supervisory Mechanism with the ECB at its

centre would be enacted in March 2013.

Central Banks in the developed world kept the printing

presses running after the US Federal Reserve

announced a massive “unlimited” QE program in

December. Around the same time, the Bank of England

and the Bank of Japan followed suit, announcing QE

programs of their own.

US elections resulted in a second term for President

Obama, and again in a divided Congress. As the election

passed, markets became nervous over the impeding

fiscal cliff. As recent events have proved, solutions to

these budgetary issues are not easy to come by. Indeed,

a compromise was struck after the official fiscal cliff

deadline, but the subject of spending cuts will have to be

re-visited when the Republicans and the Democrats

debate the US debt ceiling in the coming months.

EM policy makers in a number of countries responded

to slower growth by cutting interest rates as well as

implementing other fiscal and monetary measures.

Now that the developed world is entrenched, EM export

based economies face the challenge of rebalancing

their economic model towards domestic demand, as

well as the need to push through economic reforms.

India is a good example: Bold supply-side structural

economic reforms announced by the new finance

minister, including the liberalisation of certain business

sectors (such as food retailing) and the withdrawal of

unaffordable subsidies (kerosene) were unpopular with

some members of the public but we believe that they

will leave India in better shape in the long term.

Despite a slowdown in the G7 economies and falling

commodity prices, average EM GDP growth in 2012

was around 5%, highlighting that domestic demand

and south-south trade is driving EM growth. The

opportunity is also ripe for investment in key sectors and

infrastructure spending. Brazil announced a big

infrastructure spending programme while Indonesia and

the Philippines have also made good progress in this

area. Peru and Colombia have invested in developing

their mining sectors.

Ashmore SICAV

6 7

External Debt

US dollar denominated sovereign and quasi sovereign

bonds remain a pivotal part of fixed income investment.

2012 saw a strong performance in EM sovereign

credit, driven mainly by spread compression.

The asset class was supported by flows from

institutional investors looking to capitalise on the

strong fundamentals and growth prospects of EM

countries. That said, idiosyncratic factors also played

their part in the positive performance. Exposure bias

was towards the higher beta countries and these were

indeed the main drivers of performance over the

period. Ivory Coast and Venezuela were the two

outstanding country highlights, while Argentina was

one of the worst country performers.

After the last presidential election took the country

to the brink of civil war, resulting in running arrears,

Ivory Coast announced that it would pay the missed

coupons on its external debt, heralding a strong rally

in its bonds. In Venezuela, we traded around the 2012

election: Markets initially rallied on the news that Hugo

Chavez’s ill health could prevent his participation in

the election. Whilst this eventually proved not to be

the case (and Chavez did in fact win the election), he

suffered post-operative complications in the wake of

his fourth surgery in Cuba and failed to be sworn into

office on 10 January. Argentina was weighted down

by technical default factors. As such, we focussed our

investment in securities issued under local law rather

than New York law, the latter being more affected by

the court ruling on “hold out” investors.

Local Currency Debt and Local Currencies

Local currency instruments performed well in 2012:

Both rates and FX added to performance with rates the

largest contributor. Correlation to US Treasuries was

low and the volatility of yields fell. The universe is now

90% investment grade and is set to grow to $20 trillion

by the end of this decade, the point being that despite

volatility, the fundamentals for EM have not changed,

and we believe that the longer term case for investing

in EM local currency assets remains as compelling as

ever. EM FX performed well over the year but suffered

from bouts of market volatility due to developed market

concerns. Particular contributors to performance

included the Russian Rouble and Mexican Peso,

while tactical trading of BRL also proved fruitful.

Mexico had a decent year despite periods of risk

aversion which saw higher beta currencies come

under pressure as the MXN was well supported by an

improving US economy. Despite domestic political

tensions and global risk aversion, RUB posted a solid

performance in 2012. Moreover, foreign attraction to

Russia’s newly opened local bond market should

prove to be supportive in 2013. Local currency bonds

benefitted from interest rate cutting by various EM

central banks, most notably in Brazil. Given that the

main investor in local currency bonds is the domestic

pension sector, this asset class is less affected by

contamination from concerns in developed markets.

Corporate Debt

EM high yield corporate bonds were the best

performing EM asset class in 2012. Corporates remain

the most dynamic asset class in EM with net issuance

nearly 10 times faster than for sovereigns. We believe

that EM corporates are in general both cheaper and of

better quality than their developed world counterparts:

EM corporates typically have lower levels of borrowings

and operate in growing economies. Following the

September 2011 sell off, EM corporate bonds

recovered through 2012 and received a boost from the

ECB’s LTRO and the other policy developments

described above. High Yield names out performed

Investment Grade as investors searched for yield.

In terms of sector selection; Chinese real estate names

performed well in 2012, starting the period from a low

base they gained momentum on the back of improving

Chinese sentiment. Middle Eastern names also

continued to benefit from improving sentiment and

some key Dubai names paid down debt.

Equities

EM equities had a good year and outperformed

developed world equities in 2012. EM equity markets

were buoyed by a shift in sentiment over global growth,

while the policy measures announced by developed

world central banks helped push equities higher. EM

Asia was the best performing region with the Philippines

leading the way. India and Korea also performed well

and Chinese equities ended the period on a strong


Ashmore SICAV

6 7

footing despite a fall of nearly 15% in May. For EMEA,

as expected performance was weighed down by the

European sovereign debt crisis. Mexico was one of the

best performing countries in Latin America, benefitting

from a stronger US economy and an increase in firms

moving their off-shoring and outsourcing operations

from Asia to Mexico. In a similar situation to that seen

for EM fixed income, EM equities experienced strong

flows with net subscriptions of around $49bn.

This compares with net redemptions of $34bn in 2011.

Outlook

A number of factors played out during 2012 that

support a case for robust growth in 2013: global and

EM central banks are in easing mode, buoying asset

prices and sustaining financial sector balance-sheets;

monetary and fiscal stimuli in the United States

allowed household debt to decrease by around 15%

of GDP between 2008 and 2012 and on top of this

household deleveraging, US housing inventories are

down and house prices are bottoming out.

In Europe, several institutional advances were

achieved in 2012. Greece’s public sector debt was

restructured (twice), and although further haircuts

might be needed, the country is looking to avoid

dependency on further loans to pay its bills in 2013.

Draghi’s pledge to do “whatever it takes” to save the

euro has shielded peripheral sovereign debt markets,

however, European growth is unlikely to rebound

meaningfully given that most Eurozone economies

remain both uncompetitive and lumbered with real

estate bubbles and under-capitalised banks.

Nevertheless, the risk of implosion of the common

currency block in Europe is lower, which is undoubtedly

good news for the world.

In our view, emerging economies will continue to be

the world’s main growth engines, showing off the

resilience of their endogenous growth factors.

They stand to benefit from any improvement in the

performance of Highly Indebted Developed Countries

(HIDCs) as well as an incipient rebound in the

Chinese economy. There are signs of acceleration in

Chinese industrial output data, and commodity

producers, notably in Latin America, are benefiting

directly from this development. China’s new leaders

have confirmed their intention to push through

structural reforms, including the gradual liberalisation

of the capital account, and possibly the enhancement

of the social safety net. We see these measures as

supportive for the currency and likely to stimulate

household consumption. Other Asian economies also

stand to benefit in this scenario, including Korea,

Taiwan, Singapore, Hong Kong and Malaysia. Another

EM giant, India, has also shown a reformist streak:

the drop in diesel subsidies and the approval of

Foreign Direct Investment in the multi-brand retail

sector together with various fiscal measures provided

a (short lived) wave of optimism last autumn.

Further economic reforms are likely to be tabled in

2013, ahead of the 2014 elections.

Ashmore Investment Management Limted


Ashmore SICAV

8 9

Directors’ Report

The Directors submit their Report together with the

Company’s Consolidated Statement of Net Assets,

Consolidated Statement of Operations and Changes

in Net Assets, Schedules of Investments and related

notes for the year ended 31 December 2012, which

have been prepared properly, in accordance with

Luxembourg legal and regulatory requirements

relating to undertakings for collective investment.

The Company

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 launched four new Sub-Funds and

fifteen share classes during the year. Two share classes

terminated during the year and four Institutional share

classes merged into Institutional II share classes of

their respective currencies. As per the Company’s

revised prospectus dated October 2012, active

Institutional II share classes have been renamed to

Institutional share classes.

The net inflow from subscriptions and redemptions

during the year amounted to US$3,050,184,324 and

the total net assets of the company increased by

US$3,843,247,088.

Corporate Governance

The Board of the Company has considered the

principles and recommendations of the ALFI Code of

Conduct for Luxembourg Investment Funds (the

“Code”). The Code can be found on the Association’s

website www.alfi.lu.

The Board has put in place a framework for corporate

governance which it believes is suitable for an

investment company and which enables the Company

to comply with the requirements of the Code, which

sets out principles of good governance and a code of

best practice.

The Board

The Directors of the Company are responsible for the

overall administration, control and management of the

Company, including the determination of the investment

objective and policies of each Sub-Fund. In particular,

the Directors of the Company are responsible for the

monitoring and the overall supervision and control of

the Management Company. To this effect, the Board

may give board recommendations to the Management

Company in relation to, without limitation, the structure,

promotion, administration, investment management

and distribution of the Company and the contents of

any documentation relating to the Company (including

but not limited to, the Prospectus and any marketing

material).

Michael Moody worked at the Investment Manager

from May 1999 to January 2009 in a number of senior

management roles including Compliance, Finance,

Operations, IT and HR. He previously worked at the

Australia and New Zealand Banking Group for

25 years. During this time he spent 10 years working in

overseas postings in the Far East, Europe and Africa

as Country Operations Manager responsible for all of

the office support functions including finance,

personnel, IT, settlements and administration. He was

also Head of Treasury for ANZ Bank in Taiwan and

Botswana. Michael has more than 35 years of financial

and operational experience. He remains involved with

the Investment Manager in various non executive

directorship roles.

Claude Kremer is partner with the law firm of Arendt &

Medernach. He holds a Masters degree in Law and

History from the University of Grenoble (France) and a

Masters degree in Accounting and Finance from the

London School of Economics and Political Science.

He was admitted to the Luxembourg Bar in 1982.

He was the chairman of the Association of Luxembourg

Investment Funds (“ALFI”) in the period of 2007-2011.

He is currently the president of European Fund and

Asset Management Association (“EFAMA”).

Ashmore SICAV

8 9

Directors’ Report continued

Steve David is a Senior Vice President at Northern

Trust, Country Head of Northern Trust Luxembourg

and Managing Director of Northern Trust Luxembourg

Management Company S.A., having joined the

organisation in 2004. In this role, Steve is responsible

for leading and managing the continued expansion

of its specialist fund servicing and custody operations.

Steve has over 18 years experience in the

investment funds industry and has held various

positions including compliance, risk, fiduciary and

quality assurance within Ikano Advisory Management

S.A., Chase Manhattan Bank Luxembourg S.A. and

PriceWaterhouse.

The Board holds Board meetings at least three times a

year. At the Board meetings the Directors review the

management of the Company’s assets and all other

significant matters so as to ensure that the Directors

maintain overall control and supervision of the

Company’s affairs. The Board is responsible for the

appointment and monitoring of all service providers to

the Company. The Directors are kept fully informed of

investment and financial controls and other matters

that are relevant to the business of the Company and

should be brought to the attention of the Directors.

The Directors are responsible for ensuring the

Company’s annual report is prepared in accordance

with Luxembourg GAAP and applicable legal and

regulatory requirements.

Internal Controls

The Board is ultimately responsible for the Company’s

system of internal control and for reviewing its

effectiveness. The Board confirms that there is an

ongoing process for identifying, evaluating and

managing the significant risks faced by the Company.

The Code requires Directors to conduct a review of

the Company’s system of internal control, covering all

controls, including financial, operational, compliance

and risk management.

Compliance Statement

During the year, the Company has complied with the

provisions of the Code.

15 April 2013

Ashmore SICAV

10 11

Consolidated Statement of Net AssetsAs at 31 December 2012

* Intragroup transactions are eliminated from consolidated figures.

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

Emerging Markets Emerging Sovereign Emerging Markets Investment Local Markets Sovereign Grade Currency Consolidated* Debt Fund Debt Fund Debt Fund Fund Note US$ US$ US$ US$ US$

Investments at

market value 2 7,621,271,837 1,309,492,288 73,326,801 14,021,127 877,221,952

(Acquisition cost:) 7,332,030,709 1,217,899,948 70,719,553 12,699,174 858,876,978

Bonds 6,492,633,813 1,300,177,416 73,169,013 14,021,127 508,243,108

Equities 145,735,263 158,187 – – –

Undertakings for

collective investment 253,465,436 6,000,000 – – 117,711,342

Loan participations 58,285,172 3,156,685 157,788 – –

Fully funded

total return swaps 473,140,862 – – – 66,407,810

Warrants and rights 13,151,599 – – – –

Certificates of deposit 184,859,692 – – – 184,859,692

Cash at bank 11 585,678,119 21,833,476 211,844 52,762 361,833,053

Unrealised gain on

financial derivative

investments 10 61,533,595 1,846,402 – – 21,944,788

Receivable on

variation margin 10 6,967 – – – –

Receivable on reverse

repurchase agreements 12 63,271,083 – – – 57,247,959

Other assets 9 263,357,178 21,504,781 1,164,015 3,480,141 59,829,779

Total assets 8,595,118,779 1,354,676,947 74,702,660 17,554,030 1,378,077,531

Unrealised (loss) on


investments 10 (40,954,143) (3,349,384) (10,706) – (9,851,229)

Payable on

variation margin 10 (4,658) – – – –

Payable on

repurchase agreements 12 (277,412,275) (271,533,560) – – –

Other liabilities 9 (116,001,027) (1,280,484) (65,637) (3,225,072) (56,783,543)

Total liabilities (434,372,103) (276,163,428) (76,343) (3,225,072) (66,634,772)

Net assets 8,160,746,676 1,078,513,519 74,626,317 14,328,958 1,311,442,759

Ashmore SICAV

10 11

Consolidated Statement of Net Assets continued

As at 31 December 2012


Emerging Emerging Emerging Emerging Markets Markets Markets Emerging Markets Local Investment Inflation Markets Local Markets Grade Local Linked Total Currency Currency Currency Bond Return Bond Fund Fund Fund Fund Fund Note US$ US$ US$ US$ US$

Investments at

market value 2 2,591,278,974 2,382,510 299,234,608 52,238,751 337,350,366

(Acquisition cost:) 2,476,987,143 2,392,032 289,970,233 47,706,548 324,650,004

Bonds 2,169,749,210 2,382,486 283,266,072 52,238,751 304,299,995

Equities – – – – 52,494

Undertakings for

collective investment 50,024,679 24 1,705,244 – 17,500,834

Fully funded

total return swaps 371,505,085 – 14,263,292 – 15,497,043

Cash at bank 11 102,947,570 5,541,619 12,539,091 2,327,993 20,187,900

Unrealised gain on


investments 10 26,868,359 346,446 5,575,351 729,496 2,108,171

Receivable on reverse

repurchase agreements 12 – 6,023,124 – – –

Other assets 9 68,325,947 6,590 4,014,100 167,615 5,479,995

Total assets 2,789,420,850 14,300,289 321,363,150 55,463,855 365,126,432



investments 10 (18,944,610) (86,103) (1,840,214) (393,143) (1,258,485)

Other liabilities 9 (33,024,709) (28,322) (388,917) (71,256) (6,894,880)

Total liabilities (51,969,319) (114,425) (2,229,131) (464,399) (8,153,365)

Net assets 2,737,451,531 14,185,864 319,134,019 54,999,456 356,973,067

Ashmore SICAV

12 13




Emerging Emerging Emerging Emerging Markets Emerging Markets Markets Markets Investment Markets Investment Local Total Grade Corporate Grade Currency Return Total Return Debt Corporate Corporate Fund II Fund Fund Debt Fund Debt Fund Note US$ US$ US$ US$ US$

Investments at

market value 2 110,640,424 36,016,461 1,544,484,813 46,567,837 121,139,490

(Acquisition cost:) 109,875,056 35,768,543 1,522,581,943 42,098,728 120,389,993

Bonds 96,271,326 35,878,310 1,476,707,597 46,567,837 110,174,956

Equities – – 305,204 – –

Undertakings for

collective investment 10,000,000 – 12,501,313 – 10,004,151

Loan participations – – 54,970,699 – –

Fully funded

total return swaps 4,369,098 138,151 – – 960,383

Cash at bank 11 18,728,841 3,682,005 26,515,026 72,127 6,407,428

Unrealised gain on


investments 10 711,181 165,994 477,784 104 704,740

Other assets 9 1,827,669 533,280 91,640,040 2,652,427 1,845,055

Total assets 131,908,115 40,397,740 1,663,117,663 49,292,495 130,096,713



investments 10 (431,672) (182,895) (4,078,392) (18,746) (457,915)

Payable on

repurchase agreements 12 – – (5,878,715) – –

Other liabilities 9 (706,883) (417,205) (9,640,285) (2,061,460) (774,279)

Total liabilities (1,138,555) (600,100) (19,597,392) (2,080,206) (1,232,194)

Net assets 130,769,560 39,797,640 1,643,520,271 47,212,289 128,864,519

Ashmore SICAV

12 13





Emerging Emerging Markets Emerging Markets Emerging Asian Markets Global Markets Corporate Global Small-Cap Frontier Debt Equity EM Equity Equity Equity Fund Fund* Select Fund* Fund* Fund* Note US$ US$ US$ US$ US$

Investments at

market value 2 19,465,113 44,778,283 29,446,177 105,928,875 10,477,285

(Acquisition cost:) 19,410,974 41,731,219 27,834,570 101,125,000 9,313,070

Bonds 19,465,113 – 21,496 – –

Equities – 38,975,174 804,916 97,232,248 8,207,040

Undertakings for

collective investment – 4,220,298 28,017,849 – –

Warrants and rights – 1,582,811 601,916 8,696,627 2,270,245

Cash at bank 11 440,103 190,544 771,416 497,598 897,723

Unrealised gain on


investments 10 – – 54,707 72 –

Receivable on

variation margin 10 – – 6,967 – –

Other assets 9 332,708 130,181 318,790 94,073 9,992

Total assets 20,237,924 45,099,008 30,598,057 106,520,618 11,385,000



investments 10 – (35,645) (7,471) (7,533) –

Payable on

variation margin 10 – – (4,658) – –

Other liabilities 9 (29,304) (78,696) (52,326) (318,969) (158,800)

Total liabilities (29,304) (114,341) (64,455) (326,502) (158,800)

Net assets 20,208,620 44,984,667 30,533,602 106,194,116 11,226,200

Ashmore SICAV

14 15

Consolidated Statement of Operations and Changes in Net AssetsFor the year ended 31 December 2012

Emerging Markets Emerging Sovereign Emerging Markets Investment Local Markets Sovereign Grade Currency Consolidated* Debt Fund Debt Fund Debt Fund Fund Note US$ US$ US$ US$ US$

* Intragroup transactions are eliminated from consolidated figures.


Net asset value at the

beginning of the year 4,317,499,588 1,039,143,043 106,094,320 9,994,951 488,548,920

Income

Net interest on investments 324,397,122 80,201,795 4,665,646 632,730 17,656,883

Net bank interest 1,159,432 11,327 1,194 23 778,344

Net dividends 3,193,350 14,006 100 – 98,334

Other income 155,370 – – – 82,062

Total income 328,905,274 80,227,128 4,666,940 632,753 18,615,623

Expenses

Management fees 3 (61,199,572) (12,766,251) (646,618) (91,554) (9,614,130)

Performance fees 3 (14,904,096) (13,308,297) – – (1,595,799)

Custodian fees 4 (3,408,534) (442,111) (31,936) (6,947) (482,140)

Interest expense on

repurchase agreements (1,015,564) (932,328) – – –

Management Company fees 5 (2,832,323) (541,375) (45,627) (6,867) (462,600)

Subscription tax 7 (619,153) (110,534) (7,621) (1,144) (114,223)

Transaction fees 8 (1,185,556) (265,310) (20,103) (2,552) (22,164)

Other operating expenses 6 (3,253,739) (337,768) (34,288) (23,433) (397,871)

Total expenses (88,418,537) (28,703,974) (786,193) (132,497) (12,688,927)

Net investment income/(loss) 240,486,737 51,523,154 3,880,747 500,256 5,926,696

Net realised gain/(loss) on investments 1,134,230 (22,054,193) 5,795,710 421,512 (10,761,523)

Net realised gain/(loss) on

financial derivative investments 116,749,325 3,278,235 (1,394,671) (194,447) 51,027,327


foreign exchange 4,762,043 (361,544) 53,032 816 (583,703)

Net realised gains/(losses) for the year 122,645,598 (19,137,502) 4,454,071 227,881 39,682,101

Change in net unrealised gain/(loss)

on investments 607,020,209 178,424,898 3,212,191 1,043,314 40,228,038


on financial derivative investments 37,011,775 909,809 (11,964) (797) 17,312,331


on foreign exchange 1,428,287 (5,797) 4,679 (46) 173,242

Change in net unrealised

gains/(losses) for the year 645,460,271 179,328,910 3,204,906 1,042,471 57,713,611

Results of operations 1,008,592,606 211,714,562 11,539,724 1,770,608 103,322,408

Proceeds from shares issued 5,906,354,198 839,874,887 111,731,156 7,228,062 1,379,105,154

Payments for shares redeemed (2,856,169,874) (915,104,601) (146,310,681) (4,268,910) (650,621,149)

Distributions 15 (215,529,842) (97,114,372) (8,428,202) (395,753) (8,912,574)

Net asset value at the end of the year 8,160,746,676 1,078,513,519 74,626,317 14,328,958 1,311,442,759

Ashmore SICAV

14 15

Consolidated Statement of Operations and Changes in Net Assets continued

For the year ended 31 December 2012


Emerging Emerging Emerging Emerging Markets Markets Markets Emerging Markets Local Investment Inflation Markets Local Markets Grade Local Linked Total Currency Currency Currency Bond Return Bond Fund Fund Fund Fund Fund Note US$ US$ US$ US$ US$


beginning of the year 1,224,098,446 12,996,559 222,608,444 8,695,541 132,533,108

Income

Net interest on investments 94,284,673 1,713 17,026,907 1,425,490 10,332,618

Net bank interest 313,376 12,973 6,157 7,537 6,203

Net dividends 95,777 1,901 9,616 – 10,512

Other income 53,023 14,177 – – –

Total income 94,746,849 30,764 17,042,680 1,433,027 10,349,333

Expenses

Management fees 3 (15,672,218) (109,022) (2,532,490) (363,670) (1,976,821)

Custodian fees 4 (1,255,495) (21,871) (251,019) (70,806) (107,946)

Interest expense on

repurchase agreements (79,036) – (3,632) – (568)

Management Company fees 5 (713,929) (8,155) (168,832) (25,671) (107,803)

Subscription tax 7 (165,867) (1,392) (28,201) (4,930) (17,954)

Transaction fees 8 (29,072) (9,748) (11,821) (10,635) (37,583)

Other operating expenses 6 (806,176) (47,957) (631,380) (49,549) (102,362)

Total expenses (18,721,793) (198,145) (3,627,375) (525,261) (2,351,037)

Net investment income/(loss) 76,025,056 (167,381) 13,415,305 907,766 7,998,296

Net realised gain/(loss) on investments (10,157,660) (33,087) (14,381,340) (965,972) 5,127,458


financial derivative investments 48,163,852 595,812 5,923,761 599,600 6,921,303


foreign exchange 4,200,435 15,075 (6,553) (18,052) (334,922)

Net realised gains/(losses) for the year 42,206,627 577,800 (8,464,132) (384,424) 11,713,839


on investments 176,845,000 84,606 35,469,791 5,388,236 15,604,340


on financial derivative investments 13,421,001 533,597 4,969,764 386,974 1,645,098


on foreign exchange 690,794 (380) 276,066 5,363 (7,669)

Change in net unrealised

gains/(losses) for the year 190,956,795 617,823 40,715,621 5,780,573 17,241,769

Results of operations 309,188,478 1,028,242 45,666,794 6,303,915 36,953,904

Proceeds from shares issued 1,466,112,511 161,225 57,337,149 74,621,056 223,053,151

Payments for shares redeemed (217,885,774) (162) – (34,350,000) (33,675,802)

Distributions 15 (44,062,130) – (6,478,368) (271,056) (1,891,294)

Net asset value at the end of the year 2,737,451,531 14,185,864 319,134,019 54,999,456 356,973,067

Ashmore SICAV

16 17




Emerging Emerging Emerging Emerging Markets Emerging Markets Markets Markets Investment Markets Investment Local Total Grade Corporate Grade Currency Return Total Return Debt Corporate Corporate Fund II Fund Fund Debt Fund Debt Fund Note US$ US$ US$ US$ US$


beginning of the year – – 916,360,353 13,564,582 60,518,364

Income

Net interest on investments 441,870 186,725 87,927,752 2,462,662 6,953,716

Net bank interest 37 137 6,870 77 14,094

Net dividends – – 33,366 – 6,152

Other income – – 6,108 – –

Total income 441,907 186,862 87,974,096 2,462,739 6,973,962

Expenses

Management fees 3 (99,686) (33,429) (13,648,798) (468,003) (1,394,856)

Custodian fees 4 (2,719) (1,180) (360,580) (16,909) (92,478)


Subscription tax 7 (906) (393) (135,289) (4,255) (10,385)

Transaction fees 8 (59) – (22,007) (3,095) (6,417)


Total expenses (133,580) (47,855) (15,248,233) (565,428) (1,641,023)

Net investment income/(loss) 308,327 139,007 72,725,863 1,897,311 5,332,939

Net realised gain/(loss) on investments (167,163) (21,945) 44,212,090 1,623,738 (134,047)


financial derivative investments (39,573) (90,060) 3,412,161 (618,781) 1,191,639

Net realised gain/(loss)

on foreign exchange 23,973 143,326 1,639,723 (15,500) 33,621

Net realised gains/(losses) for the year (182,763) 31,321 49,263,974 989,457 1,091,213


on investments 765,368 247,919 117,535,971 4,722,369 8,723,062


on financial derivative investments 279,509 (16,901) (2,647,785) (22,306) 249,373


on foreign exchange 5,276 2,847 211,041 2,729 55,937

Change in net unrealised gains/(losses)

for the year 1,050,153 233,865 115,099,227 4,702,792 9,028,372

Results of operations 1,175,717 404,193 237,089,064 7,589,560 15,452,524

Proceeds from shares issued 129,593,843 69,729,229 1,212,941,777 38,103,720 89,492,319

Payments for shares redeemed – (30,335,782) (676,827,849) (11,441,853) (35,269,389)

Distributions 15 – – (46,043,074) (603,720) (1,329,299)

Net asset value at the end of the year 130,769,560 39,797,640 1,643,520,271 47,212,289 128,864,519

Ashmore SICAV

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beginning of the year – 21,011,479 47,069,970 16,386,333 –

Income

Net interest on investments 195,942 – – – –

Net bank interest 21 14 931 – 117

Net dividends – 884,235 672,253 1,342,707 24,391

Total income 195,963 884,249 673,184 1,342,707 24,508

Expenses

Management fees 3 (32,164) (391,257) (316,578) (970,599) (71,428)

Custodian fees 4 (919) (123,841) (25,218) (110,623) (3,796)


Subscription tax 7 (306) (4,010) (3,178) (8,089) (476)

Transaction fees 8 – (218,328) (156,746) (327,926) (41,990)


Total expenses (45,669) (803,315) (546,412) (1,517,371) (134,449)

Net investment income/(loss) 150,294 80,934 126,772 (174,664) (109,941)

Net realised gain/(loss) on investments 4,130 712,710 (154,693) 2,247,039 183,747


financial derivative investments – (120,501) (1,814,722) (81,349) (10,261)

Net realised gain/(loss) on foreign exchange 45 (48,052) 13,873 8,010 (1,560)

Net realised gains/(losses) for the year 4,175 544,157 (1,955,542) 2,173,700 171,926


on investments 54,138 2,648,960 10,285,681 4,732,459 1,164,215


on financial derivative investments – (35,644) 47,178 (7,462) –


on foreign exchange 13 (1,318) 14,375 1,135 –

Change in net unrealised gains/(losses)

for the year 54,151 2,611,998 10,347,234 4,726,132 1,164,215

Results of operations 208,620 3,237,089 8,518,464 6,725,168 1,226,200

Proceeds from shares issued 20,000,000 44,041,154 27,350,000 106,826,403 13,000,000

Payments for shares redeemed – (23,305,055) (52,404,832) (23,743,788) (3,000,000)

Net asset value at the end of the year 20,208,620 44,984,667 30,533,602 106,194,116 11,226,200

Emerging Emerging Markets Emerging Markets Emerging Asian Markets Global Markets Corporate Global Small-Cap Frontier Debt Equity EM Equity Equity Equity Fund Fund* Select Fund* Fund* Fund* Note US$ US$ US$ US$ US$



Ashmore SICAV

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Fund StatisticsAs at 31 December 2012

NET ASSETS

Net Retail Class Shares Income assets (US$) (EUR) (US$) (GBP) (NOK) (AUD)13

At 31 December 2012 1,078,513,519 168.23 109.13 125.32 120.13 103.38 At 31 December 2011 1,039,143,043 160.44 94.03 106.30 108.47 – At 31 December 2010 1,284,841,665 161.01 94.07 109.85 105.56 –

Net Retail Class Shares Income assets (US$) (EUR) (US$) (GBP) (NOK) (CHF)

At 31 December 2012 74,626,317 – – 119.20 – – At 31 December 2011 106,094,320 – – 101.74 – – At 31 December 2010 160,492,572 – – – – –

Emerging MarketsSovereign Debt Fund

Emerging MarketsDebt Fund


At 31 December 2012 14,328,958 – – – – – At 31 December 2011 9,994,951 – – – – – At 31 December 2010 6,984,380 – – – – –

Emerging MarketsSovereign InvestmentGrade Debt Fund

Net Retail Class Shares Income assets (US$) (EUR) (US$) (GBP) (NOK) (CHF)6

At 31 December 2012 1,311,442,759 103.65 114.69 110.46 – 103.31 At 31 December 2011 488,548,920 93.14 102.71 98.76 – – At 31 December 2010 617,505,009 98.62 108.83 104.40 – –

Local Currency Fund


At 31 December 2012 2,737,451,531 106.83 105.49 105.38 – – At 31 December 2011 1,224,098,446 91.43 91.65 91.68 – – At 31 December 2010 462,314,611 – – – – –

Emerging MarketsLocal Currency Bond Fund

Net Retail Class Shares Income assets (US$) (EUR) (US$) (GBP)3 (NOK) (CHF)

At 31 December 2012 14,185,864 – – 100.01 – – At 31 December 2011 12,996,559 – – – – – At 31 December 2010 5,795,751 – – – – –

Emerging MarketsLocal MarketsCurrency Fund







Ashmore SICAV

18 19

Fund Statistics continued


NET ASSETS continued

Emerging MarketsDebt Fund Institutional Class Shares Income Institutional II Class Shares Income (EUR)11 (US$)11 (GBP) (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)7

At 31 December 2012 – – – – – 37.99 121.57 124.12 124.03 114.92 At 31 December 2011 120.34 175.42 – – – 102.82 100.94 101.01 103.78 –At 31 December 2010 174.60 178.19 – 100.28 – – – – – –

Emerging MarketsSovereign Debt Fund Institutional Class Shares Income Institutional II Class Shares Income (EUR) (US$) (GBP)8 (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)

At 31 December 2012 – 122.40 110.37 – – – – – – –At 31 December 2011 – 112.46 – – – – – – – –At 31 December 2010 – 105.74 – – – – – – – –

Institutional Class Shares Income Institutional II Class Shares Income (EUR) (US$) (GBP) (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)

At 31 December 2012 – 125.18 – – – – – – – –At 31 December 2011 – 111.26 – – – – – – – –At 31 December 2010 – 106.38 – – – – – – – –


Institutional Class Shares Income Institutional II Class Shares Income (EUR)11 (US$)10 (GBP)11 (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)

At 31 December 2012 – – – – – 101.52 100.27 101.21 – 98.33At 31 December 2011 95.63 80.62 92.57 – – 95.07 94.17 90.09 – 89.56At 31 December 2010 102.74 85.40 98.23 – – – – – – –

Local Currency Fund


At 31 December 2012 114.22 123.13 118.73 – 104.40 – – – – –At 31 December 2011 98.60 108.13 100.99 – 91.66 – – – – –At 31 December 2010 101.47 111.78 – – – – – – – –

Emerging MarketsLocal Currency Bond Fund










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20 21





At 31 December 2012 319,134,019 – – – – – At 31 December 2011 222,608,444 – – – – – At 31 December 2010 – – – – – –

Emerging MarketsInvestment GradeLocal Currency Fund


At 31 December 2012 54,999,456 – – – – – At 31 December 2011 8,695,541 – – – – – At 31 December 2010 – – – – – –

Emerging MarketsInflation LinkedBond Fund

Net Retail Class Shares Income assets (US$) (EUR) (US$) (GBP)3 (NOK) (CHF)

At 31 December 2012 356,973,067 – – 110.43 – – At 31 December 2011 132,533,108 – – – – – At 31 December 2010 – – – – – –

Emerging MarketsTotal Return Fund


At 31 December 2012 130,769,560 – – – – – At 31 December 2011 – – – – – – At 31 December 2010 – – – – – –

Emerging MarketsTotal Return Fund II



Emerging MarketsInvestment GradeTotal Return Fund


At 31 December 2012 1,643,520,271 104.83 104.64 107.51 – 102.75 At 31 December 2011 916,360,353 93.17 95.51 90.52 – 92.89 At 31 December 2010 412,870,970 – 101.16 – – –

Emerging MarketsCorporate Debt Fund







Ashmore SICAV

20 21




Institutional Class Shares Income Institutional II Class Shares Income (EUR)19 (US$) (GBP) (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)

At 31 December 2012 100.11 103.19 – – – – – – – –At 31 December 2011 – 88.90 – – – – – – – –At 31 December 2010 – – – – – – – – – –

Emerging MarketsInvestment GradeLocal Currency Fund


At 31 December 2012 – 108.90 – – – – – – – –At 31 December 2011 – 88.28 – – – – – – – –At 31 December 2010 – – – – – – – – – –


Institutional Class Shares Income Institutional II Class Shares Income (EUR)1,20 (US$) (GBP) (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)

At 31 December 2012 – 109.03 120.35 – – – – – – –At 31 December 2011 – 90.91 100.32 – – – – – – –At 31 December 2010 – – – – – – – – – –


Institutional Class Shares Income Institutional II Class Shares Income (EUR) (US$)15 (GBP) (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)

At 31 December 2012 – 100.95 – – – – – – – –At 31 December 2011 – – – – – – – – – –At 31 December 2010 – – – – – – – – – –


Institutional Class Shares Income Institutional II Class Shares Income (EUR)17 (US$)12 (GBP) (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)

At 31 December 2012 100.53 102.43 – – – – – – – –At 31 December 2011 – – – – – – – – – –At 31 December 2010 – – – – – – – – – –


Institutional Class Shares Income Institutional II Class Shares Income (EUR) (US$) (GBP)15 (NOK) (CHF)14 (EUR) (US$) (GBP) (NOK) (CHF)

At 31 December 2012 102.08 122.14 101.62 113.91 102.07 – – – – –At 31 December 2011 100.46 103.90 – 97.09 – – – – – –At 31 December 2010 105.77 110.65 – 101.01 – – – – – –

Emerging Markets Corporate Debt Fund







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22 23





Emerging MarketsInvestment GradeCorporate Debt Fund

Net Retail Class Shares Income assets (US$) (EUR)16 (US$) (GBP) (NOK) (CHF)18

Emerging MarketsLocal CurrencyCorporate Debt Fund

At 31 December 2012 128,864,519 100.87 – 112.69 – 100.09 At 31 December 2011 60,518,364 – – 96.25 – – At 31 December 2010 – – – – – –


Emerging MarketsAsian CorporateDebt Fund


Net Retail Class Shares Accumulation assets (US$) (EUR)5 (US$) (GBP)3 (NOK) (CHF)

Emerging MarketsGlobal Equity Fund*

At 31 December 2012 44,984,667 99.54 119.37 98.78 – – At 31 December 2011 21,011,479 – 103.12 – – – At 31 December 2010 – – – – – –

Net Retail Class Shares Accumulation assets (US$) (EUR) (US$) (GBP) (NOK) (CHF)

EM EquitySelect Fund*

At 31 December 2012 30,533,602 – – 94.07 – – At 31 December 2011 47,069,970 – – 79.08 – – At 31 December 2010 103,537,460 – – 101.33 – –

Net Retail Class Shares Income assets (US$) (EUR)4 (US$) (GBP)3 (NOK) (CHF)2

Emerging MarketsGlobal Small-CapEquity Fund*

At 31 December 2012 106,194,116 100.36 125.82 101.69 – 101.44 At 31 December 2011 16,386,333 – 102.67 – – – At 31 December 2010 – – – – – –


Emerging MarketsFrontier Equity Fund*


At 31 December 2012 47,212,289 – – – – – At 31 December 2011 13,564,582 – – – – – At 31 December 2010 13,325,549 – – – – –








Ashmore SICAV

22 23













Institutional Class Shares Income Institutional II Class Shares Income (EUR) (US$) (GBP) (NOK) (CHF)6 (EUR) (US$) (GBP) (NOK) (CHF)

Emerging MarketsGlobal Equity Fund*

At 31 December 2012 – 125.08 – – 98.98 – – – – –At 31 December 2011 – 107.48 – – – – – – – –At 31 December 2010 – – – – – – – – – –

Institutional Class Shares Accumulation Institutional II Class Shares Accumulation (EUR) (US$) (GBP) (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)

EM EquitySelect Fund*



Emerging MarketsGlobal Small-CapEquity Fund*



Emerging MarketsFrontier Equity Fund*









Ashmore SICAV

24 25



SHARE TRANSACTIONS (in number of shares)

Retail Class Shares Income (EUR) (US$) (GBP) (NOK) (AUD)13


At 31 December 2012 70,455 178,756 9,275 139,120 870 Subscriptions 50,913 150,982 6,011 83,216 870 Redemptions (80,519) (141,142) (674) (85,921) – At 31 December 2011 100,061 168,916 3,938 141,825 –

Retail Class Shares Income (EUR) (US$) (GBP) (NOK) (CHF)


At 31 December 2012 – – 286 – – Subscriptions – – 169 – – Redemptions – – – – – At 31 December 2011 – – 117 – –



At 31 December 2012 – – – – – Subscriptions – – – – – Redemptions – – – – – At 31 December 2011 – – – – –

Retail Class Shares Income (EUR) (US$) (GBP) (NOK) (CHF)6

Local Currency Fund

At 31 December 2012 487,086 398,381 61,847 – 229,742 Subscriptions 526,700 373,531 63,104 – 289,419 Redemptions (154,664) (77,321) (3,746) – (59,677) At 31 December 2011 115,050 102,171 2,489 – –


Emerging MarketsLocal CurrencyBond Fund

At 31 December 2012 18,694 6,984 3,342 – – Subscriptions 18,446 128 1,545 – – Redemptions (3,768) (1,535) (3) – – At 31 December 2011 4,016 8,391 1,800 – –

Retail Class Shares Income (EUR) (US$) (GBP)3 (NOK) (CHF)


At 31 December 2012 – – 1,042 – – Subscriptions – – 1,043 – – Redemptions – – (1) – – At 31 December 2011 – – – – –







Ashmore SICAV

24 25



SHARE TRANSACTIONS (in number of shares) continued

Institutional Class Shares Income Institutional II Class Shares Income (EUR)11 (US$)11 (GBP) (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)7


At 31 December 2012 – – – – – 1,674,578 5,399,119 1,422,284 147,885 63,000Subscriptions 124,829 376,214 – – – 1,697,830 6,513,260 708,104 55,457 63,000Redemptions (435,683) (3,482,357) – – – (200,206) (2,269,937) (962,386) (39,001) –At 31 December 2011 310,854 3,106,143 – – – 176,954 1,155,796 1,676,566 131,429 –

Institutional Class Shares Income Institutional II Class Shares Income (EUR) (US$) (GBP)8 (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)


At 31 December 2012 – 571,345 25,843 – – – – – – –Subscriptions – 792,269 111,967 – – – – – – –Redemptions – (1,164,130) (86,124) – – – – – – –At 31 December 2011 – 943,206 – – – – – – – –



At 31 December 2012 – 114,470 – – – – – – – –Subscriptions – 62,963 – – – – – – – –Redemptions – (38,328) – – – – – – – –At 31 December 2011 – 89,835 – – – – – – – –

Institutional Class Shares Income Institutional II Class Shares Income (EUR)11 (US$)10 (GBP)11 (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)

Local Currency Fund

At 31 December 2012 – – – – – 144,411 1,203,931 5,962,945 – 382,294 Subscriptions 9,673 49,485 15,600 – – 460,961 1,753,127 5,398,960 – 29,732Redemptions (782,895) (305,632) (830,951) – – (944,530) (811,115) (89,549) – (24,867)At 31 December 2011 773,222 256,147 815,351 – – 627,980 261,919 653,534 – 377,429


Emerging MarketsLocal CurrencyBond Fund

At 31 December 2012 310,064 18,070,022 2,377,465 – 26,136 – – – – –Subscriptions 188,640 9,417,515 1,949,491 – 796 – – – – –Redemptions (60,762) (812,868) (676,344) – – – – – – –At 31 December 2011 182,186 9,465,375 1,104,318 – 25,340 – – – – –



At 31 December 2012 – 134,285 – – – – – – – –Subscriptions – – – – – – – – – –Redemptions – – – – – – – – – –At 31 December 2011 – 134,285 – – – – – – – –







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26 27





Emerging MarketsInvestment Grade Local Currency Fund

At 31 December 2012 – – – – – Subscriptions – – – – – At 31 December 2011 – – – – –




Retail Class Shares Income (EUR) (US$) (GBP)3 (NOK) (CHF)


At 31 December 2012 – – 1,410 – – Subscriptions – – 1,410 – – Redemptions – – – – – At 31 December 2011 – – – – –









At 31 December 2012 51,602 524,407 6,901 – 24,360 Subscriptions 48,546 525,609 5,101 – 22,160 Redemptions (41,099) (242,332) – – (682) At 31 December 2011 44,155 241,130 1,800 – 2,882







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26 27




Institutional Class Shares Income Institutional II Class Shares Income (EUR)19 (US$) (GBP) (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)

Emerging MarketsInvestment Grade Local Currency Fund

At 31 December 2012 33,000 3,050,369 – – – – – – – –Subscriptions 33,000 546,437 – – – – – – – –At 31 December 2011 – 2,503,932 – – – – – – – –




Institutional Class Shares Income Institutional II Class Shares Income (EUR)1, 20 (US$) (GBP) (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)


At 31 December 2012 – 1,870,257 781,119 – – – – – – –Subscriptions 10,000 1,368,998 408,916 – – – – – – –Redemptions (10,000) (318,312) – – – – – – – –At 31 December 2011 – 819,571 372,203 – – – – – – –



At 31 December 2012 – 1,295,330 – – – – – – – –Subscriptions – 1,295,330 – – – – – – – –At 31 December 2011 – – – – – – – – – –

Institutional Class Shares Income Institutional II Class Shares Income (EUR)17 (US$)12 (GBP) (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)


At 31 December 2012 225,000 97,390 – – – – – – – –Subscriptions 225,000 395,554 – – – – – – – –Redemptions – (298,164) – – – – – – – –At 31 December 2011 – – – – – – – – – –

Institutional Class Shares Income Institutional II Class Shares Income (EUR) (US$) (GBP)15 (NOK) (CHF)14 (EUR) (US$) (GBP) (NOK) (CHF)


At 31 December 2012 1,518,712 10,738,990 5,464 36,014 213,526 – – – – –Subscriptions 1,269,571 8,137,582 5,464 25,716 213,526 – – – – –Redemptions (17,070) (5,589,803) – (93,451) – – – – – –At 31 December 2011 266,211 8,191,211 – 103,749 – – – – – –







Ashmore SICAV

28 29







Retail Class Shares Income (EUR)16 (US$) (GBP) (NOK) (CHF)18


At 31 December 2012 6,500 – 1,313 – 500 Subscriptions 6,500 – 1,198 – 500 Redemptions – – (2) – – At 31 December 2011 – – 117 – –




Retail Class Shares Income (EUR)5 (US$) (GBP)3 (NOK) (CHF)

Emerging MarketsGlobal Equity Fund

At 31 December 2012 50 1,847 202 – – Subscriptions 50 – 207 – – Redemptions – (4,059) (5) – – At 31 December 2011 – 5,906 – – –

Retail Class Shares Accumulation (EUR) (US$) (GBP) (NOK) (CHF)

EM EquitySelect Fund

At 31 December 2012 – – 250 – – Subscriptions – – – – – Redemptions – – – – – At 31 December 2011 – – 250 – –

Retail Class Shares Income (EUR)4 (US$) (GBP)3 (NOK) (CHF)2

Emerging MarketsGlobal Small-CapEquity Fund

At 31 December 2012 6,200 10,667 575 – 700 Subscriptions 6,200 1,648 601 – 700 Redemptions – (263) (26) – – At 31 December 2011 – 9,282 – – –


Emerging MarketsFrontier Equity Fund








Ashmore SICAV

28 29









At 31 December 2012 – 1,243,894 – – – – – – – –Subscriptions – 939,634 – – – – – – – –Redemptions – (385,172) – – – – – – – –At 31 December 2011 – 689,432 – – – – – – – –



At 31 December 2012 – 200,000 – – – – – – – –Subscriptions – 200,000 – – – – – – – –At 31 December 2011 – – – – – – – – – –

Institutional Class Shares Income Institutional II Class Shares Income (EUR) (US$) (GBP) (NOK) (CHF)6 (EUR) (US$) (GBP) (NOK) (CHF)

Emerging MarketsGlobal Equity Fund

At 31 December 2012 – 317,387 – – 46,500 – – – – –Subscriptions – 320,996 – – 46,500 – – – – –Redemptions – (193,437) – – – – – – – –At 31 December 2011 – 189,828 – – – – – – – –

Institutional Class Shares Accumulation Institutional II Class Shares Accumulation (EUR) (US$) (GBP) (NOK) (CHF) (EUR) (US$) (GBP) (NOK) (CHF)

EM EquitySelect Fund



Emerging MarketsGlobal Small-CapEquity Fund



Emerging MarketsFrontier Equity Fund

At 31 December 2012 – 100,000 – – – – – – – –Subscriptions – 129,633 – – – – – – – –Redemptions – (29,633) – – – – – – – –At 31 December 2011 – – – – – – – – – –







Ashmore SICAV

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DISTRIBUTIONS Emerging Emerging Markets Emerging Markets Emerging Sovereign Markets Investment Emerging Markets Investment Local Grade Markets Sovereign Grade Local Currency Local Payment Debt Debt Debt Currency Bond Currency Date Fund Fund Fund Fund Fund Fund

Emerging Emerging Markets Emerging Markets Local Markets Emerging Emerging Investment Currency Inflation Markets Markets Grade Corporate Linked Total Corporate Corporate Payment Debt Bond Return Debt Debt Date Fund Fund Fund Fund Fund

TERs* Emerging Markets Emerging Markets Sovereign Emerging Markets Sovereign Investment Grade Local Currency Debt Fund Debt Fund Debt Fund Fund

with without without without with without Total expense ratio (TER) performance performance performance performance performance performance % fee fee fee fee fee fee

Retail Class Shares (EUR) Income 1.77 1.77 – – 1.73 1.73

Retail Class Shares (US$) Income 1.80 1.80 – – 1.73 1.73

Retail Class Shares (GBP) Income 1.81 1.81 1.63 – 1.75 1.75

Retail Class Shares (NOK) Income 1.79 1.79 – – – –

Retail Class Shares (CHF) Income – – – – 1.73 1.73

Retail Class Shares (AUD) Income 1.84 1.84 – – – –

Institutional Class Shares (EUR) Income 4.58 1.79 – – 3.37 1.92

Institutional Class Shares (US$) Income 4.90 1.80 1.03 1.14 2.82 1.92

Institutional Class Shares (GBP) Income – – 1.03 – 2.89 1.93

Institutional II Class Shares (EUR) Income 1.19 1.19 – – 1.17 1.17

Institutional II Class Shares (US$) Income 1.21 1.21 – – 1.23 1.23

Institutional II Class Shares (GBP) Income 1.21 1.21 – – 1.19 1.19

Institutional II Class Shares (NOK) Income 1.21 1.21 – – – –

Institutional II Class Shares (CHF) Income 1.21 1.21 – – 1.18 1.18

Retail Class Shares (EUR) Income 2 May 2012 – – – EUR7.61 –

Retail Class Shares (US$) Income 2 May 2012 – – – US$10.53 –

Retail Class Shares (GBP) Income 2 May 2012 GBP0.44 – – GBP2.69 –

Retail Class Shares (CHF) Income 2 May 2012 – – – CHF8.90 –

Institutional Class Shares (EUR) Income 2 May 2012 – – – EUR2.57 –

Institutional Class Shares (US$) Income 2 May 2012 US$1.13 US$0.54 US$1.39 US$4.79 US$1.63

Institutional Class Shares (GBP) Income 2 May 2012 – – GBP1.43 – –

Institutional Class Shares (NOK) Income 2 May 2012 – – – NOK6.02 –

Retail Class Shares (EUR) Income 2 May 2012 EUR24.90 – – EUR0.37 EUR0.22 –

Retail Class Shares (US$) Income 2 May 2012 US$5.67 – – US$0.60 US$2.28 –

Retail Class Shares (GBP) Income 2 May 2012 GBP4.68 GBP0.52 – GBP0.31 GBP2.32 –

Retail Class Shares (NOK) Income 2 May 2012 NOK12.92 – – – – –

Institutional Class Shares (EUR) Income 2 May 2012 EUR27.25 – – EUR1.77 EUR1.76 –

Institutional Class Shares (US$) Income 2 May 2012 US$16.66 US$9.60 US$3.97 US$0.91 US$4.57 US$2.18

Institutional Class Shares (GBP) Income 2 May 2012 – – – GBP1.31 GBP0.73 –

Institutional Class Shares (CHF) Income 2 May 2012 – – – – CHF3.01 –

Institutional II Class Shares (EUR) Income 2 May 2012 EUR77.89 – – EUR4.95 – –

Institutional II Class Shares (US$) Income 2 May 2012 US$2.84 – – US$5.73 – –

Institutional II Class Shares (GBP) Income 2 May 2012 GBP0.68 – – GBP0.29 – –

Institutional II Class Shares (NOK) Income 2 May 2012 NOK5.07 – – – – –

Institutional II Class Shares (CHF) Income 2 May 2012 – – – CHF1.72 – –


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 31 December 2011 to 31 December 2012. The Investment Manager was only entitled to performance fees in respect of the Institutional Class Shares of Ashmore SICAV Emerging Markets Debt Fund and Ashmore SICAV Local Currency Fund until these were merged with the institutional 2 Class Shares on 13 September 2012. Please refer to note 3 for more details on the performance fees.

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30 31



TERs* continued

Emerging Markets Emerging Markets Emerging Markets Investment Grade Emerging Markets Local Currency Local Markets Local Currency Inflation Linked Bond Fund Currency Fund Fund Bond Fund

without without without without Total expense ratio (TER) performance performance performance performance % fee fee fee fee

Retail Class Shares (EUR) Income 1.74 – – –

Retail Class Shares (US$) Income 1.72 – – –

Retail Class Shares (GBP) Income 1.73 2.08 – –

Institutional Class Shares (EUR) Income 1.14 – 1.39 –

Institutional Class Shares (US$) Income 1.14 1.45 1.29 1.23

Institutional Class Shares (GBP) Income 1.14 – – –

Institutional Class Shares (CHF) Income 1.14 – – –

Emerging Markets Emerging Markets Emerging Markets Investment Grade Emerging Markets Total Return Total Return Total Return Corporate Debt Fund Fund II Fund Fund


Retail Class Shares (EUR) Income – – – 1.93

Retail Class Shares (US$) Income – – – 1.94

Retail Class Shares (GBP) Income 2.01 – – 1.95

Retail Class Shares (CHF) Income – – – 2.00

Institutional Class Shares (EUR) Income 1.31 – 1.10 1.31


Institutional Class Shares (GBP) Income 1.31 – – 1.34

Institutional Class Shares (NOK) Income – – – 1.29

Institutional Class Shares (CHF) Income – – – 1.34

Emerging Markets Emerging Markets Investment Grade Local Currency Emerging Markets Emerging Markets Corporate Debt Corporate Debt Asian Corporate Global Equity Fund Fund Debt Fund Fund


Retail Class Shares (EUR) Income – 2.34 – 2.69

Retail Class Shares (US$) Income – – – 2.66

Retail Class Shares (GBP) Income – 2.21 – 2.69

Retail Class Shares (CHF) Income – 2.65 – –


Institutional Class Shares (CHF) Income – – – 2.13

Emerging Markets Global Small-Cap Emerging Markets Equity Frontier Equity Fund Fund

without without Total expense ratio (TER) performance performance % fee fee

Retail Class Shares (EUR) Income 2.92 –

Retail Class Shares (US$) Income 2.84 –

Retail Class Shares (GBP) Income 2.89 –

Retail Class Shares (CHF) Income 2.85 –

Institutional Class Shares (US$) Income 2.35 2.82


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 31 December 2011 to 31 December 2012. The Investment Manager was only entitled to performance fees in respect of the Institutional Class Shares of Ashmore SICAV Emerging Markets Debt Fund and Ashmore SICAV Local Currency Fund until these were merged with the institutional 2 Class Shares on 13 September 2012. Please refer to note 3 for more details on the performance fees.

Ashmore SICAV

32 33



PORTFOLIO TURNOVER Emerging Emerging Emerging Markets Markets Emerging Markets Investment Emerging Sovereign Markets Local Grade Emerging Markets Investment Local Local Markets Local Markets Sovereign Grade Currency Currency Currency Currency Debt Fund Debt Fund Debt Fund Fund Bond Fund Fund Fund % % % % % % %

Emerging Emerging Emerging Emerging Markets Markets Markets Markets Emerging Emerging Investment Emerging Investment Local Inflation Markets Markets Grade Markets Grade Currency Linked Total Total Total Corporate Corporate Corporate Bond Return Return Return Debt Debt Debt Fund Fund Fund II Fund Fund Fund Fund % % % % % % %

Emerging Emerging Markets Emerging Markets Emerging Asian Markets Global Markets Corporate Global Small-Cap Frontier Debt Equity EM Equity Equity Equity Fund Fund Select Fund Fund Fund % % % % %

Portfolio turnover (PTR) 49.90 (66.79) 164.06 46.61 217.70 29.69 244.66

Portfolio turnover (PTR) (60.90) 168.45 (10.32) (223.04) 128.16 71.80 69.92

Portfolio turnover (PTR) (2.95) 179.06 76.26 84.57 23.18

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FUND PERFORMANCE Emerging Emerging Emerging Markets Emerging Markets Markets Emerging Sovereign Markets Local Investment Emerging Markets Investment Local Local Markets Grade Local Markets Sovereign Grade Currency Currency Currency Currency Debt Fund Debt Fund Debt Fund Fund Bond Fund Fund Fund % % % % % % %

Gross of dividend distribution during the period

Retail Class Shares (EUR) Income

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

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

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

Retail Class Shares (US$) Income




Retail Class Shares (GBP) Income

At 31 December 2012 22.89 17.73 n/a 12.18 17.70 0.013 n/a

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


Retail Class Shares (AUD) Income

At 31 December 2012 3.3813 n/a n/a n/a n/a n/a n/a

Retail Class Shares (NOK) Income




Retail Class Shares (CHF) Income

At 31 December 2012 n/a n/a n/a 3.316 n/a n/a n/a

Institutional Class Shares (EUR) Income

At 31 December 2012 13.6211 n/a n/a 7.0711 17.79 n/a 0.1119









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34 35



FUND PERFORMANCE continued Emerging Emerging Markets Emerging Emerging Markets Emerging Sovereign Markets Markets Investment Emerging Markets Investment Local Local Grade Markets Sovereign Grade Local Currency Markets Local Debt Debt Debt Currency Bond Currency Currency Fund Fund Fund Fund Fund Fund Fund % % % % % % %

Gross of dividend distribution during the period continued

Institutional Class Shares (US$) Income

At 31 December 2012 13.8111 18.38 16.47 5.6010 18.50 7.85 18.76

At 31 December 2011 2.58 7.33 7.74 (5.39) (2.56) (7.17) (11.10)

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

Institutional Class Shares (GBP) Income

At 31 December 2012 n/a 10.378 n/a 7.3811 18.36 n/a n/a

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

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

Institutional Class Shares (CHF) Income

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

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

Institutional II Class Shares (EUR) Income


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

Institutional II Class Shares (US$) Income



Institutional II Class Shares (GBP) Income



Institutional II Class Shares (NOK) Income



Institutional II Class Shares (CHF) Income


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







Ashmore SICAV

34 35



FUND PERFORMANCE continued Emerging Emerging Emerging Emerging Markets Markets Markets Markets Emerging Emerging Investment Emerging Investment Local Inflation Markets Markets Grade Markets Grade Currency Linked Total Total Total Corporate Corporate Corporate Bond Return Return Return Debt Debt Debt Fund Fund Fund II Fund Fund Fund Fund % % % % % % %



At 31 December 2012 n/a n/a n/a n/a 21.71 n/a 0.8716







At 31 December 2012 n/a 10.433 n/a n/a 22.12 n/a 17.58

At 31 December 2011 n/a n/a n/a n/a (9.48) n/a (3.75)


At 31 December 2012 n/a n/a n/a n/a 21.38 n/a 0.0918


Institutional Class Shares (EUR) Income

At 31 December 2012 n/a 20.181,20 n/a 0.5317 22.42 n/a n/a




At 31 December 2012 24.05 21.64 0.9515 2.4312 22.78 18.03 18.41

At 31 December 2011 (11.72) (9.09) n/a n/a (4.93) 3.31 (12.25)

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

Institutional Class Shares (GBP) Income

At 31 December 2012 n/a 21.55 n/a n/a 1.6215 n/a n/a

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

Institutional Class Shares (NOK) Income












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FUND PERFORMANCE continued

Emerging Emerging Markets Emerging Markets Emerging Asian Markets Global Markets Corporate Global Small-Cap Frontier Debt Equity Equity Equity Fund Fund Fund Fund % % % %



At 31 December 2012 n/a (0.46)5 0.364 n/a


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

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


At 31 December 2012 n/a (1.22)3 1.693 n/a


At 31 December 2012 n/a n/a 1.44 n/a


At 31 December 2012 1.0412 16.68 23.16 12.269

At 31 December 2011 n/a 7.48 3.86 n/a


At 31 December 2012 n/a (1.02)6 n/a n/a

Retail Class Shares (EUR) Accumulation

At 31 December 2012 n/a

Retail Class Shares (US$) Accumulation


Retail Class Shares (GBP) Accumulation

At 31 December 2012 18.96

At 31 December 2011 (21.96)

Retail Class Shares (CHF) Accumulation


Institutional Class Shares (US$) Accumulation

At 31 December 2012 19.92

At 31 December 2011 (20.66)

Institutional Class Shares (CHF) Accumulation








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$.

EM EquitySelectFund

%

Ashmore SICAV

36 37

Schedule of Investments (expressed in US$)

Ashmore SICAV Emerging Markets Debt Fund As at 31 December 2012

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK ExCHANGE LISTING/DEALT ON ANOTHER REGULATED MARKET BONDS

ARGENTINA 7,924,000 US$ Argentina Boden Bonds 7% 03/10/2015 7,210,840 0.67 2,512,000 US$ Argentina Bonar Bonds 7% 12/09/2013 2,537,120 0.24 2,735,000 US$ Argentina Republic Government International Bond 2.5% 31/12/2038 981,865 0.09 13,012,542 US$ Argentina Republic Government International Bond 8.28% Discount 31/12/2033 9,303,967 0.86 2,971,208 US$ Argentina Republic Government International Bond 8.28% 31/12/2033 2,035,278 0.19 1,780,000 US$ Argentina Republic Government International Bond 8.75% 02/06/2017 1,575,300 0.15 3,350,000 US$ WPE International Cooperatief UA 10.375% 30/09/2020 2,881,000 0.27

26,525,370 2.47

AZERBAIjAN 2,220,000 US$ State Oil Co of the Azerbaijan Republic 5.45% 09/02/2017 2,436,450 0.23

2,436,450 0.23

BARBADOS 6,148,000 US$ Columbus International Inc 11.5% 20/11/2014 6,824,280 0.63

6,824,280 0.63

BELARUS 6,470,000 US$ Republic of Belarus 8.75% 03/08/2015 6,627,868 0.61 6,700,000 US$ Republic of Belarus 8.95% 26/01/2018 6,901,000 0.64

13,528,868 1.25

BOLIVIA 1,800,000 US$ Bolivian Government International Bond 4.875% 29/10/2022 1,755,000 0.16

1,755,000 0.16

BRAZIL 1,050,000 US$ Banco Nacional de Desenvolvimento Economico e Social 5.5% 12/07/2020 1,236,375 0.11 4,080,000 US$ Banco Nacional de Desenvolvimento Economico e Social 6.5% 10/06/2019 4,998,000 0.46 4,540,000 BRL Brazil Letras do Tesouro Nacional 0% 01/01/2015 19,081,346 1.77 472,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/05/2015 5,642,021 0.52 1,207,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2016 15,005,595 1.39 1,169,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2020 15,409,129 1.43 333,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2050 5,115,108 0.48 3,510,000 US$ Brazilian Government International Bond 2.625% 05/01/2023 3,524,040 0.33 3,800,000 US$ Brazilian Government International Bond 5.625% 07/01/2041 4,978,000 0.46 6,855,000 US$ Brazilian Government International Bond 7.125% 20/01/2037 10,488,150 0.97 5,780,000 US$ Brazilian Government International Bond 8.25% 20/01/2034 9,724,850 0.90 2,130,000 US$ Brazilian Government International Bond 8.875% 15/04/2024 3,429,300 0.32 3,860,000 US$ Brazilian Government International Bond 10.125% 15/05/2027 7,063,800 0.65 3,000,000 US$ Fibria Overseas Finance Ltd 6.75% 03/03/2021 3,322,500 0.31 4,834,000 US$ JBS Finance II Ltd 8.25% 29/01/2018 5,124,040 0.48 2,000,000 US$ Marfrig Holding Europe BV 8.375% 09/05/2018 1,705,000 0.16 3,800,000 US$ Marfrig Overseas Ltd 9.5% 04/05/2020 3,277,500 0.30 4,000,000 US$ Minerva Luxembourg SA 12.25% 10/02/2022 4,790,000 0.44 600,000 US$ Minerva Overseas II Ltd 10.875% 15/11/2019 684,000 0.06 3,200,000 US$ OGX Austria GmbH 8.375% 01/04/2022 2,672,000 0.25 900,000 US$ OGX Austria GmbH 8.5% 01/06/2018 810,000 0.08 1,200,000 US$ OSX 3 Leasing BV 9.25% 20/03/2015 1,237,500 0.11

129,318,254 11.98

Market Value Net Assets Holdings Currency Description of Investment US$ %


Ashmore SICAV

38 39

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK ExCHANGE LISTING/DEALT ON ANOTHER REGULATED MARKET continued BONDS continued

CHILE 740,000 US$ Banco del Estado de Chile 3.875% 08/02/2022 785,383 0.07 1,370,000 US$ Chile Government International Bond 3.25% 14/09/2021 1,486,450 0.14 2,210,000 US$ Corp Nacional del Cobre de Chile 3.75% 04/11/2020 2,389,724 0.22 2,810,000 US$ Corp Nacional del Cobre de Chile 3.875% 03/11/2021 3,061,863 0.28 1,170,000 US$ Corp Nacional del Cobre de Chile 7.5% 15/01/2019 1,507,392 0.14 1,130,000 US$ Empresa Nacional del Petroleo 5.25% 10/08/2020 1,245,423 0.12 1,980,000 US$ Empresa Nacional del Petroleo 6.25% 08/07/2019 2,276,545 0.21 1,847,732 US$ Inversiones Alsacia SA 8% 18/08/2018 1,861,830 0.17

14,614,610 1.35

CHINA 586,000 US$ Agile Property Holdings Ltd 8.875% 28/04/2017 629,950 0.06 927,000 US$ Agile Property Holdings Ltd 9.875% 20/03/2017 1,042,875 0.10 2,350,000 US$ Amber Circle Funding Ltd 3.25% 04/12/2022 2,372,205 0.22 580,000 US$ China CITIC Bank International Ltd 6.875% 24/06/2020 666,597 0.06 800,000 US$ China Oriental Group Co Ltd 7% 17/11/2017 796,000 0.07 3,423,000 US$ China Oriental Group Co Ltd 8% 18/08/2015 3,525,690 0.33 3,300,000 US$ China Shanshui Cement Group Ltd 10.5% 27/04/2017 3,778,500 0.35 2,610,000 US$ CNPC HK Overseas Capital Ltd 5.95% 28/04/2041 3,386,042 0.31 393,000 US$ Country Garden Holdings Co Ltd 10.5% 11/08/2015 438,201 0.04 2,300,000 US$ Country Garden Holdings Co Ltd 11.125% 23/02/2018 2,656,500 0.25 195,000 US$ Country Garden Holdings Co Ltd 11.25% 22/04/2017 219,375 0.02 15,000,000 CNH Evergrande Real Estate Group Ltd 7.5% 19/01/2014 2,413,665 0.22 23,800,000 CNH Evergrande Real Estate Group Ltd 9.25% 19/01/2016 3,817,649 0.35 3,200,000 US$ Evergrande Real Estate Group Ltd 13% 27/01/2015 3,472,000 0.32 1,800,000 US$ Fosun International Ltd 7.5% 12/05/2016 1,874,250 0.17 2,420,000 US$ Franshion Development Ltd 6.75% 15/04/2021 2,577,300 0.24 1,600,000 US$ Gemdale International Investment Ltd 7.125% 16/11/2017 1,666,354 0.15 4,100,000 US$ Hidili Industry International Development Ltd 8.625% 04/11/2015 3,198,000 0.30 1,000,000 US$ Longfor Properties Co Ltd 9.5% 07/04/2016 1,102,500 0.10 3,900,000 US$ Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 4,194,649 0.39 1,180,000 US$ Sinochem Overseas Capital Co Ltd 6.3% 12/11/2040 1,414,442 0.13 1,800,000 US$ Sinopec Group Overseas Development 2012 Ltd 3.9% 17/05/2022 1,944,288 0.18 1,650,000 US$ Sinopec Group Overseas Development 2012 Ltd 4.875% 17/05/2042 1,890,590 0.18 1,550,000 US$ Sunac China Holdings Ltd 12.5% 16/10/2017 1,722,716 0.16 1,650,000 US$ Yanlord Land Group Ltd 9.5% 04/05/2017 1,794,375 0.17 1,500,000 US$ Yanlord Land Group Ltd 10.625% 29/03/2018 1,702,500 0.16

54,297,213 5.03

COLOMBIA 3,200,000 US$ Colombia Government International Bond 4.375% 12/07/2021 3,684,800 0.34 4,640,000 US$ Colombia Government International Bond 6.125% 18/01/2041 6,370,720 0.59 3,085,000 US$ Colombia Government International Bond 7.375% 27/01/2017 3,806,890 0.35 4,270,000 US$ Colombia Government International Bond 7.375% 18/03/2019 5,612,915 0.52 2,350,000 US$ Colombia Government International Bond 7.375% 18/09/2037 3,649,550 0.34 5,065,000 US$ Colombia Government International Bond 8.125% 21/05/2024 7,622,825 0.71 3,253,000 US$ Colombia Government International Bond 11.75% 25/02/2020 5,260,101 0.49 1,200,000 US$ Ecopetrol SA 7.625% 23/07/2019 1,551,000 0.14

37,558,801 3.48

COSTA RICA 4,050,000 US$ Costa Rica Government International Bond 4.25% 26/01/2023 4,086,450 0.38

4,086,450 0.38


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CROATIA 2,970,000 US$ Croatia Government International Bond 6.25% 27/04/2017 3,256,605 0.30 9,400,000 US$ Croatia Government International Bond 6.375% 24/03/2021 10,692,500 0.99 3,903,000 US$ Croatia Government International Bond 6.625% 14/07/2020 4,459,177 0.41 3,610,000 US$ Croatia Government International Bond 6.75% 05/11/2019 4,137,962 0.38 4,100,000 EUR Zagrebacki Holding D.O.O. 5.5% 10/07/2017 4,675,705 0.43

27,221,949 2.51

CZECH REPUBLIC 3,900,000 EUR Central European Media Enterprises Ltd 11.625% 15/09/2016 5,398,848 0.50

5,398,848 0.50

DOMINICAN REPUBLIC 4,770,000 US$ Dominican Republic International Bond 7.5% 06/05/2021 5,540,355 0.51

5,540,355 0.51

ECUADOR 1,970,000 US$ Ecuador Government International Bond 9.375% 15/12/2015 1,970,000 0.18

1,970,000 0.18

EGyPT 2,340,000 US$ Egypt Government International Bond 5.75% 29/04/2020 2,322,450 0.22 670,000 US$ Egypt Government International Bond 6.875% 30/04/2040 633,150 0.06 2,520,000 US$ Nile Finance Ltd 5.25% 05/08/2015 2,507,400 0.23

5,463,000 0.51

EL SALVADOR 1,910,000 US$ El Salvador Government International Bond 5.875% 30/01/2025 1,931,010 0.18 900,000 US$ El Salvador Government International Bond 7.375% 01/12/2019 1,033,650 0.10 2,630,000 US$ El Salvador Government International Bond 7.625% 01/02/2041 3,004,775 0.28 4,140,000 US$ El Salvador Government International Bond 7.65% 15/06/2035 4,729,950 0.44 870,000 US$ El Salvador Government International Bond 8.25% 10/04/2032 1,050,525 0.10 1,050,000 US$ Telemovil Finance Co Ltd 8% 01/10/2017 1,131,375 0.10

12,881,285 1.20

GABON 550,000 US$ Gabonese Republic 8.2% 12/12/2017 666,875 0.06

666,875 0.06

GEORGIA 2,510,000 US$ Georgia Government International Bond 6.875% 12/04/2021 2,899,050 0.27 1,900,000 US$ Georgian Railway JSC 7.75% 11/07/2022 2,161,250 0.20

5,060,300 0.47

GHANA 2,110,000 US$ Republic of Ghana 8.5% 04/10/2017 2,437,050 0.23

2,437,050 0.23

HONG KONG 4,800,000 US$ Bank of China Hong Kong Ltd 5.55% 11/02/2020 5,399,333 0.50 1,400,000 US$ Central China Real Estate Ltd 12.25% 20/10/2015 1,547,000 0.14 2,800,000 US$ CFG Investment SAC 9.75% 30/07/2019 2,114,000 0.20 1,990,000 US$ Industrial & Commercial Bank of China Asia Ltd 5.125% 30/11/2020 2,193,885 0.20 2,100,000 US$ Shimao Property Holdings Ltd 9.65% 03/08/2017 2,305,096 0.21 702,000 US$ Sino-Forest Corp 4.25% 15/12/2016 (Defaulted) 98,280 0.01 4,761,000 US$ Sino-Forest Corp 4.25% 15/12/2016 144A (Defaulted) 666,540 0.06 614,000 US$ Sino-Forest Corp 6.25% 21/10/2017 144A (Defaulted) 85,960 0.01 3,157,000 US$ Sino-Forest Corp 10.25% 28/07/2014 (Defaulted) 441,980 0.04 396,000 US$ Sino-Forest Corp 10.25% 28/07/2014 144A (Defaulted) 55,440 0.01

14,907,514 1.38



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HUNGARy 4,420,000 US$ Hungary Government International Bond 6.25% 29/01/2020 4,878,575 0.45 5,390,000 US$ Hungary Government International Bond 6.375% 29/03/2021 5,950,560 0.55 4,860,000 US$ Hungary Government International Bond 7.625% 29/03/2041 5,613,300 0.52

16,442,435 1.52

INDIA 2,090,000 US$ Export-Import Bank of India 4% 07/08/2017 2,167,226 0.20 1,200,000 US$ Reliance Holdings USA Inc 5.4% 14/02/2022 1,342,172 0.12 500,000 US$ Reliance Holdings USA Inc 6.25% 19/10/2040 574,730 0.05 1,850,000 US$ Suzlon Energy Ltd 0% 25/07/2014 925,000 0.09 2,000,000 US$ Suzlon Energy Ltd FRN 13/04/2016 840,000 0.08 3,600,000 US$ Vedanta Resources PLC 8.25% 07/06/2021 3,969,000 0.37

9,818,128 0.91

INDONESIA 1,550,000 US$ Bank Negara Indonesia Persero Tbk PT/London 4.125% 27/04/2017 1,602,331 0.15 3,970,000 US$ Indonesia Government International Bond 4.875% 05/05/2021 4,565,500 0.42 3,010,000 US$ Indonesia Government International Bond 5.875% 13/03/2020 3,619,525 0.34 940,000 US$ Indonesia Government International Bond 6.625% 17/02/2037 1,257,250 0.12 5,670,000 US$ Indonesia Government International Bond 6.875% 17/01/2018 6,924,488 0.64 2,320,000 US$ Indonesia Government International Bond 7.5% 15/01/2016 2,711,500 0.25 3,970,000 US$ Indonesia Government International Bond 7.75% 17/01/2038 5,984,775 0.55 5,560,000 US$ Indonesia Government International Bond 8.5% 12/10/2035 8,896,000 0.82 2,930,000 US$ Indonesia Government International Bond 11.625% 04/03/2019 4,431,625 0.41 2,190,000 US$ Majapahit Holding BV 7.75% 17/10/2016 2,589,675 0.24 2,130,000 US$ Majapahit Holding BV 7.75% 20/01/2020 2,678,475 0.25 1,920,000 US$ Majapahit Holding BV 8% 07/08/2019 2,428,800 0.23 2,590,000 US$ Pertamina Persero PT 6% 03/05/2042 2,923,462 0.27 900,000 US$ Perusahaan Listrik Negara PT 5.25% 24/10/2042 927,000 0.09 1,900,000 US$ Perusahaan Listrik Negara PT 5.5% 22/11/2021 2,147,000 0.20 800,000 US$ Star Energy Geothermal Wayang Windu Ltd 11.5% 12/02/2015 852,960 0.08

54,540,366 5.06

ISRAEL 900,000 US$ Altice Financing SA 7.875% 15/12/2019 951,750 0.09 1,300,000 US$ Altice Finco SA 9.875% 15/12/2020 1,400,750 0.13

2,352,500 0.22

IVORy COAST 19,500,000 US$ Ivory Coast Government International Bond Step Cpn 31/12/2032 18,183,750 1.69

18,183,750 1.69

jAMAICA 4,100,000 US$ Digicel Group Ltd 8.25% 30/09/2020 4,510,000 0.42 2,000,000 US$ Digicel Group Ltd 10.5% 15/04/2018 2,200,000 0.20

6,710,000 0.62

jORDAN 4,630,000 US$ Jordan Government International Bond 3.875% 12/11/2015 4,488,785 0.42

4,488,785 0.42



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KAZAKHSTAN 1,681,000 US$ ATF Bank JSC 9% 11/05/2016 1,634,352 0.15 253,657 US$ BTA Bank JSC 5.5% 21/12/2022 154,097 0.01 20,410,960 US$ BTA Bank JSC FRN 01/07/2018 (Defaulted) 8,725,685 0.81 3,100,000 US$ Development Bank of Kazakhstan JSC 4.125% 10/12/2022 3,123,250 0.29 800,000 US$ Halyk Savings Bank of Kazakhstan JSC 7.25% 03/05/2017 875,200 0.08 1,350,000 US$ Halyk Savings Bank of Kazakhstan JSC 7.25% 28/01/2021 1,449,630 0.13 3,860,000 US$ Kazakhstan Temir Zholy Finance BV 6.375% 06/10/2020 4,670,600 0.43 2,750,000 US$ Kazakhstan Temir Zholy Finance BV 6.95% 10/07/2042 3,458,125 0.32 2,300,000 US$ Kazatomprom Natsionalnaya Atomnaya Kompaniya AO 6.25% 20/05/2015 2,490,325 0.23 600,000 EUR Kazkommertsbank JSC 6.875% 13/02/2017 710,749 0.07 2,300,000 US$ Kazkommertsbank JSC 7.5% 29/11/2016 2,090,240 0.19 600,000 US$ Kazkommertsbank JSC 8% 03/11/2015 573,150 0.05 2,050,000 US$ Kazkommertsbank JSC Via Citigroup Global Markets FRN 07/04/2014 1,865,500 0.17 4,710,000 US$ KazMunaiGaz Finance Sub BV 6.375% 09/04/2021 5,763,863 0.53 4,270,000 US$ KazMunaiGaz Finance Sub BV 7% 05/05/2020 5,316,150 0.49 1,244,000 US$ KazMunaiGaz Finance Sub BV 8.375% 02/07/2013 1,284,430 0.12 1,060,000 US$ KazMunaiGaz Finance Sub BV 9.125% 02/07/2018 1,401,850 0.13 1,460,000 US$ KazMunaiGaz Finance Sub BV 11.75% 23/01/2015 1,742,875 0.16 2,000,000 US$ Zhaikmunai LP Via Zhaikmunai International BV 7.125% 13/11/2019 2,090,000 0.19

49,420,071 4.55

KUwAIT 2,250,000 US$ Kuwait Projects Co 9.375% 15/07/2020 2,773,125 0.26

2,773,125 0.26

LATVIA 5,050,000 US$ Republic of Latvia 2.75% 12/01/2020 4,994,450 0.46

4,994,450 0.46

LEBANON 840,000 US$ Lebanon Government International Bond 5.15% 12/11/2018 840,000 0.08 7,350,000 US$ Lebanon Government International Bond 6.1% 04/10/2022 7,423,500 0.69 3,940,000 US$ Lebanon Government International Bond 6.375% 09/03/2020 4,117,300 0.38 3,380,000 US$ Lebanon Government International Bond 6.6% 27/11/2026 3,413,800 0.32 1,170,000 US$ Lebanon Government International Bond 8.25% 12/04/2021 1,348,425 0.13 310,000 US$ Lebanon Government International Bond 8.5% 19/01/2016 347,200 0.03

17,490,225 1.63

LITHUANIA 1,790,000 US$ Lithuania Government International Bond 5.125% 14/09/2017 2,018,225 0.19 4,390,000 US$ Lithuania Government International Bond 6.125% 09/03/2021 5,405,407 0.50 6,290,000 US$ Lithuania Government International Bond 6.625% 01/02/2022 8,043,652 0.75 7,000,000 US$ Lithuania Government International Bond 7.375% 11/02/2020 9,117,500 0.85

24,584,784 2.29

MALAySIA 2,040,000 US$ Axiata SPV1 Labuan Ltd 5.375% 28/04/2020 2,321,581 0.22 2,660,000 US$ Petronas Capital Ltd 5.25% 12/08/2019 3,157,106 0.29 1,020,000 US$ Petronas Capital Ltd 7.875% 22/05/2022 1,455,446 0.14 2,270,000 US$ Wakala Global Sukuk Bhd 4.646% 06/07/2021 2,615,991 0.24

9,550,124 0.89



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TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK ExCHANGE LISTING/DEALT ON ANOTHER REGULATED MARKET continued

BONDS continued

MExICO 3,050,000 US$ Cemex Espana Luxembourg 9.25% 12/05/2020 3,309,250 0.31 1,500,000 US$ Cemex Finance LLC 9.375% 12/10/2022 1,687,500 0.16 1,700,000 US$ Cemex Finance LLC 9.5% 14/12/2016 1,848,750 0.17 2,140,000 US$ Comision Federal de Electricidad 4.875% 26/05/2021 2,423,550 0.22 2,850,000 US$ Comision Federal de Electricidad 5.75% 14/02/2042 3,227,625 0.30 1,216,000 US$ Corp GEO SAB de CV 9.25% 30/06/2020 1,307,200 0.12 1,794,000 US$ Desarrolladora Homex SAB de CV 9.75% 25/03/2020 1,946,490 0.18 1,900,000 US$ Grupo Papelero Scribe SA de CV 8.875% 07/04/2020 1,767,000 0.16 1,050,000 US$ Grupo Senda Autotransporte SA de CV 10.5% 03/10/2015 1,086,750 0.10 31,900,000 MXN Mexican Bonos 7.75% 29/05/2031 2,873,729 0.27 74,400,000 MXN Mexican Bonos 8.5% 31/05/2029 7,210,813 0.67 114,600,000 MXN Mexican Bonos 10% 20/11/2036 12,756,014 1.18 1,890,000 US$ Mexico Government International Bond 3.625% 15/03/2022 2,067,188 0.19 2,800,000 US$ Mexico Government International Bond 4.75% 08/03/2044 3,164,000 0.29 5,580,000 US$ Mexico Government International Bond 5.125% 15/01/2020 6,668,100 0.62 2,316,000 US$ Mexico Government International Bond 5.625% 15/01/2017 2,686,560 0.25 5,176,000 US$ Mexico Government International Bond 5.75% 12/10/2110 6,224,140 0.58 2,360,000 US$ Mexico Government International Bond 5.95% 19/03/2019 2,902,800 0.27 9,320,000 US$ Mexico Government International Bond 6.05% 11/01/2040 12,498,120 1.16 3,970,000 US$ Mexico Government International Bond 6.75% 27/09/2034 5,716,800 0.53 5,786,000 US$ NII Capital Corp 7.625% 01/04/2021 4,382,895 0.41 100,000 US$ NII Capital Corp 8.875% 15/12/2019 79,500 0.01 7,805,000 US$ Oceanografia SA de CV 11.25% 15/07/2015 6,011,411 0.56 1,468,000 US$ Pemex Project Funding Master Trust 5.75% 01/03/2018 1,713,890 0.16 910,000 US$ Petroleos Mexicanos 5.5% 27/06/2044 1,001,000 0.09 1,230,000 US$ Petroleos Mexicanos 6% 05/03/2020 1,469,850 0.14 3,420,000 US$ Petroleos Mexicanos 6.5% 02/06/2041 4,292,100 0.40 1,920,000 US$ Petroleos Mexicanos 8% 03/05/2019 2,510,400 0.23 500,000 US$ Urbi Desarrollos Urbanos SAB de CV 9.5% 21/01/2020 472,500 0.04 1,299,000 US$ Urbi Desarrollos Urbanos SAB de CV 9.75% 03/02/2022 1,230,803 0.12

106,536,728 9.89

MONGOLIA 2,300,000 US$ Mongolia Government International Bond 5.125% 05/12/2022 2,254,000 0.21 1,600,000 US$ Mongolian Mining Corp 8.875% 29/03/2017 1,712,000 0.16

3,966,000 0.37

MOROCCO 3,300,000 US$ Morocco Government International Bond 4.25% 11/12/2022 3,324,750 0.31 2,400,000 US$ Morocco Government International Bond 5.5% 11/12/2042 2,454,000 0.23

5,778,750 0.54

NIGERIA 600,000 US$ Afren PLC 10.25% 08/04/2019 700,397 0.06 4,300,000 US$ Afren PLC 11.5% 01/02/2016 4,977,250 0.46 2,350,000 US$ Nigeria Government International Bond 6.75% 28/01/2021 2,778,875 0.26

8,456,522 0.78

NORwAy 2,423,773 US$ Sea Production Ltd FRN 14/02/2014 2,157,158 0.20

2,157,158 0.20

PAKISTAN 3,900,000 US$ Pakistan Government International Bond 6.875% 01/06/2017 3,549,000 0.33 1,990,000 US$ Pakistan Government International Bond 7.125% 31/03/2016 1,860,650 0.17 3,156,000 US$ Pakistan Mobile Communications Ltd 8.625% 13/11/2013 3,021,870 0.28

8,431,520 0.78



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BONDS continued

PANAMA 4,250,000 US$ Panama Government International Bond 6.7% 26/01/2036 6,035,000 0.56 420,000 US$ Panama Government International Bond 7.125% 29/01/2026 595,350 0.06 2,055,000 US$ Panama Government International Bond 7.25% 15/03/2015 2,304,683 0.21 1,610,000 US$ Panama Government International Bond 8.875% 30/09/2027 2,616,250 0.24 1,460,000 US$ Panama Government International Bond 9.375% 01/04/2029 2,496,600 0.23 900,000 US$ Sable International Finance Ltd 8.75% 01/02/2020 1,030,500 0.10

15,078,383 1.40

PARAGUAy 600,000 US$ Telefonica Celular del Paraguay SA 6.75% 13/12/2022 628,500 0.06

628,500 0.06

PERU 860,000 US$ Peruvian Government International Bond 7.125% 30/03/2019 1,125,740 0.10 5,300,000 US$ Peruvian Government International Bond 7.35% 21/07/2025 7,679,700 0.71 1,940,000 US$ Peruvian Government International Bond 8.375% 03/05/2016 2,387,170 0.22 4,510,000 US$ Peruvian Government International Bond 8.75% 21/11/2033 7,836,125 0.73

19,028,735 1.76

PHILIPPINES 2,580,000 US$ Development Bank of Philippines 5.5% 25/03/2021 2,971,709 0.28 6,207,000 US$ Philippine Government International Bond 4% 15/01/2021 6,967,358 0.65 2,850,000 US$ Philippine Government International Bond 5% 13/01/2037 3,466,312 0.32 3,670,000 US$ Philippine Government International Bond 5.5% 30/03/2026 4,642,550 0.43 3,170,000 US$ Philippine Government International Bond 6.375% 23/10/2034 4,453,850 0.41 2,520,000 US$ Philippine Government International Bond 7.75% 14/01/2031 3,868,200 0.36 2,250,000 US$ Philippine Government International Bond 8.375% 17/06/2019 3,102,188 0.29 4,726,000 US$ Philippine Government International Bond 9.5% 02/02/2030 8,199,610 0.76 3,115,000 US$ Philippine Government International Bond 10.625% 16/03/2025 5,404,525 0.50 380,000 US$ Power Sector Assets & Liabilities Management Corp 7.25% 27/05/2019 487,825 0.05 4,230,000 US$ Power Sector Assets & Liabilities Management Corp 7.39% 02/12/2024 5,890,275 0.55

49,454,402 4.60

POLAND 2,300,000 EUR CEDC Finance Corp International Inc 8.875% 01/12/2016 1,819,392 0.17 3,200,000 US$ Eileme 2 AB 11.625% 31/01/2020 3,728,000 0.35 3,000,000 EUR Eileme 2 AB 11.75% 31/01/2020 4,627,584 0.43 4,880,000 US$ Poland Government International Bond 3% 17/03/2023 4,867,800 0.45 9,880,000 US$ Poland Government International Bond 5% 23/03/2022 11,668,280 1.08 4,300,000 US$ Poland Government International Bond 6.375% 15/07/2019 5,360,896 0.50 1,709,000 EUR Polish Television Holding BV FRN 15/05/2017 2,455,929 0.23 3,421,000 EUR TVN Finance Corp II AB 10.75% 15/11/2017 4,983,822 0.46

39,511,703 3.67

QATAR 2,070,000 US$ Qatar Government International Bond 5.75% 20/01/2042 2,691,000 0.25 1,520,000 US$ Qatar Government International Bond 6.4% 20/01/2040 2,125,264 0.20 670,000 US$ Qtel International Finance Ltd 4.75% 16/02/2021 757,100 0.07 450,000 US$ Qtel International Finance Ltd 6.5% 10/06/2014 482,400 0.04 6,050,000 US$ Qtel International Finance Ltd 7.875% 10/06/2019 7,925,500 0.73

13,981,264 1.29

ROMANIA 6,930,000 US$ Romania Government International Bond 6.75% 07/02/2022 8,419,950 0.78

8,419,950 0.78

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BONDS continued

RUSSIA 1,800,000 US$ Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.5% 26/09/2019 1,899,864 0.18 1,700,000 US$ Brunswick Rail Finance Ltd 6.5% 01/11/2017 1,771,060 0.16 2,800,000 US$ Evraz Group SA 6.75% 27/04/2018 2,884,000 0.27 2,100,000 US$ Evraz Group SA 9.5% 24/04/2018 2,394,000 0.22 400,000 US$ Lukoil International Finance BV 6.125% 09/11/2020 462,500 0.04 800,000 US$ Lukoil International Finance BV 6.656% 07/06/2022 974,000 0.09 2,000,000 US$ Metalloinvest Finance Ltd 6.5% 21/07/2016 2,102,500 0.19 5,264,000 US$ MTS International Funding Ltd 8.625% 22/06/2020 6,639,220 0.62 400,000 US$ Promsvyazbank OJSC Via PSB Finance SA 8.5% 25/04/2017 409,000 0.04 1,700,000 US$ Promsvyazbank OJSC Via PSB Finance SA 10.2% 06/11/2019 1,757,375 0.16 3,250,000 US$ Rosneft Oil Co via Rosneft International Finance Ltd 4.199% 06/03/2022 3,306,875 0.31 800,000 US$ Russian Foreign Bond – Eurobond 5% 29/04/2020 944,000 0.09 4,000,000 US$ Russian Foreign Bond – Eurobond 5.625% 04/04/2042 4,970,000 0.46 1,580,000 US$ Russian Foreign Bond – Eurobond 12.75% 24/06/2028 3,199,500 0.30 15,592,970 US$ Russian Foreign Bond – Eurobond Step Cpn 31/03/2030 20,027,611 1.86 1,700,000 US$ Russian Standard Bank Via Russian Standard Finance SA 9.25% 11/07/2017 1,755,250 0.16 3,210,000 US$ Sberbank of Russia Via SB Capital SA 6.125% 07/02/2022 3,667,425 0.34 1,000,000 US$ Severstal OAO Via Steel Capital SA 5.9% 17/10/2022 1,011,250 0.09 1,802,000 US$ Severstal OAO Via Steel Capital SA 6.25% 26/07/2016 1,920,932 0.18 2,100,000 US$ Severstal OAO Via Steel Capital SA 6.7% 25/10/2017 2,299,500 0.21 5,200,000 US$ TMK OAO Via TMK Capital SA 7.75% 27/01/2018 5,460,000 0.51 2,400,000 US$ VEB-Leasing Via VEB Leasing Investment Ltd 5.125% 27/05/2016 2,529,000 0.23 1,250,000 US$ Vimpel Communications Via VIP Finance Ireland Ltd OJSC 7.748% 02/02/2021 1,443,750 0.13 1,750,000 US$ Vimpel Communications Via VIP Finance Ireland Ltd OJSC 9.125% 30/04/2018 2,119,687 0.20 4,400,000 US$ VimpelCom Holdings BV 7.504% 01/03/2022 5,043,500 0.47 1,920,000 US$ Vnesheconombank Via VEB Finance PLC 5.45% 22/11/2017 2,136,000 0.20 4,650,000 US$ Vnesheconombank Via VEB Finance PLC 6.8% 22/11/2025 5,696,250 0.53 7,850,000 US$ Vnesheconombank Via VEB Finance PLC 6.902% 09/07/2020 9,567,580 0.89 3,390,000 US$ VTB Bank OJSC Via VTB Capital SA 6% 12/04/2017 3,664,590 0.34 2,740,000 US$ VTB Bank OJSC Via VTB Capital SA 6.875% 29/05/2018 3,093,460 0.29

105,149,679 9.76

SAUDI ARABIA 2,600,000 US$ Dar Al-Arkan International Sukuk Co II 10.75% 18/02/2015 2,837,900 0.26

2,837,900 0.26

SENEGAL 3,060,000 US$ Senegal Goverment International Bond 8.75% 13/05/2021 3,626,100 0.34

3,626,100 0.34

SERBIA 4,150,000 US$ Republic of Serbia 7.25% 28/09/2021 4,772,500 0.44

4,772,500 0.44

SINGAPORE 1,300,000 US$ MMI International Ltd 8% 01/03/2017 1,378,000 0.13

1,378,000 0.13

SLOVENIA 1,950,000 US$ Slovenia Government International Bond 5.5% 26/10/2022 2,047,500 0.19

2,047,500 0.19


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BONDS continued

SOUTH AFRICA 200,000 US$ African Bank Ltd 6% 15/06/2016 207,000 0.02 1,209,000 US$ African Bank Ltd 8.125% 24/02/2017 1,314,787 0.12 2,200,000 EUR Edcon Pty Ltd 9.5% 01/03/2018 2,798,963 0.26 1,500,000 EUR Edcon Pty Ltd FRN 15/06/2014 1,898,496 0.18 2,500,000 EUR Edcon Pty Ltd FRN 15/06/2015 3,038,912 0.28 1,300,000 EUR Foodcorp Pty Ltd 8.75% 01/03/2018 1,898,166 0.18 600,000 US$ Sappi Papier Holding GmbH 7.75% 15/07/2017 654,000 0.06 800,000 US$ Sappi Papier Holding GmbH 8.375% 15/06/2019 874,000 0.08 3,650,000 US$ South Africa Government International Bond 5.5% 09/03/2020 4,325,250 0.40 4,200,000 US$ South Africa Government International Bond 5.875% 30/05/2022 5,202,162 0.48 1,218,000 US$ South Africa Government International Bond 6.25% 08/03/2041 1,613,850 0.15 4,670,000 US$ South Africa Government International Bond 6.875% 27/05/2019 5,856,180 0.54

29,681,766 2.75

SRI LANKA 2,050,000 US$ Bank of Ceylon 6.875% 03/05/2017 2,203,750 0.20 1,050,000 US$ Sri Lanka Government International Bond 5.875% 25/07/2022 1,118,250 0.10 2,486,000 US$ Sri Lanka Government International Bond 6.25% 04/10/2020 2,703,525 0.25 2,770,000 US$ Sri Lanka Government International Bond 6.25% 27/07/2021 3,017,995 0.28 810,000 US$ Sri Lanka Government International Bond 7.40% 22/01/2015 870,750 0.08

9,914,270 0.91

TURKEy 2,330,000 US$ Export Credit Bank of Turkey 5.375% 04/11/2016 2,537,370 0.24 1,400,000 US$ Turkey Government International Bond 5.625% 30/03/2021 1,662,500 0.15 3,000,000 US$ Turkey Government International Bond 6% 14/01/2041 3,742,500 0.35 1,600,000 US$ Turkey Government International Bond 6.25% 26/09/2022 1,994,400 0.18 8,110,000 US$ Turkey Government International Bond 6.75% 03/04/2018 9,802,963 0.91 2,253,000 US$ Turkey Government International Bond 6.75% 30/05/2040 3,052,815 0.28 3,722,000 US$ Turkey Government International Bond 6.875% 17/03/2036 5,024,700 0.47 2,400,000 US$ Turkey Government International Bond 7% 26/09/2016 2,811,000 0.26 1,680,000 US$ Turkey Government International Bond 7% 11/03/2019 2,089,080 0.19 600,000 US$ Turkey Government International Bond 7% 05/06/2020 765,000 0.07 2,140,000 US$ Turkey Government International Bond 7.25% 15/03/2015 2,379,038 0.22 1,450,000 US$ Turkey Government International Bond 7.25% 05/03/2038 2,051,025 0.19 5,505,000 US$ Turkey Government International Bond 7.375% 05/02/2025 7,459,275 0.69 2,660,000 US$ Turkey Government International Bond 7.5% 14/07/2017 3,237,752 0.30 950,000 US$ Turkey Government International Bond 7.5% 07/11/2019 1,228,825 0.11 1,480,000 US$ Turkey Government International Bond 8% 14/02/2034 2,220,000 0.21 920,000 US$ Turkey Government International Bond 11.875% 15/01/2030 1,806,650 0.17

53,864,893 4.99

UKRAINE 3,200,000 US$ DTEK Finance BV 9.5% 28/04/2015 3,223,840 0.30 5,450,000 US$ Ferrexpo Finance PLC 7.875% 07/04/2016 5,286,500 0.49 1,700,000 US$ Financing of Infrastrucural Projects State Enterprise 9% 07/12/2017 1,700,000 0.16 5,322,000 US$ Metinvest BV 8.75% 14/02/2018 5,175,645 0.48 2,100,000 US$ Metinvest BV 10.25% 20/05/2015 2,163,000 0.20 6,731,000 US$ MHP SA 10.25% 29/04/2015 7,084,378 0.66 5,235,000 US$ National JSC Naftogaz of Ukraine 9.5% 30/09/2014 5,372,419 0.50 4,390,000 US$ Oschadbank Via SSB #1 PLC 8.25% 10/03/2016 4,148,550 0.39 2,000,000 US$ Privatbank CJSC Via UK SPV Credit Finance PLC 9.375% 23/09/2015 1,866,300 0.17 1,920,000 US$ Ukraine Government International Bond 6.25% 17/06/2016 1,905,600 0.18 880,000 US$ Ukraine Government International Bond 6.58% 21/11/2016 878,944 0.08

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UKRAINE continued 1,970,000 US$ Ukraine Government International Bond 6.875% 23/09/2015 1,989,700 0.18 2,420,000 US$ Ukraine Government International Bond 7.75% 23/09/2020 2,486,550 0.23 3,000,000 US$ Ukraine Government International Bond 7.8% 28/11/2022 3,015,000 0.28 1,140,000 US$ Ukraine Government International Bond 7.95% 23/02/2021 1,179,900 0.11 11,510,000 US$ Ukraine Government International Bond 9.25% 24/07/2017 12,488,350 1.16 5,490,000 US$ Ukreximbank Via Biz Finance PLC 8.375% 27/04/2015 5,448,825 0.51

65,413,501 6.08

UNITED ARAB EMIRATES 3,000,000 US$ Atlantic Finance Ltd FRN 27/05/2014 3,270,000 0.30 5,040,000 US$ Dana Gas Sukuk Ltd FRN 31/10/2012 * 3,931,200 0.37 1,973,876 US$ Dolphin Energy 5.888% 15/06/2019 2,225,546 0.21 6,000,000 US$ DP World Ltd 6.85% 02/07/2037 7,027,500 0.65 1,820,000 US$ Dubai DOF Sukuk Ltd 6.396% 03/11/2014 1,958,320 0.18 3,950,000 US$ Dubai Electricity & Water Authority 7.375% 21/10/2020 4,858,500 0.45 6,050,000 US$ Dubai Electricity & Water Authority 8.5% 22/04/2015 6,836,500 0.63 6,000,000 EUR Dubai Holding Commercial Operations MTN Ltd 4.75% 30/01/2014 7,752,191 0.72 300,000 GBP Dubai Holding Commercial Operations MTN Ltd 6% 01/02/2017 472,289 0.04 1,300,000 US$ Emaar Sukuk Ltd 6.4% 18/07/2019 1,410,500 0.13 800,000 US$ Emaar Sukuk Ltd 8.5% 03/08/2016 908,000 0.08 830,000 US$ Emirate of Dubai Government International Bonds 6.7% 05/10/2015 918,810 0.09 3,500,000 US$ Emirate of Dubai Government International Bonds 7.75% 05/10/2020 4,418,750 0.41 2,550,000 US$ Emirates Airline 5.125% 08/06/2016 2,680,687 0.25 3,790,000 US$ Jafz Sukuk Ltd 7% 19/06/2019 4,386,925 0.41 600,000 US$ Pyrus Ltd 7.5% 20/12/2015 672,600 0.06

53,728,318 4.98

URUGUAy 5,259,585 US$ Uruguay Government International Bond 4.125% 20/11/2045 5,251,696 0.49 2,433,781 US$ Uruguay Government International Bond 7.625% 21/03/2036 3,757,758 0.35 5,538,470 US$ Uruguay Government International Bond 7.875% 15/01/2033 8,565,244 0.79 4,688,263 US$ Uruguay Government International Bond 8% 18/11/2022 6,807,358 0.63

24,382,056 2.26

VENEZUELA 2,640,000 US$ Petroleos de Venezuela SA 5.25% 12/04/2017 2,303,400 0.21 5,400,000 US$ Petroleos de Venezuela SA 5.375% 12/04/2027 3,780,000 0.35 1,720,000 US$ Petroleos de Venezuela SA 5.5% 12/04/2037 1,178,200 0.11 2,010,000 US$ Petroleos de Venezuela SA 12.75% 17/02/2022 2,259,240 0.21 2,090,000 US$ Venezuela Government International Bond 6% 09/12/2020 1,745,150 0.16 390,000 US$ Venezuela Government International Bond 7% 31/03/2038 312,000 0.03 1,050,000 US$ Venezuela Government International Bond 7.65% 21/04/2025 924,000 0.09 3,380,000 US$ Venezuela Government International Bond 7.75% 13/10/2019 3,185,650 0.30 2,440,000 US$ Venezuela Government International Bond 8.25% 13/10/2024 2,244,800 0.21 3,037,000 US$ Venezuela Government International Bond 8.5% 08/10/2014 3,106,851 0.29 2,930,000 US$ Venezuela Government International Bond 9% 07/05/2023 2,842,100 0.26 3,835,000 US$ Venezuela Government International Bond 9.25% 15/09/2027 3,835,000 0.36 3,450,000 US$ Venezuela Government International Bond 9.25% 07/05/2028 3,398,250 0.32 970,000 US$ Venezuela Government International Bond 10.75% 19/09/2013 996,675 0.09 5,750,000 US$ Venezuela Government International Bond 11.75% 21/10/2026 6,483,125 0.60 6,566,000 US$ Venezuela Government International Bond 11.95% 05/08/2031 7,468,825 0.69 3,239,000 US$ Venezuela Government International Bond 12.75% 23/08/2022 3,773,435 0.35

49,836,701 4.63

* Asset in default but not permanently impaired pending ongoing negotiation.


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VIETNAM 4,100,000 US$ Vietnam Government International Bond 6.75% 29/01/2020 4,674,000 0.43 1,610,000 US$ Vietnam Government International Bond 6.875% 15/01/2016 1,758,925 0.16 1,000,000 US$ Vietnam Joint Stock Commercial Bank for Industry and Trade 8% 17/05/2017 995,000 0.09

7,427,925 0.68

ZAMBIA 1,600,000 US$ Zambia Government International Bond 5.375% 20/09/2022 1,594,000 0.15

1,594,000 0.15

Total bonds 1,290,925,939 119.70

EQUITIES KAZAKHSTAN 144,200 US$ BTA Bank JSC GDR NPV 158,187 0.01

158,187 0.01

Total equities 158,187 0.01

Total transferable securities admitted to an official stock exchange listing/dealt on another regulated market 1,291,084,126 119.71

OTHER TRANSFERABLE SECURITIES AND MONEy MARKET INSTRUMENTS BONDS CHILE 1,780,000 US$ Banco del Estado de Chile 4.125% 07/10/2020 1,942,658 0.18

1,942,658 0.18

HONG KONG 6,140,000 US$ Sino-Forest Corp 6.25% 21/10/2017 (Defaulted) 859,600 0.08

859,600 0.08

IRAQ 2,700,000 US$ Republic of Iraq 5.8% 15/01/2028 2,551,500 0.24

2,551,500 0.24

KAZAKHSTAN 2,800,000 US$ Samruk-Energy JSC 3.75% 20/12/2017 2,819,964 0.26

2,819,964 0.26

RUSSIA 2,905,000 US$ Ritekro Limited FRN 01/11/2022 1,077,755 0.10

1,077,755 0.10

Total bonds 9,251,477 0.86

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OTHER TRANSFERABLE SECURITIES AND MONEy MARKET INSTRUMENTS continued LOAN PARTICIPATIONS GEORGIA 1,019,974 US$ Ashmore Cayman SPC 2 Limited –

TBC Bank Segregated Portfolio PPN/PIK 1,822,593 0.17

1,822,593 0.17

ISRAEL 13,925 US$ Swarth Capital Loan PIK LIBOR + 3% 28/09/2014 9,511 –

9,511 –

RUSSIA 10,000,000 US$ Marta 1Yr Loan 24% 31/12/2009 * – –

175,926 US$ Snegiri Convertible Loan Agreement 30/09/2014 – –

– –

SINGAPORE 1,324,581 US$ Rubicon Offshore International Holding 30% PIK Loan 21/10/2013 1,324,581 0.12

1,324,581 0.12

Total loan participations 3,156,685 0.29

Total other transferable securities and money market instruments 12,408,162 1.15

UNDERTAKINGS FOR COLLECTIVE INVESTMENT

LUxEMBOURG 6,000,000 US$ Ashmore SICAV 2 Global Liquidity US$ Fund 6,000,000 0.56

6,000,000 0.56

Total undertakings for collective investment 6,000,000 0.56

Total investment portfolio 1,309,492,288 121.42

Cash at bank 21,833,476 2.02

Other assets and liabilities (252,812,245) (23.44)

Total net assets 1,078,513,519 100.00



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Ashmore SICAV Emerging Markets Sovereign Debt FundAs at 31 December 2012



TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK ExCHANGE LISTING/DEALT ON ANOTHER REGULATED MARKET

BONDS

ARGENTINA 190,000 US$ Argentina Bonar Bonds 7% 12/09/2013 191,900 0.26 575,000 US$ Argentina Boden Bonds 7% 03/10/2015 523,250 0.70 199,000 US$ Argentina Republic Government International Bond 2.5% 31/12/2038 71,441 0.09 845,444 US$ Argentina Republic Government International Bond 8.28% Discount 31/12/2033 604,492 0.81 202,582 US$ Argentina Republic Government International Bond 8.28% 31/12/2033 138,769 0.19 209,000 US$ Argentina Republic Government International Bond 8.75% 02/06/2017 184,965 0.25

1 ,714,817 2.30

AZERBAIjAN 330,000 US$ State Oil Co of the Azerbaijan Republic 5.45% 09/02/2017 362,175 0.48

362,175 0.48

BELARUS 510,000 US$ Republic of Belarus 8.75% 03/08/2015 522,444 0.70 650,000 US$ Republic of Belarus 8.95% 26/01/2018 669,500 0.90

1,191,944 1.60

BOLIVIA 60,000 US$ Bolivian Government International Bond 4.875% 29/10/2022 58,500 0.08

58,500 0.08

BRAZIL 210,000 US$ Banco Nacional de Desenvolvimento Economico e Social 5.5% 12/07/2020 247,275 0.33 390,000 US$ Banco Nacional de Desenvolvimento Economico e Social 6.5% 10/06/2019 477,750 0.64 200,000 US$ Brazilian Government International Bond 2.625% 05/01/2023 200,800 0.27 690,000 US$ Brazilian Government International Bond 4.875% 22/01/2021 831,450 1.11 375,000 US$ Brazilian Government International Bond 5.625% 07/01/2041 491,250 0.66 290,000 US$ Brazilian Government International Bond 5.875% 15/01/2019 358,730 0.48 20,000 US$ Brazilian Government International Bond 6% 17/01/2017 23,600 0.03 492,000 US$ Brazilian Government International Bond 7.125% 20/01/2037 752,760 1.01 439,000 US$ Brazilian Government International Bond 8.25% 20/01/2034 738,617 0.99 178,000 US$ Brazilian Government International Bond 8.875% 15/04/2024 286,580 0.38 275,000 US$ Brazilian Government International Bond 10.125% 15/05/2027 503,250 0.67

4,912,062 6.57

CHILE 100,000 US$ Banco del Estado de Chile 3.875% 08/02/2022 106,133 0.14 120,000 US$ Chile Government International Bond 3.25% 14/09/2021 130,200 0.17 220,000 US$ Corp Nacional del Cobre de Chile 3.75% 04/11/2020 237,891 0.32 100,000 US$ Corp Nacional del Cobre de Chile 3.875% 03/11/2021 108,963 0.15 160,000 US$ Corp Nacional del Cobre de Chile 7.5% 15/01/2019 206,139 0.28 40,000 US$ Empresa Nacional del Petroleo 5.25% 10/08/2020 44,086 0.06

833,412 1.12

CHINA 870,000 US$ Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 935,729 1.25 340,000 US$ Sinochem Overseas Capital Co Ltd 6.3% 12/11/2040 407,551 0.55

1,343,280 1.80

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Ashmore SICAV Emerging Markets Sovereign Debt Fund continued




COLOMBIA 350,000 US$ Colombia Government International Bond 4.375% 12/07/2021 403,025 0.54 872,000 US$ Colombia Government International Bond 6.125% 18/01/2041 1,197,256 1.60 40,000 US$ Colombia Government International Bond 7.375% 27/01/2017 49,360 0.07 500,000 US$ Colombia Government International Bond 7.375% 18/03/2019 657,250 0.88 290,000 US$ Colombia Government International Bond 7.375% 18/09/2037 450,370 0.60 180,000 US$ Colombia Government International Bond 8.125% 21/05/2024 270,900 0.36 167,000 US$ Colombia Government International Bond 11.75% 25/02/2020 270,039 0.36

3,298,200 4.41

COSTA RICA 340,000 US$ Costa Rica Government International Bond 4.25% 26/01/2023 343,060 0.46

343,060 0.46

CROATIA 150,000 US$ Croatia Government International Bond 6.25% 27/04/2017 164,475 0.22 560,000 US$ Croatia Government International Bond 6.375% 24/03/2021 637,000 0.85 560,000 US$ Croatia Government International Bond 6.625% 14/07/2020 639,800 0.86 320,000 US$ Croatia Government International Bond 6.75% 05/11/2019 366,800 0.49

1,808,075 2.42

DOMINICAN REPUBLIC 400,000 US$ Dominican Republic International Bond 7.5% 06/05/2021 464,600 0.62

464,600 0.62

ECUADOR 100,000 US$ Ecuador Government International Bond 9.375% 15/12/2015 100,000 0.13

100,000 0.13

EGyPT 100,000 US$ Egypt Government International Bond 5.75% 29/04/2020 99,250 0.13 260,000 US$ Egypt Government International Bond 6.875% 30/04/2040 245,700 0.33

344,950 0.46

EL SALVADOR 110,000 US$ El Salvador Government International Bond 5.875% 30/01/2025 111,210 0.15 150,000 US$ El Salvador Government International Bond 7.375% 01/12/2019 172,275 0.23 250,000 US$ El Salvador Government International Bond 7.625% 01/02/2041 285,625 0.38 180,000 US$ El Salvador Government International Bond 7.65% 15/06/2035 205,650 0.28 118,000 US$ El Salvador Government International Bond 8.25% 10/04/2032 142,485 0.19

917,245 1.23

GEORGIA 260,000 US$ Georgia Government International Bond 6.875% 12/04/2021 300,300 0.40 200,000 US$ Georgian Railway JSC 7.75% 11/07/2022 227,500 0.30

527,800 0.70

GHANA 230,000 US$ Republic of Ghana 8.5% 04/10/2017 265,650 0.36

265,650 0.36

HUNGARy 347,000 US$ Hungary Government International Bond 6.25% 29/01/2020 383,001 0.51 426,000 US$ Hungary Government International Bond 6.375% 29/03/2021 470,304 0.63 508,000 US$ Hungary Government International Bond 7.625% 29/03/2041 586,740 0.79

1,440,045 1.93


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INDONESIA 100,000 US$ Indonesia Government International Bond 4.875% 05/05/2021 115,000 0.15 300,000 US$ Indonesia Government International Bond 5.875% 13/03/2020 360,750 0.48 200,000 US$ Indonesia Government International Bond 6.625% 17/02/2037 267,500 0.36 335,000 US$ Indonesia Government International Bond 6.875% 17/01/2018 409,119 0.55 300,000 US$ Indonesia Government International Bond 7.5% 15/01/2016 350,625 0.47 231,000 US$ Indonesia Government International Bond 7.75% 17/01/2038 348,232 0.47 210,000 US$ Indonesia Government International Bond 8.5% 12/10/2035 336,000 0.45 26,000 US$ Indonesia Government International Bond 10.375% 04/05/2014 28,990 0.04 190,000 US$ Indonesia Government International Bond 11.625% 04/03/2019 287,375 0.39 290,000 US$ Majapahit Holding BV 7.75% 17/10/2016 342,925 0.46 150,000 US$ Majapahit Holding BV 7.75% 20/01/2020 188,625 0.25 230,000 US$ Majapahit Holding BV 8% 07/08/2019 290,950 0.39 350,000 US$ Pertamina Persero PT 6% 03/05/2042 395,062 0.53 35,000 US$ Perusahaan Listrik Negara PT 5.25% 24/10/2042 36,050 0.05 350,000 US$ Perusahaan Listrik Negara PT 5.5% 22/11/2021 395,500 0.53

4,152,703 5.57

IVORy COAST 1,410,000 US$ Ivory Coast Government International Bond Step Coupon 31/12/2032 1,314,825 1.76

1,314,825 1.76

jORDAN 490,000 US$ Jordan Government International Bond 3.875% 12/11/2015 475,055 0.64

475,055 0.64

KAZAKHSTAN 200,000 US$ Development Bank of Kazakhstan JSC 4.125% 10/12/2022 201,500 0.27 400,000 US$ Kazakhstan Temir Zholy Finance BV 6.375% 06/10/2020 484,000 0.65 176,000 US$ Kazakhstan Temir Zholy Finance BV 6.95% 10/07/2042 221,320 0.30 270,000 US$ Kazatomprom Natsionalnaya Atomnaya Kompaniya AO 6.25% 20/05/2015 292,342 0.39 190,000 US$ KazMunaiGaz Finance Sub BV 6.375% 09/04/2021 232,513 0.31 220,000 US$ KazMunaiGaz Finance Sub BV 7% 05/05/2020 273,900 0.37 310,000 US$ KazMunaiGaz Finance Sub BV 9.125% 02/07/2018 409,975 0.55 236,000 US$ KazMunaiGaz Finance Sub BV 11.75% 23/01/2015 281,725 0.38

2,397,275 3.22

LATVIA 400,000 US$ Republic of Latvia 2.75% 12/01/2020 395,600 0.53

395,600 0.53

LEBANON 186,000 US$ Lebanon Government International Bond 5.15% 12/11/2018 186,000 0.25 541,000 US$ Lebanon Government International Bond 6.1% 04/10/2022 546,410 0.73 412,000 US$ Lebanon Government International Bond 6.375% 09/03/2020 430,540 0.58 192,000 US$ Lebanon Government International Bond 6.6% 27/11/2026 193,920 0.26 97,000 US$ Lebanon Government International Bond 8.25% 12/04/2021 111,792 0.15

1,468,662 1.97

LITHUANIA 230,000 US$ Lithuania Government International Bond 5.125% 14/09/2017 259,325 0.35 260,000 US$ Lithuania Government International Bond 6.125% 09/03/2021 320,138 0.43 700,000 US$ Lithuania Government International Bond 6.625% 01/02/2022 895,160 1.20 450,000 US$ Lithuania Government International Bond 7.375% 11/02/2020 586,125 0.79

2,060,748 2.77

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MALAySIA 210,000 US$ Petronas Capital Ltd 5.25% 12/08/2019 249,245 0.33 220,000 US$ Petronas Capital Ltd 7.875% 22/05/2022 313,920 0.42 290,000 US$ Wakala Global Sukuk Bhd 4.646% 06/07/2021 334,202 0.45

897,367 1.20

MExICO 350,000 US$ Comision Federal de Electricidad 4.875% 26/05/2021 396,375 0.53 125,000 US$ Comision Federal de Electricidad 5.75% 14/02/2042 141,562 0.19 170,000 US$ Mexico Government International Bond 3.625% 15/03/2022 185,938 0.25 168,000 US$ Mexico Government International Bond 4.75% 08/03/2044 189,840 0.25 428,000 US$ Mexico Government International Bond 5.125% 15/01/2020 511,460 0.69 116,000 US$ Mexico Government International Bond 5.625% 15/01/2017 134,560 0.18 296,000 US$ Mexico Government International Bond 5.75% 12/10/2110 355,940 0.48 170,000 US$ Mexico Government International Bond 5.95% 19/03/2019 209,100 0.28 594,000 US$ Mexico Government International Bond 6.05% 11/01/2040 796,554 1.07 395,000 US$ Mexico Government International Bond 6.75% 27/09/2034 568,800 0.76 138,000 US$ Pemex Project Funding Master Trust 5.75% 01/03/2018 161,115 0.22 71,000 US$ Petroleos Mexicanos 5.5% 27/06/2044 78,100 0.10 120,000 US$ Petroleos Mexicanos 6% 05/03/2020 143,400 0.19 301,000 US$ Petroleos Mexicanos 6.5% 02/06/2041 377,755 0.51 187,000 US$ Petroleos Mexicanos 8% 03/05/2019 244,503 0.33

4,495,002 6.03

MONGOLIA 85,000 US$ Mongolia Government International Bond 5.125% 05/12/2022 83,300 0.11

83,300 0.11

MOROCCO 300,000 US$ Morocco Government International Bond 4.25% 11/12/2022 302,250 0.41 300,000 US$ Morocco Government International Bond 5.5% 11/12/2042 306,750 0.41

609,000 0.82

NIGERIA 100,000 US$ Nigeria Government International Bond 6.75% 28/01/2021 118,250 0.16

118,250 0.16

PAKISTAN 116,000 US$ Pakistan Government International Bond 6.875% 01/06/2017 105,560 0.14 210,000 US$ Pakistan Government International Bond 7.125% 31/03/2016 196,350 0.26

301,910 0.40

PANAMA 230,000 US$ Panama Government International Bond 6.7% 26/01/2036 326,600 0.44 240,000 US$ Panama Government International Bond 7.125% 29/01/2026 340,200 0.45 130,000 US$ Panama Government International Bond 8.875% 30/09/2027 211,250 0.28 170,000 US$ Panama Government International Bond 9.375% 01/04/2029 290,700 0.39

1,168,750 1.56

PERU 76,000 US$ Peruvian Government International Bond 7.125% 30/03/2019 99,484 0.13 410,000 US$ Peruvian Government International Bond 7.35% 21/07/2025 594,090 0.80 180,000 US$ Peruvian Government International Bond 8.375% 03/05/2016 221,490 0.30 333,000 US$ Peruvian Government International Bond 8.75% 21/11/2033 578,587 0.78

1,493,651 2.01


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BONDS continued

PHILIPPINES 390,000 US$ Philippine Government International Bond 4% 15/01/2021 437,775 0.59 100,000 US$ Philippine Government International Bond 5% 13/01/2037 121,625 0.16 590,000 US$ Philippine Government International Bond 5.5% 30/03/2026 746,350 1.00 350,000 US$ Philippine Government International Bond 6.375% 23/10/2034 491,750 0.66 218,000 US$ Philippine Government International Bond 7.75% 14/01/2031 334,630 0.45 200,000 US$ Philippine Government International Bond 8.375% 17/06/2019 275,750 0.37 270,000 US$ Philippine Government International Bond 9.5% 02/02/2030 468,450 0.63 224,000 US$ Philippine Government International Bond 10.625% 16/03/2025 388,640 0.52 100,000 US$ Power Sector Assets & Liabilities Management Corp 7.25% 27/05/2019 128,375 0.17 390,000 US$ Power Sector Assets & Liabilities Management Corp 7.39% 02/12/2024 543,075 0.73

3,936,420 5.28

POLAND 410,000 US$ Poland Government International Bond 3% 17/03/2023 408,975 0.55 715,000 US$ Poland Government International Bond 5% 23/03/2022 844,415 1.13 482,000 US$ Poland Government International Bond 6.375% 15/07/2019 600,919 0.81

1,854,309 2.49

QATAR 480,000 US$ Qatar Government International Bond 5.75% 20/01/2042 624,000 0.84 260,000 US$ Qatar Government International Bond 6.4% 20/01/2040 363,532 0.49

987,532 1.33

ROMANIA 510,000 US$ Romanian Government International Bond 6.75% 07/02/2022 619,650 0.83

619,650 0.83

RUSSIA 120,000 US$ Russian Agricultural Bank OJSC Via RSHB Capital SA 7.75% 29/05/2018 142,950 0.19 200,000 US$ Russian Foreign Bond – Eurobond 5% 29/04/2020 236,000 0.32 600,000 US$ Russian Foreign Bond – Eurobond 5.625% 04/04/2042 745,500 1.00 220,000 US$ Russian Foreign Bond – Eurobond 12.75% 24/06/2028 445,500 0.60 1,290,706 US$ Russian Foreign Bond – Eurobond Step Cpn 31/03/2030 1,657,783 2.22 220,000 US$ Vnesheconombank Via VEB Finance PLC 5.45% 22/11/2017 244,750 0.33 220,000 US$ Vnesheconombank Via VEB Finance PLC 6.8% 22/11/2025 269,500 0.36 910,000 US$ Vnesheconombank Via VEB Finance PLC 6.902% 09/07/2020 1,109,108 1.49

4,851,091 6.51

SENEGAL 170,000 US$ Senegal Goverment International Bond 8.75% 13/05/2021 201,450 0.27

201,450 0.27

SERBIA 150,000 US$ Republic of Serbia 7.25% 28/09/2021 172,500 0.23

172,500 0.23

SLOVENIA 70,000 US$ Slovenia Government International Bond 5.5% 26/10/2022 73,500 0.10

73,500 0.10

SOUTH AFRICA 428,000 US$ South Africa Government International Bond 5.5% 09/03/2020 507,180 0.68 240,000 US$ South Africa Government International Bond 5.875% 30/05/2022 297,266 0.40 250,000 US$ South Africa Government International Bond 6.25% 08/03/2041 331,250 0.44 180,000 US$ South Africa Government International Bond 6.875% 27/05/2019 225,720 0.30

1,361,416 1.82

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SRI LANKA 150,000 US$ Bank of Ceylon 6.875% 03/05/2017 161,250 0.22 200,000 US$ Sri Lanka Government International Bond 5.875% 25/07/2022 213,000 0.28 210,000 US$ Sri Lanka Government International Bond 6.25% 04/10/2020 228,375 0.31 210,000 US$ Sri Lanka Government International Bond 6.25% 27/07/2021 228,801 0.31

831,426 1.12

TURKEy 230,000 US$ Turkey Government International Bond 5.625% 30/03/2021 273,125 0.37 200,000 US$ Turkey Government International Bond 6% 14/01/2041 249,500 0.33 740,000 US$ Turkey Government International Bond 6.75% 03/04/2018 894,475 1.20 370,000 US$ Turkey Government International Bond 6.75% 30/05/2040 501,350 0.67 250,000 US$ Turkey Government International Bond 6.875% 17/03/2036 337,500 0.45 330,000 US$ Turkey Government International Bond 7% 26/09/2016 386,513 0.52 270,000 US$ Turkey Government International Bond 7% 11/03/2019 335,745 0.45 160,000 US$ Turkey Government International Bond 7.25% 15/03/2015 177,872 0.24 142,000 US$ Turkey Government International Bond 7.25% 05/03/2038 200,859 0.27 390,000 US$ Turkey Government International Bond 7.375% 05/02/2025 528,450 0.71 110,000 US$ Turkey Government International Bond 7.5% 14/07/2017 133,892 0.18 110,000 US$ Turkey Government International Bond 7.5% 07/11/2019 142,285 0.19 200,000 US$ Turkey Government International Bond 8% 14/02/2034 300,000 0.40 148,000 US$ Turkey Government International Bond 11.875% 15/01/2030 290,635 0.39

4,752,201 6.37

UKRAINE 50,000 US$ Financing of Infrastrucural Projects State Enterprise 9% 07/12/2017 50,000 0.07 220,000 US$ National JSC Naftogaz of Ukraine 9.5% 30/09/2014 225,775 0.30 200,000 US$ Oschadbank Via SSB #1 PLC 8.25% 10/03/2016 189,000 0.25 100,000 US$ Ukraine Government International Bond 6.25% 17/06/2016 99,250 0.13 360,000 US$ Ukraine Government International Bond 6.58% 21/11/2016 359,568 0.48 290,000 US$ Ukraine Government International Bond 6.875% 23/09/2015 292,900 0.39 330,000 US$ Ukraine Government International Bond 7.75% 23/09/2020 339,075 0.45 100,000 US$ Ukraine Government International Bond 7.8% 28/11/2022 100,500 0.13 200,000 US$ Ukraine Government International Bond 7.95% 23/02/2021 207,000 0.28 880,000 US$ Ukraine Government International Bond 9.25% 24/07/2017 954,800 1.28 380,000 US$ Ukreximbank Via Biz Finance PLC 8.375% 27/04/2015 377,150 0.50

3,195,018 4.26

UNITED ARAB EMIRATES 360,000 US$ Dubai DOF Sukuk Ltd 6.396% 03/11/2014 387,360 0.52 250,000 US$ Emirate of Dubai Government International Bonds 6.7% 05/10/2015 276,750 0.37 983,000 US$ Emirate of Dubai Government International Bonds 7.75% 05/10/2020 1,241,038 1.66

1,905,148 2.55

URUGUAy 167,079 US$ Uruguay Government International Bond 4.125% 20/11/2045 166,828 0.22 349,000 US$ Uruguay Government International Bond 7.625% 21/03/2036 538,856 0.72 414,000 US$ Uruguay Government International Bond 7.875% 15/01/2033 640,251 0.86 312,602 US$ Uruguay Government International Bond 8% 18/11/2022 453,898 0.61

1,799,833 2.41


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VENEZUELA 210,000 US$ Petroleos de Venezuela SA 5.25% 12/04/2017 183,225 0.25 560,000 US$ Petroleos de Venezuela SA 5.375% 12/04/2027 392,000 0.53 30,000 US$ Petroleos de Venezuela SA 5.5% 12/04/2037 20,550 0.03 144,000 US$ Petroleos de Venezuela SA 12.75% 17/02/2022 161,856 0.22 141,000 US$ Venezuela Government International Bond 6% 09/12/2020 117,735 0.16 147,000 US$ Venezuela Government International Bond 7.65% 21/04/2025 129,360 0.17 225,000 US$ Venezuela Government International Bond 7.75% 13/10/2019 212,063 0.28 186,000 US$ Venezuela Government International Bond 8.25% 13/10/2024 171,120 0.23 90,000 US$ Venezuela Government International Bond 8.5% 08/10/2014 92,070 0.12 232,000 US$ Venezuela Government International Bond 9% 07/05/2023 225,040 0.30 270,000 US$ Venezuela Government International Bond 9.25% 15/09/2027 270,000 0.36 310,000 US$ Venezuela Government International Bond 9.25% 07/05/2028 305,350 0.41 30,000 US$ Venezuela Government International Bond 10.75% 19/09/2013 30,825 0.04 474,000 US$ Venezuela Government International Bond 11.75% 21/10/2026 534,435 0.72 480,000 US$ Venezuela Government International Bond 11.95% 05/08/2031 546,000 0.73 360,000 US$ Venezuela Government International Bond 12.75% 23/08/2022 419,400 0.56

3,811,029 5.11

VIETNAM 230,000 US$ Vietnam Government International Bond 6.75% 29/01/2020 262,200 0.35 150,000 US$ Vietnam Government International Bond 6.875% 15/01/2016 163,875 0.22

426,075 0.57

ZAMBIA 50,000 US$ Zambia Government International Bond 5.375% 20/09/2022 49,813 0.07

49,813 0.07

Total bonds 72,186,324 96.74

Total transferable securities admitted to an official stock exchange listing/dealt on another regulated market 72,186,324 96.74

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OTHER TRANSFERABLE SECURITIES AND MONEy MARKET INSTRUMENTS BONDS

CHILE 180,000 US$ Banco del Estado de Chile 4.125% 07/10/2020 196,449 0.26

196,449 0.26

IRAQ 832,000 US$ Republic of Iraq 5.8% Bond 15/01/2028 786,240 1.05

786,240 1.05

Total bonds 982,689 1.31

LOAN PARTICIPATIONS UNITED ARAB EMIRATES 292,199 US$ Dubai World Tlb 1% + 1.5% PIK 23/03/2019 157,788 0.21

157,788 0.21

Total loan participations 157,788 0.21


Total investment portfolio 73,326,801 98.26

Cash at bank 211,844 0.28

Other assets and liabilities 1,087,672 1.46

Total net assets 74,626,317 100.00


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Ashmore SICAV Emerging Markets Sovereign Investment Grade Debt FundAs at 31 December 2012




BONDS

BRAZIL 150,000 US$ Banco Nacional de Desenvolvimento Economico e Social 5.5% 12/07/2020 176,625 1.23 100,000 US$ Banco Nacional de Desenvolvimento Economico e Social 6.5% 10/06/2019 122,500 0.85 90,000 US$ Brazilian Government International Bond 5.875% 15/01/2019 111,330 0.78 50,000 US$ Brazilian Government International Bond 7.125% 20/01/2037 76,500 0.53 110,000 US$ Brazilian Government International Bond 8.25% 20/01/2034 185,075 1.29 70,000 US$ Brazilian Government International Bond 8.875% 15/04/2024 112,700 0.79 110,000 US$ Brazilian Government International Bond 10.125% 15/05/2027 201,300 1.40

986,030 6.87

CHILE 40,000 US$ Banco del Estado de Chile 3.875% 08/02/2022 42,453 0.30 60,000 US$ Chile Government International Bond 3.25% 14/09/2021 65,100 0.45 100,000 US$ Corp Nacional del Cobre de Chile 7.5% 15/01/2019 128,837 0.90

236,390 1.65

CHINA 105,000 US$ Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 112,933 0.79 237,000 US$ Sinochem Overseas Capital Co Ltd 6.3% 12/11/2040 284,087 1.98 35,000 US$ Sinopec Group Overseas Development 2012 Ltd 4.875% 17/05/2042 40,103 0.28

437,123 3.05

COLOMBIA 100,000 US$ Colombia Government International Bond 4.375% 12/07/2021 115,150 0.80 113,000 US$ Colombia Government International Bond 6.125% 18/01/2041 155,149 1.08 25,000 US$ Colombia Government International Bond 7.375% 27/01/2017 30,850 0.22 100,000 US$ Colombia Government International Bond 7.375% 18/09/2037 155,300 1.08 129,000 US$ Colombia Government International Bond 8.125% 21/05/2024 194,145 1.35 50,000 US$ Colombia Government International Bond 11.75% 25/02/2020 80,850 0.56

731,444 5.09


332,970 2.32

CROATIA 250,000 US$ Croatia Government International Bond 6.25% 27/04/2017 274,125 1.91 210,000 US$ Croatia Government International Bond 6.375% 24/03/2021 238,875 1.67 405,000 US$ Croatia Government International Bond 6.625% 14/07/2020 462,712 3.23

975,712 6.81

INDONESIA 93,000 US$ Indonesia Government International Bond 4.875% 05/05/2021 106,950 0.75 109,000 US$ Indonesia Government International Bond 7.75% 17/01/2038 164,317 1.15 95,000 US$ Indonesia Government International Bond 8.5% 12/10/2035 152,000 1.06 55,000 US$ Indonesia Government International Bond 11.625% 04/03/2019 83,188 0.58 170,000 US$ Majapahit Holding BV 7.75% 20/01/2020 213,775 1.49 330,000 US$ Pertamina Persero PT 6% 03/05/2042 372,488 2.60 130,000 US$ Perusahaan Listrik Negara PT 5.25% 24/10/2042 133,900 0.94 60,000 US$ Perusahaan Listrik Negara PT 5.5% 22/11/2021 67,800 0.47

1,294,418 9.04

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BONDS continued

KAZAKHSTAN 150,000 US$ Kazakhstan Temir Zholy Finance BV 6.375% 06/10/2020 181,500 1.27 220,000 US$ Kazakhstan Temir Zholy Finance BV 6.95% 10/07/2042 276,650 1.93 235,000 US$ KazMunaiGaz Finance Sub BV 7% 05/05/2020 292,575 2.04 200,000 US$ KazMunaiGaz Finance Sub BV 9.125% 02/07/2018 264,500 1.85

1,015,225 7.09

LATVIA 55,000 US$ Republic of Latvia 2.75% 12/01/2020 54,395 0.38 160,000 US$ Republic of Latvia 5.25% 16/06/2021 185,600 1.30

239,995 1.68

LITHUANIA 100,000 US$ Lithuania Government International Bond 5.125% 14/09/2017 112,750 0.79 180,000 US$ Lithuania Government International Bond 6.125% 09/03/2021 221,634 1.55 440,000 US$ Lithuania Government International Bond 7.375% 11/02/2020 573,100 4.00

907,484 6.34

MALAySIA 110,000 US$ Petronas Capital Ltd 7.875% 22/05/2022 156,960 1.10 6,000 US$ Wakala Global Sukuk Bhd 4.646% 06/07/2021 6,915 0.05

163,875 1.15

MExICO 50,000 US$ Comision Federal de Electricidad 5.75% 14/02/2042 56,625 0.40 34,000 US$ Mexico Government International Bond 3.625% 15/03/2022 37,187 0.26 80,000 US$ Mexico Government International Bond 4.75% 08/03/2044 90,400 0.63 204,000 US$ Mexico Government International Bond 5.125% 15/01/2020 243,780 1.70 36,000 US$ Mexico Government International Bond 5.625% 15/01/2017 41,760 0.29 104,000 US$ Mexico Government International Bond 5.75% 12/10/2110 125,060 0.87 10,000 US$ Mexico Government International Bond 5.95% 19/03/2019 12,300 0.09 114,000 US$ Mexico Government International Bond 6.05% 11/01/2040 152,874 1.07 61,000 US$ Mexico Government International Bond 8.125% 30/12/2019 87,840 0.61 16,000 US$ Pemex Project Funding Master Trust 5.75% 01/03/2018 18,680 0.13 40,000 US$ Petroleos Mexicanos 5.5% 27/06/2044 44,000 0.31 30,000 US$ Petroleos Mexicanos 6.5% 02/06/2041 37,650 0.26 240,000 US$ Petroleos Mexicanos 8% 03/05/2019 313,800 2.19

1,261,956 8.81


781,025 5.45

NAMIBIA 30,000 US$ Namibia International Bonds 5.5% 03/11/2021 33,600 0.23

33,600 0.23


539,517 3.77


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BONDS continued

PERU 50,000 US$ Peruvian Government International Bond 7.35% 21/07/2025 72,450 0.51 60,000 US$ Peruvian Government International Bond 8.375% 03/05/2016 73,830 0.52 178,000 US$ Peruvian Government International Bond 8.75% 21/11/2033 309,275 2.16

455,555 3.19

POLAND 70,000 US$ Poland Government International Bond 3% 17/03/2023 69,825 0.49 430,000 US$ Poland Government International Bond 5% 23/03/2022 507,830 3.54 254,000 US$ Poland Government International Bond 6.375% 15/07/2019 316,667 2.21

894,322 6.24


253,874 1.77

ROMANIA 274,000 US$ Romanian Government International Bond 6.75% 07/02/2022 332,910 2.32

332,910 2.32

RUSSIA 100,000 US$ Russian Foreign Bond – Eurobond 5% 29/04/2020 118,000 0.82 200,000 US$ Russian Foreign Bond – Eurobond 5.625% 04/04/2042 248,500 1.73 60,000 US$ Russian Foreign Bond – Eurobond 12.75% 24/06/2028 121,500 0.85 147,250 US$ Russian Foreign Bond – Eurobond Step Cpn 31/03/2030 189,128 1.32 100,000 US$ Vnesheconombank Via VEB Finance PLC 6.8% 22/11/2025 122,500 0.85 450,000 US$ Vnesheconombank Via VEB Finance PLC 6.902% 09/07/2020 548,460 3.83

1,348,088 9.40


31,500 0.22

SOUTH AFRICA 90,000 US$ South Africa Government International Bond 5.875% 30/05/2022 111,475 0.78 160,000 US$ South Africa Government International Bond 6.875% 27/05/2019 200,640 1.40

312,115 2.18

URUGUAy 127,000 US$ Uruguay Government International Bond 4.125% 20/11/2045 126,810 0.88 192,000 US$ Uruguay Government International Bond 7.625% 21/03/2036 296,448 2.07

423,258 2.95

Total bonds 13,988,386 97.62


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OTHER TRANSFERABLE SECURITIES AND MONEy MARKET INSTRUMENTS

BONDS CHILE 30,000 US$ Banco del Estado de Chile 4.125% 07/10/2020 32,741 0.23

32,741 0.23


Total other transferable securities and money market instruments 32,741 0.23


Cash at bank 52,762 0.37 Other assets and liabilities 255,069 1.78



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Ashmore SICAV Local Currency FundAs at 31 December 2012




BONDS

BRAZIL 1,594,000 BRL Brazil Letras do Tesouro Nacional 0% 01/01/2015 6,699,486 0.51 490,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/05/2015 5,857,183 0.45 2,821,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2016 35,071,072 2.67 5,225,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2020 68,873,138 5.25 708,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2050 10,875,364 0.83 9,630,000 BRL RBS-Zero Hora Editora Jornalistica SA 11.25% 15/06/2017 4,785,630 0.36

132,161,873 10.07

CHINA 21,000,000 CNH Evergrande Real Estate Group Ltd 7.5% 19/01/2014 3,379,132 0.26 32,500,000 CNH Evergrande Real Estate Group Ltd 9.25% 19/01/2016 5,213,177 0.40

8,592,309 0.66

COLOMBIA 19,667,000,000 COP Colombia Government International Bond 12% 22/10/2015 13,522,036 1.03 7,773,000,000 COP Colombian TES 7.5% 26/08/2026 5,066,747 0.39 2,995,000,000 COP Emgesa SA ESP 8.75% 25/01/2021 1,985,819 0.15

20,574,602 1.57

GHANA 2,860,000 GHS Ghana Government Bond 21% 26/10/2015 1,512,354 0.11 520,000 GHS Ghana Government Bond 24% 25/05/2015 290,210 0.02

1,802,564 0.13

MExICO 58,970,000 MXN Mexican Bonos 7.75% 29/05/2031 5,312,345 0.41 655,000,000 MXN Mexican Bonos 8% 19/12/2013 52,060,697 3.97 66,700,000 MXN Mexican Bonos 8.5% 18/11/2038 6,490,748 0.49 992,000,000 MXN Mexican Bonos 9% 20/06/2013 77,958,626 5.94

141,822,416 10.81

PHILIPPINES 105,000,000 PHP Petron Corp 7% 10/11/2017 2,671,277 0.20

2,671,277 0.20

POLAND 58,220,000 PLN Poland Government Bond 3% 24/08/2016 25,778,521 1.97

25,778,521 1.97

ROMANIA 13,380,000 RON Romania Government Bond 5.85% 28/07/2014 3,945,471 0.30 6,690,000 RON Romania Government Bond 5.9% 26/07/2017 1,956,347 0.15

5,901,818 0.45

RUSSIA 10,700,000 RUB Russian Federal Bond – OFZ 6.9% 03/08/2016 355,873 0.03 316,060,000 RUB Russian Federal Bond – OFZ 7.4% 19/04/2017 10,729,155 0.82 304,396,000 RUB Russian Federal Bond – OFZ 7.4% 14/06/2017 10,340,426 0.79 380,570,000 RUB Russian Federal Bond – OFZ 7.5% 27/02/2019 13,118,378 1.00 54,380,000 RUB Russian Federal Bond – OFZ 7.6% 14/04/2021 1,881,434 0.14 63,680,000 RUB Russian Federal Bond – OFZ 7.6% 20/07/2022 2,202,367 0.17 142,412,000 RUB Russian Federal Bond – OFZ 8.15% 03/02/2027 5,153,741 0.39

43,781,374 3.34

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SOUTH AFRICA 21,500,000 ZAR South Africa Government Bond 7% 28/02/2031 2,347,626 0.18

2,347,626 0.18

THAILAND 48,000,000 THB Thailand Government Bond 1.2% 14/07/2021 1,659,683 0.13

1,659,683 0.13

TURKEy 1,000,000 TRY Ronesans Gayrimenkul Yatirim AS FRN 25/07/2013 564,297 0.04 31,200,000 TRY Turkey Government Bond 0% 17/07/2013 16,908,348 1.29 37,200,000 TRY Turkey Government Bond 0% 11/09/2013 19,971,942 1.52 14,628,000 TRY Turkiye Garanti Bankasi AS 0% 15/11/2013 7,723,407 0.59

45,167,994 3.44

UKRAINE 18,200,000 UAH Ukreximbank Via Biz Finance PLC 11% 03/02/2014 1,883,756 0.14

1,883,756 0.14

URUGUAy 10,600,000 UYU Uruguay Government International Bond 3.25% Index Linked 27/01/2019 1,469,657 0.11 44,180,000 UYU Uruguay Government International Bond 3.7% 26/06/2037 3,927,275 0.30 55,660,000 UYU Uruguay Government International Bond 4.25% 05/04/2027 5,286,249 0.40 103,900,000 UYU Uruguay Government International Bond 4.375% 15/12/2028 7,057,531 0.54 87,350,000 UYU Uruguay Government International Bond 5% 14/09/2018 8,353,759 0.64 12,700,000 UYU Uruguay Government International Bond 9.0% 27/01/2014 656,851 0.05

26,751,322 2.04

Total bonds 460,897,135 35.13

CERTIFICATES OF DEPOSIT FRANCE 25,000,000 US$ BNP Paribas 0% 31/01/2013 24,965,326 1.90

24,965,326 1.90

GERMANy 30,000,000 US$ Deutsche Bank AG 0% 02/01/2013 29,980,846 2.29 50,000,000 US$ Landesbank Hessen 0% 15/02/2013 49,961,696 3.81

79,942,542 6.10

UNITED KINGDOM 30,000,000 US$ Barclays Bank PLC 0% 28/02/2013 30,000,000 2.29 50,000,000 US$ Nationwide Building Society 0% 19/02/2013 49,951,824 3.81

79,951,824 6.10

Total certificates of deposit 184,859,692 14.10



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BRAZIL 5,840,000 BRL Cia Energetica de Sao Paulo 9.75% 15/01/2015 4,302,328 0.33

4,302,328 0.33

CHINA 54,000,000 CNH Sinochem Offshore Capital Co Ltd 1.8% 18/01/2014 8,498,913 0.65

8,498,913 0.65

MALAySIA 37,100,000 MYR Malaysia Government Bond 3.314% 31/10/2017 12,164,238 0.93 1,000,000 MYR Malaysia Government Bond 3.58% 28/09/2018 331,276 0.03 25,400,000 MYR Malaysia Government Bond 4.012% 15/09/2017 8,583,423 0.65

21,078,937 1.61

NIGERIA 670,000,000 NGN Nigeria T-Bill 0% 28/03/2013 4,162,496 0.32 39,000,000 NGN Nigeria T-Bill 0% 04/04/2013 241,600 0.02 307,100,000 NGN Nigeria T-Bill 0% 11/04/2013 1,897,471 0.14 217,300,000 NGN Nigeria T-Bill 0% 25/04/2013 1,336,392 0.10 313,100,000 NGN Nigeria T-Bill 0% 08/08/2013 1,870,078 0.14 404,400,000 NGN Nigeria T-Bill 0% 10/10/2013 2,373,179 0.18

11,881,216 0.90

TURKEy 2,800,000 TRY Ronesans Holding 0% 18/12/2015 1,584,579 0.12

1,584,579 0.12

Total bonds 47,345,973 3.61


FULLy-FUNDED TOTAL RETURN SwAPS INDIA 80,610,000 INR India Government Bond 7.49% 16/04/2017 1,441,162 0.11 558,000,000 INR India Government Bond 7.8% 11/04/2021 9,937,818 0.76 363,720,000 INR India Government Bond 7.83% 11/04/2018 6,561,172 0.50 291,000,000 INR Rural Electrification Corp Ltd 9.35% 19/10/2016 5,319,686 0.41

23,259,838 1.78

RUSSIA 538,180,000 RUB Russian Federal Bond – OFZ 7.5% 15/03/2018 18,442,143 1.41

18,442,143 1.41

SOUTH KOREA 1,943,700,000 KRW Inflation Linked Korea Treasury Bond 2.75% 10/06/2020 2,264,392 0.17 21,347,800,000 KRW Korea Treasury Bond 5% 10/06/2020 22,441,437 1.71

24,705,829 1.88

Total fully-funded total return swaps 66,407,810 5.07

Ashmore SICAV

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UNDERTAKINGS FOR COLLECTIVE INVESTMENTS LUxEMBOURG 117,711,342 US$ Ashmore SICAV 2 Global Liquidity US$ Fund 117,711,342 8.98

117,711,342 8.98

Total undertakings for collective investments 117,711,342 8.98


Cash at bank, including time deposits (note 11) 361,833,053 27.59 Other assets and liabilities 72,387,754 5.52

Total net assets 1,311,442,759 100.00


Ashmore SICAV

64 65


Ashmore SICAV Emerging Markets Local Currency Bond FundAs at 31 December 2012




BONDS

BRAZIL 965,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2016 11,997,017 0.44 5,722,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2020 75,424,324 2.76 1,378,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2050 21,167,023 0.77 88,560,000 BRL Brazilian Government International Bond 8.5% 05/01/2024 52,660,220 1.92

161,248,584 5.89

CHILE 4,164,500,000 CLP Chile Government International Bond 5.5% 05/08/2020 9,676,287 0.35

9,676,287 0.35

COLOMBIA 22,298,000,000 COP Colombia Government International Bond 4.375% 21/03/2023 12,569,914 0.46 49,824,000,000 COP Colombia Government International Bond 7.75% 14/04/2021 35,288,475 1.29 24,801,000,000 COP Colombia Government International Bond 9.85% 28/06/2027 21,512,446 0.79 23,536,000,000 COP Colombia Government International Bond 12% 22/10/2015 16,182,166 0.59 27,505,000,000 COP Colombian TES 7.5% 26/08/2026 17,928,839 0.65 24,786,000,000 COP Colombian TES 10% 24/07/2024 19,055,903 0.70

122,537,743 4.48

GHANA 14,600,000 GHS Ghana Government Bond 21% 26/10/2015 7,720,406 0.28 1,370,000 GHS Ghana Government Bond 24% 25/05/2015 764,592 0.03

8,484,998 0.31

HUNGARy 9,204,300,000 HUF Hungary Government Bond 6.75% 24/11/2017 43,165,174 1.58 5,317,100,000 HUF Hungary Government Bond 7% 24/06/2022 25,601,536 0.94 15,455,000,000 HUF Hungary Government Bond 7.75% 24/08/2015 73,548,742 2.69

142,315,452 5.21

MExICO 460,300,000 MXN Mexican Bonos 7.5% 03/06/2027 41,237,506 1.51 328,200,000 MXN Mexican Bonos 7.75% 29/05/2031 29,566,079 1.08 97,800,000 MXN Mexican Bonos 7.75% 13/11/2042 8,853,988 0.32 379,890,000 MXN Mexican Bonos 8.5% 31/05/2029 36,818,760 1.35 420,300,000 MXN Mexican Bonos 8.5% 18/11/2038 40,900,472 1.49 304,100,000 MXN Mexican Bonos 10% 20/11/2036 33,849,075 1.24

191,225,880 6.99

NIGERIA 1,843,000,000 NGN Nigeria Government Bond 16% 29/06/2019 13,859,974 0.51 648,000,000 NGN Nigeria Government Bond 16.39% 27/01/2022 5,137,522 0.19

18,997,496 0.70

PHILIPPINES 303,000,000 PHP Philippine Government International Bond 3.9% 26/11/2022 7,637,260 0.28 102,000,000 PHP Philippine Government International Bond 4.95% 15/01/2021 2,741,735 0.10 391,000,000 PHP Philippine Government International Bond 6.25% 14/01/2036 11,426,484 0.42

21,805,479 0.80

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Ashmore SICAV Emerging Markets Local Currency Bond Fund continued




POLAND 27,270,000 PLN Poland Government Bond 0% 25/07/2014 8,400,136 0.31 21,700,000 PLN Poland Government Bond 2.75% 25/08/2023 9,145,688 0.33 116,080,000 PLN Poland Government Bond 3% 24/08/2016 51,397,642 1.88 33,000,000 PLN Poland Government Bond 4.75% 25/10/2016 11,254,483 0.41 154,713,000 PLN Poland Government Bond 4.75% 25/04/2017 53,093,518 1.94 160,553,000 PLN Poland Government Bond 5% 25/04/2016 54,833,604 2.00 53,500,000 PLN Poland Government Bond 5.75% 25/10/2021 20,051,999 0.73 138,384,000 PLN Poland Government Bond 5.75% 23/09/2022 52,415,919 1.91

260,592,989 9.51

ROMANIA 54,400,000 RON Romania Government Bond 5.85% 28/07/2014 16,041,377 0.59 29,290,000 RON Romania Government Bond 5.9% 26/07/2017 8,565,234 0.31

24,606,611 0.90

RUSSIA 1,450,790,000 RUB Russian Federal Bond – OFZ 6.9% 03/08/2016 48,252,018 1.76 699,230,000 RUB Russian Federal Bond – OFZ 7.35% 20/01/2016 23,557,926 0.86 2,060,860,000 RUB Russian Federal Bond – OFZ 7.4% 19/04/2017 69,959,140 2.56 3,269,745,000 RUB Russian Federal Bond – OFZ 7.4% 14/06/2017 111,074,248 4.06 2,461,562,000 RUB Russian Federal Bond – OFZ 7.5% 27/02/2019 84,850,883 3.10 973,710,000 RUB Russian Federal Bond – OFZ 7.6% 14/04/2021 33,688,332 1.23 501,300,000 RUB Russian Federal Bond – OFZ 7.6% 20/07/2022 17,337,418 0.63 855,266,000 RUB Russian Federal Bond – OFZ 8.15% 03/02/2027 30,951,177 1.13

419,671,142 15.33

SOUTH AFRICA 66,860,000 ZAR South Africa Government Bond 6.25% 31/03/2036 6,392,528 0.23 79,430,000 ZAR South Africa Government Bond 6.5% 28/02/2041 7,708,363 0.28 422,940,000 ZAR South Africa Government Bond 7% 28/02/2031 46,181,634 1.69 582,730,000 ZAR South Africa Government Bond 7.75% 28/02/2023 73,561,936 2.69 413,460,000 ZAR South Africa Government Bond 8% 21/12/2018 53,506,385 1.95 310,088,000 ZAR South Africa Government Bond 8.25% 15/09/2017 40,202,856 1.47 281,950,000 ZAR South Africa Government Bond 10.5% 21/12/2026 42,565,797 1.55 183,520,000 ZAR South Africa Government Bond 13.5% 15/09/2015 26,016,367 0.95

296,135,866 10.81

THAILAND 508,400,000 THB Thailand Government Bond 1.2% 14/07/2021 17,578,810 0.64 81,700,000 THB Thailand Government Bond 2.8% 10/10/2017 2,632,022 0.10 206,500,000 THB Thailand Government Bond 3.25% 16/06/2017 6,791,953 0.25 102,200,000 THB Thailand Government Bond 3.45% 08/03/2019 3,374,889 0.12 142,000,000 THB Thailand Government Bond 3.58% 17/12/2027 4,496,544 0.16 196,500,000 THB Thailand Government Bond 3.625% 22/05/2015 6,524,076 0.24 272,663,000 THB Thailand Government Bond 3.625% 16/06/2023 8,969,712 0.33 312,000,000 THB Thailand Government Bond 3.65% 17/12/2021 10,349,190 0.38 236,000,000 THB Thailand Government Bond 3.775% 25/06/2032 7,396,606 0.27 225,000,000 THB Thailand Government Bond 3.875% 13/06/2019 7,602,970 0.28 23,400,000 THB Thailand Government Bond 4.5% 09/04/2024 827,532 0.03 132,900,000 THB Thailand Government Bond 4.75% 20/12/2024 4,800,805 0.18 146,400,000 THB Thailand Government Bond 5.125% 13/03/2018 5,230,170 0.19 36,500,000 THB Thailand Government Bond 5.5% 13/03/2023 1,392,415 0.05 25,000,000 THB Thailand Government Bond 5.67% 13/03/2028 983,927 0.04 13,900,000 THB Thailand Government Bond 5.85% 31/03/2021 533,249 0.02

89,484,870 3.28


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TURKEy 114,670,000 TRY Turkey Government Bond 3% 23/02/2022 78,732,349 2.88 24,800,000 TRY Turkey Government Bond 4% 01/04/2020 20,091,357 0.73 44,800,000 TRY Turkey Government Bond 9% 21/05/2014 37,068,693 1.35

135,892,399 4.96

URUGUAy 16,600,000 UYU Uruguay Government International Bond 3.25% Index Linked 27/01/2019 2,301,538 0.08 91,540,000 UYU Uruguay Government International Bond 3.7% 26/06/2037 8,137,228 0.30 115,640,000 UYU Uruguay Government International Bond 4.25% 05/04/2027 10,982,785 0.40 217,120,000 UYU Uruguay Government International Bond 4.375% 15/12/2028 14,748,134 0.54 191,075,000 UYU Uruguay Government International Bond 5% 14/09/2018 18,273,549 0.67 23,400,000 UYU Uruguay Government International Bond 9.0% 27/01/2014 1,210,261 0.04

55,653,495 2.03

Total bonds 1,958,329,291 71.55



BONDS CHINA 30,000,000 CNH Sinochem Offshore Capital Co Ltd 1.8% 18/01/2014 4,721,619 0.17

4,721,619 0.17

MALAySIA 71,000,000 MYR Malaysia Government Bond 3.314% 31/10/2017 23,279,270 0.85 77,500,000 MYR Malaysia Government Bond 3.492% 31/03/2020 25,443,012 0.93 5,300,000 MYR Malaysia Government Bond 3.502% 31/05/2027 1,696,309 0.06 3,000,000 MYR Malaysia Government Bond 3.58% 28/09/2018 993,829 0.04 78,600,000 MYR Malaysia Government Bond 4.012% 15/09/2017 26,561,300 0.97 40,800,000 MYR Malaysia Government Bond 4.16% 15/07/2021 13,939,551 0.51 35,900,000 MYR Malaysia Government Bond 4.262% 15/09/2016 12,201,257 0.44 82,080,000 MYR Malaysia Government Bond 4.378% 29/11/2019 28,419,999 1.04 13,800,000 MYR Malaysia Government Bond 4.392% 15/04/2026 4,864,861 0.18 10,050,000 MYR Malaysia Government Bond 4.498% 15/04/2030 3,568,466 0.13 1,400,000 MYR Malaysia Government Bond 5.248% 15/09/2028 538,713 0.02

141,506,567 5.17

NIGERIA 270,000,000 NGN Nigeria T-Bill 0% 28/02/2013 1,693,262 0.06 990,000,000 NGN Nigeria T-Bill 0% 28/03/2013 6,150,553 0.22 61,000,000 NGN Nigeria T-Bill 0% 04/04/2013 377,888 0.01 602,400,000 NGN Nigeria T-Bill 0% 11/04/2013 3,722,033 0.13 585,500,000 NGN Nigeria T-Bill 0% 25/04/2013 3,600,816 0.13 1,020,400,000 NGN Nigeria T-Bill 0% 08/08/2013 6,094,627 0.22 617,800,000 NGN Nigeria T-Bill 0% 10/10/2013 3,625,495 0.13

25,264,674 0.90

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OTHER TRANSFERABLE SECURITIES AND MONEy MARKET INSTRUMENTS continued

BONDS continued

PERU 14,580,000 PEN Peruvian Government International Bond 6.95% 12/08/2031 7,185,184 0.26 29,195,000 PEN Peruvian Government International Bond 7.84% 12/08/2020 14,415,067 0.53 14,017,000 PEN Peruvian Government International Bond 8.2% 12/08/2026 7,696,857 0.28 21,970,000 PEN Peruvian Government International Bond 8.6% 12/08/2017 10,629,951 0.39

39,927,059 1.46

Total bonds 211,419,919 7.70


FULLy-FUNDED TOTAL RETURN SwAPS COLOMBIA 3,037,000,000 COP Colombian TES 8% 28/10/2015 1,859,325 0.07 1,416,000,000 COP Colombian TES 11% 24/07/2020 1,082,635 0.04 858,000,000 COP Colombian TES 11.25% 24/10/2018 630,608 0.02 677,000,000 COP Colombian TES 13.5% 12/09/2014 436,966 0.02

4,009,534 0.15

INDIA 113,800,000 INR India Government Bond 7.49% 16/04/2017 2,034,540 0.07 1,271,000,000 INR India Government Bond 7.8% 11/04/2021 22,636,141 0.83 575,480,000 INR India Government Bond 7.83% 11/04/2018 10,381,128 0.38 115,000,000 INR India Government Bond 8.12% 10/12/2020 2,107,256 0.08 1,545,000,000 INR India Government Bond 8.15% 06/11/2022 28,380,457 1.04

65,539,522 2.40

INDONESIA 271,200,000,000 IDR Indonesia Treasury Bond 8.25% 15/06/2032 34,379,211 1.26 144,900,000,000 IDR Indonesia Treasury Bond 8.375% 15/09/2026 18,549,575 0.68 45,369,000,000 IDR Indonesia Treasury Bond 9.5% 15/06/2015 5,233,918 0.19 244,150,000,000 IDR Indonesia Treasury Bond 9.5% 15/07/2031 34,646,627 1.26 221,246,000,000 IDR Indonesia Treasury Bond 10.5% 15/08/2030 33,763,758 1.23 69,281,000,000 IDR Indonesia Treasury Bond 11% 15/11/2020 9,896,209 0.36 26,000,000,000 IDR Indonesia Treasury Bond 11% 15/09/2025 3,947,600 0.14 351,209,000,000 IDR Indonesia Treasury Bond 11.5% 15/09/2019 49,691,218 1.82 205,918,000,000 IDR Indonesia Treasury Bond 12.8% 15/06/2021 32,395,971 1.18

222,504,087 8.12

RUSSIA 1,085,180,000 RUB Russian Federal Bond – OFZ 7.5% 15/03/2018 37,186,527 1.36

37,186,527 1.36

SOUTH KOREA 2,071,100,000 KRW Inflation Linked Korea Treasury Bond 2.75% 10/06/2020 2,412,811 0.09 37,910,470,000 KRW Korea Treasury Bond 5% 10/06/2020 39,852,604 1.46

42,265,415 1.55



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UNDERTAKINGS FOR COLLECTIVE INVESTMENT SCHEMES


50,024,679 1.83

Total undertakings for collective investment schemes 50,024,679 1.83


Cash at bank 102,947,570 3.76 Other assets and liabilities 43,224,987 1.58

Total net assets 2,737,451,531 100.00

Ashmore SICAV

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Ashmore SICAV Emerging Markets Local Markets Currency FundAs at 31 December 2012



BONDS

MExICO 9,000,000 MXN Mexican Bonos 8% 19/12/2013 715,338 5.04 13,000,000 MXN Mexican Bonos 9% 20/06/2013 1,021,635 7.20

1,736,973 12.24

TURKEy 900,000 TRY Turkey Government Bond 0% 11/09/2013 483,192 3.41

483,192 3.41

Total bonds 2,220,165 15.65


OTHER TRANSFERABLE SECURITIES AND MONEy MARKET INSTRUMENTS BONDS NIGERIA 10,000,000 NGN Nigeria T-Bill 0% 28/03/2013 62,127 0.44 2,900,000 NGN Nigeria T-Bill 0% 11/04/2013 17,918 0.13 5,900,000 NGN Nigeria T-Bill 0% 25/04/2013 36,285 0.26 7,700,000 NGN Nigeria T-Bill 0% 08/08/2013 45,991 0.32

162,321 1.15



UNDERTAKINGS FOR COLLECTIVE INVESTMENT SCHEMES LUxEMBOURG 24 US$ Ashmore SICAV 2 Global Liquidity US$ Fund 24 –

24 –

Total undertakings for collective investment schemes 24 –


Cash at bank, including time deposits (note 11) 5,541,619 39.06

Other assets and liabilities 6,261,735 44.14



Ashmore SICAV

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Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund As at 31 December 2012




BONDS

BRAZIL 1,110,000 BRL Brazil Letras do Tesouro Nacional 0% 01/01/2015 4,665,263 1.46 1,168,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/05/2015 13,961,612 4.37 404,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2016 5,022,585 1.57 502,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2020 6,617,094 2.07 199,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2050 3,056,776 0.96 24,620,000 BRL Brazilian Government International Bond 8.5% 05/01/2024 14,639,731 4.59

47,963,061 15.02

CHILE 530,000,000 CLP Chile Government International Bond 5.5% 05/08/2020 1,231,464 0.38

1,231,464 0.38

COLOMBIA 2,670,000,000 COP Colombia Government International Bond 4.375% 21/03/2023 1,505,143 0.47 6,528,000,000 COP Colombia Government International Bond 7.75% 14/04/2021 4,623,538 1.45 3,808,000,000 COP Colombia Government International Bond 9.85% 28/06/2027 3,303,068 1.04 7,875,000,000 COP Colombia Government International Bond 12% 22/10/2015 5,414,452 1.70 2,402,000,000 COP Colombian TES 7.5% 26/08/2026 1,565,718 0.49 2,369,000,000 COP Colombian TES 10% 24/07/2024 1,821,328 0.57

18,233,247 5.72

MExICO 72,300,000 MXN Mexican Bonos 6.5% 10/06/2021 6,016,912 1.88 64,800,000 MXN Mexican Bonos 7.5% 03/06/2027 5,805,324 1.82 37,060,000 MXN Mexican Bonos 7.75% 29/05/2031 3,338,571 1.05 10,900,000 MXN Mexican Bonos 7.75% 13/11/2042 986,794 0.31 52,770,000 MXN Mexican Bonos 8.5% 31/05/2029 5,114,444 1.60 58,200,000 MXN Mexican Bonos 8.5% 18/11/2038 5,663,591 1.77 45,500,000 MXN Mexican Bonos 10% 20/11/2036 5,064,561 1.59

31,990,197 10.02

POLAND 9,340,000 PLN Poland Government Bond 0% 25/01/2014 2,922,202 0.91 4,280,000 PLN Poland Government Bond 0% 25/07/2014 1,318,393 0.41 3,200,000 PLN Poland Government Bond 2.75% 25/08/2023 1,348,673 0.42 16,320,000 PLN Poland Government Bond 3% 24/08/2016 7,226,133 2.26 3,437,000 PLN Poland Government Bond 4.75% 25/04/2017 1,179,490 0.37 18,960,000 PLN Poland Government Bond 5% 25/04/2016 6,475,401 2.03 15,175,000 PLN Poland Government Bond 5.75% 23/09/2022 5,747,858 1.80

26,218,150 8.20

ROMANIA 6,560,000 RON Romania Government Bond 5.85% 28/07/2014 1,934,401 0.61 3,280,000 RON Romania Government Bond 5.9% 26/07/2017 959,166 0.30

2,893,567 0.91

RUSSIA 127,100,000 RUB Russian Federal Bond – OFZ 6.9% 03/08/2016 4,227,236 1.32 52,890,000 RUB Russian Federal Bond – OFZ 7.35% 20/01/2016 1,781,930 0.56 187,230,000 RUB Russian Federal Bond – OFZ 7.4% 19/04/2017 6,355,817 1.99 531,704,000 RUB Russian Federal Bond – OFZ 7.4% 14/06/2017 18,062,149 5.66 331,768,000 RUB Russian Federal Bond – OFZ 7.5% 27/02/2019 11,436,156 3.58 114,150,000 RUB Russian Federal Bond – OFZ 7.6% 14/04/2021 3,949,352 1.24 101,620,000 RUB Russian Federal Bond – OFZ 7.6% 20/07/2022 3,514,519 1.10 94,994,000 RUB Russian Federal Bond – OFZ 8.15% 03/02/2027 3,437,733 1.08

52,764,892 16.53

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Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund continued




SOUTH AFRICA 8,510,000 ZAR South Africa Government Bond 6.25% 31/03/2036 813,647 0.25 11,370,000 ZAR South Africa Government Bond 6.5% 28/02/2041 1,103,413 0.35 48,990,000 ZAR South Africa Government Bond 7% 28/02/2031 5,349,313 1.68 113,930,000 ZAR South Africa Government Bond 7.75% 28/02/2023 14,382,152 4.51 63,549,512 ZAR South Africa Government Bond 8% 21/12/2018 8,224,023 2.58 63,272,726 ZAR South Africa Government Bond 8.25% 15/09/2017 8,203,298 2.57 53,408,821 ZAR South Africa Government Bond 10.5% 21/12/2026 8,063,093 2.53 32,106,983 ZAR South Africa Government Bond 13.5% 15/09/2015 4,551,586 1.43

50,690,525 15.90

THAILAND 63,500,000 THB Thailand Government Bond 1.2% 14/07/2021 2,195,622 0.69 88,900,000 THB Thailand Government Bond 3.25% 16/06/2017 2,923,993 0.92 10,800,000 THB Thailand Government Bond 3.45% 08/03/2019 356,642 0.11 10,400,000 THB Thailand Government Bond 3.625% 22/05/2015 345,295 0.11 23,029,000 THB Thailand Government Bond 3.625% 16/06/2023 757,578 0.24 74,000,000 THB Thailand Government Bond 3.65% 17/12/2021 2,454,616 0.77 35,000,000 THB Thailand Government Bond 3.775% 25/06/2032 1,096,954 0.34 23,000,000 THB Thailand Government Bond 3.875% 13/06/2019 777,193 0.24 21,000,000 THB Thailand Government Bond 4.75% 20/12/2024 758,592 0.24 35,000,000 THB Thailand Government Bond 5.125% 13/03/2018 1,250,382 0.39 6,400,000 THB Thailand Government Bond 5.5% 13/03/2023 244,149 0.08 4,000,000 THB Thailand Government Bond 5.67% 13/03/2028 157,428 0.05

13,318,444 4.18

URUGUAy 9,200,000 UYU Uruguay Government International Bond 3.25% Index Linked 27/01/2019 1,275,551 0.40 11,210,000 UYU Uruguay Government International Bond 3.7% 26/06/2037 996,486 0.31 14,010,000 UYU Uruguay Government International Bond 4.25% 05/04/2027 1,330,585 0.42 26,170,000 UYU Uruguay Government International Bond 4.375% 15/12/2028 1,777,628 0.56 14,310,000 UYU Uruguay Government International Bond 5% 14/09/2018 1,368,544 0.43

6,748,794 2.12

Total bonds 252,052,341 78.98



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OTHER TRANSFERABLE SECURITIES AND MONEy MARKET INSTRUMENTS BONDS continued

CHINA 3,000,000 CNH Sinochem Offshore Capital Co Ltd 1.8% 18/01/2014 472,162 0.15

472,162 0.15

MALAySIA 9,700,000 MYR Malaysia Government Bond 3.314% 31/10/2017 3,180,407 1.00 7,900,000 MYR Malaysia Government Bond 3.492% 31/03/2020 2,593,546 0.81 1,000,000 MYR Malaysia Government Bond 3.58% 28/09/2018 331,276 0.10 7,100,000 MYR Malaysia Government Bond 4.012% 15/09/2017 2,399,303 0.75 11,400,000 MYR Malaysia Government Bond 4.16% 15/07/2021 3,894,875 1.22 7,100,000 MYR Malaysia Government Bond 4.262% 15/09/2016 2,413,062 0.76 16,400,000 MYR Malaysia Government Bond 4.378% 29/11/2019 5,678,460 1.78 7,100,000 MYR Malaysia Government Bond 4.392% 15/04/2026 2,502,936 0.78 3,400,000 MYR Malaysia Government Bond 4.498% 15/04/2030 1,207,242 0.38

24,201,107 7.58

PERU 3,530,000 PEN Peruvian Government International Bond 6.95% 12/08/2031 1,739,623 0.54 4,320,000 PEN Peruvian Government International Bond 7.84% 12/08/2020 2,133,005 0.67 2,779,000 PEN Peruvian Government International Bond 8.2% 12/08/2026 1,525,973 0.48 2,360,000 PEN Peruvian Government International Bond 8.6% 12/08/2017 1,141,861 0.36

6,540,462 2.05

Total bonds 31,213,731 9.78


FULLy-FUNDED TOTAL RETURN SwAPS INDIA 147,000,000 INR India Government Bond 7.8% 11/04/2021 2,618,027 0.82 138,000,000 INR India Government Bond 7.83% 11/04/2018 2,489,392 0.78 165,000,000 INR India Government Bond 8.15% 06/11/2022 3,030,923 0.95

8,138,342 2.55


5,241,917 1.64

SOUTH KOREA 840,000,000 KRW Korea Treasury Bond 5% 10/06/2020 883,033 0.28

883,033 0.28


Ashmore SICAV

74 75





UNDERTAKINGS FOR COLLECTIVE INVESTMENTS


1,705,244 0.53






Ashmore SICAV

74 75


Ashmore SICAV Emerging Markets Inflation Linked Bond FundAs at 31 December 2012




BONDS

BRAZIL 2,030,000 BRL Banco Votorantim SA 6.25% 16/05/2016 1,123,762 2.04 95,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/05/2017 1,184,367 2.15 268,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2020 3,532,632 6.42 93,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2024 1,268,837 2.31 38,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2030 536,176 0.98 72,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/05/2035 1,025,871 1.87 103,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2040 1,525,116 2.77 231,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/05/2045 3,451,997 6.28 150,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2050 2,304,103 4.19

15,952,861 29.01

CHILE 5,000 CLP Bonos del Banco Central de Chile en UF 3% 01/02/2016 240,572 0.44 5,000 CLP Bonos del Banco Central de Chile en UF 3% 01/02/2021 246,440 0.45 7,000 CLP Bonos del Banco Central de Chile en UF 3% 01/02/2031 349,724 0.64

836,736 1.53

ISRAEL 6,020,000 ILS Israel Government Bond – CPI Linked 3% 31/10/2019 2,025,383 3.68 2,300,000 ILS Israel Government Bond – CPI Linked 3.5% 30/04/2018 847,544 1.54

2,872,927 5.22

MExICO 730,000 MXN Mexican Udibonos 2.5% 10/12/2020 298,517 0.54 6,342,000 MXN Mexican Udibonos 4% 15/11/2040 3,111,134 5.66 1,495,000 MXN Mexican Udibonos 4.5% 04/12/2025 757,418 1.38 8,050,000 MXN Mexican Udibonos 4.5% 22/11/2035 4,121,134 7.49

8,288,203 15.07

POLAND 2,800,000 PLN Poland Government Bond 2.75% 25/08/2023 1,179,822 2.15 6,830,000 PLN Poland Government Bond 3% 24/08/2016 3,023,482 5.50

4,203,304 7.65

SOUTH AFRICA 6,000,000 ZAR South Africa Government Bond – CPI Linked 2.6% 31/03/2028 1,161,160 2.11 4,870,000 ZAR South Africa Government Bond – CPI Linked 2.75% 31/01/2022 755,392 1.37 9,470,000 ZAR South Africa Government Bond – CPI Linked 3.45% 07/12/2033 2,409,219 4.38 3,815,000 ZAR South Africa Government Bond – CPI Linked 5.5% 07/12/2023 1,278,516 2.32

5,604,287 10.18

THAILAND 16,200,000 THB Thailand Government Bond 1.2% 14/07/2021 560,310 1.02

560,310 1.02

TURKEy 4,560,000 TRY Turkey Government Bond 3% 06/01/2021 3,379,148 6.14 2,510,000 TRY Turkey Government Bond 3% 23/02/2022 1,723,364 3.13 3,895,000 TRY Turkey Government Bond 4% 01/04/2020 3,155,477 5.74 3,240,000 TRY Turkey Government Bond 4.5% 11/02/2015 2,437,298 4.43

10,695,287 19.44

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Ashmore SICAV Emerging Markets Inflation Linked Bond Fund continued




URUGUAy 10,610,000 UYU Uruguay Government International Bond 3.7% 26/06/2037 943,150 1.71 23,840,000 UYU Uruguay Government International Bond 4.375% 15/12/2028 1,618,656 2.94

2,561,806 4.65

Total bonds 51,575,721 93.77



BONDS BRAZIL 900,000 BRL Cia Energetica de Sao Paulo 9.75% 15/01/2015 663,030 1.21

663,030 1.21




Cash at bank 2,327,993 4.23 Other assets and liabilities 432,712 0.79



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Ashmore SICAV Emerging Markets Total Return FundAs at 31 December 2012




BONDS

ARGENTINA 993,000 US$ Argentina Boden Bonds 7% 03/10/2015 903,630 0.25 315,000 US$ Argentina Bonar Bonds 7% 12/09/2013 318,150 0.09 342,000 US$ Argentina Republic Government International Bond 2.5% 31/12/2038 122,778 0.03 1,443,737 US$ Argentina Republic Government International Bond 8.28% Discount 31/12/2033 1,032,272 0.29 351,143 US$ Argentina Republic Government International Bond 8.28% 31/12/2033 240,533 0.07 358,000 US$ Argentina Republic Government International Bond 8.75% 02/06/2017 316,830 0.09 3,235,000 US$ WPE International Cooperatief UA 10.375% 30/09/2020 2,782,100 0.78

5,716,293 1.60


658,500 0.18


1,668,330 0.47

BELARUS 880,000 US$ Republic of Belarus 8.75% 03/08/2015 901,472 0.25 1,120,000 US$ Republic of Belarus 8.95% 26/01/2018 1,153,600 0.32

2,055,072 0.57

BOLIVIA 150,000 US$ Bolivian Government International Bond 4.875% 29/10/2022 146,250 0.04

146,250 0.04

BRAZIL 370,000 US$ Banco Nacional de Desenvolvimento Economico e Social 5.5% 12/07/2020 435,675 0.12 680,000 US$ Banco Nacional de Desenvolvimento Economico e Social 6.5% 10/06/2019 833,000 0.23 4,450,000 BRL Banco Votorantim SA 6.25% 16/05/2016 2,473,933 0.69 20,000 BRL Brazil Letras do Tesouro Nacional 0% 01/01/2015 84,059 0.02 163,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2016 2,026,439 0.57 247,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2020 3,255,821 0.91 49,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2050 752,674 0.21 250,000 US$ Brazilian Government International Bond 2.625% 05/01/2023 251,000 0.07 1,230,000 US$ Brazilian Government International Bond 4.875% 22/01/2021 1,482,150 0.42 660,000 US$ Brazilian Government International Bond 5.625% 07/01/2041 864,600 0.24 500,000 US$ Brazilian Government International Bond 5.875% 15/01/2019 618,500 0.17 840,000 US$ Brazilian Government International Bond 7.125% 20/01/2037 1,285,200 0.36 760,000 US$ Brazilian Government International Bond 8.25% 20/01/2034 1,278,700 0.36 3,500,000 BRL Brazilian Government International Bond 8.5% 05/01/2024 2,081,197 0.58 342,000 US$ Brazilian Government International Bond 8.875% 15/04/2024 550,620 0.15 478,000 US$ Brazilian Government International Bond 10.125% 15/05/2027 874,740 0.25 1,000,000 US$ Fibria Overseas Finance Ltd 6.75% 03/03/2021 1,107,500 0.31 1,550,000 US$ JBS Finance II Ltd 8.25% 29/01/2018 1,643,000 0.46 2,500,000 US$ Marfrig Holding Europe BV 8.375% 09/05/2018 2,131,250 0.60 200,000 US$ Marfrig Overseas Ltd 9.5% 04/05/2020 172,500 0.05 950,000 US$ Minerva Luxembourg SA 12.25% 10/02/2022 1,137,625 0.32 450,000 US$ Minerva Overseas II Ltd 10.875% 15/11/2019 513,000 0.14 200,000 US$ OGX Austria GmbH 8.375% 01/04/2022 167,000 0.05 1,200,000 US$ OGX Austria GmbH 8.5% 01/06/2018 1,080,000 0.30 200,000 US$ OSX 3 Leasing BV 9.25% 20/03/2015 206,250 0.06

27,306,433 7.64

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Ashmore SICAV Emerging Markets Total Return Fund continued




CHILE 170,000 US$ Banco del Estado de Chile 3.875% 08/02/2022 180,426 0.05 734,500,000 CLP Banco Santander Chile 6.5% 22/09/2020 1,534,043 0.43 140,000,000 CLP Chile Government International Bond 5.5% 05/08/2020 325,292 0.09 300,000 US$ Corp Nacional del Cobre de Chile 3.75% 04/11/2020 324,397 0.09 400,000 US$ Corp Nacional del Cobre de Chile 3.875% 03/11/2021 435,852 0.12 200,000 US$ Corp Nacional del Cobre de Chile 7.5% 15/01/2019 257,674 0.07 130,000 US$ Empresa Nacional del Petroleo 5.25% 10/08/2020 143,279 0.04 100,000 US$ Empresa Nacional del Petroleo 6.25% 08/07/2019 114,977 0.03 421,002 US$ Inversiones Alsacia SA 8% 18/08/2018 424,214 0.12

3,740,154 1.04

CHINA 100,000 US$ Agile Property Holdings Ltd 8.875% 28/04/2017 107,500 0.03 364,000 US$ Agile Property Holdings Ltd 9.875% 20/03/2017 409,500 0.11 750,000 US$ China Oriental Group Co Ltd 7% 17/11/2017 746,250 0.21 450,000 US$ China Oriental Group Co Ltd 8% 18/08/2015 463,500 0.13 1,100,000 US$ China Shanshui Cement Group Ltd 10.5% 27/04/2017 1,259,500 0.35 674,000 US$ Country Garden Holdings Co Ltd 11.125% 23/02/2018 778,470 0.22 953,000 US$ Evergrande Real Estate Group Ltd 13% 27/01/2015 1,034,005 0.29 750,000 US$ Fosun International Ltd 7.5% 12/05/2016 780,938 0.22 300,000 US$ Gemdale International Investment Ltd 7.125% 16/11/2017 312,441 0.09 1,100,000 US$ Hidili Industry International Development Ltd 8.625% 04/11/2015 858,000 0.24 300,000 US$ Longfor Properties Co Ltd 9.5% 07/04/2016 330,750 0.09 550,000 US$ Shimao Property Holdings Ltd 9.65% 03/08/2017 603,716 0.17 300,000 US$ Shimao Property Holdings Ltd 11% 08/03/2018 346,331 0.10 1,500,000 US$ Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 1,613,327 0.45 590,000 US$ Sinochem Overseas Capital Co Ltd 6.3% 12/11/2040 707,221 0.20 850,000 US$ Yanlord Land Group Ltd 9.5% 04/05/2017 924,375 0.26 500,000 US$ Yanlord Land Group Ltd 10.625% 29/03/2018 567,500 0.16

11,843,324 3.32

COLOMBIA 600,000 US$ Colombia Government International Bond 4.375% 12/07/2021 690,900 0.19 1,540,000 US$ Colombia Government International Bond 6.125% 18/01/2041 2,114,420 0.59 50,000 US$ Colombia Government International Bond 7.375% 27/01/2017 61,700 0.02 860,000 US$ Colombia Government International Bond 7.375% 18/03/2019 1,130,470 0.32 500,000 US$ Colombia Government International Bond 7.375% 18/09/2037 776,500 0.22 3,140,000,000 COP Colombia Government International Bond 7.75% 14/04/2021 2,223,945 0.62 305,000 US$ Colombia Government International Bond 8.125% 21/05/2024 459,025 0.13 520,000,000 COP Colombia Government International Bond 9.85% 28/06/2027 451,049 0.13 282,000 US$ Colombia Government International Bond 11.75% 25/02/2020 455,994 0.13 2,207,000,000 COP Colombia Government International Bond 12% 22/10/2015 1,517,422 0.43 633,000,000 COP Colombian TES 7.5% 26/08/2026 412,614 0.12 738,000,000 COP Colombian TES 10% 24/07/2024 567,387 0.16 1,200,000,000 COP Emgesa SA ESP 8.75% 25/01/2021 795,654 0.22

11,657,080 3.28


585,220 0.16


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CROATIA 200,000 US$ Croatia Government International Bond 6.25% 27/04/2017 219,300 0.06 1,000,000 US$ Croatia Government International Bond 6.375% 24/03/2021 1,137,500 0.32 960,000 US$ Croatia Government International Bond 6.625% 14/07/2020 1,096,800 0.31 600,000 US$ Croatia Government International Bond 6.75% 05/11/2019 687,750 0.19

3,141,350 0.88

CZECH REPUBLIC 1,297,000 EUR Central European Media Enterprises Ltd 11.625% 15/09/2016 1,795,463 0.50

1,795,463 0.50


801,435 0.22

ECUADOR 151,000 US$ Ecuador Government International Bond 9.375% 15/12/2015 151,000 0.04

151,000 0.04

EGyPT 100,000 US$ Egypt Government International Bond 5.75% 29/04/2020 99,250 0.03 420,000 US$ Egypt Government International Bond 6.875% 30/04/2040 396,900 0.11 100,000 US$ Nile Finance Ltd 5.25% 05/08/2015 99,500 0.03

595,650 0.17

EL SALVADOR 240,000 US$ El Salvador Government International Bond 5.875% 30/01/2025 242,640 0.07 200,000 US$ El Salvador Government International Bond 7.375% 01/12/2019 229,700 0.06 450,000 US$ El Salvador Government International Bond 7.625% 01/02/2041 514,125 0.14 317,000 US$ El Salvador Government International Bond 7.65% 15/06/2035 362,172 0.10 200,000 US$ El Salvador Government International Bond 8.25% 10/04/2032 241,500 0.07 400,000 US$ Telemovil Finance Co Ltd 8% 01/10/2017 431,000 0.12

2,021,137 0.56

GEORGIA 400,000 US$ Georgia Government International Bond 6.875% 12/04/2021 462,000 0.13 400,000 US$ Georgian Railway JSC 7.75% 11/07/2022 455,000 0.13

917,000 0.26

GHANA 710,000 GHS Ghana Government Bond 21% 26/10/2015 375,444 0.11 90,000 GHS Ghana Government Bond 24% 25/05/2015 50,229 0.01 400,000 US$ Republic of Ghana 8.5% 04/10/2017 462,000 0.13

887,673 0.25

HONG KONG 1,204,000 US$ Central China Real Estate Ltd 12.25% 20/10/2015 1,330,420 0.37 850,000 US$ CFG Investment SAC 9.75% 30/07/2019 641,750 0.18 557,000 US$ Sino-Forest Corp 4.25% 15/12/2016 144A (Defaulted) 77,980 0.02 116,000 US$ Sino-Forest Corp 5% 01/08/2013 CNV (Defaulted) 16,167 – 1,162,000 US$ Sino-Forest Corp 6.25% 21/10/2017 (Defaulted) 162,680 0.05 122,000 US$ Sino-Forest Corp 6.25% 21/10/2017 144A (Defaulted) 17,080 – 184,000 US$ Sino-Forest Corp 10.25% 28/07/2014 (Defaulted) 25,760 0.01 22,000 US$ Sino-Forest Corp 10.25% 28/07/2014 144A (Defaulted) 3,080 –

2,274,917 0.63

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HUNGARy 365,000,000 HUF Hungary Government Bond 5.5% 12/02/2016 1,645,766 0.46 425,000,000 HUF Hungary Government Bond 6.75% 24/11/2017 1,993,112 0.56 245,000,000 HUF Hungary Government Bond 7% 24/06/2022 1,179,661 0.33 593,000 US$ Hungary Government International Bond 6.25% 29/01/2020 654,524 0.18 736,000 US$ Hungary Government International Bond 6.375% 29/03/2021 812,544 0.23 874,000 US$ Hungary Government International Bond 7.625% 29/03/2041 1,009,470 0.28

7,295,077 2.04

INDIA 600,000 US$ Reliance Holdings USA Inc 6.25% 19/10/2040 689,676 0.19 850,000 US$ Vedanta Resources PLC 8.25% 07/06/2021 937,125 0.26 400,000 US$ Vedanta Resources PLC 9.5% 18/07/2018 461,520 0.13

2,088,321 0.58

INDONESIA 400,000 US$ Indonesia Government International Bond 4.875% 05/05/2021 460,000 0.13 520,000 US$ Indonesia Government International Bond 5.875% 13/03/2020 625,300 0.18 350,000 US$ Indonesia Government International Bond 6.625% 17/02/2037 468,125 0.13 40,000 US$ Indonesia Government International Bond 6.75% 10/03/2014 42,300 0.01 550,000 US$ Indonesia Government International Bond 6.875% 17/01/2018 671,687 0.19 510,000 US$ Indonesia Government International Bond 7.5% 15/01/2016 596,063 0.17 400,000 US$ Indonesia Government International Bond 7.75% 17/01/2038 603,000 0.17 380,000 US$ Indonesia Government International Bond 8.5% 12/10/2035 608,000 0.17 320,000 US$ Indonesia Government International Bond 11.625% 04/03/2019 484,000 0.14 510,000 US$ Majapahit Holding BV 7.75% 17/10/2016 603,075 0.17 200,000 US$ Majapahit Holding BV 7.75% 20/01/2020 251,500 0.07 400,000 US$ Majapahit Holding BV 8% 07/08/2019 506,000 0.14 600,000 US$ Pertamina Persero PT 6% 03/05/2042 677,250 0.19 80,000 US$ Perusahaan Listrik Negara PT 5.25% 24/10/2042 82,400 0.02 410,000 US$ Perusahaan Listrik Negara PT 5.5% 22/11/2021 463,300 0.13 700,000 US$ Star Energy Geothermal Wayang Windu Ltd 11.5% 12/02/2015 746,340 0.21

7,888,340 2.22

ISRAEL 200,000 US$ Altice Financing SA 7.875% 15/12/2019 211,500 0.06 500,000 US$ Altice Finco SA 9.875% 15/12/2020 538,750 0.15

750,250 0.21

IVORy COAST 2,430,000 US$ Ivory Coast Government International Bond Step Cpn 31/12/2032 2,265,975 0.63

2,265,975 0.63

jAMAICA 1,800,000 US$ Digicel Group Ltd 8.25% 30/09/2020 1,980,000 0.55

1,980,000 0.55


824,075 0.23

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KAZAKHSTAN 400,000 US$ ATF Bank JSC 9% 11/05/2016 388,900 0.11 13,178 US$ BTA Bank JSC 5.5% 21/12/2022 8,006 – 2,790,000 US$ BTA Bank JSC FRN 01/07/2018 (Defaulted) 1,192,725 0.33 300,000 US$ Development Bank of Kazakhstan JSC 4.125% 10/12/2022 302,250 0.08 1,000,000 US$ Halyk Savings Bank of Kazakhstan JSC 7.25% 28/01/2021 1,073,800 0.30 660,000 US$ Kazakhstan Temir Zholy Finance BV 6.375% 06/10/2020 798,600 0.22 530,000 US$ Kazakhstan Temir Zholy Finance BV 6.95% 10/07/2042 666,475 0.19 450,000 US$ Kazatomprom Natsionalnaya Atomnaya Kompaniya AO 6.25% 20/05/2015 487,237 0.14 100,000 US$ Kazkommertsbank JSC 8.5% 16/04/2013 100,200 0.03 1,650,000 US$ Kazkommertsbank JSC 8.5% 11/05/2018 1,501,500 0.42 200,000 US$ KazMunaiGaz Finance Sub BV 6.375% 09/04/2021 244,750 0.07 370,000 US$ KazMunaiGaz Finance Sub BV 7% 05/05/2020 460,650 0.13 527,000 US$ KazMunaiGaz Finance Sub BV 9.125% 02/07/2018 696,958 0.20 400,000 US$ KazMunaiGaz Finance Sub BV 11.75% 23/01/2015 477,500 0.13 400,000 US$ Zhaikmunai LP Via Zhaikmunai International BV 7.125% 13/11/2019 418,000 0.12

8,817,551 2.47

KUwAIT 500,000 US$ Kuwait Projects Co 9.375% 15/07/2020 616,250 0.17

616,250 0.17


692,300 0.19


2,524,710 0.70

LITHUANIA 400,000 US$ Lithuania Government International Bond 5.125% 14/09/2017 451,000 0.13 460,000 US$ Lithuania Government International Bond 6.125% 09/03/2021 566,398 0.16 1,200,000 US$ Lithuania Government International Bond 6.625% 01/02/2022 1,534,560 0.43 770,000 US$ Lithuania Government International Bond 7.375% 11/02/2020 1,002,925 0.28

3,554,883 1.00

MALAySIA 470,000 US$ Petronas Capital Ltd 5.25% 12/08/2019 557,835 0.16 300,000 US$ Petronas Capital Ltd 7.875% 22/05/2022 428,072 0.12 500,000 US$ Wakala Global Sukuk Bhd 4.646% 06/07/2021 576,209 0.16

1,562,116 0.44

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MExICO 2,054,000 US$ Cemex Espana Luxembourg 9.25% 12/05/2020 2,228,590 0.62 400,000 US$ Cemex SAB de CV 9% 11/01/2018 433,000 0.12 600,000 US$ Comision Federal de Electricidad 4.875% 26/05/2021 679,500 0.19 200,000 US$ Comision Federal de Electricidad 5.75% 14/02/2042 226,500 0.06 400,000 US$ Corp GEO SAB de CV 8.875% 27/03/2022 426,000 0.12 600,000 US$ Desarrolladora Homex SAB de CV 9.75% 25/03/2020 651,000 0.18 169,000 US$ Grupo Papelero Scribe SA de CV 8.875% 07/04/2020 157,170 0.04 16,500,000 MXN Mexican Bonos 7.5% 03/06/2027 1,478,207 0.41 11,370,000 MXN Mexican Bonos 7.75% 29/05/2031 1,024,273 0.29 3,600,000 MXN Mexican Bonos 7.75% 13/11/2042 325,914 0.09 18,130,000 MXN Mexican Bonos 8.5% 31/05/2029 1,757,151 0.49 18,600,000 MXN Mexican Bonos 8.5% 18/11/2038 1,810,014 0.51 10,500,000 MXN Mexican Bonos 10% 20/11/2036 1,168,745 0.33 290,000 US$ Mexico Government International Bond 3.625% 15/03/2022 317,187 0.09 280,000 US$ Mexico Government International Bond 4.75% 08/03/2044 316,400 0.09 744,000 US$ Mexico Government International Bond 5.125% 15/01/2020 889,080 0.25 198,000 US$ Mexico Government International Bond 5.625% 15/01/2017 229,680 0.06 504,000 US$ Mexico Government International Bond 5.75% 12/10/2110 606,060 0.17 300,000 US$ Mexico Government International Bond 5.95% 19/03/2019 369,000 0.10 1,026,000 US$ Mexico Government International Bond 6.05% 11/01/2040 1,375,866 0.39 670,000 US$ Mexico Government International Bond 6.75% 27/09/2034 964,800 0.27 1,300,000 US$ NII Capital Corp 7.625% 01/04/2021 984,750 0.28 400,000 US$ NII Capital Corp 10% 15/08/2016 372,000 0.10 254,000 US$ Pemex Project Funding Master Trust 5.75% 01/03/2018 296,545 0.08 127,000 US$ Petroleos Mexicanos 5.5% 27/06/2044 139,700 0.04 210,000 US$ Petroleos Mexicanos 6% 05/03/2020 250,950 0.07 512,000 US$ Petroleos Mexicanos 6.5% 02/06/2041 642,560 0.18 330,000 US$ Petroleos Mexicanos 8% 03/05/2019 431,475 0.12 100,000 US$ Urbi Desarrollos Urbanos SAB de CV 9.5% 21/01/2020 94,500 0.03 650,000 US$ Urbi Desarrollos Urbanos SAB de CV 9.75% 03/02/2022 615,875 0.17

21,262,492 5.94

MONGOLIA 230,000 US$ Mongolia Government International Bond 5.125% 05/12/2022 225,400 0.06 1,000,000 US$ Mongolian Mining Corp 8.875% 29/03/2017 1,070,000 0.30

1,295,400 0.36


911,250 0.26

NIGERIA 800,000 US$ Afren PLC 10.25% 08/04/2019 933,862 0.26 900,000 US$ Afren PLC 11.5% 01/02/2016 1,041,750 0.29 74,400,000 NGN Nigeria Government Bond 16.39% 27/01/2022 589,864 0.17 200,000 US$ Nigeria Government International Bond 6.75% 28/01/2021 236,500 0.07

2,801,976 0.79

PAKISTAN 100,000 US$ Pakistan Government International Bond 6.875% 01/06/2017 91,000 0.03 450,000 US$ Pakistan Government International Bond 7.125% 31/03/2016 420,750 0.12

511,750 0.15

Ashmore SICAV

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PANAMA 385,000 US$ Panama Government International Bond 6.7% 26/01/2036 546,700 0.15 400,000 US$ Panama Government International Bond 7.125% 29/01/2026 567,000 0.16 110,000 US$ Panama Government International Bond 7.25% 15/03/2015 123,365 0.03 204,000 US$ Panama Government International Bond 8.875% 30/09/2027 331,500 0.09 261,000 US$ Panama Government International Bond 9.375% 01/04/2029 446,310 0.13 200,000 US$ Sable International Finance Ltd 8.75% 01/02/2020 229,000 0.06

2,243,875 0.62


209,500 0.06

PERU 140,000 US$ Peruvian Government International Bond 7.125% 30/03/2019 183,260 0.05 710,000 US$ Peruvian Government International Bond 7.35% 21/07/2025 1,028,790 0.29 294,000 US$ Peruvian Government International Bond 8.375% 03/05/2016 361,767 0.10 572,000 US$ Peruvian Government International Bond 8.75% 21/11/2033 993,850 0.28

2,567,667 0.72

PHILIPPINES 10,000,000 PHP Philippine Government International Bond 3.9% 26/11/2022 252,055 0.07 660,000 US$ Philippine Government International Bond 4% 15/01/2021 740,850 0.21 280,000 US$ Philippine Government International Bond 5% 13/01/2037 340,550 0.10 1,010,000 US$ Philippine Government International Bond 5.5% 30/03/2026 1,277,650 0.36 15,000,000 PHP Philippine Government International Bond 6.25% 14/01/2036 438,356 0.12 570,000 US$ Philippine Government International Bond 6.375% 23/10/2034 800,850 0.22 350,000 US$ Philippine Government International Bond 7.75% 14/01/2031 537,250 0.15 320,000 US$ Philippine Government International Bond 8.375% 17/06/2019 441,200 0.12 460,000 US$ Philippine Government International Bond 9.5% 02/02/2030 798,100 0.22 390,000 US$ Philippine Government International Bond 10.625% 16/03/2025 676,650 0.19 200,000 US$ Power Sector Assets & Liabilities Management Corp 7.25% 27/05/2019 256,750 0.07 675,000 US$ Power Sector Assets & Liabilities Management Corp 7.39% 02/12/2024 939,937 0.26

7,500,198 2.09

POLAND 950,000 EUR CEDC Finance Corp International Inc 8.875% 01/12/2016 751,488 0.21 1,000,000 US$ Eileme 2 AB 11.625% 31/01/2020 1,165,000 0.33 800,000 EUR Eileme 2 AB 11.75% 31/01/2020 1,234,022 0.35 750,000 PLN Poland Government Bond 2.75% 25/08/2023 316,095 0.09 4,330,000 PLN Poland Government Bond 3% 24/08/2016 1,917,228 0.54 6,630,000 PLN Poland Government Bond 4.75% 25/10/2016 2,261,128 0.63 5,200,000 PLN Poland Government Bond 4.75% 25/04/2017 1,784,506 0.50 2,700,000 PLN Poland Government Bond 5% 25/04/2016 922,130 0.26 6,960,000 PLN Poland Government Bond 5.75% 25/10/2021 2,608,634 0.73 750,000 PLN Poland Government Bond 5.75% 23/09/2022 284,079 0.08 700,000 US$ Poland Government International Bond 3% 17/03/2023 698,250 0.20 1,231,000 US$ Poland Government International Bond 5% 23/03/2022 1,453,811 0.41 824,000 US$ Poland Government International Bond 6.375% 15/07/2019 1,027,297 0.29 1,464,000 EUR TVN Finance Corp II AB 10.75% 15/11/2017 2,132,802 0.60

18,556,470 5.22

QATAR 830,000 US$ Qatar Government International Bond 5.75% 20/01/2042 1,079,000 0.30 440,000 US$ Qatar Government International Bond 6.4% 20/01/2040 615,208 0.17

1,694,208 0.47

Ashmore SICAV

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ROMANIA 1,370,000 RON Romania Government Bond 5.85% 28/07/2014 403,983 0.11 1,460,000 RON Romania Government Bond 5.9% 26/07/2017 426,946 0.12 870,000 US$ Romania Government International Bond 6.75% 07/02/2022 1,057,050 0.30

1,887,979 0.53

RUSSIA 300,000 US$ Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.5% 26/09/2019 316,644 0.09 650,000 US$ Brunswick Rail Finance Ltd 6.5% 01/11/2017 677,170 0.19 1,800,000 US$ Evraz Group SA 6.75% 27/04/2018 1,854,000 0.52 500,000 US$ Lukoil International Finance BV 6.656% 07/06/2022 608,750 0.17 750,000 US$ Metalloinvest Finance Ltd 6.5% 21/07/2016 788,437 0.22 500,000 US$ MTS International Funding Ltd 8.625% 22/06/2020 630,625 0.18 200,000 US$ Promsvyazbank OJSC Via PSB Finance SA 8.5% 25/04/2017 204,500 0.06 350,000 US$ Promsvyazbank OJSC Via PSB Finance SA 10.2% 06/11/2019 361,813 0.10 200,000 US$ Russian Agricultural Bank OJSC Via RSHB Capital SA 7.75% 29/05/2018 238,250 0.07 100,000 US$ Russian Agricultural Bank OJSC Via RSHB Capital SA 9% 11/06/2014 109,750 0.03 1,600,000 RUB Russian Federal Bond – OFZ 6.9% 03/08/2016 53,215 0.01 70,000,000 RUB Russian Federal Bond – OFZ 7.35% 20/01/2016 2,358,387 0.6 106,931,000 RUB Russian Federal Bond – OFZ 7.4% 14/06/2017 3,632,479 1.02 101,500,000 RUB Russian Federal Bond – OFZ 7.4% 19/04/2017 3,445,577 0.97 137,303,000 RUB Russian Federal Bond – OFZ 7.5% 27/02/2019 4,732,881 1.33 23,040,000 RUB Russian Federal Bond – OFZ 7.6% 14/04/2021 797,136 0.22 29,510,000 RUB Russian Federal Bond – OFZ 7.6% 20/07/2022 1,020,601 0.29 18,421,000 RUB Russian Federal Bond – OFZ 8.15% 03/02/2027 666,637 0.19 300,000 US$ Russian Foreign Bond – Eurobond 5% 29/04/2020 354,000 0.10 1,000,000 US$ Russian Foreign Bond – Eurobond 5.625% 04/04/2042 1,242,500 0.35 370,000 US$ Russian Foreign Bond – Eurobond 12.75% 24/06/2028 749,250 0.21 2,245,950 US$ Russian Foreign Bond – Eurobond Step Cpn 31/03/2030 2,884,698 0.81 950,000 US$ Russian Standard Bank Via Russian Standard Finance SA 9.25% 11/07/2017 980,875 0.27 300,000 US$ Severstal OAO Via Steel Capital SA 5.9% 17/10/2022 303,375 0.08 900,000 US$ Severstal OAO Via Steel Capital SA 6.25% 26/07/2016 959,400 0.27 400,000 US$ Severstal OAO Via Steel Capital SA 6.7% 25/10/2017 438,000 0.12 1,500,000 US$ TMK OAO Via TMK Capital SA 7.75% 27/01/2018 1,575,000 0.44 3,822,000 US$ Vimpel Communications Via VIP Finance Ireland Ltd OJSC 7.748% 02/02/2021 4,414,410 1.24 200,000 US$ Vimpel Communications Via VIP Finance Ireland Ltd OJSC 9.125% 30/04/2018 242,250 0.07 400,000 US$ Vnesheconombank Via VEB Finance PLC 5.45% 22/11/2017 445,000 0.12 320,000 US$ Vnesheconombank Via VEB Finance PLC 6.8% 22/11/2025 392,000 0.11 1,560,000 US$ Vnesheconombank Via VEB Finance PLC 6.902% 09/07/2020 1,901,328 0.53

39,378,938 11.04

SAUDI ARABIA 1,000,000 US$ Dar Al-Arkan International Sukuk Co II 10.75% 18/02/2015 1,091,500 0.31

1,091,500 0.31


474,000 0.13


379,500 0.11

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84 85







SINGAPORE 550,000 US$ MMI International Ltd 8% 01/03/2017 583,000 0.16

583,000 0.16


157,500 0.04

SOUTH AFRICA 200,000 US$ African Bank Ltd 6% 15/06/2016 207,000 0.06 500,000 US$ African Bank Ltd 8.125% 24/02/2017 543,750 0.15 1,000,000 EUR Edcon Pty Ltd 9.5% 01/03/2018 1,272,256 0.36 450,000 US$ Edcon Pty Ltd 9.5% 01/03/2018 432,000 0.12 350,000 EUR Edcon Pty Ltd FRN 15/06/2014 442,982 0.12 100,000 EUR Foodcorp Pty Ltd 8.75% 01/03/2018 146,013 0.04 600,000 US$ Sappi Papier Holding GmbH 8.375% 15/06/2019 655,500 0.18 1,960,000 ZAR South Africa Government Bond 6.25% 31/03/2036 187,397 0.05 2,400,000 ZAR South Africa Government Bond 6.5% 28/02/2041 232,910 0.07 20,140,000 ZAR South Africa Government Bond 7% 28/02/2031 2,199,125 0.62 23,100,000 ZAR South Africa Government Bond 7.75% 28/02/2023 2,916,069 0.82 14,200,000 ZAR South Africa Government Bond 8% 21/12/2018 1,837,640 0.51 16,700,000 ZAR South Africa Government Bond 8.25% 15/09/2017 2,165,152 0.61 9,400,000 ZAR South Africa Government Bond 10.5% 21/12/2026 1,419,112 0.40 4,600,000 ZAR South Africa Government Bond 13.5% 15/09/2015 652,110 0.18 730,000 US$ South Africa Government International Bond 5.5% 09/03/2020 865,050 0.24 420,000 US$ South Africa Government International Bond 5.875% 30/05/2022 520,216 0.15 410,000 US$ South Africa Government International Bond 6.25% 08/03/2041 543,250 0.15 300,000 US$ South Africa Government International Bond 6.875% 27/05/2019 376,200 0.11

17,613,732 4.94

SOUTH KOREA 110,000 US$ Republic of Korea 7.125% 16/04/2019 142,793 0.04

142,793 0.04

SRI LANKA 280,000 US$ Bank of Ceylon 6.875% 03/05/2017 301,000 0.09 200,000 US$ Sri Lanka Government International Bond 5.875% 25/07/2022 213,000 0.06 400,000 US$ Sri Lanka Government International Bond 6.25% 04/10/2020 435,000 0.12 400,000 US$ Sri Lanka Government International Bond 6.25% 27/07/2021 435,812 0.12 50,000 US$ Sri Lanka Government International Bond 7.40% 22/01/2015 53,750 0.02

1,438,562 0.41

THAILAND 20,200,000 THB Thailand Government Bond 1.2% 14/07/2021 698,450 0.20 28,000,000 THB Thailand Government Bond 3.25% 16/06/2017 920,943 0.26 29,000,000 THB Thailand Government Bond 3.58% 17/12/2027 918,308 0.26 6,000,000 THB Thailand Government Bond 3.625% 16/06/2023 197,380 0.06 16,000,000 THB Thailand Government Bond 3.65% 17/12/2021 530,728 0.15 4,000,000 THB Thailand Government Bond 3.875% 13/06/2019 135,164 0.04

3,400,973 0.97

Ashmore SICAV

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TURKEy 4,800,000 TRY Turkey Government Bond 3% 23/02/2022 3,295,677 0.92 700,000 TRY Turkey Government Bond 4% 01/04/2020 567,095 0.16 1,800,000 TRY Turkey Government Bond 9% 21/05/2014 1,489,367 0.42 400,000 US$ Turkey Government International Bond 5.625% 30/03/2021 475,000 0.13 200,000 US$ Turkey Government International Bond 6% 14/01/2041 249,500 0.07 1,270,000 US$ Turkey Government International Bond 6.75% 03/04/2018 1,535,112 0.43 630,000 US$ Turkey Government International Bond 6.75% 30/05/2040 853,650 0.24 430,000 US$ Turkey Government International Bond 6.875% 17/03/2036 580,500 0.16 570,000 US$ Turkey Government International Bond 7% 26/09/2016 667,612 0.19 460,000 US$ Turkey Government International Bond 7% 11/03/2019 572,010 0.16 270,000 US$ Turkey Government International Bond 7.25% 15/03/2015 300,159 0.08 250,000 US$ Turkey Government International Bond 7.25% 05/03/2038 353,625 0.10 674,000 US$ Turkey Government International Bond 7.375% 05/02/2025 913,270 0.26 300,000 US$ Turkey Government International Bond 7.5% 14/07/2017 365,160 0.10 200,000 US$ Turkey Government International Bond 7.5% 07/11/2019 258,700 0.07 340,000 US$ Turkey Government International Bond 8% 14/02/2034 510,000 0.14 250,000 US$ Turkey Government International Bond 11.875% 15/01/2030 490,938 0.14

13,477,375 3.77

UKRAINE 700,000 US$ DTEK Finance BV 9.5% 28/04/2015 705,215 0.20 1,450,000 US$ Ferrexpo Finance PLC 7.875% 07/04/2016 1,406,500 0.39 200,000 US$ Financing of Infrastrucural Projects State Enterprise 9% 07/12/2017 200,000 0.06 1,900,000 US$ Metinvest BV 10.25% 20/05/2015 1,957,000 0.55 1,700,000 US$ MHP SA 10.25% 29/04/2015 1,789,250 0.50 385,000 US$ National JSC Naftogaz of Ukraine 9.5% 30/09/2014 395,106 0.11 200,000 US$ Oschadbank Via SSB #1 PLC 8.25% 10/03/2016 189,000 0.05 737,000 US$ Privatbank CJSC Via UK SPV Credit Finance PLC 9.375% 23/09/2015 687,732 0.19 200,000 US$ Ukraine Government International Bond 6.25% 17/06/2016 198,500 0.06 630,000 US$ Ukraine Government International Bond 6.58% 21/11/2016 629,244 0.18 500,000 US$ Ukraine Government International Bond 6.875% 23/09/2015 505,000 0.14 810,000 US$ Ukraine Government International Bond 7.75% 23/09/2020 832,275 0.23 300,000 US$ Ukraine Government International Bond 7.8% 28/11/2022 301,500 0.08 1,520,000 US$ Ukraine Government International Bond 9.25% 24/07/2017 1,649,200 0.46 630,000 US$ Ukreximbank Via Biz Finance PLC 8.375% 27/04/2015 625,275 0.18

12,070,797 3.39

UNITED ARAB EMIRATES 950,000 US$ Atlantic Finance Ltd FRN 27/05/2014 1,035,500 0.29 1,700,000 US$ DP World Ltd 6.85% 02/07/2037 1,991,125 0.56 630,000 US$ Dubai DOF Sukuk Ltd 6.396% 03/11/2014 677,880 0.19 1,250,000 EUR Dubai Holding Commercial Operations MTN Ltd 4.75% 30/01/2014 1,615,040 0.45 650,000 GBP Dubai Holding Commercial Operations MTN Ltd 6% 01/02/2017 1,023,293 0.29 800,000 US$ Emaar Sukuk Ltd 6.4% 18/07/2019 868,000 0.24 300,000 US$ Emaar Sukuk Ltd 8.5% 03/08/2016 340,500 0.10 400,000 US$ Emirate of Dubai Government International Bonds 6.7% 05/10/2015 442,800 0.12 1,870,000 US$ Emirate of Dubai Government International Bonds 7.75% 05/10/2020 2,360,875 0.66

10,355,013 2.90

Ashmore SICAV

86 87







URUGUAy 1,000,000 UYU Uruguay Government International Bond 3.25% Index Linked 27/01/2019 138,647 0.04 2,890,000 UYU Uruguay Government International Bond 3.7% 26/06/2037 256,900 0.07 559,218 US$ Uruguay Government International Bond 4.125% 20/11/2045 558,379 0.16 3,630,000 UYU Uruguay Government International Bond 4.25% 05/04/2027 344,755 0.10 6,790,000 UYU Uruguay Government International Bond 4.375% 15/12/2028 461,219 0.13 5,780,000 UYU Uruguay Government International Bond 5% 14/09/2018 552,773 0.15 484,000 US$ Uruguay Government International Bond 7.625% 21/03/2036 747,296 0.21 713,000 US$ Uruguay Government International Bond 7.875% 15/01/2033 1,102,655 0.31 533,469 US$ Uruguay Government International Bond 8% 18/11/2022 774,597 0.22

4,937,221 1.39

VENEZUELA 350,000 US$ Petroleos de Venezuela SA 5.25% 12/04/2017 305,375 0.09 967,000 US$ Petroleos de Venezuela SA 5.375% 12/04/2027 676,900 0.19 60,000 US$ Petroleos de Venezuela SA 5.5% 12/04/2037 41,100 0.01 250,000 US$ Petroleos de Venezuela SA 12.75% 17/02/2022 281,000 0.08 250,000 US$ Venezuela Government International Bond 6% 09/12/2020 208,750 0.06 250,000 US$ Venezuela Government International Bond 7.65% 21/04/2025 220,000 0.06 390,000 US$ Venezuela Government International Bond 7.75% 13/10/2019 367,575 0.10 310,000 US$ Venezuela Government International Bond 8.25% 13/10/2024 285,200 0.08 160,000 US$ Venezuela Government International Bond 8.5% 08/10/2014 163,680 0.05 404,000 US$ Venezuela Government International Bond 9% 07/05/2023 391,880 0.11 450,000 US$ Venezuela Government International Bond 9.25% 15/09/2027 450,000 0.13 534,000 US$ Venezuela Government International Bond 9.25% 07/05/2028 525,990 0.15 835,000 US$ Venezuela Government International Bond 11.75% 21/10/2026 941,463 0.26 860,000 US$ Venezuela Government International Bond 11.95% 05/08/2031 978,250 0.27 622,000 US$ Venezuela Government International Bond 12.75% 23/08/2022 724,630 0.20

6,561,793 1.84

VIETNAM 400,000 US$ Vietnam Government International Bond 6.75% 29/01/2020 456,000 0.13 200,000 US$ Vietnam Government International Bond 6.875% 15/01/2016 218,500 0.06

674,500 0.19

ZAMBIA 150,000 US$ Zambia Government International Bond 5.375% 20/09/2022 149,438 0.04

149,438 0.04

Total bonds 293,151,529 82.11

EQUITIES KAZAKHSTAN 47,852 US$ BTA Bank JSC GDR NPV 52,494 0.01

52,494 0.01



Ashmore SICAV

88 89







CHILE 300,000 US$ Banco del Estado de Chile 4.125% 07/10/2020 327,414 0.09

327,414 0.09

HONG KONG 100,000 US$ Sino-Forest Corp 5% 01/08/2013 (Defaulted) 13,938 –

13,938 –

IRAQ 1,430,000 US$ Republic of Iraq 5.8% Bond 15/01/2028 1,351,350 0.38

1,351,350 0.38

MALAySIA 1,400,000 MYR Malaysia Government Bond 3.314% 31/10/2017 459,028 0.13 4,100,000 MYR Malaysia Government Bond 3.492% 31/03/2020 1,346,017 0.38 900,000 MYR Malaysia Government Bond 3.502% 31/05/2027 288,052 0.08 1,000,000 MYR Malaysia Government Bond 3.58% 28/09/2018 331,276 0.09 3,500,000 MYR Malaysia Government Bond 4.012% 15/09/2017 1,182,755 0.33 2,800,000 MYR Malaysia Government Bond 4.16% 15/07/2021 956,636 0.27 1,200,000 MYR Malaysia Government Bond 4.262% 15/09/2016 407,841 0.11 1,500,000 MYR Malaysia Government Bond 4.378% 29/11/2019 519,371 0.15

5,490,976 1.54

NIGERIA 100,000,000 NGN Nigeria T-Bill 0% 28/02/2013 627,134 0.18 30,000,000 NGN Nigeria T-Bill 0% 28/03/2013 186,380 0.05 2,000,000 NGN Nigeria T-Bill 0% 04/04/2013 12,390 – 50,800,000 NGN Nigeria T-Bill 0% 11/04/2013 313,877 0.09 20,400,000 NGN Nigeria T-Bill 0% 25/04/2013 125,460 0.04 68,200,000 NGN Nigeria T-Bill 0% 08/08/2013 407,344 0.11 66,300,000 NGN Nigeria T-Bill 0% 10/10/2013 389,075 0.11

2,061,660 0.58

PERU 400,000 PEN Peruvian Government International Bond 6.95% 12/08/2031 197,124 0.06 2,090,000 PEN Peruvian Government International Bond 7.84% 12/08/2020 1,031,940 0.29 400,000 PEN Peruvian Government International Bond 8.2% 12/08/2026 219,643 0.06 600,000 PEN Peruvian Government International Bond 8.6% 12/08/2017 290,304 0.08

1,739,011 0.49

TURKEy 290,000 TRY Ronesans Holding 0% 18/12/2015 164,117 0.05

164,117 0.05

Total bonds 11,148,466 3.13


Ashmore SICAV

88 89






FULLy-FUNDED TOTAL RETURN SwAPS

INDIA 37,300,000 INR India Government Bond 7.8% 11/04/2021 664,302 0.19 8,100,000 INR India Government Bond 7.83% 11/04/2018 146,116 0.04 35,000,000 INR India Government Bond 8.12% 10/12/2020 641,339 0.18 39,000,000 INR India Government Bond 8.15% 06/11/2022 716,400 0.20 24,000,000 INR Rural Electrification Corp Ltd 9.35% 19/10/2016 438,737 0.12

2,606,894 0.73


1,745,592 0.49

SOUTH KOREA 2,666,000,000 KRW Korea Treasury Bond 5% 10/06/2020 2,802,578 0.79

2,802,578 0.79

INDONESIA 9,500,000,000 IDR Indonesia Treasury Bond 8.25% 15/06/2032 1,204,287 0.34 3,900,000,000 IDR Indonesia Treasury Bond 8.375% 15/09/2026 499,264 0.14 15,600,000,000 IDR Indonesia Treasury Bond 10.5% 15/08/2030 2,380,674 0.67 12,500,000,000 IDR Indonesia Treasury Bond 11% 15/09/2025 1,897,885 0.53 15,000,000,000 IDR Indonesia Treasury Bond 12.8% 15/06/2021 2,359,869 0.66

8,341,979 2.34


UNDERTAKINGS FOR COLLECTIVE INVESTMENT SCHEMES LUxEMBOURG 17,500,834 US$ Ashmore SICAV 2 Global Liquidity US$ Fund 17,500,834 4.90

17,500,834 4.90

Total undertakings for collective investment schemes 17,500,834 4.90


Cash at bank 20,187,900 5.66 Other assets and liabilities (565,199) (0.16)


Ashmore SICAV

90 91


Ashmore SICAV Emerging Markets Total Return Fund IIAs at 31 December 2012




ARGENTINA 310,000 US$ Argentina Boden Bonds 7% 03/10/2015 282,100 0.22 79,000 US$ Argentina Bonar Bonds 7% 12/09/2013 79,790 0.06 240,000 US$ Argentina Republic Government International Bond 2.5% 31/12/2038 86,160 0.07 349,792 US$ Argentina Republic Government International Bond 8.28% Discount 31/12/2033 250,101 0.19 108,044 US$ Argentine Republic Government International Bond 8.28% 31/12/2033 74,010 0.06 110,000 US$ Argentine Republic Government International Bond 8.75% 02/06/2017 97,350 0.07

869,511 0.67


109,750 0.08

BARBADOS 600,000 US$ Columbus International Inc 11.5% 20/11/2014 666,000 0.51

666,000 0.51

BELARUS 240,000 US$ Republic of Belarus 8.75% 03/08/2015 245,856 0.19 360,000 US$ Republic of Belarus 8.95% 26/01/2018 370,800 0.28

616,656 0.47

BRAZIL 110,000 US$ Banco Nacional de Desenvolvimento Economico e Social 5.5% 12/07/2020 129,525 0.10 220,000 US$ Banco Nacional de Desenvolvimento Economico e Social 6.5% 10/06/2019 269,500 0.21 2,150,000 BRL Banco Votorantim SA 6.25% 16/05/2016 1,213,346 0.93 180,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2020 2,372,663 1.81 21,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2050 322,574 0.25 430,000 US$ Brazilian Government International Bond 4.875% 22/01/2021 518,150 0.40 220,000 US$ Brazilian Government International Bond 5.625% 07/01/2041 288,200 0.22 170,000 US$ Brazilian Government International Bond 5.875% 15/01/2019 210,290 0.16 260,000 US$ Brazilian Government International Bond 7.125% 20/01/2037 397,800 0.30 220,000 US$ Brazilian Government International Bond 8.25% 20/01/2034 370,150 0.28 120,000 US$ Brazilian Government International Bond 8.875% 15/04/2024 193,200 0.15 130,000 US$ Brazilian Government International Bond 10.125% 15/05/2027 237,900 0.18 650,000 BRL Brazilian Government International Bond 10.25% 10/01/2028 418,254 0.32 300,000 US$ Fibria Overseas Finance Ltd 6.75% 03/03/2021 332,250 0.25 600,000 US$ JBS Finance II Ltd 8.25% 29/01/2018 636,000 0.49 1,300,000 US$ Marfrig Overseas Ltd 9.5% 04/05/2020 1,121,250 0.86 500,000 US$ Minerva Luxembourg SA 12.25% 10/02/2022 598,750 0.46 400,000 US$ OGX Austria GmbH 8.5% 01/06/2018 360,000 0.28

9,989,802 7.65

CHILE 145,000,000 CLP Banco Santander Chile 6.5% 22/09/2020 302,840 0.23 100,000 US$ Corp Nacional del Cobre de Chile 3.75% 04/11/2020 108,132 0.08 200,000 US$ Corp Nacional del Cobre de Chile 3.875% 03/11/2021 217,926 0.17 100,000 US$ Empresa Nacional del Petroleo 5.25% 10/08/2020 110,214 0.08 187,112 US$ Inversiones Alsacia SA 8% 18/08/2018 188,540 0.14

927,652 0.70

Ashmore SICAV

90 91


Ashmore SICAV Emerging Markets Total Return Fund II continued





CHINA 300,000 US$ Agile Property Holdings Ltd 9.875% 20/03/2017 337,500 0.26 400,000 US$ China Oriental Group Co Ltd 7% 17/11/2017 398,000 0.30 400,000 US$ China Shanshui Cement Group Ltd 10.5% 27/04/2017 458,000 0.35 300,000 US$ Country Garden Holdings Co Ltd 11.125% 23/02/2018 346,500 0.27 300,000 US$ Evergrande Real Estate Group Ltd 13% 27/01/2015 325,500 0.25 200,000 US$ Fosun International Ltd 7.5% 12/05/2016 208,250 0.16 500,000 US$ Hidili Industry International Development Ltd 8.625% 04/11/2015 390,000 0.30 440,000 US$ Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 473,242 0.36 190,000 US$ Sinochem Overseas Capital Co Ltd 6.3% 12/11/2040 227,749 0.17 500,000 US$ Yanlord Land Group Ltd 9.5% 04/05/2017 543,750 0.42

3,708,491 2.84

COLOMBIA 200,000 US$ Colombia Government International Bond 4.375% 12/07/2021 230,300 0.18 500,000 US$ Colombia Government International Bond 6.125% 18/01/2041 686,500 0.53 200,000 US$ Colombia Government International Bond 7.375% 18/03/2019 262,900 0.20 160,000 US$ Colombia Government International Bond 7.375% 18/09/2037 248,480 0.19 100,000 US$ Colombia Government International Bond 8.125% 21/05/2024 150,500 0.12 110,000 US$ Colombia Government International Bond 11.75% 25/02/2020 177,870 0.14 552,000,000 COP Colombian TES 10% 24/07/2024 424,387 0.32 542,000,000 COP Emgesa SA ESP 8.75% 25/01/2021 359,370 0.27

2,540,307 1.95


201,800 0.15


958,950 0.74

CZECH REPUBLIC 400,000 EUR Central European Media Enterprises Ltd 11.625% 15/09/2016 553,728 0.42

553,728 0.42


255,530 0.20

EGyPT 100,000 US$ Egypt Government International Bond 5.75% 29/04/2020 99,250 0.08 100,000 US$ Egypt Government International Bond 6.875% 30/04/2040 94,500 0.07

193,750 0.15

EL SALVADOR 70,000 US$ El Salvador Government International Bond 5.875% 30/01/2025 70,770 0.05 100,000 US$ El Salvador Government International Bond 7.375% 01/12/2019 114,850 0.09 150,000 US$ El Salvador Government International Bond 7.625% 01/02/2041 171,375 0.13 100,000 US$ El Salvador Government International Bond 7.65% 15/06/2035 114,250 0.09 100,000 US$ Telemovil Finance Co Ltd 8% 01/10/2017 107,750 0.08

578,995 0.44

Ashmore SICAV

92 93







GEORGIA 230,000 US$ Georgia Government International Bond 6.875% 12/04/2021 265,650 0.20

265,650 0.20

GHANA 260,000 GHS Ghana Government Bond 21% 26/10/2015 137,487 0.11 50,000 GHS Ghana Government Bond 24% 25/05/2015 27,905 0.02 120,000 US$ Republic of Ghana 8.5% 04/10/2017 138,600 0.11

303,992 0.24

HONG KONG 600,000 US$ Central China Real Estate Ltd 12.25% 20/10/2015 663,000 0.51 400,000 US$ CFG Investment SAC 9.75% 30/07/2019 302,000 0.23 200,000 US$ Shimao Property Holdings Ltd 9.65% 03/08/2017 219,533 0.17

1,184,533 0.91

HUNGARy 177,160,000 HUF Hungary Government International Bond 5.5% 12/02/2016 798,805 0.61 180,000 US$ Hungary Government International Bond 6.25% 29/01/2020 198,675 0.15 220,000 US$ Hungary Government International Bond 6.375% 29/03/2021 242,880 0.19 116,470,000 HUF Hungary Government International Bond 6.75% 24/11/2017 546,206 0.42 67,940,000 HUF Hungary Government International Bond 7% 24/06/2022 327,127 0.25 270,000 US$ Hungary Government International Bond 7.625% 29/03/2041 311,850 0.24

2,425,543 1.86

INDIA 250,000 US$ Reliance Holdings USA Inc 6.25% 19/10/2040 287,365 0.22 400,000 US$ Vedanta Resources PLC 8.25% 07/06/2021 441,000 0.34

728,365 0.56

INDONESIA 200,000 US$ Indonesia Government International Bond 4.875% 05/05/2021 230,000 0.18 130,000 US$ Indonesia Government International Bond 5.875% 13/03/2020 156,325 0.12 100,000 US$ Indonesia Government International Bond 6.625% 17/02/2037 133,750 0.10 20,000 US$ Indonesia Government International Bond 6.75% 10/03/2014 21,150 0.02 180,000 US$ Indonesia Government International Bond 6.875% 17/01/2018 219,825 0.17 160,000 US$ Indonesia Government International Bond 7.5% 15/01/2016 187,000 0.14 120,000 US$ Indonesia Government International Bond 7.75% 17/01/2038 180,900 0.14 110,000 US$ Indonesia Government International Bond 8.5% 12/10/2035 176,000 0.13 100,000 US$ Indonesia Government International Bond 11.625% 04/03/2019 151,250 0.12 160,000 US$ Majapahit Holding BV 7.75% 17/10/2016 189,200 0.14 100,000 US$ Majapahit Holding BV 7.75% 20/01/2020 125,750 0.10 120,000 US$ Majapahit Holding BV 8% 07/08/2019 151,800 0.12 200,000 US$ Perusahaan Listrik Negara PT 5.5% 22/11/2021 226,000 0.17 200,000 US$ Star Energy Geothermal Wayang Windu Ltd 11.5% 12/02/2015 213,240 0.16

2,362,190 1.81

ISRAEL 200,000 US$ Altice Financing SA 7.875% 15/12/2019 211,500 0.16

211,500 0.16

IVORy COAST 750,000 US$ Ivory Coast Government International Bond Step Cpn 31/12/2032 699,375 0.53

699,375 0.53

Ashmore SICAV

92 93







jAMAICA 300,000 US$ Digicel Group Ltd 8.25% 30/09/2020 330,000 0.25

330,000 0.25


252,070 0.19

KAZAKHSTAN 200,000 US$ ATF Bank JSC 9% 11/05/2016 194,450 0.15 200,000 US$ Development Bank of Kazakhstan JSC 4.125% 10/12/2022 201,500 0.15 300,000 US$ Halyk Savings Bank of Kazakhstan JSC 7.25% 28/01/2021 322,140 0.25 200,000 US$ Kazakhstan Temir Zholy Finance BV 6.375% 06/10/2020 242,000 0.19 200,000 US$ Kazakhstan Temir Zholy Finance BV 6.95% 10/07/2042 251,500 0.19 140,000 US$ Kazatomprom Natsionalnaya Atomnaya Kompaniya AO 6.25% 20/05/2015 151,585 0.12 1,500,000 US$ Kazkommertsbank JSC 8.5% 11/05/2018 1,365,000 1.04 200,000 US$ KazMunaiGaz Finance Sub BV 6.375% 09/04/2021 244,750 0.19 100,000 US$ KazMunaiGaz Finance Sub BV 9.125% 02/07/2018 132,250 0.10 120,000 US$ KazMunaiGaz Finance Sub BV 11.75% 23/01/2015 143,250 0.11 200,000 US$ Zhaikmunai LP Via Zhaikmunai International BV 7.125% 13/11/2019 209,000 0.16

3,457,425 2.65


123,250 0.09


148,350 0.11


780,725 0.59

LITHUANIA 120,000 US$ Lithuania Government International Bond 5.125% 14/09/2017 135,300 0.10 150,000 US$ Lithuania Government International Bond 6.125% 09/03/2021 184,695 0.14 390,000 US$ Lithuania Government International Bond 6.625% 01/02/2022 498,732 0.38 240,000 US$ Lithuania Government International Bond 7.375% 11/02/2020 312,600 0.24

1,131,327 0.86

MALAySIA 120,000 US$ Petronas Capital Ltd 7.875% 22/05/2022 171,229 0.13 250,000 US$ Wakala Global Sukuk Bhd 4.646% 06/07/2021 288,105 0.22

459,334 0.35

Ashmore SICAV

94 95







MExICO 500,000 US$ Cemex Espana Luxembourg 9.25% 12/05/2020 542,500 0.41 240,000 US$ Comision Federal de Electricidad 4.875% 26/05/2021 271,800 0.21 200,000 US$ Corp GEO SAB de CV 8.875% 27/03/2022 213,000 0.16 300,000 US$ Desarrolladora Homex SAB de CV 9.75% 25/03/2020 325,500 0.25 7,200,000 MXN Mexican Bonos 7.5% 03/06/2027 645,036 0.49 4,900,000 MXN Mexican Bonos 7.75% 29/05/2031 441,419 0.34 1,600,000 MXN Mexican Bonos 7.75% 13/11/2042 144,851 0.11 5,030,000 MXN Mexican Bonos 8.5% 31/05/2029 487,505 0.37 5,820,000 MXN Mexican Bonos 8.5% 18/11/2038 566,359 0.43 4,600,000 MXN Mexican Bonos 10% 20/11/2036 512,022 0.39 90,000 US$ Mexico Government International Bond 3.625% 15/03/2022 98,438 0.08 90,000 US$ Mexico Government International Bond 4.75% 08/03/2044 101,700 0.08 220,000 US$ Mexico Government International Bond 5.125% 15/01/2020 262,900 0.20 60,000 US$ Mexico Government International Bond 5.625% 15/01/2017 69,600 0.05 160,000 US$ Mexico Government International Bond 5.75% 12/10/2110 192,400 0.15 90,000 US$ Mexico Government International Bond 5.95% 19/03/2019 110,700 0.08 320,000 US$ Mexico Government International Bond 6.05% 11/01/2040 429,120 0.33 210,000 US$ Mexico Government International Bond 6.75% 27/09/2034 302,400 0.23 80,000 US$ Pemex Project Funding Master Trust 5.75% 01/03/2018 93,400 0.07 40,000 US$ Petroleos Mexicanos 5.5% 27/06/2044 44,000 0.03 70,000 US$ Petroleos Mexicanos 6% 05/03/2020 83,650 0.06 160,000 US$ Petroleos Mexicanos 6.5% 02/06/2041 200,800 0.15 100,000 US$ Petroleos Mexicanos 8% 03/05/2019 130,750 0.10 300,000 US$ Urbi Desarrollos Urbanos SAB de CV 9.75% 03/02/2022 284,250 0.22

6,554,100 4.99

MONGOLIA 100,000 US$ Mongolia Government International Bond 5.125% 05/12/2022 98,000 0.07 200,000 US$ Mongolian Mining Corp 8.875% 29/03/2017 214,000 0.16

312,000 0.23


203,000 0.16

NIGERIA 600,000 US$ Afren PLC 10.25% 08/04/2019 700,397 0.54 100,000 US$ Nigeria Government International Bond 6.75% 28/01/2021 118,250 0.09 33,000,000 NGN Nigeria Government International Bond 16.39% 27/01/2022 261,633 0.20

1,080,280 0.83

PAKISTAN 100,000 US$ Pakistan Government International Bond 7.125% 31/03/2016 93,500 0.07

93,500 0.07

PANAMA 120,000 US$ Panama Government International Bond 6.7% 26/01/2036 170,400 0.13 120,000 US$ Panama Government International Bond 7.125% 29/01/2026 170,100 0.13 40,000 US$ Panama Government International Bond 7.25% 15/03/2015 44,860 0.03 60,000 US$ Panama Government International Bond 8.875% 30/09/2027 97,500 0.07 80,000 US$ Panama Government International Bond 9.375% 01/04/2029 136,800 0.10

619,660 0.46

Ashmore SICAV

94 95








209,500 0.16

PERU 40,000 US$ Peruvian Government International Bond 7.125% 30/03/2019 52,360 0.04 230,000 US$ Peruvian Government International Bond 7.35% 21/07/2025 333,270 0.25 100,000 US$ Peruvian Government International Bond 8.375% 03/05/2016 123,050 0.09 150,000 US$ Peruvian Government International Bond 8.75% 21/11/2033 260,625 0.20

769,305 0.58

PHILIPPINES 170,000 US$ Philippine Government International Bond 4% 15/01/2021 190,825 0.15 100,000 US$ Philippine Government International Bond 5% 13/01/2037 121,625 0.09 330,000 US$ Philippine Government International Bond 5.5% 30/03/2026 417,450 0.32 10,000,000 PHP Philippine Government International Bond 6.25% 14/01/2036 292,237 0.22 140,000 US$ Philippine Government International Bond 6.375% 23/10/2034 196,700 0.15 100,000 US$ Philippine Government International Bond 7.75% 14/01/2031 153,500 0.12 100,000 US$ Philippine Government International Bond 8.375% 17/06/2019 137,875 0.11 150,000 US$ Philippine Government International Bond 9.5% 02/02/2030 260,250 0.20 100,000 US$ Philippine Government International Bond 10.625% 16/03/2025 173,500 0.13 100,000 US$ Power Sector Assets & Liabilities Management Corp 7.25% 27/05/2019 128,375 0.10 200,000 US$ Power Sector Assets & Liabilities Management Corp 7.39% 02/12/2024 278,500 0.21

2,350,837 1.80

POLAND 600,000 EUR CEDC Finance Corp International Inc 8.875% 01/12/2016 474,624 0.36 200,000 EUR Eileme 2 AB 11.75% 31/01/2020 308,506 0.24 364,000 PLN Poland Government Bond 2.75% 25/08/2023 153,412 0.12 2,101,000 PLN Poland Government Bond 3% 24/08/2016 930,276 0.71 694,000 PLN Poland Government Bond 4.75% 25/10/2016 236,685 0.18 2,524,000 PLN Poland Government Bond 4.75% 25/04/2017 866,172 0.66 1,311,000 PLN Poland Government Bond 5% 25/04/2016 447,745 0.34 2,116,000 PLN Poland Government Bond 5.75% 25/10/2021 793,085 0.61 1,164,000 PLN Poland Government Bond 5.75% 23/09/2022 440,890 0.34 210,000 US$ Poland Government International Bond 3% 17/03/2023 209,475 0.16 390,000 US$ Poland Government International Bond 5% 23/03/2022 460,590 0.35 250,000 US$ Poland Government International Bond 6.375% 15/07/2019 311,680 0.24 400,000 EUR TVN Finance Corp II AB 10.75% 15/11/2017 582,733 0.45

6,215,873 4.76


533,748 0.41

ROMANIA 1,800,000 RON Romania Government International Bond 5.9% 26/07/2017 526,371 0.40 270,000 US$ Romania Government International Bond 6.75% 07/02/2022 328,050 0.25

854,421 0.65

Ashmore SICAV

96 97







RUSSIA 200,000 US$ Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.5% 26/09/2019 211,096 0.16 200,000 US$ Evraz Group SA 9.5% 24/04/2018 228,000 0.17 200,000 US$ Lukoil International Finance BV 6.656% 07/06/2022 243,500 0.19 200,000 US$ Metalloinvest Finance Ltd 6.5% 21/07/2016 210,250 0.16 200,000 US$ Promsvyazbank OJSC Via PSB Finance SA 10.2% 06/11/2019 206,750 0.16 100,000 US$ Russian Agricultural Bank OJSC Via RSHB Capital SA 7.75% 29/05/2018 119,125 0.09 30,890,000 RUB Russian Federal Bond – OFZ 7.35% 20/01/2016 1,040,722 0.80 23,940,000 RUB Russian Federal Bond – OFZ 7.4% 19/04/2017 812,681 0.62 46,110,000 RUB Russian Federal Bond – OFZ 7.4% 14/06/2017 1,566,371 1.20 42,180,000 RUB Russian Federal Bond – OFZ 7.5% 27/02/2019 1,453,959 1.11 10,050,000 RUB Russian Federal Bond – OFZ 7.6% 14/04/2021 347,709 0.27 12,840,000 RUB Russian Federal Bond – OFZ 7.6% 20/07/2022 444,070 0.34 7,870,000 RUB Russian Federal Bond – OFZ 8.15% 03/02/2027 284,807 0.22 100,000 US$ Russian Foreign Bond – Eurobond 5% 29/04/2020 118,000 0.09 400,000 US$ Russian Foreign Bond – Eurobond 5.625% 04/04/2042 497,000 0.38 100,000 US$ Russian Foreign Bond – Eurobond 12.75% 24/06/2028 202,500 0.16 682,000 US$ Russian Foreign Bond – Eurobond Step Cpn 31/03/2030 875,961 0.67 200,000 US$ Russian Standard Bank Via Russian Standard Finance SA 9.25% 11/07/2017 206,500 0.16 800,000 US$ Severstal OAO Via Steel Capital SA 5.9% 17/10/2022 809,000 0.62 500,000 US$ TMK OAO Via TMK Capital SA 7.75% 27/01/2018 525,000 0.40 1,800,000 US$ Vimpel Communications Via VIP Finance Ireland Ltd OJSC 7.748% 02/02/2021 2,079,000 1.59 120,000 US$ Vnesheconombank Via VEB Finance PLC 5.45% 22/11/2017 133,500 0.10 500,000 US$ Vnesheconombank Via VEB Finance PLC 6.902% 09/07/2020 609,400 0.47

13,224,901 10.13

SAUDI ARABIA 300,000 US$ Dar Al-Arkan International Sukuk Co II 10.75% 18/02/2015 327,450 0.25

327,450 0.25


237,000 0.18


115,000 0.09

SINGAPORE 200,000 US$ MMI International Ltd 8% 01/03/2017 212,000 0.16

212,000 0.16

Ashmore SICAV

96 97







SOUTH AFRICA 900,000 EUR Edcon Pty Ltd 9.5% 01/03/2018 1,145,030 0.88 200,000 EUR Edcon Pty Ltd FRN 15/06/2014 253,133 0.19 3,060,000 ZAR South Africa Government Bond 6.25% 31/03/2036 292,569 0.22 990,000 ZAR South Africa Government Bond 6.5% 28/02/2041 96,076 0.07 3,340,000 ZAR South Africa Government Bond 7% 28/02/2031 364,701 0.28 7,510,000 ZAR South Africa Government Bond 7.75% 28/02/2023 948,038 0.72 6,350,000 ZAR South Africa Government Bond 8% 21/12/2018 821,762 0.63 4,000,000 ZAR South Africa Government Bond 8.25% 15/09/2017 518,599 0.40 4,210,000 ZAR South Africa Government Bond 10.5% 21/12/2026 635,581 0.49 1,970,000 ZAR South Africa Government Bond 13.5% 15/09/2015 279,273 0.21 230,000 US$ South Africa Government International Bond 5.5% 09/03/2020 272,550 0.21 120,000 US$ South Africa Government International Bond 5.875% 30/05/2022 148,633 0.11 130,000 US$ South Africa Government International Bond 6.25% 08/03/2041 172,250 0.13 120,000 US$ South Africa Government International Bond 6.875% 27/05/2019 150,480 0.12

6,098,675 4.66

SRI LANKA 210,000 US$ Sri Lanka Government International Bond 5.875% 25/07/2022 223,650 0.17 150,000 US$ Sri Lanka Government International Bond 6.25% 04/10/2020 163,125 0.13

386,775 0.30

THAILAND 9,000,000 THB Thailand Government Bond 1.2% 14/07/2021 311,191 0.24 15,000,000 THB Thailand Government Bond 3.25% 16/06/2017 493,362 0.38 6,000,000 THB Thailand Government Bond 3.58% 17/12/2027 189,995 0.15

994,548 0.77

TURKEy 1,250,000 TRY Turkey Government Bond 3% 23/02/2022 858,249 0.66 300,000 TRY Turkey Government Bond 4% 01/04/2020 243,041 0.19 520,000 TRY Turkey Government Bond 9% 21/05/2014 430,262 0.33 120,000 US$ Turkey Government International Bond 5.625% 30/03/2021 142,500 0.11 100,000 US$ Turkey Government International Bond 6% 14/01/2041 124,750 0.10 370,000 US$ Turkey Government International Bond 6.75% 03/04/2018 447,238 0.34 160,000 US$ Turkey Government International Bond 6.75% 30/05/2040 216,800 0.17 130,000 US$ Turkey Government International Bond 6.875% 17/03/2036 175,500 0.13 180,000 US$ Turkey Government International Bond 7% 26/09/2016 210,825 0.16 140,000 US$ Turkey Government International Bond 7% 11/03/2019 174,090 0.13 80,000 US$ Turkey Government International Bond 7.25% 15/03/2015 88,936 0.07 80,000 US$ Turkey Government International Bond 7.25% 05/03/2038 113,160 0.09 200,000 US$ Turkey Government International Bond 7.375% 05/02/2025 271,000 0.21 100,000 US$ Turkey Government International Bond 7.5% 14/07/2017 121,720 0.09 100,000 US$ Turkey Government International Bond 7.5% 07/11/2019 129,350 0.10 100,000 US$ Turkey Government International Bond 8% 14/02/2034 150,000 0.11 70,000 US$ Turkey Government International Bond 11.875% 15/01/2030 137,463 0.11

4,034,884 3.10

Ashmore SICAV

98 99







UKRAINE 300,000 US$ DTEK Finance BV 9.5% 28/04/2015 302,235 0.23 500,000 US$ Ferrexpo Finance PLC 7.875% 07/04/2016 485,000 0.37 300,000 US$ Metinvest BV 10.25% 20/05/2015 309,000 0.24 300,000 US$ MHP SA 10.25% 29/04/2015 315,750 0.24 130,000 US$ National JSC Naftogaz of Ukraine 9.5% 30/09/2014 133,413 0.10 100,000 US$ Oschadbank Via SSB #1 PLC 8.25% 10/03/2016 94,500 0.07 100,000 US$ Privatbank CJSC Via UK SPV Credit Finance PLC 9.375% 23/09/2015 93,315 0.07 230,000 US$ Ukraine Government International Bond 6.58% 21/11/2016 229,724 0.18 160,000 US$ Ukraine Government International Bond 6.875% 23/09/2015 161,600 0.12 310,000 US$ Ukraine Government International Bond 7.8% 28/11/2022 311,550 0.24 500,000 US$ Ukraine Government International Bond 9.25% 24/07/2017 542,500 0.41 200,000 US$ Ukreximbank Via Biz Finance PLC 8.375% 27/04/2015 198,500 0.15

3,177,087 2.42

UNITED ARAB EMIRATES 300,000 US$ Atlantic Finance Ltd FRN 27/05/2014 327,000 0.25 700,000 US$ DP World Ltd 6.85% 02/07/2037 819,875 0.63 200,000 US$ Dubai DOF Sukuk Ltd 6.396% 03/11/2014 215,200 0.16 1,000,000 EUR Dubai Holding Commercial Operations MTN Ltd 4.75% 30/01/2014 1,292,032 0.99 300,000 US$ Emaar Sukuk Ltd 6.4% 18/07/2019 325,500 0.25 120,000 US$ Emirate of Dubai Government International Bonds 6.7% 05/10/2015 132,840 0.10 610,000 US$ Emirate of Dubai Government International Bonds 7.75% 05/10/2020 770,125 0.59

3,882,572 2.97

URUGUAy 4,000,000 UYU Uruguay Government International Bond 3.7% 26/06/2037 355,570 0.27 270,000 US$ Uruguay Government International Bond 7.625% 21/03/2036 416,880 0.32 220,000 US$ Uruguay Government International Bond 7.875% 15/01/2033 340,230 0.26 160,000 US$ Uruguay Government International Bond 8% 18/11/2022 232,320 0.18

1,345,000 1.03

VENEZUELA 100,000 US$ Petroleos de Venezuela SA 5.25% 12/04/2017 87,250 0.07 310,000 US$ Petroleos de Venezuela SA 5.375% 12/04/2027 217,000 0.17 10,000 US$ Petroleos de Venezuela SA 5.5% 12/04/2037 6,850 0.01 70,000 US$ Petroleos de Venezuela SA 12.75% 17/02/2022 78,680 0.06 80,000 US$ Venezuela Government International Bond 6% 09/12/2020 66,800 0.05 80,000 US$ Venezuela Government International Bond 7.65% 21/04/2025 70,400 0.05 120,000 US$ Venezuela Government International Bond 7.75% 13/10/2019 113,100 0.09 90,000 US$ Venezuela Government International Bond 8.25% 13/10/2024 82,800 0.06 50,000 US$ Venezuela Government International Bond 8.5% 08/10/2014 51,150 0.04 130,000 US$ Venezuela Government International Bond 9% 07/05/2023 126,100 0.10 150,000 US$ Venezuela Government International Bond 9.25% 15/09/2027 150,000 0.11 170,000 US$ Venezuela Government International Bond 9.25% 07/05/2028 167,450 0.13 236,000 US$ Venezuela Government International Bond 11.75% 21/10/2026 266,090 0.20 243,000 US$ Venezuela Government International Bond 11.95% 05/08/2031 276,413 0.21 190,000 US$ Venezuela Government International Bond 12.75% 23/08/2022 221,350 0.17

1,981,433 1.52

Ashmore SICAV

98 99







VIETNAM 160,000 US$ Vietnam Government International Bond 6.75% 29/01/2020 182,400 0.14

182,400 0.14

Total bonds 93,030,500 71.15



BONDS CHILE 120,000 US$ Banco del Estado de Chile 4.125% 07/10/2020 130,966 0.10

130,966 0.10

IRAQ 460,000 US$ Republic of Iraq 5.8% Bond 15/01/2028 434,700 0.33

434,700 0.33

MALAySIA 4,000,000 MYR Malaysia Government Bond 3.58% 28/09/2018 1,325,105 1.01 1,060,000 MYR Malaysia Government Bond 4.012% 15/09/2017 358,206 0.27 400,000 MYR Malaysia Government Bond 4.392% 15/04/2026 141,010 0.11

1,824,321 1.39

NIGERIA 53,000,000 NGN Nigeria T-Bill 0% 07/11/2013 306,470 0.23

306,470 0.23

PERU 170,000 PEN Peruvian Government International Bond 6.95% 12/08/2031 83,778 0.06 340,000 PEN Peruvian Government International Bond 7.84% 12/08/2020 167,875 0.13 170,000 PEN Peruvian Government International Bond 8.2% 12/08/2026 93,348 0.07 260,000 PEN Peruvian Government International Bond 8.6% 12/08/2017 125,798 0.10

470,799 0.36

TURKEy 130,000 TRY Ronesans Holding FRN 18/12/2015 73,570 0.06

73,570 0.06

Total bonds 3,240,826 2.47


Ashmore SICAV

100 101







INDIA 30,000,000 INR India Government Bond 7.8% 11/04/2021 534,291 0.41 18,000,000 INR India Government Bond 8.15% 06/11/2022 330,646 0.25

864,937 0.66

INDONESIA 4,000,000,000 IDR Indonesia Treasury Bond 8.25% 15/06/2032 507,068 0.39 1,700,000,000 IDR Indonesia Treasury Bond 8.375% 15/09/2026 217,628 0.17 6,700,000,000 IDR Indonesia Treasury Bond 10.5% 15/08/2030 1,022,469 0.78 6,400,000,000 IDR Indonesia Treasury Bond 12.8% 15/06/2021 1,006,878 0.77

2,754,043 2.11

RUSSIA 21,890,000 RUB Russian Federal Bond – OFZ 7.5% 15/03/2018 750,118 0.57

750,118 0.57




10,000,000 7.65





Ashmore SICAV

100 101


Ashmore SICAV Emerging Markets Investment Grade Total Return FundAs at 31 December 2012




BRAZIL 240,000 US$ Banco Nacional de Desenvolvimento Economico e Social 5.5% 12/07/2020 282,600 0.71 100,000 US$ Banco Nacional de Desenvolvimento Economico e Social 6.5% 10/06/2019 122,500 0.31 23,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/05/2015 274,929 0.69 7,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2016 87,025 0.22 10,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2020 131,815 0.33 4,000 BRL Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2050 61,443 0.15 100,000 US$ Brazilian Government International Bond 5.875% 15/01/2019 123,700 0.31 35,000 US$ Brazilian Government International Bond 7.125% 20/01/2037 53,550 0.14 118,000 US$ Brazilian Government International Bond 8.25% 20/01/2034 198,535 0.50 40,000 US$ Brazilian Government International Bond 8.875% 15/04/2024 64,400 0.16 90,000 US$ Brazilian Government International Bond 10.125% 15/05/2027 164,700 0.41 760,000 BRL Brazilian Government International Bond 10.25% 10/01/2028 489,035 1.23 200,000 US$ BRF – Brasil Foods SA 5.875% 06/06/2022 220,500 0.55 700,000 US$ Schahin II Finance Co SPV Ltd 5.875% 25/09/2022 747,250 1.88 600,000 US$ Telemar Norte Leste SA 5.5% 23/10/2020 624,000 1.57 350,000 US$ Vale Overseas Ltd 8.25% 17/01/2034 478,661 1.20

4,124,643 10.36

CHILE 25,000 US$ Banco del Estado de Chile 3.875% 08/02/2022 26,533 0.07 193,000,000 CLP Banco Santander Chile 6.5% 22/09/2020 403,091 1.01 200,000 US$ Cencosud SA 5.5% 20/01/2021 214,125 0.54 135,000 US$ Chile Government International Bond 3.25% 14/09/2021 146,475 0.37 55,000 US$ Corp Nacional del Cobre de Chile 7.5% 15/01/2019 70,860 0.18

861,084 2.17

CHINA 200,000 US$ ENN Energy Holdings Ltd 6% 13/05/2021 230,542 0.58 100,000 US$ Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 107,555 0.27 300,000 US$ Sinochem Overseas Capital Co Ltd 6.3% 12/11/2040 359,604 0.90

697,701 1.75

COLOMBIA 400,000 US$ Bancolombia SA 5.125% 11/09/2022 416,000 1.05 180,000,000 COP Colombia Government International Bond 4.375% 21/03/2023 101,470 0.25 128,000 US$ Colombia Government International Bond 6.125% 18/01/2041 175,744 0.44 230,000 US$ Colombia Government International Bond 7.375% 18/09/2037 357,190 0.90 125,000 US$ Colombia Government International Bond 8.125% 21/05/2024 188,125 0.47 316,000,000 COP Colombia Government International Bond 9.85% 28/06/2027 274,099 0.69 110,000 US$ Colombia Government International Bond 11.75% 25/02/2020 177,870 0.45 160,000,000 COP Colombia Government International Bond 12% 22/10/2015 110,008 0.28 116,000,000 COP Colombian TES 10% 24/07/2024 89,183 0.22 200,000 US$ Gruposura Finance 5.7% 18/05/2021 224,500 0.56

2,114,189 5.31

Ashmore SICAV

102 103


Ashmore SICAV Emerging Markets Investment Grade Total Return Fund continued






403,600 1.01


971,392 2.44

CZECH REPUBLIC 100,000 EUR EP Energy AS 5.875% 01/11/2019 142,058 0.36

142,058 0.36

HONG KONG 400,000 US$ Noble Group Ltd 6.75% 29/01/2020 421,500 1.06

421,500 1.06

INDIA 100,000 US$ Bank of Baroda FRN 25/05/2022 100,942 0.25 200,000 US$ Bharat Petroleum Corp Ltd 4.625% 25/10/2022 203,222 0.51 100,000 US$ ICICI Bank Ltd 5.75% 16/11/2020 107,885 0.27

412,049 1.03

INDONESIA 50,000 US$ Indonesia Government International Bond 4.875% 05/05/2021 57,500 0.14 100,000 US$ Indonesia Government International Bond 7.75% 17/01/2038 150,750 0.38 100,000 US$ Indonesia Government International Bond 11.625% 04/03/2019 151,250 0.38 210,000 US$ Majapahit Holding BV 7.75% 20/01/2020 264,075 0.66 400,000 US$ Pertamina Persero PT 6% 03/05/2042 451,500 1.14 200,000 US$ Perusahaan Listrik Negara PT 5.25% 24/10/2042 206,000 0.52

1,281,075 3.22

KAZAKHSTAN 285,000 US$ Kazakhstan Temir Zholy Finance BV 6.375% 06/10/2020 344,850 0.87 125,000 US$ Kazakhstan Temir Zholy Finance BV 6.95% 10/07/2042 157,188 0.39 250,000 US$ KazMunaiGaz Finance Sub BV 7% 05/05/2020 311,250 0.78 170,000 US$ KazMunaiGaz Finance Sub BV 9.125% 02/07/2018 224,825 0.57

1,038,113 2.61


246,500 0.62

LATVIA 100,000 US$ Republic of Latvia 2.75% 12/01/2020 98,900 0.25 90,000 US$ Republic of Latvia 5.25% 16/06/2021 104,400 0.26

203,300 0.51

LITHUANIA 100,000 US$ Lithuania Government International Bond 5.125% 14/09/2017 112,750 0.28 100,000 US$ Lithuania Government International Bond 6.125% 09/03/2021 123,130 0.31 515,000 US$ Lithuania Government International Bond 7.375% 11/02/2020 670,788 1.69

906,668 2.28

Ashmore SICAV

102 103







MALAySIA 165,000 US$ Petronas Capital Ltd 7.875% 22/05/2022 235,440 0.59

235,440 0.59

MExICO 400,000 US$ Alpek SA de CV 4.5% 20/11/2022 417,000 1.05 150,000 US$ BBVA Bancomer SA 6.75% 30/09/2022 168,750 0.42 30,000 US$ Comision Federal de Electricidad 5.75% 14/02/2042 33,975 0.09 100,000 US$ Grupo Televisa SAB 8.5% 11/03/2032 142,946 0.36 2,760,000 MXN Mexican Bonos 6.5% 10/06/2021 229,691 0.58 2,470,000 MXN Mexican Bonos 7.5% 03/06/2027 221,283 0.56 1,410,000 MXN Mexican Bonos 7.75% 29/05/2031 127,021 0.32 420,000 MXN Mexican Bonos 7.75% 13/11/2042 38,023 0.10 2,010,000 MXN Mexican Bonos 8.5% 31/05/2029 194,808 0.49 2,220,000 MXN Mexican Bonos 8.5% 18/11/2038 216,034 0.54 1,730,000 MXN Mexican Bonos 10% 20/11/2036 192,565 0.48 600,000 US$ Mexichem SAB de CV 6.75% 19/09/2042 673,500 1.69 40,000 US$ Mexico Government International Bond 3.625% 15/03/2022 43,750 0.11 70,000 US$ Mexico Government International Bond 4.75% 08/03/2044 79,100 0.20 210,000 US$ Mexico Government International Bond 5.125% 15/01/2020 250,950 0.63 40,000 US$ Mexico Government International Bond 5.625% 15/01/2017 46,400 0.12 110,000 US$ Mexico Government International Bond 5.75% 12/10/2110 132,275 0.33 120,000 US$ Mexico Government International Bond 6.05% 11/01/2040 160,920 0.40 55,000 US$ Mexico Government International Bond 8.125% 30/12/2019 79,200 0.20 30,000 US$ Pemex Project Funding Master Trust 5.75% 01/03/2018 35,025 0.09 30,000 US$ Petroleos Mexicanos 5.5% 27/06/2044 33,000 0.08 20,000 US$ Petroleos Mexicanos 6.5% 02/06/2041 25,100 0.06 260,000 US$ Petroleos Mexicanos 8% 03/05/2019 339,950 0.85

3,881,266 9.75


812,000 2.04

NAMIBIA 15,000 US$ Namibia International Bonds 5.5% 03/11/2021 16,800 0.04

16,800 0.04


555,747 1.39

PERU 300,000 US$ Banco Internacional del Peru SAA 5.75% 07/10/2020 327,750 0.82 30,000 US$ Peruvian Government International Bond 7.35% 21/07/2025 43,470 0.11 60,000 US$ Peruvian Government International Bond 8.375% 03/05/2016 73,830 0.19 200,000 US$ Peruvian Government International Bond 8.75% 21/11/2033 347,500 0.87 300,000 US$ Southern Copper Corp 6.75% 16/04/2040 361,162 0.91

1,153,712 2.90

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POLAND 200,000 EUR Koleje Mazowieckie Finance AB 6.75% 09/03/2016 265,658 0.67 340,000 PLN Poland Government International Bond 3% 24/08/2016 150,544 0.38 45,000 US$ Poland Government International Bond 3% 17/03/2023 44,888 0.11 1,480,000 PLN Poland Government International Bond 4.75% 25/04/2017 507,898 1.28 445,000 US$ Poland Government International Bond 5% 23/03/2022 525,545 1.32 400,000 PLN Poland Government International Bond 5.5% 25/10/2019 146,182 0.37 1,575,000 PLN Poland Government International Bond 5.75% 23/09/2022 596,565 1.50 270,000 US$ Poland Government International Bond 6.375% 15/07/2019 336,614 0.85

2,573,894 6.48

QATAR 100,000 US$ CBQ Finance Ltd 7.5% 18/11/2019 123,469 0.31 287,906 US$ Nakilat Inc 6.267% 31/12/2033 353,834 0.89 190,000 US$ Qatar Government International Bond 6.4% 20/01/2040 265,658 0.67

742,961 1.87

ROMANIA 310,000 RON Romania Government International Bond 5.85% 28/07/2014 91,412 0.23 160,000 RON Romania Government International Bond 5.9% 26/07/2017 46,789 0.12 280,000 US$ Romanian Government International Bond 6.75% 07/02/2022 340,200 0.85

478,401 1.20

RUSSIA 200,000 US$ Lukoil International Finance BV 6.125% 09/11/2020 231,250 0.58 100,000 US$ Lukoil International Finance BV 6.656% 07/06/2022 121,750 0.31 600,000 US$ Novatek OAO via Novatek Finance Ltd 4.422% 13/12/2022 603,750 1.52 27,000,000 RUB Russian Federal Bond – OFZ 6.9% 03/08/2016 897,997 2.26 8,570,000 RUB Russian Federal Bond – OFZ 7.4% 19/04/2017 290,922 0.73 1,437,000 RUB Russian Federal Bond – OFZ 7.4% 14/06/2017 48,815 0.12 18,295,000 RUB Russian Federal Bond – OFZ 7.5% 27/02/2019 630,635 1.58 3,900,000 RUB Russian Federal Bond – OFZ 7.6% 14/04/2021 134,932 0.34 6,400,000 RUB Russian Federal Bond – OFZ 8.15% 03/02/2027 231,609 0.58 200,000 US$ Russian Foreign Bond – Eurobond 5% 29/04/2020 236,000 0.59 200,000 US$ Russian Foreign Bond – Eurobond 5.625% 04/04/2042 248,500 0.62 60,000 US$ Russian Foreign Bond – Eurobond 12.75% 24/06/2028 121,500 0.31 147,250 US$ Russian Foreign Bond – Eurobond Step Cpn 31/03/2030 189,128 0.48 60,000 US$ Vnesheconombank Via VEB Finance PLC 6.8% 22/11/2025 73,500 0.18 510,000 US$ Vnesheconombank Via VEB Finance PLC 6.902% 09/07/2020 621,588 1.56

4,681,876 11.76


15,750 0.04

SOUTH AFRICA 135,000 US$ South Africa Government Bond 5.875% 30/05/2022 167,212 0.42 230,000 ZAR South Africa Government Bond 6.25% 31/03/2036 21,990 0.06 100,000 US$ South Africa Government Bond 6.875% 27/05/2019 125,400 0.32 1,770,000 ZAR South Africa Government Bond 7% 28/02/2031 193,270 0.49 4,300,000 ZAR South Africa Government Bond 7.75% 28/02/2023 542,818 1.36 1,200,000 ZAR South Africa Government Bond 8% 21/12/2018 155,294 0.39 4,700,000 ZAR South Africa Government Bond 8.25% 15/09/2017 609,354 1.53 2,250,000 ZAR South Africa Government Bond 10.5% 21/12/2026 339,681 0.85 300,000 US$ Standard Bank PLC 8.125% 02/12/2019 342,000 0.86

2,497,019 6.28

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SOUTH KOREA 100,000 US$ Shinhan Bank FRN 20/09/2036 108,114 0.27 400,000 US$ Woori Bank Co Ltd 5.875% 13/04/2021 463,190 1.16

571,304 1.43

THAILAND 1,300,000 THB Thailand Government Bond 1.2% 14/07/2021 44,950 0.11 3,700,000 THB Thailand Government Bond 3.25% 16/06/2017 121,696 0.31 3,300,000 THB Thailand Government Bond 3.58% 17/12/2027 104,497 0.26 1,000,000 THB Thailand Government Bond 3.625% 16/06/2023 32,897 0.08 4,000,000 THB Thailand Government Bond 3.65% 17/12/2021 132,682 0.33

436,722 1.09

UNITED ARAB EMIRATES 300,000 US$ Abu Dhabi National Energy Co 6.5% 27/10/2036 399,750 1.00 600,000 US$ DP World Ltd 6.85% 02/07/2037 702,750 1.77

1,102,500 2.77

URUGUAy 300,000 UYU Uruguay Government International Bond 3.7% 26/06/2037 26,668 0.07 75,000 US$ Uruguay Government International Bond 4.125% 20/11/2045 74,888 0.19 1,080,000 UYU Uruguay Government International Bond 4.25% 05/04/2027 102,572 0.26 1,000,000 UYU Uruguay Government International Bond 4.375% 15/12/2028 67,926 0.17 230,000 US$ Uruguay Government International Bond 7.625% 21/03/2036 355,120 0.89

627,174 1.58

Total bonds 34,206,438 85.94



BONDS MALAySIA 700,000 MYR Malaysia Government Bond 3.314% 31/10/2017 229,514 0.58 1,060,000 MYR Malaysia Government Bond 3.492% 31/03/2020 347,995 0.87 500,000 MYR Malaysia Government Bond 4.012% 15/09/2017 168,965 0.43 300,000 MYR Malaysia Government Bond 4.16% 15/07/2021 102,497 0.26 400,000 MYR Malaysia Government Bond 4.262% 15/09/2016 135,947 0.34 200,000 MYR Malaysia Government Bond 4.392% 15/04/2026 70,505 0.18

1,055,423 2.66

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OTHER TRANSFERABLE SECURITIES AND MONEy MARKET INSTRUMENTS continued BONDS continued

MExICO 5,000,000 MXN Petroleos Mexicanos 7.65% 24/11/2021 421,723 1.06

421,723 1.06

PERU 150,000 PEN Peruvian Government International Bond 6.95% 12/08/2031 73,922 0.19 220,000 PEN Peruvian Government International Bond 8.2% 12/08/2026 120,804 0.30

194,726 0.49

Total bonds 1,671,872 4.21


FULLy-FUNDED TOTAL RETURN SwAPS INDIA 2,600,000 INR India Government Bond 7.8% 11/04/2021 46,305 0.12 5,000,000 INR India Government Bond 8.15% 06/11/2022 91,846 0.23

138,151 0.35

Total fully-funded total return swaps 138,151 0.35


Cash at bank 3,682,005 9.25 Other assets and liabilities 99,174 0.25


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Ashmore SICAV Emerging Markets Corporate Debt FundAs at 31 December 2012




ARGENTINA 5,600,000 US$ Empresa Distribuidora Y Comercializadora Norte 9.75% 25/10/2022 2,464,000 0.15 2,600,000 US$ Empresa Distribuidora Y Comercializadora Norte 10.5% 09/10/2017 981,500 0.06 200,000 US$ Transportadora de Gas del Sur SA 7.875% 14/05/2017 166,000 0.01 5,800,000 US$ WPE International Cooperatief UA 10.375% 30/09/2020 4,988,000 0.30

8,599,500 0.52


11,521,800 0.70

BRAZIL 1,400,000 US$ Banco do Brasil SA/Cayman 3.875% 10/10/2022 1,410,500 0.09 150,000 US$ Banco do Brasil SA/Cayman 5.375% 15/01/2021 160,125 0.01 3,800,000 US$ Banco do Brasil SA/Cayman FRN 29/12/2049 4,617,000 0.28 8,200,000 BRL Banco Votorantim SA 6.25% 16/05/2016 4,555,471 0.28 150,000 US$ Bertin SA / Bertin Finance Ltd 10.25% 05/10/2016 164,250 0.01 3,900,000 US$ Braskem Finance Ltd 5.75% 15/04/2021 4,104,750 0.25 3,650,000 US$ BRF – Brasil Foods SA 5.875% 06/06/2022 4,024,125 0.24 150,000 US$ Fibria Overseas Finance Ltd 6.75% 03/03/2021 166,125 0.01 1,650,000 US$ Gerdau Holdings Inc 7% 20/01/2020 1,918,125 0.12 2,400,000 US$ Globo Comunicacao e Participacoes SA 4.875% 11/04/2022 2,610,000 0.16 1,300,000 US$ Itau Unibanco Holding SA 5.65% 19/03/2022 1,366,625 0.08 1,100,000 US$ Itau Unibanco Holding SA 6.2% 21/12/2021 1,215,500 0.07 6,400,000 US$ JBS Finance II Ltd 8.25% 29/01/2018 6,784,000 0.41 150,000 US$ JBS SA 10.5% 04/08/2016 164,250 0.01 11,150,000 US$ Marfrig Holding Europe BV 8.375% 09/05/2018 9,505,375 0.58 9,600,000 US$ Marfrig Overseas Ltd 9.5% 04/05/2020 8,280,000 0.50 2,850,000 US$ Marfrig Overseas Ltd 9.625% 16/11/2016 2,842,875 0.17 2,400,000 US$ Minerva Luxembourg SA 12.25% 10/02/2022 2,874,000 0.17 5,700,000 US$ Minerva Overseas II Ltd 10.875% 15/11/2019 6,498,000 0.40 3,000,000 US$ Odebrecht Finance Ltd 6% 05/04/2023 3,468,750 0.21 300,000 US$ OGX Austria GmbH 8.375% 01/04/2022 250,500 0.02 7,300,000 US$ OGX Austria GmbH 8.5% 01/06/2018 6,570,000 0.40 1,200,000 US$ Oi SA 5.75% 10/02/2022 1,251,000 0.08 5,400,000 US$ OSX 3 Leasing BV 9.25% 20/03/2015 5,568,750 0.34 8,150,000 BRL RBS-Zero Hora Editora Jornalistica SA 11.25% 15/06/2017 4,101,684 0.25 500,000 US$ Rearden G Holdings EINS GmbH 7.875% 30/03/2020 555,000 0.03 2,600,000 US$ Schahin II Finance Co SPV Ltd 5.875% 25/09/2022 2,775,500 0.17 3,721,000 US$ Telemar Norte Leste SA 5.5% 23/10/2020 3,869,840 0.24 1,550,000 US$ Vale Overseas Ltd 6.875% 10/11/2039 1,943,398 0.12 2,425,000 US$ Vale Overseas Ltd 8.25% 17/01/2034 3,316,437 0.20

96,931,955 5.90

CHILE 2,040,000 US$ AES Gener SA 5.25% 15/08/2021 2,264,086 0.14 5,750,000 US$ Automotores Gildemeister SA 8.25% 24/05/2021 6,310,625 0.38 1,772,500,000 CLP Banco Santander Chile 6.5% 22/09/2020 3,701,963 0.23 4,400,000 US$ Cencosud SA 4.875% 20/01/2023 4,500,940 0.27 1,200,000 US$ Cencosud SA 5.5% 20/01/2021 1,284,752 0.08 1,650,000 US$ E.CL SA 5.625% 15/01/2021 1,853,608 0.11 9,145,102 US$ Inversiones Alsacia SA 8% 18/08/2018 9,214,880 0.56 2,700,000 US$ Telefonica Chile SA 3.875% 12/10/2022 2,695,302 0.16

31,826,156 1.93

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Ashmore SICAV Emerging Markets Corporate Debt Fund continued





CHINA 2,350,000 US$ Agile Property Holdings Ltd 8.875% 28/04/2017 2,526,250 0.15 3,610,000 US$ Agile Property Holdings Ltd 9.875% 20/03/2017 4,061,250 0.25 750,000 US$ Agile Property Holdings Ltd 10% 14/11/2016 819,375 0.05 16,000,000 CNH Bright North Ltd 1.25% 13/04/2016 2,454,130 0.15 1,300,000 US$ China Automation Group Ltd 7.75% 20/04/2016 1,185,103 0.07 1,850,000 US$ China CITIC Bank International Ltd 6.875% 24/06/2020 2,126,216 0.13 4,510,000 US$ China Forestry Holdings Co Ltd 10.25% 17/11/2015 2,435,400 0.15 6,000,000 US$ China Hongqiao Group Ltd 6.5% 10/04/2017 5,790,000 0.35 4,300,000 US$ China Liansu Group Holdings Ltd 7.875% 13/05/2016 4,509,625 0.27 4,550,000 US$ China Oriental Group Co Ltd 8% 18/08/2015 4,686,500 0.29 3,450,000 US$ China Overseas Finance Cayman II Ltd 5.5% 10/11/2020 3,841,703 0.23 1,800,000 US$ China Shanshui Cement Group Ltd 10.5% 27/04/2017 2,061,000 0.13 150,000 US$ Country Garden Holdings Co Ltd 10.5% 11/08/2015 167,252 0.01 6,922,000 US$ Country Garden Holdings Co Ltd 11.125% 23/02/2018 7,994,910 0.49 3,875,000 US$ Country Garden Holdings Co Ltd 11.25% 22/04/2017 4,359,375 0.27 150,000 US$ Country Garden Holdings Co Ltd 11.75% 10/09/2014 166,125 0.01 5,500,000 US$ ENN Energy Holdings Ltd 6% 13/05/2021 6,339,916 0.39 28,300,000 CNH Evergrande Real Estate Group Ltd 7.5% 19/01/2014 4,553,782 0.28 42,400,000 CNH Evergrande Real Estate Group Ltd 9.25% 19/01/2016 6,801,191 0.41 9,240,000 US$ Evergrande Real Estate Group Ltd 13% 27/01/2015 10,025,400 0.61 3,700,000 US$ Fosun International Ltd 7.5% 12/05/2016 3,852,625 0.23 4,550,000 US$ Franshion Development Ltd 6.75% 15/04/2021 4,845,750 0.29 5,500,000 US$ Fufeng Group Ltd 7.625% 13/04/2016 5,472,500 0.33 5,600,000 US$ Gemdale International Investment Ltd 7.125% 16/11/2017 5,832,238 0.35 17,000,000 HKD Hengdeli Holdings Ltd 2.5% 20/10/2015 2,238,271 0.14 7,450,000 US$ Hidili Industry International Development Ltd 8.625% 04/11/2015 5,811,000 0.35 7,500,000 US$ Hyva Global BV 8.625% 24/03/2016 7,125,000 0.43 2,450,000 US$ KWG Property Holding Ltd 12.5% 18/08/2017 2,815,332 0.17 2,900,000 US$ KWG Property Holding Ltd 13.25% 22/03/2017 3,453,833 0.21 200,000 US$ Longfor Properties Co Ltd 9.5% 07/04/2016 220,500 0.01 4,800,000 US$ Lonking Holdings Ltd 8.5% 03/06/2016 4,908,000 0.30 4,400,000 US$ Nord Anglia Education UK Holdings PLC 10.25% 01/04/2017 4,862,000 0.30 4,550,000 US$ Powerlong Real Estate Holdings Ltd 13.75% 16/09/2015 4,686,500 0.29 3,300,000 US$ Shimao Property Holdings Ltd 9.65% 03/08/2017 3,622,294 0.22 3,700,000 US$ Shimao Property Holdings Ltd 11% 08/03/2018 4,271,421 0.26 2,200,000 US$ Sinopec Group Overseas Development 2012 Ltd 4.875% 17/05/2042 2,520,786 0.15 7,900,000 US$ Sunac China Holdings Ltd 12.5% 16/10/2017 8,780,297 0.53 5,100,000 US$ Texhong Textile Group Ltd 7.625% 19/01/2016 5,189,250 0.32 10,750,000 US$ West China Cement Ltd 7.5% 25/01/2016 10,454,375 0.64 4,600,000 US$ Yanlord Land Group Ltd 9.5% 04/05/2017 5,002,500 0.30 9,200,000 US$ Yanlord Land Group Ltd 10.625% 29/03/2018 10,442,000 0.64 4,000,000 US$ Yuzhou Properties Co 11.75% 25/10/2017 4,448,928 0.27 4,500,000 US$ Yuzhou Properties Co 13.5% 15/12/2015 5,040,000 0.31

192,799,903 11.73

COLOMBIA 6,000,000 US$ Bancolombia SA 5.125% 11/09/2022 6,240,000 0.38 3,500,000 US$ Empresa de Energia de Bogota SA 6.125% 10/11/2021 3,928,750 0.24 2,400,000 US$ Grupo Aval Ltd 4.75% 26/09/2022 2,430,000 0.15 3,850,000 US$ Gruposura Finance 5.7% 18/05/2021 4,321,625 0.26

16,920,375 1.03

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CROATIA 1,350,000 EUR Zagrebacki Holding D.O.O. 5.5% 10/07/2017 1,539,561 0.09

1,539,561 0.09

CZECH REPUBLIC 12,100,000 EUR Central European Media Enterprises Ltd 11.625% 15/09/2016 16,750,271 1.02 150,000 EUR CET 21 spol sro 9% 01/11/2017 215,558 0.01 2,900,000 EUR EP Energy AS 5.875% 01/11/2019 4,119,670 0.25

21,085,499 1.28

EL SALVADOR 150,000 US$ Telemovil Finance Co Ltd 8% 01/10/2017 161,625 0.01

161,625 0.01

HONG KONG 850,000 US$ Bank of East Asia Ltd FRN 29/11/2049 958,665 0.06 2,650,000 US$ Central China Real Estate Ltd 12.25% 20/10/2015 2,928,250 0.18 4,650,000 US$ CFG Investment SAC 9.75% 30/07/2019 3,510,750 0.21 7,450,000 US$ Noble Group Ltd 6.75% 29/01/2020 7,850,437 0.48 9,700,000 US$ Pacnet Ltd 9.25% 09/11/2015 9,918,250 0.60 1,248,000 US$ Sino-Forest Corp 4.25% 15/12/2016 (Defaulted) 174,720 0.01 8,568,000 US$ Sino-Forest Corp 4.25% 15/12/2016 144A (Defaulted) 1,199,520 0.07 2,043,000 US$ Sino-Forest Corp 5% 01/08/2013 CNV (Defaulted) 284,743 0.02 9,348,000 US$ Sino-Forest Corp 6.25% 21/10/2017 (Defaulted) 1,308,720 0.08 2,048,000 US$ Sino-Forest Corp 6.25% 21/10/2017 144A (Defaulted) 286,720 0.02 748,000 US$ Sino-Forest Corp 10.25% 28/07/2014 144A (Defaulted) 104,720 0.01 5,175,000 US$ Sino-Forest Corp 10.25% 28/07/2014 (Defaulted) 724,500 0.04

29,249,995 1.78

INDIA 3,875,000 US$ Bank of Baroda FRN 25/05/2022 3,911,491 0.24 1,800,000 US$ Bartronics India Ltd 0% 04/02/2013 315,000 0.02 3,150,000 US$ Bharat Petroleum Corp Ltd 4.625% 25/10/2022 3,200,746 0.19 2,200,000 US$ Geodesic Ltd 0% 18/01/2013 2,526,744 0.15 3,400,000 US$ ICICI Bank Ltd 5.75% 16/11/2020 3,668,080 0.22 150,000 US$ ICICI Bank Ltd FRN 30/04/2022 151,312 0.01 300,000 US$ ICICI Bank Ltd FRN 29/08/2049 294,750 0.02 4,150,000 US$ Reliance Holdings USA Inc 5.4% 14/02/2022 4,641,680 0.28 3,950,000 US$ Reliance Holdings USA Inc 6.25% 19/10/2040 4,540,367 0.28 1,350,000 US$ Suzlon Energy Ltd 0% 11/10/2012 (Defaulted) 729,000 0.04 1,800,000 US$ Suzlon Energy Ltd 0% 25/07/2014 900,000 0.05 6,000,000 US$ Suzlon Energy Ltd FRN 13/04/2016 2,520,000 0.15 3,255,000 US$ Tulip Telecom Ltd 0% 26/08/2012 (Defaulted) 2,604,000 0.16 6,600,000 US$ Vedanta Resources Jersey Ltd 5.5% 13/07/2016 6,781,500 0.41 9,800,000 US$ Vedanta Resources PLC 8.25% 07/06/2021 10,804,500 0.66

47,589,170 2.88

INDONESIA 4,000,000 US$ Bumi Investment Pte Ltd 10.75% 06/10/2017 3,540,000 0.22 4,650,000 US$ GT 2005 BONDS BV FRN 21/07/2014 4,673,250 0.28 2,850,000 US$ Indosat Palapa Co BV 7.375% 29/07/2020 3,220,500 0.20

11,433,750 0.70

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ISRAEL 4,800,000 US$ Altice Financing SA 7.875% 15/12/2019 5,076,000 0.31 8,300,000 US$ Altice Finco SA 9.875% 15/12/2020 8,943,250 0.54 2,000,000 US$ Altice Finco SA 9.875% 15/12/2020 2,105,000 0.13 2,150,000 US$ Israel Electric Corp Ltd 6.7% 10/02/2017 2,322,000 0.14 3,200,000 US$ Israel Electric Corp Ltd 7.25% 15/01/2019 3,476,800 0.21

21,923,050 1.33

jAMAICA 38,400,000 US$ Digicel Group Ltd 8.25% 30/09/2020 42,240,000 2.57 18,830,000 US$ Digicel Group Ltd 10.5% 15/04/2018 20,713,000 1.26 1,350,000 US$ Digicel Ltd 7% 15/02/2020 1,444,500 0.09

64,397,500 3.92

KAZAKHSTAN 4,520,000 US$ ATF Bank JSC 9% 11/05/2016 4,394,570 0.27 533,185 US$ BTA Bank JSC 5.5% 21/12/2022 323,910 0.02 38,744,804 US$ BTA Bank JSC FRN 01/07/2018 (Defaulted) 16,563,404 1.01 2,300,000 US$ Development Bank of Kazakhstan JSC 4.125% 10/12/2022 2,317,250 0.14 1,100,000 US$ Development Bank of Kazakhstan JSC 6% 23/03/2026 1,122,000 0.07 5,905,000 US$ Development Bank of Kazakhstan JSC 6.5% 03/06/2020 6,643,125 0.40 3,000,000 EUR Kazkommertsbank JSC 6.875% 13/02/2017 3,553,747 0.22 6,850,000 US$ Kazkommertsbank JSC 7.5% 29/11/2016 6,225,280 0.38 3,650,000 US$ Kazkommertsbank JSC 8% 03/11/2015 3,486,662 0.21 10,450,000 US$ Kazkommertsbank JSC 8.5% 11/05/2018 9,509,500 0.58 2,100,000 US$ Kazkommertsbank JSC Via Citigroup Global Markets FRN 07/04/2014 1,911,000 0.12 800,000 US$ Tristan Oil Ltd FRN 01/01/2012 (Defaulted) 304,000 0.02 14,400,000 US$ Zhaikmunai LP Via Zhaikmunai International BV 7.125% 13/11/2019 15,048,000 0.92

71,402,448 4.36

KUwAIT 150,000 US$ Kuwait Projects Co 8.875% 17/10/2016 174,375 0.01 5,550,000 US$ Kuwait Projects Co 9.375% 15/07/2020 6,840,375 0.42

7,014,750 0.43

MALAySIA 2,500,000 US$ IOI Investment L Bhd 4.375% 27/06/2022 2,613,527 0.16 3,000,000 US$ Malayan Banking Bhd FRN 20/09/2022 2,991,942 0.18

5,605,469 0.34

MExICO 3,050,000 US$ Alpek SA de CV 4.5% 20/11/2022 3,179,625 0.19 800,000 US$ America Movil SAB de CV 6.125% 30/03/2040 1,052,516 0.06 850,000 US$ America Movil SAB de CV 6.375% 01/03/2035 1,118,723 0.07 81,600,000 MXN America Movil SAB de CV 6.45% 05/12/2022 6,449,913 0.39 3,400,000 US$ BBVA Bancomer SA/Texas 6.5% 10/03/2021 3,774,000 0.23 4,200,000 US$ BBVA Bancomer SA/Texas 6.75% 30/09/2022 4,725,000 0.29 36,568,000 US$ Cemex Espana Luxembourg 9.25% 12/05/2020 39,676,280 2.41 10,700,000 US$ Cemex Finance LLC 9.375% 12/10/2022 12,037,500 0.73 150,000 US$ Cemex Finance LLC 9.5% 14/12/2016 163,125 0.01 17,100,000 US$ Cemex SAB de CV 9% 11/01/2018 18,510,750 1.13 2,450,000 US$ Comision Federal de Electricidad 5.75% 14/02/2042 2,774,625 0.17 3,305,000 US$ Corp GEO SAB de CV 9.25% 30/06/2020 3,552,875 0.22 1,650,000 US$ Desarrolladora Homex SAB de CV 9.5% 11/12/2019 1,773,750 0.11 900,000 US$ Desarrolladora Homex SAB de CV 9.75% 25/03/2020 976,500 0.06 6,600,000 US$ Empresas ICA SAB de CV 8.375% 24/07/2017 7,111,500 0.43 8,900,000 US$ Grupo Papelero Scribe SA de CV 8.875% 07/04/2020 8,277,000 0.50

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MExICO continued

9,350,000 US$ Grupo Senda Autotransporte SA de CV 10.5% 03/10/2015 9,677,250 0.59 850,000 US$ Grupo Televisa SAB 6.625% 15/01/2040 1,084,423 0.07 2,150,000 US$ Grupo Televisa SAB 8.5% 11/03/2032 3,073,350 0.19 9,000,000 US$ Mexichem SAB de CV 6.75% 19/09/2042 10,102,500 0.61 5,100,000 US$ NII Capital Corp 7.625% 01/04/2021 3,863,250 0.24 1,000,000 US$ NII Capital Corp 8.875% 15/12/2019 795,000 0.05 9,963,000 US$ Oceanografia SA de CV 11.25% 15/07/2015 7,673,503 0.47 2,050,000 US$ Urbi Desarrollos Urbanos SAB de CV 9.5% 21/01/2020 1,937,250 0.12 3,700,000 US$ Urbi Desarrollos Urbanos SAB de CV 9.75% 03/02/2022 3,505,750 0.21

156,865,958 9.55

MONGOLIA 11,000,000 US$ Mongolian Mining Corp 8.875% 29/03/2017 11,770,000 0.72 4,325,000 US$ Trade & Development Bank of Mongolia LLC 8.5% 25/10/2013 4,379,309 0.27 6,000,000 US$ Trade & Development Bank of Mongolia LLC 8.5% 20/09/2015 5,986,752 0.36

22,136,061 1.35

NIGERIA 3,800,000 US$ Afren PLC 10.25% 08/04/2019 4,435,846 0.27 4,300,000 US$ Afren PLC 11.5% 01/02/2016 4,977,250 0.30 4,200,000 US$ Sea Trucks Group FRN 31/01/2015 4,116,000 0.25

13,529,096 0.82

PAKISTAN 3,875,000 US$ Pakistan Mobile Communications Ltd 8.625% 13/11/2013 3,710,312 0.23

3,710,312 0.23

PANAMA 2,350,000 US$ Sable International Finance Ltd 8.75% 01/02/2020 2,690,750 0.16

2,690,750 0.16

PARAGUAy 3,950,000 US$ Banco Bilbao Vizcaya Argentaria Paraguay SA 9.75% 11/02/2016 4,221,563 0.26 4,600,000 US$ Telefonica Celular del Paraguay SA 6.75% 13/12/2022 4,818,500 0.29

9,040,063 0.55

PERU 4,700,000 US$ Ajecorp BV 6.5% 14/05/2022 5,076,000 0.31 4,633,000 US$ Banco Internacional del Peru SAA 5.75% 07/10/2020 5,061,553 0.31 1,200,000 US$ BBVA Banco Continental SA 5% 26/08/2022 1,281,000 0.08 4,300,000 US$ Corp Azucarera del Peru SA 6.375% 02/08/2022 4,644,000 0.28 4,675,000 US$ Southern Copper Corp 6.75% 16/04/2040 5,628,116 0.34 300,000 US$ Southern Copper Corp 7.5% 27/07/2035 385,136 0.02

22,075,805 1.34


13,916,080 0.85

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BONDS continued

POLAND 13,500,000 EUR CEDC Finance Corp International Inc 8.875% 01/12/2016 10,679,039 0.65 3,100,000 US$ CEDC Finance Corp International Inc 9.125% 01/12/2016 1,860,000 0.11 8,917,690 US$ Eileme 1 AB PIK 15/08/2020 9,608,811 0.58 11,050,000 US$ Eileme 2 AB 11.625% 31/01/2020 12,873,250 0.78 8,800,000 EUR Eileme 2 AB 11.75% 31/01/2020 13,574,245 0.83 1,675,000 EUR Koleje Mazowieckie Finance AB 6.75% 09/03/2016 2,224,882 0.14 2,700,000 US$ PKO Finance AB 4.63% 26/09/2022 2,841,750 0.17 11,650,000 EUR Polish Television Holding BV FRN 15/05/2017 16,741,701 1.02 800,000 EUR TVN Finance Corp II AB 10.75% 15/11/2017 1,165,466 0.07

71,569,144 4.35

QATAR 2,200,000 US$ CBQ Finance Ltd 7.5% 18/11/2019 2,716,314 0.17 2,903,056 US$ Nakilat Inc 6.267% 31/12/2033 3,567,827 0.22 3,900,000 US$ Qtel International Finance Ltd 5% 19/10/2025 4,416,750 0.27 6,200,000 US$ Ras Laffan Liquefied Natural Gas Co Ltd III 5.838% 30/09/2027 7,641,500 0.46

18,342,391 1.12

RUSSIA 10,500,000 US$ Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.5% 26/09/2019 11,082,540 0.67 300,000 US$ Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.75% 28/04/2021 332,250 0.02 150,000 US$ Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.875% 25/09/2017 167,250 0.01 9,000,000 US$ Brunswick Rail Finance Ltd 6.5% 01/11/2017 9,376,200 0.57 6,200,000 US$ Gazprom Neft OAO Via GPN Capital SA 4.375% 19/09/2022 6,339,500 0.39 800,000 US$ Lukoil International Finance BV 6.125% 09/11/2020 925,000 0.06 900,000 US$ Lukoil International Finance BV 6.656% 07/06/2022 1,095,750 0.07 300,000 US$ Lukoil International Finance BV 7.25% 05/11/2019 366,750 0.02 3,200,000 US$ Novatek OAO via Novatek Finance Ltd 4.422% 13/12/2022 3,220,000 0.20 300,000 US$ Novatek OAO via Novatek Finance Ltd 6.604% 03/02/2021 351,750 0.02 13,200,000 US$ Promsvyazbank OJSC Via PSB Finance SA 10.2% 06/11/2019 13,645,500 0.83 150,000 US$ Promsvyazbank OJSC Via PSB Finance SA 11.25% 08/07/2016 161,850 0.01 1,800,000 US$ Rosneft Oil Co via Rosneft International Finance Ltd 4.199% 06/03/2022 1,831,500 0.11 7,400,000 US$ Russian Standard Bank Via Russian Standard Finance SA 9.25% 11/07/2017 7,640,500 0.46 10,000,000 US$ Russian Standard Bank Via Russian Standard Finance SA 10.75% 10/04/2018 10,450,000 0.64 6,250,000 US$ Sberbank of Russia Via SB Capital SA 5.125% 29/10/2022 6,367,188 0.39 7,450,000 US$ Tinkoff Credit Systems Via TCS Finance Ltd 10.75% 18/09/2015 7,636,250 0.46 7,850,000 US$ Tinkoff Credit Systems Via TCS Finance Ltd 11.5% 21/04/2014 8,082,046 0.49 4,200,000 US$ Tinkoff Credit Systems Via TCS Finance Ltd 14% 06/06/2018 4,331,040 0.26 1,500,000 US$ TMK OAO Via TMK Capital SA 7.75% 27/01/2018 1,575,000 0.10 500,000 US$ TNK-BP Finance SA 7.25% 02/02/2020 606,250 0.04 600,000 US$ TNK-BP Finance SA 7.875% 13/03/2018 728,340 0.04 150,000 US$ Vimpel Communications OJSC Via UBS Luxembourg SA 8.25% 23/05/2016 169,320 0.01 17,350,000 US$ Vimpel Communications Via VIP Finance Ireland Ltd OJSC 7.748% 02/02/2021 20,039,250 1.22 1,450,000 US$ Vimpel Communications Via VIP Finance Ireland Ltd OJSC 9.125% 30/04/2018 1,756,313 0.11 14,550,000 US$ VimpelCom Holdings BV 7.504% 01/03/2022 16,677,938 1.01 4,915,000 US$ Vnesheconombank Via VEB Finance PLC 6.8% 22/11/2025 6,020,875 0.37 4,550,000 US$ VTB Bank OJSC Via VTB Capital SA 6.551% 13/10/2020 5,061,875 0.31 3,300,000 US$ VTB Bank OJSC Via VTB Capital SA 6.95% 17/10/2022 3,547,500 0.22

149,585,525 9.11

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BONDS continued

SAUDI ARABIA 3,200,000 US$ Saudi Electricity Global Sukuk Co 4.211% 03/04/2022 3,449,600 0.21

3,449,600 0.21

SEyCHELLES 5,400,000 US$ RDS Ultra-Deepwater Ltd 11.875% 15/03/2017 6,075,000 0.37

6,075,000 0.37

SINGAPORE 1,800,000 US$ MMI International Ltd 8% 01/03/2017 1,908,000 0.12 10,357,641 US$ Rubicon Offshore Holdings Ltd PIK 16/04/2014 9,321,877 0.57 5,244,689 US$ Sea Production Ltd FRN 14/02/2014 4,667,774 0.28

15,897,651 0.97

SOUTH AFRICA 1,650,000 US$ African Bank Ltd 8.125% 24/02/2017 1,794,375 0.11 16,650,000 EUR Edcon Holdings Pty Ltd FRN 15/06/2015 20,239,152 1.23 5,300,000 EUR Edcon Pty Ltd 9.5% 01/03/2018 6,742,956 0.41 4,580,000 EUR Edcon Pty Ltd FRN 15/06/2014 5,796,741 0.35 3,305,000 EUR Foodcorp Pty Ltd 8.75% 01/03/2018 4,825,723 0.29 900,000 US$ Sappi Papier Holding GmbH 6.625% 15/04/2021 888,750 0.05 1,100,000 US$ Sappi Papier Holding GmbH 7.75% 15/07/2017 1,199,000 0.07 1,700,000 US$ Sappi Papier Holding GmbH 8.375% 15/06/2019 1,857,250 0.11 4,107,000 US$ Standard Bank PLC 8.125% 02/12/2019 4,681,980 0.28

48,025,927 2.90

SOUTH KOREA 5,200,000 US$ Korea Gas Corp 6.25% 20/01/2042 6,953,341 0.42 4,525,000 US$ Shinhan Bank FRN 20/09/2036 4,892,159 0.30 3,350,000 US$ Woori Bank Co Ltd 5.875% 13/04/2021 3,879,213 0.24 700,000 US$ Woori Bank Co Ltd FRN 02/05/2037 752,500 0.05

16,477,213 1.01

THAILAND 3,100,000 US$ PTT Global Chemical PCL 4.25% 19/09/2022 3,210,952 0.20

3,210,952 0.20

TURKEy 1,500,000 US$ Akbank TAS 5% 24/10/2022 1,583,835 0.10 3,100,000 US$ Tupras Turkiye Petrol Rafinerileri AS 4.125% 02/05/2018 3,088,375 0.19 3,900,000 US$ Yuksel Insaat AS 9.5% 10/11/2015 3,061,500 0.19

7,733,710 0.48

UKRAINE 3,425,000 US$ Avangardco Investments Public Ltd 10% 29/10/2015 3,202,375 0.19 4,405,000 US$ Commercial Bank Privatbank JSC Via Standard Bank FRN 09/02/2016 3,347,448 0.20 6,850,000 US$ DTEK Finance BV 9.5% 28/04/2015 6,901,033 0.42 10,950,000 US$ Ferrexpo Finance PLC 7.875% 07/04/2016 10,621,500 0.65 8,850,000 US$ Metinvest BV 8.75% 14/02/2018 8,606,625 0.52 300,000 US$ Metinvest BV 10.25% 20/05/2015 309,000 0.02 22,509,000 US$ MHP SA 10.25% 29/04/2015 23,690,723 1.44 10,100,000 US$ Mriya Agro Holding PLC 10.95% 30/03/2016 10,251,500 0.62 3,900,000 US$ Privatbank CJSC Via UK SPV Credit Finance PLC 9.375% 23/09/2015 3,639,285 0.22

70,569,489 4.28

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BONDS continued

UNITED ARAB EMIRATES 3,200,000 US$ Abu Dhabi National Energy Co 6.5% 27/10/2036 4,264,000 0.26 64,000,000 AED Anka a Sukuk ltd 10% 25/08/2016 17,772,696 1.08 9,250,000 US$ Baghlan Group FZCO Via Aquarius Investments 14.75% 27/06/2015 9,157,500 0.56 22,620,000 US$ Dana Gas Sukuk Ltd FRN 31/10/2012 * 17,643,600 1.07 16,100,000 US$ DP World Ltd 6.85% 02/07/2037 18,857,125 1.15 550,000 US$ DP World Sukuk Ltd 6.25% 02/07/2017 618,063 0.04 31,600,000 EUR Dubai Holding Commercial Operations MTN Ltd 4.75% 30/01/2014 40,828,208 2.48 7,850,000 GBP Dubai Holding Commercial Operations MTN Ltd 6% 01/02/2017 12,358,230 0.75 300,000 US$ Emaar Sukuk Ltd 8.5% 03/08/2016 340,500 0.02 5,200,000 US$ Jafz Sukuk Ltd 7% 19/06/2019 6,019,000 0.37 7,400,000 US$ MAF Global Securities Ltd 5.25% 05/07/2019 7,910,600 0.48 8,000,000 US$ Pyrus Ltd 7.5% 20/12/2015 8,968,000 0.55

144,737,522 8.81

Total bonds 1,439,640,755 87.59


OTHER TRANSFERABLE SECURITIES AND MONEy MARKET INSTRUMENTS BONDS BRAZIL 8,600,000 BRL Cia Energetica de Sao Paulo 9.75% 15/01/2015 6,335,620 0.39

6,335,620 0.39

HONG KONG 800,000 US$ Sino-Forest Corp 5% 01/08/2013 (Defaulted) 111,500 0.01

111,500 0.01

INDONESIA 4,500,000 US$ Enercoal Resources Bumii Bond 9.25% 04/08/2014 3,645,000 0.22

3,645,000 0.22

KAZAKHSTAN 7,600,000 US$ SEPTINVEST BV 10% 31/03/2015 7,220,000 0.44

7,220,000 0.44

MExICO 123,600,000 MXN Petroleos Mexicanos 7.65% 24/11/2021 10,425,002 0.63

10,425,002 0.63

NIGERIA 9,200,000 US$ Seven Energy Ltd 10% 31/12/2014 9,329,720 0.57

9,329,720 0.57

Total bonds 37,066,842 2.26

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OTHER TRANSFERABLE SECURITIES AND MONEy MARKET INSTRUMENTS continued EQUITIES KAZAKHSTAN 278,217 US$ BTA Bank JSC GDR NPV 305,204 0.02

305,204 0.02


LOAN PARTICIPATIONS BRAZIL 7,100,000 US$ Doux Frangosul 11.50% 30/06/2014 2,840,000 0.17

2,840,000 0.17

ISRAEL ECI 6,677,346 US$ TIFL15% PIK Loan 01/01/2014 Tranche 1 5,349,800 0.33 4,750,000 US$ TIFL15% PIK Loan 01/01/2014 Tranche 2 4,750,000 0.29 4,750,000 US$ TIFL15% PIK Loan 01/01/2014 Tranche 3 4,750,000 0.29 2,700,000 US$ TIFL15% PIK Loan 01/04/2015 Tranche 4 2,700,000 0.16 8,200,000 US$ TIFL15% PIK Loan 01/04/2015 Tranche 5 8,200,000 0.50 5,550,000 US$ TIFL15% PIK Loan 01/04/2015 Tranche 6 5,550,000 0.34 2,000,000 US$ TIFL25% PIK Loan 01/04/2015 Tranche 7 2,000,000 0.12

33,299,800 2.03

SINGAPORE 4,424,448 US$ Rubicon Offshore International Holding 30% PIK Loan Rolled Up 4,424,448 0.27

4,424,448 0.27

UNITED ARAB EMIRATES 9,896,419 US$ Dubai World 1% 23/03/2016 5,739,923 0.35 16,049,127 US$ Dubai World TLB 1% + 1.5% PIK 23/03/2019 8,666,528 0.53

14,406,451 0.88

Total loan participations 54,970,699 3.35




12,501,313 0.76




Total net assets 1,643,520,271 100.00

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Ashmore SICAV Emerging Markets Investment Grade Corporate Debt FundAs at 31 December 2012




BONDS

BRAZIL 200,000 US$ Banco do Brasil SA 3.875% 10/10/2022 201,500 0.43 425,000 US$ Banco do Brasil SA FRN 29/12/2049 516,375 1.09 600,000 US$ Braskem Finance Ltd 5.75% 15/04/2021 631,500 1.34 650,000 US$ BRF – Brasil Foods SA 5.875% 06/06/2022 716,625 1.52 300,000 US$ Gerdau Holdings Inc 7% 20/01/2020 348,750 0.74 350,000 US$ Globo Comunicacao e Participacoes SA 4.875% 11/04/2022 380,625 0.81 300,000 US$ Itau Unibanco Holding SA 5.65% 19/03/2022 315,375 0.67 200,000 US$ Itau Unibanco Holding SA 6.2% 21/12/2021 221,000 0.47 600,000 US$ Odebrecht Finance Ltd 6% 05/04/2023 693,750 1.47 250,000 US$ Oi SA 5.75% 10/02/2022 260,625 0.55 400,000 US$ Schahin II Finance Co SPV Ltd 5.875% 25/09/2022 427,000 0.90 329,000 US$ Telemar Norte Leste SA 5.5% 23/10/2020 342,160 0.72 475,000 US$ Vale Overseas Ltd 8.25% 17/01/2034 649,611 1.38

5,704,896 12.09

CHILE 310,000 US$ AES Gener SA 5.25% 15/08/2021 344,052 0.73 143,000,000 CLP Banco Santander Chile 6.5% 22/09/2020 298,663 0.63 400,000 US$ Cencosud SA 4.875% 20/01/2023 409,176 0.87 200,000 US$ Cencosud SA 5.5% 20/01/2021 214,125 0.45 300,000 US$ E.CL SA 5.625% 15/01/2021 337,020 0.71 450,000 US$ Telefonica Chile SA 3.875% 12/10/2022 449,217 0.95

2,052,253 4.34

CHINA 300,000 US$ China CITIC Bank International Ltd 6.875% 24/06/2020 344,792 0.73 430,000 US$ China Overseas Finance Cayman II Ltd 5.5% 10/11/2020 478,821 1.01 600,000 US$ ENN Energy Holdings Ltd 6% 13/05/2021 691,627 1.46 600,000 US$ Franshion Development Ltd 6.75% 15/04/2021 639,000 1.35 300,000 US$ Sinopec Group Overseas Development 2012 Ltd 4.875% 17/05/2042 343,744 0.73

2,497,984 5.28

COLOMBIA 900,000 US$ Bancolombia SA 5.125% 11/09/2022 936,000 1.98 600,000 US$ Empresa de Energia de Bogota SA 6.125% 10/11/2021 673,500 1.42 450,000 US$ Grupo Aval Ltd 4.75% 26/09/2022 455,625 0.96 600,000 US$ Gruposura Finance 5.7% 18/05/2021 673,500 1.43

2,738,625 0.96

CROATIA 150,000 EUR Zagrebacki Holding D.O.O. 5.5% 10/07/2017 171,062 0.36

171,062 0.36

CZECH REPUBLIC 500,000 EUR EP Energy AS 5.875% 01/11/2019 710,288 1.50

710,288 1.50

HONG KONG 1,200,000 US$ Noble Group Ltd 6.75% 29/01/2020 1,264,500 2.68

1,264,500 2.68

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Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund continued





BONDS continued

INDIA 600,000 US$ Bank of Baroda/London FRN 25/05/2022 605,650 1.28 500,000 US$ Bharat Petroleum Corp Ltd 4.625% 25/10/2022 508,055 1.08 450,000 US$ ICICI Bank Ltd 5.75% 16/11/2020 485,481 1.03 250,000 US$ Reliance Holdings USA Inc 5.4% 14/02/2022 279,619 0.59 750,000 US$ Reliance Holdings USA Inc 6.25% 19/10/2040 862,095 1.83

2,740,900 5.81

INDONESIA 300,000 US$ Indosat Palapa Co BV 7.375% 29/07/2020 339,000 0.72

339,000 0.72

ISRAEL 200,000 US$ Israel Electric Corp Ltd 6.7% 10/02/2017 216,000 0.46 600,000 US$ Israel Electric Corp Ltd 7.25% 15/01/2019 651,900 1.38

867,900 1.84

KAZAKHSTAN 300,000 US$ Development Bank of Kazakhstan JSC 4.125% 10/12/2022 302,250 0.64 300,000 US$ Development Bank of Kazakhstan JSC 6% 23/03/2026 306,000 0.65 625,000 US$ Development Bank of Kazakhstan JSC 6.5% 03/06/2020 703,125 1.49

1,311,375 2.78


739,500 1.57

MALAySIA 400,000 US$ IOI Investment L Bhd 4.375% 27/06/2022 418,164 0.89 450,000 US$ Malayan Banking Bhd FRN 20/09/2022 448,791 0.95

866,955 1.84

MExICO 500,000 US$ Alpek SA de CV 4.5% 20/11/2022 521,250 1.10 300,000 US$ America Movil SAB de CV 6.375% 01/03/2035 394,844 0.84 5,000,000 MXN America Movil SAB de CV 6.45% 05/12/2022 395,215 0.84 550,000 US$ BBVA Bancomer SA/Texas 6.5% 10/03/2021 610,500 1.29 750,000 US$ BBVA Bancomer SA/Texas 6.75% 30/09/2022 843,750 1.79 450,000 US$ Comision Federal de Electricidad 5.75% 14/02/2042 509,625 1.08 425,000 US$ Grupo Televisa SAB 8.5% 11/03/2032 607,523 1.29 1,500,000 US$ Mexichem SAB de CV 6.75% 19/09/2042 1,683,750 3.57

5,566,457 11.80

PERU 600,000 US$ Banco Internacional del Peru SAA 5.75% 07/10/2020 655,500 1.39 200,000 US$ BBVA Banco Continental SA 5% 26/08/2022 213,500 0.45 475,000 US$ Southern Copper Corp 6.75% 16/04/2040 571,841 1.21

1,440,841 3.05

POLAND 225,000 EUR Koleje Mazowieckie Finance AB 6.75% 09/03/2016 298,865 0.63 500,000 US$ PKO Finance AB 4.63% 26/09/2022 526,250 1.11

825,115 1.74

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BONDS continued

QATAR 325,000 US$ CBQ Finance Ltd 7.5% 18/11/2019 401,274 0.85 287,906 US$ Nakilat Inc 6.267% 31/12/2033 353,834 0.75 550,000 US$ Qtel International Finance Ltd 5% 19/10/2025 622,875 1.32 750,000 US$ Ras Laffan Liquefied Natural Gas Co Ltd III 5.838% 30/09/2027 924,375 1.96

2,302,358 4.88

RUSSIA 900,000 US$ Gazprom Neft OAO Via GPN Capital SA 4.375% 19/09/2022 920,250 1.95 200,000 US$ Lukoil International Finance BV 6.125% 09/11/2020 231,250 0.49 500,000 US$ Novatek OAO via Novatek Finance Ltd 4.422% 13/12/2022 503,125 1.06 200,000 US$ Rosneft Oil Co via Rosneft International Finance Ltd 4.199% 06/03/2022 203,500 0.43 900,000 US$ Sberbank of Russia Via SB Capital SA 5.125% 29/10/2022 916,875 1.94 100,000 US$ TNK-BP Finance SA 7.875% 13/03/2018 121,390 0.26 750,000 US$ Vnesheconombank Via VEB Finance PLC 6.8% 22/11/2025 918,750 1.95 700,000 US$ VTB Bank OJSC Via VTB Capital SA 6.551% 13/10/2020 778,750 1.65 500,000 US$ VTB Bank OJSC Via VTB Capital SA 6.95% 17/10/2022 537,500 1.14

5,131,390 10.87

SAUDI ARABIA 590,000 US$ Saudi Electricity Global Sukuk Co 4.211% 03/04/2022 636,020 1.35

636,020 1.35

SOUTH AFRICA 300,000 US$ African Bank Ltd 8.125% 24/02/2017 326,250 0.69 900,000 US$ Standard Bank PLC 8.125% 02/12/2019 1,026,000 2.17

1,352,250 2.86

SOUTH KOREA 600,000 US$ Korea Gas Corp 6.25% 20/01/2042 802,309 1.70 600,000 US$ Shinhan Bank FRN 20/09/2036 648,684 1.37 400,000 US$ Woori Bank Co Ltd 5.875% 13/04/2021 463,190 0.98

1,914,183 4.05

THAILAND 500,000 US$ PTT Global Chemical PCL 4.25% 19/09/2022 517,895 1.10

517,895 1.10

TURKEy 250,000 US$ Akbank TAS 5% 24/10/2022 263,973 0.56 500,000 US$ Tupras Turkiye Petrol Rafinerileri AS 4.125% 02/05/2018 498,125 1.06

762,098 1.62

UNITED ARAB EMIRATES 300,000 US$ Abu Dhabi National Energy Co 6.5% 27/10/2036 399,750 0.85 1,500,000 US$ DP World Ltd 6.85% 02/07/2037 1,756,875 3.72 900,000 US$ MAF Global Securities Ltd 5.25% 05/07/2019 962,100 2.04

3,118,725 6.61

Total bonds 45,572,570 96.53


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BONDS

MExICO 11,800,000 MXN Petroleos Mexicanos 7.65% 24/11/2021 995,267 2.11

995,267 2.11






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Ashmore SICAV Emerging Markets Local Currency Corporate Debt FundAs at 31 December 2012



BONDS

BRAZIL 6,294,000 BRL Banco Votorantim SA 6.25% 16/05/2016 3,502,422 2.72 500,000 US$ JBS Finance II Ltd 8.25% 29/01/2018 530,000 0.41 700,000 US$ Minerva Overseas II Ltd 10.875% 15/11/2019 798,000 0.62 3,200,000 BRL Oi SA 9.75% 15/09/2016 1,641,026 1.27 1,100,000 US$ OSX 3 Leasing BV 9.25% 20/03/2015 1,134,375 0.88 2,538,000 BRL RBS-Zero Hora Editora Jornalistica SA 11.25% 15/06/2017 1,278,799 0.99 62,466,000 RUB Sibmetinvest FRN 10/10/2019 2,203,323 1.71

11,087,945 8.60

CHILE 1,223,500,000 CLP Banco Santander Chile 6.5% 22/09/2020 2,555,347 1.98

2,555,347 1.98

CHINA 9,000,000 CNH Bright North Ltd 1.25% 13/04/2016 1,380,448 1.07 17,400,000 CNH China SCE Property Holdings Ltd 10.5% 14/01/2016 2,824,048 2.19 9,030,000 CNH China Shanshui Cement Group Ltd 6.5% 22/07/2014 1,457,399 1.13 21,050,000 CNH Evergrande Real Estate Group Ltd 7.5% 19/01/2014 3,387,177 2.63 18,000,000 CNH Evergrande Real Estate Group Ltd 9.25% 19/01/2016 2,887,298 2.24 6,560,000 CNY Gemdale International Holding Ltd 9.15% 26/07/2015 1,130,140 0.88 11,900,000 CNH Powerlong Real Estate Holdings Ltd 11.5% 17/03/2014 1,927,999 1.50 8,310,000 CNH Road King Infrastructure Finance 2011 Ltd 6% 25/02/2014 1,337,099 1.04

16,331,608 12.68

COLOMBIA 1,700,000,000 COP Emgesa SA ESP 8.75% 25/01/2021 1,127,176 0.87 1,700,000,000 COP Empresas Publicas de Medellin ESP 8.375% 01/02/2021 1,111,302 0.86

2,238,478 1.73

HONG KONG 3,500,000 SGD Bank of East Asia Ltd FRN 13/09/2022 2,977,289 2.31 1,250,000 SGD Standard Chartered Bank Hong Kong Ltd FRN 27/10/2021 1,070,429 0.83

4,047,718 3.14

INDIA 500,000 US$ Geodesic Ltd 0% 18/01/2013 574,260 0.45 573,000 US$ Tulip Telecom Ltd 0% 26/08/2012 (Defaulted) 458,400 0.36 4,385,000 US$ Vedanta Resources PLC 8.25% 07/06/2021 4,834,462 3.75

5,867,122 4.56

INDONESIA 1,400,000 US$ GT 2005 BONDS BV FRN 21/07/2014 1,407,000 1.09

1,407,000 1.09

ISRAEL 9,240,656 ILS Delek Real Estate Ltd 4.8% 27/02/2019 681,328 0.53 7,383,000 ILS Elbit Imaging Ltd 5% 01/04/2020 945,853 0.73 3,777,000 ILS Plaza Centers NV 5.4% 01/07/2015 915,121 0.71

2,542,302 1.97

MALAySIA 7,000,000 CNH Axiata SPV2 Bhd 3.75% 18/09/2014 1,125,581 0.87

1,125,581 0.87


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BONDS continued

MExICO 15,000,000 MXN America Movil SAB de CV 6.45% 05/12/2022 1,185,646 0.92 72,000,000 MXN America Movil SAB de CV 8.46% 18/12/2036 6,099,175 4.73 1,100,000 US$ Cemex Espana Luxembourg 9.25% 12/05/2020 1,193,500 0.93 800,000 US$ Corp GEO SAB de CV 9.25% 30/06/2020 860,000 0.67 1,100,000 US$ Desarrolladora Homex SAB de CV 9.5% 11/12/2019 1,182,500 0.92 27,700,000 MXN Grupo Televisa SAB 8.49% 11/05/2037 2,354,615 1.83

12,875,436 10.00


4,045,076 3.14

RUSSIA 45,750,000 RUB EuroChem Mineral & Chemical Co OJSC FRN 14/11/2018 1,356,116 1.05 35,000,000 RUB Gazprombank OJSC Via GPB Eurobond Finance PLC 8.617% 15/12/2015 1,163,508 0.90 38,310,000 RUB Iks 5 Finans FRN 02/06/2016 1,232,145 0.96 73,301,000 RUB Mobile Telesystems OJSC FRN 03/11/2020 2,386,338 1.85 71,400,000 RUB RusHydro JSC via RusHydro Finance Ltd 7.875% 28/10/2015 2,330,293 1.81 46,300,000 RUB Russian Agricultural Bank OJSC Via RSHB Capital SA 8.7% 17/03/2016 1,538,231 1.19 39,485,000 RUB SUEK Finance FRN 26/06/2020 1,300,182 1.01 44,244,000 RUB VimpelCom-Invest 8.3% 13/10/2015 1,419,522 1.10 66,088,000 RUB VimpelCom-Invest 8.3% 13/10/2015 2,135,290 1.66

14,861,625 11.53

SINGAPORE 2,000,000 SGD Mapletree Treasury Services Ltd FRN 29/07/2049 1,689,048 1.31 2,000,000 SGD Neptune Orient Lines Ltd/Singapore 4.4% 22/06/2021 1,595,111 1.24 4,000,000 SGD NTUC Income Insurance Cooperative Ltd FRN 23/08/2027 3,395,923 2.64 1,500,000 SGD Olam International Ltd 6% 25/10/2022 1,089,110 0.85

7,769,192 6.04

SOUTH AFRICA 3,600,000 EUR Edcon Holdings Pty Ltd FRN 15/06/2015 4,376,033 3.39 7,000,000 ZAR Sappi Southern Africa Pty Ltd 9.63% 28/06/2016 888,060 0.69 14,000,000 ZAR Transnet SOC Ltd 9.5% 19/08/2025 1,799,529 1.40

7,063,622 5.48

TURKEy 2,200,000 TRY Ronesans Gayrimenkul Yatirim AS FRN 25/07/2013 1,241,452 0.96 1,580,000 TRY Turkiye Garanti Bankasi AS 0% 15/11/2013 834,221 0.65 2,250,000 US$ Yuksel Insaat AS 9.5% 10/11/2015 1,766,250 1.37

3,841,923 2.98

UKRAINE 4,800,000 UAH Ukreximbank Via Biz Finance PLC 11% 03/02/2014 496,815 0.39

496,815 0.39

UNITED ARAB EMIRATES 10,600,000 AED Anka a Sukuk Ltd 10% 25/08/2016 2,943,603 2.28

2,943,603 2.28

Total bonds 101,100,393 78.46


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BONDS

BRAZIL 1,428,000 BRL Cia Energetica de Sao Paulo 9.75% 15/01/2015 1,052,008 0.82

1,052,008 0.82

CHINA 11,740,000 CNH Lafarge Shui on Cement Ltd 9% 14/11/2014 2,001,856 1.55

2,001,856 1.55

MALAySIA 3,096,530 MYR Binariang GSM Sdn Bhd 5.55% 27/12/2013 1,022,588 0.79 4,301,303 MYR Binariang GSM Sdn Bhd 5.65% 26/12/2014 1,443,727 1.12

2,466,315 1.91

MExICO 27,380,000 MXN Petroleos Mexicanos 7.65% 24/11/2021 2,309,357 1.79

2,309,357 1.79

TURKEy 2,200,000 TRY Ronesans Holding FRN 18/12/2015 1,245,027 0.97

1,245,027 0.97

Total bonds 9,074,563 7.04



INDONESIA 9,000,000,000 IDR Adira Dinamika Multi Finance PT 9.25% 29/10/2014 960,383 0.75

960,383 0.75

Total fully-funded total return swaps 960,383 0.75



10,004,151 7.76


Total investment portfolio 121,139,490 94.01 Cash at bank 6,407,428 4.97 Other assets and liabilities 1,317,601 1.02



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BONDS

CHINA 200,000 US$ Agile Property Holdings Ltd 10% 14/11/2016 218,500 1.08 200,000 US$ China Automation Group Ltd 7.75% 20/04/2016 182,324 0.90 200,000 US$ China Hongqiao Group Ltd 6.5% 10/04/2017 193,000 0.96 200,000 US$ China Liansu Group Holdings Ltd 7.875% 13/05/2016 209,750 1.04 200,000 US$ China Resources Power Holdings Co Ltd 3.75% 03/08/2015 207,887 1.03 200,000 US$ China Shanshui Cement Group Ltd 10.5% 27/04/2017 229,000 1.13 200,000 US$ CITIC Resources Finance 2007 Ltd 6.75% 15/05/2014 210,000 1.04 200,000 US$ CNPC General Capital Ltd 3.95% 19/04/2022 216,216 1.07 200,000 US$ Country Garden Holdings Co Ltd 11.125% 23/02/2018 231,000 1.14 200,000 US$ Country Garden Holdings Co Ltd 11.25% 22/04/2017 225,000 1.11 1,300,000 CNH Evergrande Real Estate Group Ltd 7.5% 19/01/2014 209,184 1.04 200,000 US$ Evergrande Real Estate Group Ltd 13% 27/01/2015 217,000 1.07 200,000 US$ Fosun International Ltd 7.5% 12/05/2016 208,250 1.03 200,000 US$ Fufeng Group Ltd 7.625% 13/04/2016 199,000 0.98 200,000 US$ Gemdale International Investment Ltd 7.125% 16/11/2017 208,294 1.03 300,000 US$ Hidili Industry International Development Ltd 8.625% 04/11/2015 234,000 1.16 200,000 US$ Hyva Global BV 8.625% 24/03/2016 190,000 0.94 200,000 US$ KWG Property Holding Ltd 12.5% 18/08/2017 229,823 1.14 200,000 US$ Lonking Holdings Ltd 8.5% 03/06/2016 204,500 1.01 200,000 US$ Sound Global Ltd 11.875% 10/08/2017 211,820 1.05 200,000 US$ Sunac China Holdings Ltd 12.5% 16/10/2017 222,286 1.10 200,000 US$ Texhong Textile Group Ltd 7.625% 19/01/2016 203,500 1.01 200,000 US$ West China Cement Ltd 7.5% 25/01/2016 194,500 0.96 200,000 US$ Yanlord Land Group Ltd 10.625% 29/03/2018 227,000 1.12 200,000 US$ Yuzhou Properties Co 13.5% 15/12/2015 224,000 1.11

5,305,834 26.25

HONG KONG 200,000 US$ Bank of China Hong Kong Ltd 5.55% 11/02/2020 224,972 1.11 200,000 US$ Bank of East Asia Ltd FRN 04/05/2022 225,578 1.12 1,000,000 CNH Bright North Ltd 1.25% 13/04/2016 153,383 0.76 200,000 US$ Central China Real Estate Ltd 12.25% 20/10/2015 221,000 1.09 400,000 US$ CFG Investment SAC 9.75% 30/07/2019 302,000 1.49 2,000,000 HKD Hengdeli Holdings Ltd 2.5% 20/10/2015 263,326 1.30 200,000 US$ Howes Capital Ltd 4.75% 10/04/2017 210,316 1.04 300,000 US$ Hutchison Whampoa Finance CI Ltd 7.5% 01/08/2027 422,686 2.09 500,000 US$ Hutchison Whampoa International 11 Ltd 4.625% 13/01/2022 557,721 2.76 200,000 US$ Li & Fung Ltd 5.25% 13/05/2020 222,551 1.10 200,000 US$ LS Finance 2017 Ltd 5.25% 26/01/2017 215,761 1.07 300,000 US$ Noble Group Ltd 6.75% 29/01/2020 316,125 1.56 200,000 US$ Nord Anglia Education UK Holdings PLC 10.25% 01/04/2017 221,000 1.09 300,000 US$ Pacnet Ltd 9.25% 09/11/2015 306,750 1.52 200,000 US$ RKI Finance 2010 Ltd 9.5% 21/09/2015 211,763 1.05 200,000 US$ Shimao Property Holdings Ltd 11% 08/03/2018 230,888 1.14 200,000 US$ Sun Hung Kai Properties Capital Market Ltd 4% 02/11/2020 208,764 1.03 200,000 US$ Wheelock Finance Ltd 4.75% 23/02/2017 211,340 1.05 200,000 US$ Wiseyear Holdings Ltd 5.875% 06/04/2021 224,302 1.11

4,950,226 24.48

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BONDS continued

INDIA 200,000 US$ Bank of Baroda FRN 25/05/2022 201,883 1.00 200,000 US$ ICICI Bank Ltd 4.75% 25/11/2016 209,645 1.04 200,000 US$ ICICI Bank Ltd 5.75% 16/11/2020 215,769 1.07 200,000 US$ Indian Overseas Bank 5% 19/10/2016 207,575 1.03 400,000 US$ Reliance Holdings USA Inc 6.25% 19/10/2040 459,784 2.28 200,000 US$ State Bank of India 4.125% 01/08/2017 205,960 1.02 400,000 US$ Suzlon Energy Ltd FRN 13/04/2016 168,000 0.83 200,000 US$ Vedanta Resources PLC 8.25% 07/06/2021 220,500 1.09 200,000 US$ Vedanta Resources PLC 9.5% 18/07/2018 230,760 1.14

2,119,876 10.50

INDONESIA 200,000 US$ Adaro Indonesia PT 7.625% 22/10/2019 222,000 1.10 200,000 US$ GT 2005 BONDS BV FRN 21/07/2014 201,000 0.99 200,000 US$ Star Energy Geothermal Wayang Windu Ltd 11.5% 12/02/2015 213,240 1.06

636,240 3.15

MALAySIA 200,000 US$ Axiata SPV1 Labuan Ltd 5.375% 28/04/2020 227,606 1.13 200,000 US$ IOI Investment L Bhd 4.375% 27/06/2022 209,082 1.03 200,000 US$ Malayan Banking Bhd FRN 20/09/2022 199,463 0.99 200,000 US$ RHB Bank BHD 3.25% 11/05/2017 204,191 1.01

840,342 4.16

MONGOLIA 300,000 US$ Mongolian Mining Corp 8.875% 29/03/2017 321,000 1.59 200,000 US$ Trade & Development Bank of Mongolia LLC 8.5% 20/09/2015 199,558 0.99

520,558 2.58

PAKISTAN 200,000 US$ Pakistan Mobile Communications Ltd 8.625% 13/11/2013 191,500 0.95

191,500 0.95

PHILIPPINES 200,000 US$ FPMH Finance Ltd 7.375% 24/07/2017 228,693 1.13 8,000,000 PHP Petron Corp 7% 10/11/2017 203,526 1.01 200,000 US$ SM Investments Corp 5.5% 13/10/2017 214,335 1.06

646,554 3.20

SINGAPORE 200,000 US$ BW Group Ltd 6.625% 28/06/2017 216,000 1.07 300,000 US$ DBS Bank Ltd FRN 21/09/2022 313,836 1.55 400,000 US$ Oversea-Chinese Banking Corp Ltd FRN 18/11/2019 414,706 2.05 400,000 US$ Rubicon Offshore Holdings Ltd PIK 16/04/2014 360,000 1.78 400,000 US$ UOB Cayman Ltd FRN 31/12/2049 423,032 2.09

1,727,574 8.54


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BONDS continued

SOUTH KOREA 200,000 US$ GS Caltex Corp 5.5% 24/04/2017 224,650 1.11 200,000 US$ Hyundai Capital America 3.75% 06/04/2016 211,074 1.04 200,000 US$ Korea Exchange Bank 3.125% 26/06/2017 208,187 1.03 200,000 US$ Korea Hydro & Nuclear Power Co Ltd 4.75% 13/07/2021 226,226 1.12 200,000 US$ Lotte Shopping Co Ltd 3.375% 09/05/2017 207,462 1.03 200,000 US$ Shinhan Bank FRN 20/09/2036 216,228 1.07 200,000 US$ SK Telecom Co Ltd 2.125% 01/05/2018 201,094 1.00 200,000 US$ Woori Bank Co Ltd 5.875% 13/04/2021 231,595 1.15

1,726,516 8.55

TAIwAN 100,000 US$ Cathay United Bank Co Ltd FRN 05/10/2020 103,944 0.51

103,944 0.51

THAILAND 200,000 US$ Bangkok Bank PCL 4.8% 18/10/2020 219,791 1.09 200,000 US$ Bangkok Bank PCL 9.025% 15/03/2029 269,000 1.33 200,000 US$ PTT Global Chemical PCL 4.25% 19/09/2022 207,158 1.03

695,949 3.45

Total bonds 19,465,113 96.32



Cash at bank 440,103 2.18

Other assets and liabilities 303,404 1.50


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EQUITIES

BRAZIL 49,200 BRL Banco do Brasil SA 615,150 1.37 37,300 BRL BM&FBovespa SA 255,043 0.57 10,135 US$ Braskem SA 135,302 0.30 18,892 US$ Cia Energetica de Minas Gerais 205,167 0.46 16,913 US$ Embraer SA 482,190 1.07 38,200 BRL Even Construtora e Incorporadora SA 175,375 0.39 7,400 BRL Iochpe-Maxion SA 98,847 0.22 31,309 US$ Itau Unibanco Holding SA 515,346 1.15 41,700 BRL MRV Engenharia e Participacoes SA 243,988 0.54 75,700 BRL Usinas Siderurgicas de Minas Gerais SA Class A Pref 473,241 1.05 31,800 BRL Vale SA 656,656 1.46 49,000 US$ Vale SA 1,027,040 2.28

4,883,345 10.86

CHILE 18,099 CLP Forus SA 101,854 0.23

101,854 0.23

CHINA 110,500 HKD AAC Technologies Holdings Inc Class I 390,719 0.87 118,500 HKD Anhui Conch Cement Co Ltd 440,890 0.98 3,186 US$ Baidu Inc 319,524 0.71 124,000 HKD Belle International Holdings Ltd 273,843 0.61 276,000 HKD Brilliance China Automotive Holdings Ltd 345,401 0.77 455,500 HKD China Merchants Bank Co Ltd 1,021,490 2.27 1,072,000 HKD China Modern Dairy Holdings Ltd 295,889 0.66 105,800 HKD China Pacific Insurance Group Co Ltd 396,800 0.88 130,000 HKD China Shenhua Energy Co Ltd 579,972 1.29 506,000 HKD CNOOC Ltd 1,111,053 2.47 13,011 US$ Ctrip.com International Ltd 296,521 0.66 232,000 HKD Dongfeng Motor Group Co Ltd 365,335 0.81 1,416,000 HKD Industrial & Commercial Bank of China Ltd 1,021,174 2.27 490,991 HKD Parkson Retail Group Ltd 401,603 0.89 66,000 HKD Ping An Insurance Group Co of China Ltd 561,628 1.25 212,000 HKD Shimao Property Holdings Ltd 407,652 0.91 2,962 US$ SINA Corp 148,752 0.33 84,800 HKD Weichai Power Co Ltd 385,077 0.86

8,763,323 19.49

HONG KONG 330,168 HKD Chow Tai Fook Jewellery Group Ltd 538,340 1.20

538,340 1.20

HUNGARy 11,600 HUF OTP Bank PLC 220,332 0.49

220,332 0.49

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EQUITIES continued

INDIA 5,867 US$ HDFC Bank Ltd 238,904 0.53 11,350 US$ ICICI Bank Ltd 494,974 1.10 5,800 US$ Infosys Ltd 245,340 0.55 10,930 US$ Larsen & Toubro Ltd 322,119 0.72 10,716 US$ Reliance Industries Ltd 330,486 0.74

1,631,823 3.64

INDONESIA 35,500 IDR Gudang Garam Tbk PT 208,009 0.46 191,500 IDR Indofood Sukses Makmur Tbk PT 116,407 0.26 624,500 IDR Indomobil Sukses Internasional Tbk PT 344,378 0.77 389,500 IDR Perusahaan Gas Negara Persero Tbk PT 186,402 0.42 82,500 IDR Tambang Batubara Bukit Asam Persero Tbk PT 129,871 0.29 87,500 IDR United Tractors Tbk PT 179,847 0.40

1,164,914 2.60

MALAySIA 617,400 MYR DRB-Hicom Bhd 554,284 1.23 285,878 MYR UEM Land Holdings Bhd 197,722 0.44

752,006 1.67

MExICO 49,970 MXN Alpek SA de CV Class C 134,026 0.30 25,490 COP Cemex Latam Holdings SA 164,163 0.37 67,249 US$ Cemex SAB de CV 663,748 1.48 21,600 US$ Desarrolladora Homex SAB de CV 269,568 0.60 14,000 MXN Grupo Financiero Banorte SAB de CV 89,966 0.20 15,468 US$ Ternium SA 364,271 0.81

1,685,742 3.76

PERU 900 US$ Credicorp Ltd 131,904 0.29 35,700 PEN Grana y Montero SA 135,667 0.30

267,571 0.59

PHILIPPINES 285,000 PHP Petron Corp 72,534 0.16

72,534 0.16

RUSSIA 23,703 US$ Gazprom OAO 230,630 0.51 92,339 US$ Gazprom OAO 885,427 1.97 20,174 US$ Lukoil OAO 1,348,757 3.00 1,061 US$ NovaTek OAO 127,813 0.28 168,441 US$ Sberbank of Russia 2,093,767 4.65 17,616 US$ Sistema JSFC 356,926 0.79 8,575 US$ Uralkali OJSC 330,374 0.73

5,373,694 11.93

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EQUITIES continued

SOUTH AFRICA 9,970 ZAR Exxaro Resources Ltd 203,919 0.45 7,542 ZAR Imperial Holdings Ltd 178,786 0.40 34,834 ZAR Investec Ltd 243,137 0.54 6,678 ZAR Sasol Ltd Com 289,688 0.64 55,425 ZAR Steinhoff International Holdings Ltd 180,998 0.40

1,096,528 2.43

SOUTH KOREA 12,280 KRW Doosan Infracore Co Ltd 196,642 0.44 14,040 KRW Hana Financial Group Inc 458,990 1.02 1,032 KRW Hyundai Heavy Industries Co Ltd 235,474 0.52 1,497 KRW Hyundai Mobis 406,026 0.90 6,404 KRW Hyundai Motor Co Class C 1,318,107 2.93 6,936 KRW Kia Motors Corp 369,073 0.82 1,373 KRW LG Chem Ltd 426,862 0.95 917 KRW NHN Corp 195,530 0.43 1,592 KRW Samsung Electronics Co Ltd 2,278,511 5.07 1,973 KRW Samsung Engineering Co Ltd 307,480 0.68 10,860 KRW Samsung Heavy Industries Co Ltd 395,205 0.88 15,700 KRW SK Hynix Inc 380,899 0.85

6,968,799 15.49

TAIwAN 133,000 TWD Catcher Technology Co Ltd 665,645 1.48 36,002 TWD Delta Electronics Inc 132,840 0.30 88,000 TWD Formosa Plastics Corp 239,143 0.53 228,200 TWD Hon Hai Precision Industry Co Ltd 703,470 1.56 381,000 TWD Innolux Corp 206,408 0.46 56,000 TWD MediaTek Inc 626,427 1.39 56,747 TWD Taiwan Fertilizer Co Ltd 150,818 0.34 52,296 US$ Taiwan Semiconductor Manufacturing Co Ltd 897,399 1.99 556,000 TWD United Microelectronics Corp 224,928 0.50

3,847,078 8.55

THAILAND 16,900 THB Banpu PCL 222,092 0.49 44,722 THB PTT Exploration & Production PCL 239,034 0.53 15,300 THB Siam Cement PCL 235,407 0.52

696,533 1.54

TURKEy 111,599 TRY Turk Hava Yollari Class A 392,530 0.87 39,039 TRY Turkiye Halk Bankasi AS 384,127 0.85 45,891 TRY Yapi ve Kredi Bankasi AS 134,101 0.30

910,758 2.02

Total equities 38,975,174 86.65


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Maturity Market Value Net Assets Holdings Currency Description of Investment date US$ %



wARRANTS AND RIGHTS

INDIA 16,230 US$ Axis Bank Ltd 16/03/2015 401,840 0.89 7,624 US$ Bajaj Auto Ltd 06/02/2017 296,548 0.66 168,644 US$ Jaiprakash Associates Ltd 15/06/2015 297,151 0.66 10,944 US$ Maruti Suzuki India Ltd 30/11/2015 297,629 0.66 14,533 US$ Strides Arcolab Ltd 23/06/2016 289,643 0.64

1,582,811 3.51

Total warrants and rights 1,582,811 3.51



LUxEMBOURG 32,994 US$ Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund 4,220,298 9.38

4,220,298 9.38





Ashmore SICAV

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Ashmore SICAV EM Equity Select FundAs at 31 December 2012




BONDS

UNITED KINGDOM 13,029 GBP Edinburgh Dragon Trust Convertible Unsecured Loan Stock 3.5% 31/01/2018 21,496 0.07

21,496 0.07

Total bonds 21,496 0.07 EQUITIES BRAZIL 50,200 BRL Bradespar SA Pref 804,916 2.64

804,916 2.64


Total transferable securities admitted to an official stock exchange listing/dealt on another regulated market 826,412 2.71

OTHER TRANSFERABLE SECURITIES AND MONEy MARKET INSTRUMENTS wARRANTS AND RIGHTS ROMANIA 3,680,320 US$ SC Fondul Proprietatea 16/03/2015 601,916 1.97

601,916 1.97

Total warrants and rights 601,916 1.97




2,500,655 8.19

UNITED KINGDOM 52,922 GBP Aberdeen Asian Smaller Companies Investment Trust PLC 785,836 2.57 12,119 GBP Aberdeen New Dawn Investment Trust PLC 182,968 0.60 29,690 GBP Baring Emerging Europe PLC 357,108 1.17 23,150 GBP Eastern European Trust PLC 1,884 0.01 109,577 GBP Eastern European Trust PLC 467,827 1.53 302,412 GBP Edinburgh Dragon Trust PLC 1,343,511 4.40 17,259 GBP JPMorgan Indian Investment Trust PLC 104,447 0.34 126,104 GBP JPMorgan Russian Securities PLC 1,076,725 3.53 370,264 GBP New India Investment Trust PLC 1,352,873 4.43 160,592 GBP Schroder AsiaPacific Fund PLC 663,834 2.17 42,739 GBP Scottish Oriental Smaller Companies Trust PLC 524,515 1.72

6,861,528 22.47

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Ashmore SICAV EM Equity Select Fund continued




UNDERTAKINGS FOR COLLECTIVE INVESTMENTS continued

UNITED STATES 55,153 US$ Aberdeen Indonesia Fund Inc 643,635 2.11 37,865 US$ Aberdeen Latin America Equity Fund Inc 1,369,956 4.49 18,050 US$ Central Europe and Russia Fund Inc 613,159 2.01 34,071 US$ China Fund Inc 729,460 2.39 137,255 US$ Greater China Fund Inc 1,765,099 5.78 10,507 US$ India Fund Inc 219,701 0.72 46,902 US$ iShares MSCI Brazil Small Cap Index Fund Class C ETF 1,303,876 4.27 2,935 US$ iShares MSCI Mexico Investable Market Index Fund ETF 207,006 0.68 7,237 US$ iShares MSCI South Korea Index Fund ETF 458,536 1.50 54,403 US$ JF China Region Fund Inc 761,642 2.49 145,346 US$ Korea Equity Fund Inc 1,337,183 4.38 31,273 US$ Korea Fund Inc 1,287,197 4.21 10,230 US$ Market Vectors Brazil Small-Cap ETF 436,309 1.43 10,255 US$ Market Vectors Russia ETF 307,342 1.01 44,660 US$ Mexico Equity and Income Fund Inc 637,298 2.09 15,647 US$ Mexico Fund Inc 454,076 1.49 29,583 US$ Morgan Stanley China A Share Fund Inc 711,471 2.33 27,800 US$ Morgan Stanley Eastern Europe Fund Inc 473,990 1.55 32,880 US$ Morgan Stanley India Investment Fund Inc 609,266 1.99 39,066 US$ Shelton Greater China Fund 278,150 0.91 18,025 US$ SPDR S&P Emerging Markets SmallCap ETF 840,686 2.75 47,964 US$ Taiwan Fund Inc 783,732 2.57 44,432 US$ Templeton Dragon Fund Inc 1,263,646 4.14 15,272 US$ Templeton Russia and East European Fund 223,277 0.73 40,950 US$ Thai Fund Inc 816,953 2.68 7,393 US$ Turkish Investment Fund Inc 123,020 0.40

18,655,666 61.10





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Ashmore SICAV Emerging Markets Global Small-Cap Equity FundAs at 31 December 2012




EQUITIES

BRAZIL 441,052 BRL Banco ABC Brasil SA 3,041,589 2.86 20,361 BRL Cia de Locacao das Americas 121,221 0.11 55,116 BRL Estacio Participacoes SA 1,123,047 1.06 434,293 BRL Even Construtora e Incorporadora SA 1,993,824 1.88 163,740 BRL Iochpe-Maxion SA 2,187,199 2.06 68,100 BRL Mahle-Metal Leve SA Industria e Comercio 831,502 0.78 193,846 BRL Randon Participacoes SA 1,201,419 1.13 64,996 BRL Sao Martinho SA 888,834 0.84 47,600 BRL Sonae Sierra Brasil SA 749,744 0.71 35,000 BRL Tegma Gestao Logistica 598,291 0.56 52,894 BRL Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A 1,175,422 1.11

13,912,092 13.10

CHILE 2,748,634 CLP Cia Sud Americana de Vapores SA 245,471 0.23 360,000 CLP Coca-Cola Embonor SA 1,030,075 0.97

1,275,546 1.20

CHINA 16,100 US$ 3SBio Inc 219,604 0.21 154,000 HKD AAC Technologies Holdings Inc 544,531 0.51 3,980,000 HKD China Automation Group Ltd 1,126,563 1.06 727,000 HKD China High Precision Automation Group Ltd 58,154 0.05 4,010,000 HKD Chinasoft International Ltd 933,745 0.88 102,692 US$ Ctrip.com International Ltd 2,340,351 2.20 1,383,000 HKD Goodbaby International Holdings Ltd 505,353 0.48 3,718,000 HKD Greatview Aseptic Packaging Co Ltd 2,014,200 1.90 185,308 US$ Hollysys Automation Technologies Ltd 2,199,606 2.07 1,074,500 HKD Intime Department Store Group Co Ltd 1,279,465 1.20 3,732,000 HKD MIE Holdings Corp 1,194,978 1.13 972,000 HKD Minth Group Ltd 1,124,209 1.06 36,011 US$ SINA Corp 1,808,472 1.70 113,237 US$ SouFun Holdings Ltd 2,830,925 2.67 97,669 US$ Spreadtrum Communications Inc 1,718,974 1.62 71,800 US$ WuXi PharmaTech Cayman Inc 1,130,850 1.06

21,029,980 19.80

COLOMBIA 7,280 CAD Pacific Rubiales Energy Corp 168,967 0.16

168,967 0.16

EGyPT 325,714 EGP Ezz Steel 508,196 0.48

508,196 0.48

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Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund continued





EQUITIES continued

HONG KONG 4,160,000 HKD China Outfitters Holdings Ltd 836,713 0.79 4,421,000 HKD GOME Electrical Appliances Holding Ltd 529,641 0.50 4,024,000 HKD Hengdeli Holdings Ltd 1,465,249 1.38 2,414,000 HKD Ju Teng International Holdings Ltd 1,158,632 1.09 581,000 HKD Shenzhou International Group Holdings Ltd 1,313,326 1.24 1,726,000 HKD Trinity Ltd 1,137,946 1.07

6,441,507 6.07

INDONESIA 5,991,500 IDR Berlian Laju Tanker Tbk PT 91,388 0.09 8,472,500 IDR Bumi Serpong Damai PT 1,003,062 0.94 4,514,500 IDR Ciputra Surya Tbk PT 1,057,770 1.00 1,885,500 IDR Erajaya Swasembada Tbk PT 577,930 0.54 2,499,500 IDR Gajah Tunggal Tbk PT 578,706 0.54 2,994,840 IDR Perusahaan Perkebunan London Sumatra Indonesia Tbk PT 726,522 0.68 6,921,000 IDR Timah Persero Tbk PT 1,110,664 1.05

5,146,042 4.84

MALAySIA 1,941,800 MYR DRB-Hicom Bhd 1,743,292 1.64 2,147,000 MYR Wah Seong Corp Bhd 1,162,467 1.09

2,905,759 2.73

MExICO 1,552,411 MXN Corp GEO SAB de CV 1,807,520 1.70 158,753 US$ Desarrolladora Homex SAB de CV 1,981,237 1.87 116,480 US$ Empresas ICA SAB de CV 1,171,789 1.10 236,808 MXN Gruma SAB de CV 714,290 0.67 720,627 MXN Grupo Industrial Saltillo SAB de CV 1,354,020 1.28 377,900 MXN Grupo KUO SAB De CV 937,038 0.88

7,965,894 7.50

NIGERIA 4,507,573 NGN Zenith Bank PLC 562,617 0.53

562,617 0.53

PERU 290,811 PEN Grana y Montero SA 1,105,139 1.04

1,105,139 1.04

PHILIPPINES 1,675,000 PHP Atlas Consolidated Mining & Development 762,775 0.72 23,166,000 PHP Filinvest Land Inc 841,817 0.79 19,626,000 PHP Megaworld Corp 1,326,037 1.25 3,769,000 PHP Oriental Peninsula Resources Group Inc 285,370 0.27

3,215,999 3.03

SOUTH AFRICA 86,288 ZAR Wilson Bayly Holmes-Ovcon Ltd 1,579,613 1.49

1,579,613 1.49

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EQUITIES continued

SOUTH KOREA 51,140 KRW Basic House Co Ltd/The 708,854 0.67 35,750 KRW Hana Tour Service Inc 2,044,021 1.93 24,560 KRW Hotel Shilla Co Ltd 1,012,468 0.95 14,067 KRW Hyundai Department Store Co Ltd 2,095,993 1.97 8,503 KRW Hyundai Home Shopping Network Corp 963,894 0.91 210,886 KRW Korean Reinsurance Co 2,262,573 2.13 84,490 KRW LG Fashion Corp 2,483,211 2.34 22,750 KRW LIG Insurance Co Ltd 550,960 0.52 62,009 KRW Modetour Network Inc 1,752,201 1.65 129,119 KRW Nexen Tire Corp 1,955,162 1.84

15,829,337 14.91

TAIwAN 407,000 TWD Catcher Technology Co Ltd 2,036,973 1.92 1,574,102 TWD China Life Insurance Co Ltd 1,444,105 1.36 809,000 TWD Hung Poo Real Estate Development Corp 836,588 0.79 406,000 TWD Kinsus Interconnect Technology Corp 1,278,128 1.20 299,000 TWD Shin Zu Shing Co Ltd 925,550 0.87 331,100 TWD Simplo Technology Co Ltd 1,672,396 1.58 2,591,000 TWD Tainan Spinning Co Ltd 1,321,949 1.24 648,000 TWD TXC Corp 1,070,536 1.01

10,586,225 9.97

THAILAND 1,920,500 THB Amata Corp PCL 1,017,068 0.96 199,800 THB Hana Microelectronics PCL 148,919 0.14 5,316,000 THB Jasmine International PCL 938,424 0.88

2,104,411 1.98

TURKEy 184,065 TRY Koza Anadolu Metal Madencilik Isletmeleri AS 585,254 0.55 1,060,166 TRY Turkiye Sinai Kalkinma Bankasi AS 1,363,468 1.29

1,948,722 1.84

UNITED ARAB EMIRATES 2,751,468 AED Sorouh Real Estate Co 946,202 0.89

946,202 0.89



Ashmore SICAV

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wARRANTS AND RIGHTS

INDIA 266,190 US$ Dewan Housing Finance Corp Ltd 28/02/2013 881,089 0.83 998,699 US$ Hexaware Technologies Ltd 06/05/2016 1,551,182 1.46 550,810 US$ HT Media Ltd 28/02/2013 1,076,834 1.01 454,306 US$ Indian Bank 13/01/2017 1,652,549 1.56 617,774 US$ MT Educare Ltd 20/11/2017 1,423,846 1.34 64,198 US$ Strides Arcolab Ltd 26/08/2015 1,279,171 1.21

7,864,671 7.41

SAUDI ARABIA 30,000 US$ Fawaz Abdulaziz Alhokair & Co 29/09/2014 831,956 0.78

831,956 0.78




Cash at bank 497,598 0.47 Other assets and liabilities (232,357) (0.22)


Ashmore SICAV

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Ashmore SICAV Emerging Frontier Equity FundAs at 31 December 2012




EQUITIES

BAHRAIN 110,000 US$ Ahli United Bank BSC 62,975 0.56

62,975 0.56

KAZAKHSTAN 59,747 US$ Halyk Savings Bank of Kazakhstan JSC 492,528 4.39

492,528 4.39

KUwAIT 80,000 KWD Agility Public Warehousing Co KSC 145,064 1.29 440,000 KWD Burgan Bank SAK 833,442 7.42 100,000 KWD Commercial Facilities C 122,702 1.09 75,000 KWD Kuwait Finance House 216,026 1.92 160,000 KWD Kuwait Projects Co Holding KSC 223,336 1.99 30,000 KWD Mabanee Co SAKC 125,501 1.12 190,000 KWD Mobile Telecommunications Co KSC 527,705 4.70 190,000 KWD National Bank of Kuwait 651,433 5.80

2,845,209 25.33

LEBANON 12,987 US$ BLOM Bank SAL 103,247 0.92

103,247 0.92

NIGERIA 2,035,748 NGN Access Bank PLC 117,986 1.05 18,595 GBP Afren PLC 40,797 0.36 1,782,957 NGN Ashaka Cement PLC 204,957 1.83 226,922 NGN Cadbury Nigeria PLC 42,144 0.38 2,811,943 NGN FBN Holdings Plc 283,085 2.52 1,164,900 NGN First City Monument Bank PLC 27,975 0.25 1,941,940 NGN Guaranty Trust Bank PLC 286,037 2.55 186,493 NGN Lafarge Cement WAPCO Nigeria PLC 69,903 0.62 1,485,174 NGN Mansard Insurance PLC 17,596 0.16 190,649 NGN UAC of Nigeria PLC 51,279 0.46 2,988,799 NGN United Bank for Africa PLC 87,281 0.78

1,229,040 10.96

PAKISTAN 244,209 US$ Fauji Fertilizer Bin Qasim Ltd 97,000 0.86 83,085 US$ Habib Bank Ltd 100,757 0.90

197,757 1.76

QATAR 83,755 US$ Commercial Bank of Qatar QSC/The 335,020 2.98 2,550 US$ Qatar Telecom Qtel QSC 36,419 0.32

371,439 3.30

SIERRA LEONE 161,258 GBP African Minerals Ltd 841,406 7.50

841,406 7.50

UNITED ARAB EMIRATES 400,000 US$ Aramex PJSC 216,000 1.92 227,429 AED Emaar Properties PJSC 232,517 2.07 171,312 AED First Gulf Bank PJSC 543,864 4.84

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Ashmore SICAV Emerging Markets Frontier Equity Fund continued





EQUITIES continued

UNITED ARAB EMIRATES continued 13,435 GBP Lamprell PLC 20,509 0.18 64,028 GBP NMC Health PLC 207,141 1.85 1,624,429 AED Sorouh Real Estate Co 558,625 4.98 346,365 AED Union National Bank PJSC 284,783 2.54

2,063,439 18.38




wARRANTS AND RIGHTS

PAKISTAN 326,823 US$ Bank Al-Habib Ltd 20/07/2015 106,740 0.95 80,950 US$ Fauji Fertilizer Co Ltd 20/07/2015 97,609 0.87 215,300 US$ Hub Power Co 20/07/2015 99,404 0.89 50,300 US$ MCB Bank Ltd 20/07/2015 108,603 0.97 106,300 US$ United Bank Ltd 20/07/2015 91,471 0.81

503,827 4.49

QATAR 2,400 US$ Industries Qatar 18/11/2013 102,236 0.91 10,200 US$ Qatar Insurance Co 14/04/2017 187,986 1.67 8,500 US$ Qatar National Bank SAQ 01/10/2015 303,875 2.71 6,119 US$ Qatar Navigation 26/05/2017 105,859 0.94

699,956 6.23

SAUDI ARABIA 13,000 US$ Al Tayyar Travel Group 06/08/2014 218,790 1.95 6,038 US$ Fawaz Abdulaziz Alhokair & Co 29/09/2014 167,445 1.49 32,969 US$ Samba Financial Group 23/05/2013 392,928 3.50 22,498 US$ Yanbu National Petrochemicals Co 11/04/2014 287,299 2.56

1,066,462 9.50




Cash at bank 897,723 8.00 Other assets and liabilities (148,808) (1.32)


Ashmore SICAV

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Other Information on InvestmentsAs at 31 December 2012

BREAKDOwN By COUNTRy

Ashmore SICAV Emerging Markets Debt Fund

Ashmore SICAV Emerging Markets Sovereign Debt Fund

VENEZUELA 3.81%

UNITED ARAB EMIRATES 4.10%

SOUTH AFRICA 2.27%

COLOMBIA 2.87%

CROATIA 2.08%

INDONESIA 4.17%

KAZAKHSTAN 4.00%

MExICO 8.14%

PHILIPPINES 3.78%

POLAND 3.02%

ARGENTINA 2.03%

BRAZIL 9.87%

CHINA 4.15%

RUSSIA 8.11%

UKRAINE 4.99%

TURKEy 4.11%

OTHER 28.50%

VENEZUELA 5.20%


COLOMBIA 4.50%

CROATIA 2.47%

INDONESIA 5.66%

KAZAKHSTAN 3.27%

MExICO 6.13%

PHILIPPINES 5.37%

POLAND 2.53%

ARGENTINA 2.34%BRAZIL 6.70%

RUSSIA 6.62%

UKRAINE 4.36%

TURKEy 6.48%

OTHER 26.25%

LEBANON 2.00%

LITHUANIA 2.81%

PERU 2.04%

URUGUAy 2.46%

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Other Information on Investments continued


BREAKDOwN By COUNTRy continued

Ashmore SICAV Emerging Markets Sovereign Investment Grade Debt Fund

Ashmore SICAV Local Currency Fund

ROMANIA 2.37%

SOUTH AFRICA 2.23%COLOMBIA 5.22%

CROATIA 6.96%

INDONESIA 9.23%

KAZAKHSTAN 7.24%

MExICO 9.00%

URUGUAy 3.02%

POLAND 6.38%

BRAZIL 7.03%

CHINA 3.12%

LITHUANIA 6.47%

MOROCCO 5.57%

PERU 3.25%

OTHER 7.07%

COSTA RICA 2.37%RUSSIA 9.62%

PANAMA 3.85%

UNITED KINGDOM 21.07%COLOMBIA 2.35%

LUxEMBOURG 13.42%

INDIA 2.65%

MALAySIA 2.40%

MExICO 16.17%

URUGUAy 3.05%

POLAND 2.94%

BRAZIL 15.56%

RUSSIA 7.09%

TURKEy 5.33%

OTHER 5.15%

SOUTH KOREA 2.82%

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Ashmore SICAV Emerging Markets Local Currency Bond Fund

Ashmore SICAV Emerging Markets Local Markets Currency Fund

THAILAND 3.45%

SOUTH AFRICA 11.43%

COLOMBIA 4.89%

HUNGARy 5.49%

INDIA 2.53%

INDONESIA 8.59%

MExICO 7.38%

MALAySIA 5.46%

POLAND 10.06%

BRAZIL 6.22%

RUSSIA 17.63%

OTHER 9.48%

URUGUAy 2.15%

TURKEy 5.24%

MExICO 72.91%

TURKEy 20.28%

NIGERIA 6.81%

Ashmore SICAV

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Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund

Ashmore SICAV Emerging Markets Inflation Linked Bond Fund

THAILAND 4.45%

SOUTH AFRICA 16.94%

COLOMBIA 6.09%

INDIA 2.72%

MExICO 10.69%

MALAySIA 8.09%

POLAND 8.76%

BRAZIL 16.03%

RUSSIA 19.39%

OTHER 2.40%

PERU 2.19%

URUGUAy 2.25%

SOUTH AFRICA 10.73%ISRAEL 5.50%

MExICO 15.87%POLAND 8.05%

BRAZIL 31.81%

TURKEy 20.47%

OTHER 2.67%URUGUAy 4.90%

Ashmore SICAV

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Ashmore SICAV Emerging Markets Total Return Fund

Ashmore SICAV Emerging Markets Total Return Fund II


COLOMBIA 3.46%

CHINA 3.51%

INDONESIA 4.81%

KAZAKHSTAN 2.63%

MExICO 6.30%

PHILIPPINES 2.22%

POLAND 5.50%

BRAZIL 8.09%

RUSSIA 12.19%

TURKEy 4.04%

OTHER 25.94%

LUxEMBOURG 5.19%

MALAySIA 2.09%UKRAINE 3.58%

HUNGARy 2.16%

SOUTH AFRICA 5.22%


COLOMBIA 2.30%

CHINA 3.35%

INDONESIA 4.62%

KAZAKHSTAN 3.13%

MExICO 5.92%

PHILIPPINES 2.13%POLAND 5.62%

BRAZIL 9.03%

RUSSIA 12.63%

TURKEy 3.71%

OTHER 22.38%

LUxEMBOURG 9.04%

MALAySIA 2.06%

UKRAINE 2.87%

HUNGARy 2.19%

SOUTH AFRICA 5.51%

Ashmore SICAV

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Ashmore SICAV Emerging Markets Investment Grade Total Return Fund

Ashmore SICAV Emerging Markets Corporate Debt Fund

UNITED ARAB EMIRATES 3.06% COLOMBIA 5.87%

CHILE 2.39%

CROATIA 2.70%

KAZAKHSTAN 2.88%

MExICO 11.95%

MOROCCO 2.26%POLAND 7.15%

BRAZIL 11.45%

RUSSIA 13.00%

QATAR 2.06%

OTHER 14.90%

INDONESIA 3.56%

MALAySIA 3.58%

SOUTH AFRICA 6.93%

LITHUANIA 2.52%

PERU 3.74%


CHINA 12.48%

CHILE 2.06%

ISRAEL 3.58%

MExICO 10.83%

POLAND 4.63%

BRAZIL 6.87%

RUSSIA 9.69%

OTHER 19.52%

INDIA 3.08%

KAZAKHSTAN 5.11%SOUTH AFRICA 3.11%

jAMAICA 4.17%

UKRAINE 4.57%

Ashmore SICAV

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Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund

Ashmore SICAV Emerging Markets Local Currency Corporate Debt Fund


COLOMBIA 5.88%

CHILE 4.41%

CHINA 5.36%

KAZAKHSTAN 2.82%

MExICO 14.09%

BRAZIL 12.25%

RUSSIA 11.02%

QATAR 4.94%

OTHER 13.82%

INDIA 5.89%

SOUTH AFRICA 2.90%

HONG KONG 2.72%

PERU 3.09%

SOUTH KOREA 4.11%


CHINA 15.13%

LUxEMBOURG 8.26%

MExICO 12.54%

BRAZIL 10.02%

RUSSIA 12.27%

OTHER 8.42%

INDIA 4.84%

SOUTH AFRICA 5.83%

HONG KONG 3.34%

PHILIPPINES 3.34%

TURKEy 4.20%

MALAySIA 2.97%

SINGAPORE 6.41%

Ashmore SICAV

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Ashmore SICAV Emerging Markets Asian Corporate Debt Fund

Ashmore SICAV Emerging Markets Global Equity Fund

THAILAND 3.58%

CHINA 27.26%

INDONESIA 3.27%

OTHER 4.18%

INDIA 10.89%

SOUTH KOREA 8.87%

HONG KONG 25.43%

PHILIPPINES 3.32%

SINGAPORE 8.88%

MALAySIA 4.32%

CHINA 19.57%

LUxEMBOURG 9.43%MExICO 3.76%

BRAZIL 10.91%

RUSSIA 12.00%

OTHER 5.92%

INDIA 7.18%SOUTH AFRICA 2.45%

TURKEy 2.03%

SOUTH KOREA 15.56%

INDONESIA 2.60%

TAIwAN 8.59%

Ashmore SICAV

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Ashmore SICAV EM Equity Select Fund

Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund

ROMANIA 2.04%

LUxEMBOURG 8.49%

BRAZIL 2.73%

UNITED STATES 63.36%

UNITED KINGDOM 23.38%

CHINA 19.85%

INDONESIA 4.86%

MExICO 7.52%

BRAZIL 13.13%

SOUTH KOREA 14.94%

OTHER 10.42%

INDIA 7.42%

HONG KONG 6.08%PHILIPPINES 3.04%

TAIwAN 10.00%

MALAySIA 2.74%

Ashmore SICAV

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Ashmore SICAV Emerging Markets Frontier Equity Fund

KUwAIT 27.16%

PAKISTAN 6.70%

KAZAKHSTAN 4.70%

SIERRA LEONE 8.03%

OTHER 1.58%

NIGERIA 11.73%

SAUDI ARABIA 10.18%


QATAR 10.23%

Ashmore SICAV

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BREAKDOwN By RATING

Emerging Markets Emerging Markets Sovereign Emerging Markets Sovereign Debt Fund Debt Fund Investment Grade Debt Fund

Market Value % Investment Market Value % Investment Market Value % Investment Ratings in US$ Portfolio in US$ Portfolio in US$ Portfolio

Local Currency Emerging Markets Local Emerging Markets Local Fund Currency Bond Fund Markets Currency Fund


Aa2 4,816,264 0.37% 987,532 1.35% 253,874 1.81%

Aa3 10,421,574 0.80% 432,782 0.59% 180,397 1.29%

A1 22,582,452 1.72% 1,116,158 1.52% 285,797 2.04%

A2 31,061,976 2.37% 1,854,309 2.53% 894,322 6.38%

A3 8,477,301 0.65% 334,202 0.45% 6,915 0.05%

Baa1 174,038,407 13.29% 13,213,204 18.02% 3,854,828 27.49%

Baa2 107,653,146 8.22% 6,967,024 9.50% 1,713,477 12.22%

Baa3 212,380,978 16.22% 14,814,396 20.20% 5,379,532 38.37%

Ba1 130,357,953 9.95% 10,490,841 14.31% – –

Ba2 24,803,464 1.89% 475,055 0.65% – –

Ba3 51,108,835 3.91% 1,276,045 1.74% – –

B1 69,707,710 5.32% 1,580,776 2.16% – –

B2 103,344,801 7.89% 3,824,423 5.22% – –

B3 83,107,034 6.35% 4,161,187 5.67% – –

Caa1 30,630,463 2.34% 401,910 0.55% – –

Caa2 1,865,500 0.14% – – – –

Ca 8,725,685 0.67% – – – –

Unrated/not rated 234,408,745 17.90% 11,396,957 15.54% 1,451,985 10.35%

1,309,492,288 100.00% 73,326,801 100.00% 14,021,127 100.00%

Aa2 – – – – – –

Aa3 24,705,829 2.82% 51,941,702 2.00% – –

A1 – – – – – –

A2 25,778,521 2.94% 260,592,989 10.06% – –

A3 8,583,423 0.98% 86,925,595 3.36% – –

Baa1 208,053,242 23.72% 960,142,349 37.05% 1,736,973 72.91%

Baa2 74,730,321 8.52% 168,011,603 6.48% – –

Baa3 56,087,002 6.39% 377,137,984 14.55% – –

Ba1 4,302,328 0.49% 64,970,653 2.51% – –

Ba2 – – – – – –

Ba3 – – – – – –

B1 – – – – – –

B2 8,592,309 0.98% – – – –

B3 1,883,756 0.21% – – – –

Caa1 – – – – – –

Caa2 – – – – – –

Ca – – – – – –

Unrated/not rated 464,505,221 52.95% 621,556,099 23.99% 645,537 27.09%

877,221,952 100.00% 2,591,278,974 100.00% 2,382,510 100.00%

Ashmore SICAV

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BREAKDOwN By RATING continued

Emerging Markets Investment Emerging Markets Inflation Emerging Markets Grade Local Currency Fund Linked Bond Fund Total Return Fund


Aa2 – – – – 1,694,208 0.50%

Aa3 2,114,497 0.71% – – 5,312,546 1.58%

A1 – – – – 2,003,830 0.59%

A2 26,218,150 8.76% 4,203,304 8.05% 13,273,158 3.93%

A3 15,592,942 5.21% – – 3,930,864 1.17%

Baa1 139,623,823 46.66% 12,536,248 24.00% 60,873,801 18.04%

Baa2 41,758,899 13.95% 11,587,466 22.18% 23,802,946 7.06%

Baa3 25,426,863 8.50% 2,561,806 4.90% 42,692,847 12.66%

Ba1 – – 663,030 1.27% 25,207,625 7.47%

Ba2 – – – – 5,222,808 1.55%

Ba3 – – – – 15,927,823 4.72%

B1 – – – – 19,997,549 5.93%

B2 – – – – 20,152,409 5.97%

B3 – – – – 16,616,785 4.93%

Caa1 – – – – 6,402,438 1.90%

Ca – – – – 1,192,725 0.35%


299,234,608 100.00% 52,238,751 100.00% 337,350,366 100.00%



Emerging Markets Emerging Markets Investment Emerging Markets Total Return Fund II Grade Total Return Fund Corporate Debt Fund


Aa2 533,748 0.48% 265,658 0.74% – –

Aa3 433,806 0.39% 576,099 1.60% 13,864,249 0.90%

A1 497,287 0.45% 660,134 1.83% 13,970,768 0.90%

A2 4,850,010 4.38% 2,894,895 8.04% 22,475,179 1.45%

A3 646,311 0.58% 975,909 2.71% 12,763,000 0.83%

Baa1 20,680,238 18.69% 9,901,627 27.49% 34,802,115 2.25%

Baa2 8,720,796 7.88% 4,032,395 11.20% 56,188,265 3.64%

Baa3 12,268,316 11.09% 12,130,296 33.68% 130,316,381 8.44%

Ba1 8,203,585 7.42% 781,614 2.17% 33,301,841 2.16%

Ba2 1,598,706 1.45% – – 55,675,295 3.60%

Ba3 5,583,785 5.05% – – 124,730,785 8.08%

B1 6,296,771 5.69% – – 141,183,102 9.14%

B2 7,791,738 7.04% – – 209,216,255 13.55%

B3 4,200,836 3.80% – – 97,059,399 6.28%

Caa1 2,748,124 2.48% – – 150,579,003 9.75%

Caa2 – – – – 4,346,400 0.28%

Ca – – – – 16,563,404 1.07%


110,640,424 100.00% 36,016,461 100.00% 1,544,484,813 100.00%

Ashmore SICAV

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BREAKDOwN By RATING continued

Emerging Markets Investment Emerging Markets Local Emerging Markets Asian Grade Corporate Debt Fund Currency Corporate Debt Fund Corporate Debt Fund


Aa2 – – – – 728,542 3.74%

Aa3 1,566,782 3.36% 2,555,347 2.11% – –

A1 1,792,163 3.85% 1,070,429 0.89% 876,178 4.50%

A2 2,803,648 6.02% 7,284,821 6.02% 862,814 4.43%

A3 1,854,000 3.98% 2,977,289 2.46% 2,157,556 11.09%

Baa1 4,631,204 9.95% 6,202,203 5.12% 896,618 4.61%

Baa2 6,759,101 14.51% 4,628,003 3.82% 1,750,572 8.99%

Baa3 17,991,599 38.64% 3,915,836 3.23% 1,149,231 5.90%

Ba1 3,808,559 8.18% 3,382,301 2.79% 438,228 2.25%

Ba2 – – – – 644,250 3.31%

Ba3 – – 9,307,284 7.68% 1,711,378 8.79%

B1 – – 1,867,099 1.54% 2,762,102 14.19%

B2 – – 9,896,523 8.17% 1,581,174 8.12%

B3 – – 3,670,065 3.03% 435,000 2.24%

Caa1 – – 6,304,032 5.20% 191,500 0.99%

Caa2 – – – – – –

Ca – – – – – –


46,567,837 100.00% 121,139,490 100.00% 19,465,113 100.00%

Emerging Markets Emerging Markets Global Global Equity Fund EM Equity Select Fund Small-Cap Fund



44,778,283 100.00% 29,446,177 100.00% 105,928,875 100.00%

Emerging Markets Frontier Equity Fund

Market Value % Investment Ratings in US$ Portfolio

Unrated/not rated 10,477,285 100.00%

10,477,285 100.00%

Ashmore SICAV

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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 31 December 2012 the Company comprised nineteen 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 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

The institutional 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 payment of Registry fees.

Share class informationAs per the prospectus amended in October 2012, the Sub-Funds may contain Institutional Class Shares and Retail Class Shares denominated in US Dollar (US$), Euro (EUR), British Pound Sterling (GBP), Australian Dollar (AUD), Danish Krone (DKK), Norwegian Krone (NOK), Swedish Krona (SEK), Swiss Franc (CHF) and Japanese Yen (JPY).

The following table presents share class launches and terminations, which took place during the year under review:

Number of classes Classes active as at Classes launched terminated/merged 31 December 2012

Emerging Markets Debt Fund Retail AUD, Institutional II CHF* Institutional EUR, US$ 10

Emerging Markets Sovereign Debt Fund Institutional GBP 3

Emerging Markets Sovereign Investment Grade Debt Fund 1

Local Currency Fund Retail CHF Institutional EUR, GBP, US$ 8

Emerging Markets Local Currency Bond Fund 7

Emerging Markets Local Markets Currency Fund Retail GBP 2

Emerging Markets Investment Grade Local Currency Fund Institutional EUR 2

Emerging Markets Inflation Linked Bond Fund 1

Emerging Markets Total Return Fund Retail GBP, Institutional EUR Institutional EUR 3

Emerging Markets Total Return Fund II Institutional US$ 1

Emerging Markets Investment Grade Total Return Fund Institutional EUR, US$ 2

Emerging Markets Corporate Debt Fund Institutional CHF, GBP 9

Emerging Markets Investment Grade Corporate Debt Fund 1

Emerging Markets Local Currency Corporate Debt Fund Retail EUR, CHF 4

Emerging Markets Asian Corporate Debt Fund Institutional US$ 1

Emerging Markets Global Equity Fund Retail EUR, GBP, Institutional CHF 5

EM Equity Select Fund 2

Emerging Markets Global Small-Cap Equity Fund Retail EUR, CHF, GBP 5

Emerging Markets Frontier Equity Fund Institutional US$ 1

* As per the Company’s revised prospectus dated October 2012, all active Institutional II share classes have been renamed to Institutional share classes.

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Notes to the Consolidated Financial Statements continued

1 GENERAL continued

Shares denominated in EUR, GBP, NOK, SEK, DKK, CHF, JPY 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 and AUD against the US$. The Investment Manager may, at its absolute discretion, engage, for the exclusive account and cost of each of the EUR, GBP, NOK, SEK, DKK, CHF, JPY and AUD dominated shares classes, in currency forwards, currency futures, currency option transactions and currency swaps, within the investment restrictions set out in the Prospectus, in order to preserve the current EUR, GBP, NOK, SEK, DKK, CHF, JPY and AUD value of the portion, in whole or in part, of the assets attributable to the relevant EUR, GBP, NOK, SEK, DKK, CHF, JPY and AUD shares class that is invested in US$ denominated assets.

2 PRINCIPAL ACCOUNTING POLICIES

a) Presentation of financial statementsThe 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, the statement of operations and changes in net assets of each Sub-Fund, after the elimination of transactions and balances between Sub-Funds.

The annual report is presented on the basis of the latest net asset value calculated during the financial year (i.e. 31 December, 2012).

b) Basis of consolidationThe 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 paragraphs). 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-FundSecurities 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 not 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 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.

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2 PRINCIPAL ACCOUNTING POLICIES continued

e) Valuation of financial derivative instrumentsInvestments in open-ended funds are valued on the basis of the last available NAV of the units or shares of such funds.

The value of derivative financial instruments not traded on stock exchanges or on other regulated markets is determined on a fair and reasonable basis and consistently applied for each different variety of contracts.

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.

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 31 December 2012.

Income and expenses in currencies other than the reference currency of each Sub-Fund are 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 31 December 2012 are as follows:

h) Income and expenses Allocation of accrued expensesAccrued 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.

IncomeInterest income is accrued on a daily basis. Dividends are shown net of withholding tax deducted at source and are recorded as income on the ex-dividend date.

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.

US$ US Dollar = 3.673050 AED United Arab

Emirates Dirhams

US$ US Dollar = 0.963205 AUD Australian Dollar

US$ US Dollar = 2.047500 BRL Brazilian Real

US$ US Dollar = 0.995700 CAD Canadian Dollar

US$ US Dollar = 0.915350 CHF Swiss Franc

US$ US Dollar = 478.800000 CLP Chilean Peso

US$ US Dollar = 6.223500 CNH Offshore Chinese

Yuan Renminbi

US$ US Dollar = 6.230300 CNY Onshore Chinese

Yuan Renminbi

US$ US Dollar = 1,767.000000 COP Colombian Peso

US$ US Dollar = 19.034850 CZK Czech Republic

Koruna

US$ US Dollar = 0.758495 EUR Euro

US$ US Dollar = 6.364350 EGP Egyptian Pound

US$ US Dollar = 0.615195 GBP Pound Sterling

US$ US Dollar = 1.904500 GHS Ghanaian Cedi

US$ US Dollar = 7.750850 HKD Hong Kong Dollar

US$ US Dollar = 220.885250 HUF Hungarian Forint

US$ US Dollar = 9,637.500000 IDR Indonesian Rupiah

US$ US Dollar = 3.731100 ILS Israel Shekel

US$ US Dollar = 54.790000 INR Indian Rupee

US$ US Dollar = 1,070.575000 KRW South Korean Won

US$ US Dollar = 0.281200 KWD Kuwaiti Dinar

US$ US Dollar = 12.986000 MXN Mexican Peso

US$ US Dollar = 3.058000 MYR Malaysian Ringgit

US$ US Dollar = 156.150000 NGN Nigerian Naira

US$ US Dollar = 5.565250 NOK Norwegian Krone

US$ US Dollar = 2.552500 PEN Peruvian Nuevo Sol

US$ US Dollar = 41.062500 PHP Philippine Peso

US$ US Dollar = 3.094900 PLN Polish Zloty

US$ US Dollar = 3.371900 RON New Romanian Leu

US$ US Dollar = 30.548000 RUB Russian Rouble

US$ US Dollar = 1.221500 SGD Singapore Dollar

US$ US Dollar = 30.590000 THB Thai Baht

US$ US Dollar = 1.784700 TRY New Turkish Lira

US$ US Dollar = 29.039000 TWD Taiwan Dollar

US$ US Dollar = 8.050000 UAH Ukrainian Hryvnia

US$ US Dollar = 19.180000 UYU Uruguayan Peso

US$ US Dollar = 8.484400 ZAR South African Rand

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2 PRINCIPAL ACCOUNTING POLICIES continued

i) Repurchase agreementsSecurities 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. Interest expense recognised under these agreements and 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 feesThe 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, payable monthly in arrears based on the average net asset value of the relevant class of shares.

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 Institutional II Retail class shares class shares* class shares % % %

Emerging Markets Debt Fund 0.95 0.80 1.50Emerging Markets Sovereign Debt Fund 0.85 0.70 1.40Emerging Markets Sovereign Investment Grade Debt Fund 0.80 0.65 1.35Local Currency Fund 1.00 0.85 1.50Emerging Markets Local Currency Bond Fund 0.95 0.80 1.50Emerging Markets Local Markets Currency Fund 0.80 0.65 1.35Emerging Markets Investment Grade Local Currency Fund 0.90 0.75 1.50Emerging Markets Inflation Linked Bond Fund 0.85 0.70 1.45Emerging Markets Total Return Fund 1.10 0.95 1.75Emerging Markets Total Return Fund II 1.10 – 1.75Emerging Markets Investment Grade Total Return Fund 0.85 – 1.40Emerging Markets Corporate Debt Fund 1.15 1.00 1.75Emerging Markets Investment Grade Corporate Debt Fund 1.10 0.95 1.65Emerging Markets Local Currency Corporate Debt Fund 1.35 1.20 1.95Emerging Markets Asian Corporate Debt Fund 1.05 – 1.75Emerging Markets Global Equity Fund 1.15 1.00 1.65EM Equity Select Fund 1.00 0.85 1.50Emerging Markets Global Small–Cap Equity Fund 1.50 1.35 1.95Emerging Markets Frontier Equity Fund 1.50 1.35 1.95

* As per the Company’s revised prospectus dated October 2012, all active Institutional II share classes have been renamed to Institutional share classes.

The Investment Manager has appointed Ashmore EMM, 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.

The Sub-Manager is entitled to a management fee payable by the Investment Manager out of its own assets.

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3 ExPENSES continued

Performance feesThe Investment Manager was entitled to performance fees in respect of the Institutional Class Shares of Ashmore SICAV Emerging Markets Debt Fund and Ashmore SICAV Local Currency Fund, until they were merged with the institutional 2 Class Shares on 13 September 2012.

The fee was based on the performance of the class and was payable annually in arrears. This was on condition that the class achieved a return over a performance period in excess of the percentage amount per annum as determined in the Sub-Funds Appendix of the Prospectus. In principal, the performance period commenced on 1 January each year and ended on 31 December of each year, unless a share class closed during the year, in which case the performance period would end on the last valuation date. In order to determine whether a performance fee was payable at the end of a performance period the performance was measured against the initial price of the class on the last valuation day in the immediately preceeding performance period.

For the Sub-Funds mentioned above, if any class of shares achieved a return over a performance period in excess of 6%, the Investment Manager was entitled to a performance fee equivalent to 20% of such excess.

If any shares of a Sub-Fund were redeemed during a performance period, then the performance fee accrual (if applicable) at the time of the redemption relating to the redeeming shares, was crystallised and set aside for payment to the Investment Manager.

For the year ended 31 December 2012, the amounts of performance fee charged per share class were as follows:

Emerging Markets Local Currency Debt Fund Fund US$ US$

Institutional Class Shares (EUR) Income 939,274 711,829 Institutional Class Shares (US$) Income 12,369,023 96,068 Institutional Class Shares (GBP) Income – 787,902 13,308,297 1,595,799

4 CUSTODIAN FEES

Under the Custodian Agreement between Northern Trust Global Services Limited, Luxembourg Branch (the “Custodian”) and the Company, the fees due to the Custodian may not exceed 0.02% per annum of the Company’s net assets. The Custodian is also entitled to reimbursement from the Company for 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

For the execution of its duties, the Management Company of the Fund receives fees out of the assets of the Fund (including the provision of administrative services to the Fund), calculated on the basis of the average net asset value of the relevant Sub-Fund and paid monthly in arrears.

– 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

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, it also includes 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.

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 Institutional class shares net assets and 0.05% per annum for all Retail class shares net assets. Such 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 the assets held by the Company in other Undertakings for Collective Investment already subject to that tax in Luxembourg.

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8 TRANSACTION FEES

Transaction fees represent fees incurred by the Company in relation to purchases and sales of transferable securities, loan agreements and the trade communication services.

9 OTHER ASSETS AND LIABILITIES

As at 31 December 2012, “Other Assets” comprise Emerging Markets Emerging Markets Emerging Markets Sovereign Investment Local Currency Debt Fund Sovereign Debt Fund Grade Debt Fund Fund US$ US$ US$ US$

Receivable on sales of investments 39,396 – 1,846,150 68,650 Accrued income on investments 21,426,142 1,163,840 180,974 4,007,479 Receivable on subscriptions 28,403 – 1,452,391 55,746,049Prepaid fees 10,840 175 626 7,601 21,504,781 1,164,015 3,480,141 59,829,779

Emerging Markets Emerging Markets Emerging Markets Investment Grade Emerging Markets Local Currency Local Markets Local Currency Inflation Linked Bond Fund Currency Fund Fund Bond Fund US$ US$ US$ US$

Receivable on sales of investments – – 7,916 2,332 Accrued income on investments 37,906,298 4,696 4,004,000 164,543Receivable on subscriptions 30,402,872 – – – Prepaid fees 16,777 1,894 2,184 740 68,325,947 6,590 4,014,100 167,615

Emerging Markets Investment Grade Emerging Markets Emerging Markets Emerging Markets Total Return Corporate Debt Total Return Fund Total Return Fund II Fund Fund US$ US$ US$ US$

Receivable on sales of investments 4,388 – – – Accrued income on investments 5,460,055 1,827,669 533,280 31,553,520 Receivable on subscriptions 13,082 – – 60,069,870 Prepaid fees 2,470 – – 16,650 5,479,995 1,827,669 533,280 91,640,040

Emerging Markets Emerging Markets Investment Grade Local Currency Emerging Markets Emerging Markets Corporate Debt Corporate Debt Asian Corporate Global Equity Fund Fund Debt Fund Fund US$ US$ US$ US$

Receivable on sales of investments – – – – Accrued income on investments 652,029 1,643,081 332,526 128,716Receivable on subscriptions 2,000,000 200,273 – – Prepaid fees 398 1,701 182 1,465 2,652,427 1,845,055 332,708 130,181

Emerging Markets Emerging Markets EM Equity Global Small-Cap Frontier Equity Select Fund Equity Fund Fund US$ US$ US$

Receivable on sales of investments – – – Accrued income on investments 318,398 65,104 – Receivable on subscriptions – 26,882 – Prepaid fees 392 2,087 9,992 318,790 94,073 9,992

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9 OTHER ASSETS AND LIABILITIES continued

As at 31 December 2012, “Other Liabilities” comprise: Emerging Markets Emerging Markets Emerging Markets Sovereign Investment Local Currency Debt Fund Sovereign Debt Fund Grade Debt Fund Fund US$ US$ US$ US$

Payable on purchases of investments – – 3,203,624 – Payable on redemptions 27,740 – – 55,253,969 Accrued management fees 879,087 34,444 9,323 1,112,864 Accrued audit fees 45,824 1,501 698 46,226 Accrued management company fees 47,980 2,676 526 80,766 Accrued custody fees 111,711 6,915 1,684 141,216 Accrued other budgeted expenses 107,298 15,516 8,839 99,291Accrued subscription tax 31,035 2,785 282 42,075VAT 29,809 1,800 96 7,136 1,280,484 65,637 3,225,072 56,783,543

Emerging Markets Emerging Markets Emerging Markets Investment Grade Emerging Markets Local Currency Local Markets Local Currency Inflation Linked Bond Fund Currency Fund Fund Bond Fund US$ US$ US$ US$

Payable on purchases of investments 30,051,759 583 – – Payable on redemptions 79,915 – – – Accrued management fees 2,037,744 8,758 238,584 36,410Accrued audit fees 92,516 605 13,957 1,816Accrued management company fees 78,388 1,306 15,841 2,589Accrued custody fees 386,716 6,269 71,732 18,025Accrued other budgeted expenses 219,213 10,173 39,512 10,715Accrued subscription tax 61,103 511 7,903 1,304Accrued bank interest payable 5,019 – – – VAT 12,336 117 1,388 397 33,024,709 28,322 388,917 71,256

Emerging Markets Investment Grade Emerging Markets Emerging Markets Emerging Markets Total Return Corporate Debt Total Return Fund Total Return Fund II Fund Fund US$ US$ US$ US$

Payable on purchases of investments 6,523,712 574,639 383,239 7,740,122Payable on redemptions – – – 116,886Accrued management fees 269,373 99,686 21,876 1,415,059Accrued audit fees 11,408 4,979 863 50,618Accrued management company fees 14,773 5,437 1,529 52,981Accrued custody fees 33,836 2,719 1,180 93,486Accrued other budgeted expenses 32,998 18,517 8,125 123,237Accrued subscription tax 6,169 906 393 37,508VAT 2,611 – – 10,388 6,894,880 706,883 417,205 9,640,285

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9 OTHER ASSETS AND LIABILITIES continuedAs at 31 December 2012, “Other Liabilities” comprise: continued

Emerging Markets Emerging Markets Investment Grade Local Currency Emerging Markets Emerging Markets Corporate Debt Corporate Debt Asian Corporate Global Equity Fund Fund Debt Fund Fund US$ US$ US$ US$

Payable on purchases of investments – 594,325 – – Payable on redemptions 2,000,000 – – – Accrued management fees 39,027 124,833 17,905 36,119 Accrued audit fees 1,826 5,025 861 1,618 Accrued management company fees 2,181 5,634 1,008 2,098 Accrued custody fees 4,349 23,273 919 28,451 Accrued other budgeted expenses 12,687 17,413 8,305 9,499 Accrued subscription tax 1,023 2,822 306 911 VAT 367 954 – – 2,061,460 774,279 29,304 78,696 Emerging Markets Emerging Markets EM Equity Global Smaller-Cap Frontier Equity Select Fund Equity Fund Fund US$ US$ US$

Payable on purchases of investments – 141,577 140,550 Accrued management fees 25,263 125,928 13,129 Accrued audit fees 1,211 4,240 464 Accrued management company fees 1,476 5,286 444 Accrued custody fees 7,038 27,168 1,911 Accrued other budgeted expenses 15,672 11,780 2,093 Accrued subscription tax 1,609 2,426 209 VAT 57 564 – 52,326 318,969 158,800

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10 FINANCIAL DERIVATIVE INVESTMENTS

Ashmore SICAV Emerging Markets Debt FundOpen financial derivative investments as at 31 December 2012 are detailed below:

Forward currency contracts

To receive To pay Rate Date Unrealised gain (US$)

BRL 82,240,408 US$ 39,586,237 2.08 03/01/2013 580,018 BRL 19,601,400 US$ 9,390,000 2.09 04/02/2013 145,667 BRL 11,893,473 US$ 5,631,728 2.11 04/03/2013 135,390 EUR 119,741 US$ 157,789 0.76 18/01/2013 95 INR 539,602,400 US$ 9,828,823 54.90 14/01/2013 991 KRW 10,060,363,200 US$ 9,219,964 1,091.15 18/01/2013 184,383 NOK 418,857 US$ 75,228 5.57 18/01/2013 – PLN 9,942,122 US$ 3,060,339 3.25 30/01/2013 143,791 PLN 23,198,284 US$ 7,199,852 3.22 31/01/2013 275,677 RUB 160,714,471 US$ 5,064,186 31.74 31/01/2013 177,024 RUB 162,812,500 US$ 5,238,497 31.08 28/02/2013 47,596 RUB 342,629,860 US$ 10,940,000 31.32 29/03/2013 132,799 US$ 24,361,745 BRL 50,030,497 2.05 04/02/2013 22,965 US$ 276,620 EUR 209,788 0.76 18/01/2013 6

Unrealised gain on forward currency contracts 1,846,402

Total unrealised gain on financial derivative investments 1,846,402


To receive To pay Rate Date Unrealised loss (US$)

AUD 89,334 US$ 93,481 0.96 18/01/2013 (821)CHF 7,193,805 US$ 7,917,754 0.91 18/01/2013 (56,714)EUR 209,788 US$ 276,585 0.76 04/01/2013 – EUR 74,619,828 US$ 99,234,928 0.75 18/01/2013 (845,570)GBP 176,489,832 US$ 287,531,517 0.61 18/01/2013 (657,020)INR 626,347,500 US$ 11,500,000 54.47 14/01/2013 (89,970)MXN 87,076,280 US$ 6,682,531 13.03 15/03/2013 (19,585)NOK 34,121,462 US$ 6,133,636 5.56 18/01/2013 (5,268)US$ 40,101,623 BRL 82,240,408 2.05 03/01/2013 (64,632)US$ 39,093,221 BRL 82,240,408 2.10 02/04/2013 (626,317)US$ 5,347,085 CNY 33,705,350 6.30 16/01/2013 (41,274)US$ 47,921,404 EUR 36,733,486 0.77 14/01/2013 (511,628)US$ 457,216 GBP 283,159 0.62 14/01/2013 (3,049)US$ 821,366 MXN 10,690,000 13.01 18/01/2013 (857)US$ 2,911,376 MXN 39,006,621 13.40 15/02/2013 (81,211)US$ 10,176,398 PLN 32,273,429 3.17 31/01/2013 (223,550)US$ 10,669,694 RUB 330,909,896 31.01 31/01/2013 (121,918)

Unrealised (loss) on forward currency contracts (3,349,384)

Total unrealised (loss) on financial derivative investments (3,349,384)

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10 FINANCIAL DERIVATIVE INVESTMENTS continued

Ashmore SICAV Emerging Markets Sovereign Debt FundOpen financial derivative investments as at 31 December 2012 are detailed below:



GBP 2,869,405 US$ 4,674,766 0.61 18/01/2013 (10,706)

Unrealised (loss) on forward currency contracts (10,706)

Total unrealised (loss) on financial derivative investments (10,706)

Ashmore SICAV Local Currency FundOpen financial derivative investments as at 31 December 2012 are detailed below:



BRL 143,623,693 US$ 68,529,397 2.10 03/01/2013 1,616,485 BRL 62,933,665 US$ 30,140,000 2.09 04/02/2013 475,899 CLP 9,647,893,764 US$ 19,947,204 483.67 18/01/2013 168,288 CNH 164,286,275 US$ 25,660,000 6.40 15/04/2013 548,473 CNH 105,885,160 US$ 16,571,889 6.39 02/05/2013 301,829 CNH 37,191,495 US$ 5,759,384 6.46 17/07/2013 139,773 CNH 166,890,645 US$ 25,233,527 6.61 13/04/2015 488,646 CNH 105,885,160 US$ 16,134,542 6.56 04/05/2015 176,026 CNH 37,191,495 US$ 5,597,589 6.64 17/07/2015 120,158 CNY 774,280,380 US$ 122,927,906 6.30 17/01/2013 808,655 COP 8,068,879,000 US$ 4,550,000 1,773.38 18/01/2013 12,370 COP 16,820,327,000 US$ 9,422,000 1,785.22 28/01/2013 82,158 CZK 824,703,949 US$ 42,558,116 19.38 31/01/2013 776,891 GBP 76,336 US$ 123,524 0.62 18/01/2013 556 IDR 13,565,400,000 US$ 1,380,000 9,830.00 17/01/2013 18,050 ILS 75,613,565 US$ 19,575,714 3.86 31/01/2013 672,089 INR 1,889,945,380 US$ 33,955,488 55.66 15/01/2013 465,923 INR 475,297,920 US$ 8,600,000 55.27 11/02/2013 8,157 KRW 10,647,977,734 US$ 9,798,555 1,086.69 15/01/2013 153,332 KRW 17,632,863,400 US$ 16,169,059 1,090.53 15/02/2013 325,673 KRW 10,840,768,140 US$ 10,009,019 1,083.10 18/03/2013 113,549 MXN 467,159,160 US$ 35,809,673 13.05 18/01/2013 121,955 MXN 767,326,731 US$ 57,832,433 13.27 15/02/2013 1,036,871 MYR 27,118,923 US$ 8,822,191 3.07 15/01/2013 44,768 MYR 49,533,540 US$ 16,083,885 3.08 22/02/2013 93,558 MYR 16,823,800 US$ 5,473,468 3.07 18/03/2013 14,320 PEN 15,423,397 US$ 5,910,682 2.61 18/01/2013 127,131 PEN 9,255,902 US$ 3,588,811 2.58 15/02/2013 28,897 PHP 165,337,350 US$ 4,030,000 41.03 25/01/2013 6,475 PHP 456,833,367 US$ 11,127,621 41.05 15/02/2013 51,088 PHP 662,924,724 US$ 16,170,000 41.00 15/03/2013 82,345 PLN 123,114,206 US$ 38,213,757 3.22 30/01/2013 1,463,277 PLN 122,574,436 US$ 38,277,954 3.20 31/01/2013 1,221,035 PLN 92,420,291 US$ 28,822,795 3.21 10/06/2013 624,844 RON 113,155,093 US$ 32,196,264 3.51 31/01/2013 1,236,895

Ashmore SICAV

160 161



Ashmore SICAV Local Currency Fund continuedOpen financial derivative investments as at 31 December 2012 are detailed below: continued

Forward currency contracts continued


RUB 3,724,351,163 US$ 118,407,664 31.45 31/01/2013 3,050,631 RUB 154,224,068 US$ 4,962,164 31.08 28/02/2013 45,086 RUB 357,320,951 US$ 11,420,000 31.29 29/03/2013 127,572 SGD 53,895,588 US$ 44,014,363 1.22 31/01/2013 106,107 THB 983,049,318 US$ 31,955,221 30.76 14/01/2013 165,060 TRY 10,668,746 US$ 5,930,000 1.80 30/01/2013 28,288 TRY 2,528,257 US$ 1,400,000 1.81 31/01/2013 11,797 TWD 202,180,600 US$ 6,960,000 29.05 14/01/2013 10,856 US$ 17,490,380 BRL 35,919,119 2.05 04/02/2013 16,488 US$ 79,992 CHF 73,087 0.91 03/01/2013 146 US$ 547,237 CHF 499,073 0.91 18/01/2013 1,874 US$ 16,660,000 CNH 107,844,345 6.47 13/04/2015 38,391 US$ 433,697 EUR 327,985 0.76 02/01/2013 1,281 US$ 54,585,570 EUR 41,287,794 0.76 03/01/2013 151,746 US$ 54,734,200 EUR 41,393,525 0.76 18/01/2013 155,109 US$ 6,386 GBP 3,926 0.61 18/01/2013 4 US$ 10,013,853 INR 547,407,300 54.67 11/02/2013 99,718 US$ 27,558,315 MXN 357,076,148 12.96 18/01/2013 93,741 US$ 132,401,328 MXN 1,692,314,057 12.78 15/02/2013 2,567,001 ZAR 218,839,306 US$ 24,449,375 8.95 31/01/2013 1,254,338


Interest rate swap contracts

Notional/ Maturity Commitment Unrealised gain Nominal Currency Paying Receiving date Counterparty (US$) (US$)

BRAZIL 56,796,428 BRL BZDIOVRA 7.805% 02/01/2015 Barclays 27,739,403 144,825

MALAySIA 15,690,000 MYR 3.6125% KLIB3M 25/10/2022 HSBC 5,130,804 102,030

SINGAPORE 1,968,892 SGD 1.71% SORF6M 14/12/2022 Barclays 1,611,864 6,942 6,150,000 SGD SORF6M 2.76% 14/06/2032 Barclays 5,034,793 134,666

Unrealised gain on interest rate swap contracts 388,463

Total return swaps on future contracts

Maturity Commitment Unrealised gain Quantity Currency Underlying date Counterparty (US$) (US$)

SOUTH KOREA (167) KRW 10 year Korea Treasury Bond 5% 19/03/2013 JP Morgan (17,996,675) 4,652

Total for total return swaps on future contracts 4,652


Ashmore SICAV

162 163






CHF 97,214 US$ 106,347 0.91 03/01/2013 (143)CHF 61,896,154 US$ 68,129,521 0.91 18/01/2013 (492,427)CLP 765,600,000 US$ 1,600,000 478.50 18/01/2013 (3,753)EUR 190,681 US$ 252,139 0.76 02/01/2013 (745)EUR 41,066,822 US$ 54,294,445 0.76 03/01/2013 (151,951)EUR 107,504,288 US$ 142,974,252 0.75 18/01/2013 (1,225,360)GBP 609,204,436 US$ 992,506,421 0.61 18/01/2013 (2,278,177)HUF 6,615,325,611 US$ 30,273,302 218.52 31/01/2013 (415,136)IDR 310,412,243,057 US$ 32,169,160 9,649.37 17/01/2013 (178,074)INR 196,506,200 US$ 3,580,000 54.89 15/01/2013 (1,050)INR 2,293,987,656 US$ 41,807,685 54.87 31/01/2013 (169,136)INR 979,004,300 US$ 18,310,000 53.47 11/02/2013 (579,178)INR 1,351,032,000 US$ 24,600,000 54.92 11/03/2013 (253,609)MXN 185,011,175 US$ 14,310,000 12.93 18/01/2013 (79,833)MXN 715,031,815 US$ 54,769,033 13.06 15/03/2013 (55,873)MYR 12,919,704 US$ 4,240,000 3.05 15/01/2013 (15,699)MYR 3,109,980 US$ 1,020,000 3.05 22/02/2013 (4,294)PHP 524,347,800 US$ 12,828,081 40.88 25/01/2013 (26,877)PHP 149,474,400 US$ 3,660,000 40.84 15/02/2013 (2,363)PLN 15,060,000 US$ 4,856,442 3.10 31/01/2013 (3,433)SGD 19,837,962 US$ 16,270,000 1.22 31/01/2013 (30,077)SGD 52,960,504 US$ 43,354,457 1.22 28/02/2013 (266)TWD 1,162,152,985 US$ 40,115,740 28.97 14/01/2013 (46,617)US$ 70,033,008 BRL 143,623,693 2.05 03/01/2013 (112,873)US$ 21,825,997 BRL 46,093,654 2.11 04/03/2013 (524,708)US$ 33,457,454 BRL 70,384,446 2.10 02/04/2013 (536,025)US$ 1,387,153 CLP 672,353,184 484.70 18/01/2013 (14,678)US$ 25,646,244 CNH 164,286,275 6.41 15/04/2013 (562,229)US$ 16,649,340 CNH 105,885,160 6.36 02/05/2013 (224,378)US$ 5,779,034 CNH 37,191,495 6.44 17/07/2013 (120,124)US$ 9,000,000 CNH 59,046,300 6.56 13/04/2015 (100,565)US$ 16,270,000 CNH 105,885,160 6.51 04/05/2015 (40,568)US$ 5,610,000 CNH 37,191,495 6.63 17/07/2015 (107,747)US$ 660,000 CNY 4,144,470 6.28 17/01/2013 (2,321)US$ 4,886,299 COP 8,883,937,607 1,818.13 18/01/2013 (136,928)US$ 16,043,673 COP 28,970,863,131 1,805.75 15/02/2013 (300,355)US$ 2,309,089 EUR 1,770,000 0.77 14/01/2013 (24,653)US$ 3,086 GBP 1,913 0.62 02/01/2013 (24)US$ 19,730,840 PLN 63,255,100 3.21 31/01/2013 (652,794)US$ 5,892,017 RON 20,247,917 3.44 31/01/2013 (90,496)US$ 1,867,560 RUB 58,069,910 31.09 31/01/2013 (26,212)US$ 1,670,714 TRY 3,015,639 1.80 30/01/2013 (13,462)US$ 1,664,885 TRY 3,015,639 1.81 31/01/2013 (19,069)


Ashmore SICAV

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Notional/ Maturity Commitment Unrealised loss Nominal Currency Paying Receiving date Counterparty (US$) (US$)

MALAySIA 20,096,875 MYR 3.89% 3MKLIBO 01/03/2022 Morgan Stanley 6,571,902 (50,035) 6,600,000 MYR 3.85% 3MKLIBO 01/03/2022 Morgan Stanley 2,158,273 (9,160) 1,588,000 MYR 3.89% 3MKLIBO 01/03/2022 Morgan Stanley 519,294 (3,954) 800,000 MYR 3.845% 3MKLIBO 01/03/2022 Morgan Stanley 261,609 (1,000)

SINGAPORE 10,620,000 SGD 1.82% 6MSORF6 14/06/2022 Barclays 8,694,228 (109,964) 5,750,000 SGD 1.80% SORF6M 25/10/2022 Barclays 4,707,327 (35,137) 1,129,973 SGD SORF6M 2.5425% 14/12/2032 Barclays 925,070 (13,939) 3,230,000 SGD SORF6M 2.60% 25/10/2032 Barclays 2,644,290 (3,760)

Unrealised (loss) on interest rate swap contracts (226,949)


Ashmore SICAV Emerging Markets Local Currency Bond FundOpen financial derivative investments as at 31 December 2012 are detailed below:



BRL 234,301,575 US$ 111,553,650 2.10 03/01/2013 2,879,353 BRL 132,565,945 US$ 63,590,000 2.08 04/02/2013 900,532 BRL 12,187,209 US$ 5,770,816 2.11 04/03/2013 138,733 BRL 234,301,575 US$ 111,375,945 2.10 02/04/2013 1,784,366 CNH 334,536,985 US$ 50,493,344 6.63 13/04/2015 1,067,476 CNH 328,577,185 US$ 51,260,000 6.41 15/04/2013 1,157,685 CNH 238,615,960 US$ 37,259,359 6.40 02/05/2013 766,161 CNH 115,419,595 US$ 17,873,598 6.46 17/07/2013 433,769 CNH 238,615,960 US$ 36,374,384 6.56 04/05/2015 382,059 CNH 176,778,995 US$ 26,704,500 6.62 17/07/2015 473,152 CNY 59,616,000 US$ 9,200,000 6.48 17/07/2013 234,756 COP 38,290,821,000 US$ 21,450,000 1,785.12 18/01/2013 200,702 COP 48,284,804,750 US$ 27,047,000 1,785.22 28/01/2013 235,846 CZK 282,044,000 US$ 14,638,086 19.27 31/01/2013 182,237 GBP 5,000 US$ 8,123 0.62 18/01/2013 4 IDR 321,352,350,000 US$ 33,010,000 9,735.00 17/01/2013 108,573 INR 664,098,501 US$ 11,918,494 55.72 15/01/2013 176,674 INR 366,799,400 US$ 6,590,000 55.66 11/03/2013 19,941 KRW 6,852,120,000 US$ 6,380,000 1,074.00 15/01/2013 24,176 KRW 49,466,515,093 US$ 45,412,860 1,089.26 15/02/2013 860,790 KRW 26,896,438,210 US$ 24,832,830 1,083.10 18/03/2013 281,719 MXN 570,123,020 US$ 43,631,581 13.07 18/01/2013 219,530 MXN 1,287,958,726 US$ 98,317,337 13.10 15/02/2013 494,851 MYR 364,819,464 US$ 118,624,213 3.08 22/02/2013 524,269 MYR 61,706,745 US$ 20,075,945 3.07 18/03/2013 52,299 PEN 25,794,464 US$ 9,937,993 2.60 18/01/2013 159,792 PEN 23,375,327 US$ 9,063,366 2.58 15/02/2013 72,978

Ashmore SICAV

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Ashmore SICAV Emerging Markets Local Currency Bond Fund continuedOpen financial derivative investments as at 31 December 2012 are detailed below:



PHP 139,723,000 US$ 3,400,000 41.10 25/01/2013 11,138 PHP 180,088,140 US$ 4,386,616 41.05 15/02/2013 20,139 PHP 1,758,236,240 US$ 42,920,000 40.97 15/03/2013 185,140 PLN 61,733,872 US$ 19,002,639 3.25 30/01/2013 892,847 PLN 214,538,101 US$ 66,706,228 3.22 31/01/2013 2,427,585 PLN 231,957,341 US$ 72,339,729 3.21 10/06/2013 1,568,239 RON 89,294,582 US$ 25,520,000 3.50 31/01/2013 863,257 RUB 854,437,472 US$ 27,737,383 30.80 09/01/2013 216,716 RUB 1,706,650,000 US$ 55,000,000 31.03 30/01/2013 665,259RUB 799,132,742 US$ 25,835,847 30.93 31/01/2013 225,418 RUB 802,251,242 US$ 25,640,000 31.29 29/03/2013 286,423 THB 1,599,897,092 US$ 52,036,236 30.75 14/01/2013 239,009 TRY 76,880,126 US$ 42,592,867 1.80 30/01/2013 343,189 TRY 209,185,044 US$ 115,986,824 1.80 31/01/2013 823,581 US$ 17,142,554 BRL 35,204,806 2.05 04/02/2013 16,160 US$ 25,980,000 CNH 168,175,035 6.47 13/04/2015 59,869 US$ 11,963,043 HUF 2,597,434,122 217.12 31/01/2013 239,566 US$ 20,760,966 IDR 200,156,472,700 9,641.00 17/01/2013 132,840 US$ 2,773,330 INR 152,061,700 54.83 31/01/2013 13,233 US$ 25,054,192 INR 1,370,182,267 54.69 11/02/2013 238,715 US$ 23,017,882 INR 1,269,628,216 55.16 11/03/2013 138,435 US$ 54,060,000 MXN 700,698,690 12.96 18/01/2013 165,638 US$ 8,927,096 MXN 116,195,084 13.02 15/02/2013 12,610 US$ 998,431 MYR 3,055,400 3.06 22/02/2013 551 US$ 56,445,617 TWD 1,635,207,975 28.97 14/01/2013 66,336 ZAR 282,969,325 US$ 32,442,831 8.72 31/01/2013 793,258




BRAZIL 48,836,998 BRL BZDIOVRA 8.27% 02/01/2017 Barclays 23,852,014 6,122 9,795,873 BRL BZDIOVRA 9.14% 02/01/2017 HSBC 4,784,309 197,387 17,858,861 BRL BZDIOVRA 9.1575% 02/01/2017 HSBC 8,722,276 368,456 45,584,723 BRL BZDIOVRA 9.644% 02/01/2017 HSBC 22,263,601 1,476,352

SINGAPORE 2,287,242 SGD SORF6M 2.59% 16/07/2032 Barclays 1,872,486 9,792 3,500,000 SGD SORF6M 2.61% 16/07/2032 Barclays 2,865,330 13,822 6,974,375 SGD 1.71% SORF6M 14/12/2022 Barclays 5,709,681 24,592 13,070,000 SGD SORF6M 2.76% 14/06/2032 Barclays 10,699,959 286,192

Unrealised gain on interest rate swap contracts 2,382,715

Ashmore SICAV

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Ashmore SICAV Emerging Markets Local Currency Bond Fund continuedOpen financial derivative investments as at 31 December 2012 are detailed below:



SOUTH KOREA (289) KRW 10 year Korea Treasury Bond 5% 19/03/2013 JP Morgan (31,143,946) 8,070

Total for total return swaps on future contracts 8,070




BRL 6,751,080 US$ 3,290,000 2.05 04/02/2013 (5,742)CHF 2,715,252 US$ 2,988,676 0.91 18/01/2013 (21,581)CLP 287,400,000 US$ 600,000 479.00 18/01/2013 (782)COP 3,217,760,000 US$ 1,820,000 1,768.00 18/01/2013 (588)EUR 25,089 US$ 33,175 0.76 02/01/2013 (98)EUR 37,222,282 US$ 49,501,918 0.75 18/01/2013 (422,786)GBP 281,107,121 US$ 457,983,299 0.61 18/01/2013 (1,059,163)HUF 2,156,723,226 US$ 9,881,513 218.26 31/01/2013 (147,178)HUF 757,913,528 US$ 3,490,000 217.17 28/02/2013 (79,526)IDR 335,949,277,305 US$ 34,802,577 9,653.00 17/01/2013 (179,645)INR 126,415,800 US$ 2,370,000 53.34 15/01/2013 (67,600)INR 152,061,700 US$ 2,771,309 54.87 31/01/2013 (11,212)INR 1,548,326,400 US$ 29,280,000 52.88 11/02/2013 (1,238,141)INR 3,189,965,750 US$ 58,030,000 54.97 11/03/2013 (544,942)MXN 428,221,500 US$ 33,300,000 12.86 18/01/2013 (363,269)MXN 913,877,271 US$ 70,098,071 13.04 15/03/2013 (169,555)PHP 288,100,000 US$ 7,048,318 40.88 25/01/2013 (14,768)PLN 68,720,184 US$ 22,316,065 3.08 31/01/2013 (171,335)RON 4,399,084 US$ 1,300,000 3.38 31/01/2013 (233)RUB 83,150,000 US$ 2,722,659 30.54 31/01/2013 (10,977)US$ 112,780,542 BRL 234,301,575 2.08 03/01/2013 (1,652,462)US$ 4,461,629 CLP 2,158,374,512 483.76 18/01/2013 (38,500)US$ 51,218,201 CNH 328,577,185 6.42 15/04/2013 (1,199,484)US$ 37,532,986 CNH 238,615,960 6.36 02/05/2013 (492,534)US$ 27,264,348 CNH 175,035,595 6.42 17/07/2013 (499,056)US$ 25,357,427 CNH 166,361,950 6.56 13/04/2015 (283,261)US$ 36,570,000 CNH 238,615,960 6.52 04/05/2015 (186,443)US$ 17,410,000 CNH 115,419,595 6.63 17/07/2015 (334,379)US$ 9,200,000 CNY 61,359,400 6.67 17/07/2015 (331,762)US$ 36,344,045 COP 65,765,791,534 1,809.53 18/01/2013 (841,775)US$ 37,621,341 COP 67,889,119,310 1,804.54 15/02/2013 (678,578)US$ 14,411,123 CZK 280,928,279 19.49 31/01/2013 (350,572)US$ 34,582,577 IDR 339,082,172,000 9,805.00 17/01/2013 (363,231)US$ 14,253,774 INR 790,514,301 55.46 15/01/2013 (143,794)

Ashmore SICAV

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Ashmore SICAV Emerging Markets Local Currency Bond Fund continuedOpen financial derivative investments as at 31 December 2012 are detailed below: continued



US$ 3,201,440 INR 178,144,133 55.64 11/02/2013 (24,942)US$ 5,096,978 MXN 68,289,317 13.40 15/02/2013 (142,178)US$ 19,394,390 MYR 59,500,000 3.07 22/02/2013 (38,056)US$ 16,561,087 PLN 53,213,488 3.21 30/01/2013 (588,464)US$ 29,297,565 PLN 93,925,062 3.21 31/01/2013 (969,309)US$ 23,953,059 RON 82,314,689 3.44 31/01/2013 (367,897)US$ 113,560,297 RUB 3,573,006,736 31.46 31/01/2013 (2,962,363)US$ 18,108,782 RUB 562,820,947 31.08 28/02/2013 (164,534)US$ 11,328,571 THB 347,584,000 30.68 14/01/2013 (28,433)US$ 28,201,160 TRY 50,821,066 1.80 31/01/2013 (177,681)US$ 8,670,000 TWD 251,950,200 29.06 14/01/2013 (16,828)US$ 55,735,813 ZAR 483,872,222 8.68 31/01/2013 (1,097,273)




BRAZIL 66,794,939 BRL BZDIOVRA 7.44% 02/01/2015 Barclays 32,622,681 (84,888) 29,344,123 BRL BZDIOVRA 8.245% 02/01/2017 Morgan Stanley 14,331,684 (9,533)

SINGAPORE 22,570,000 SGD 1.82% 6MSORF6 14/06/2022 Barclays 18,477,282 (233,701) 6,000,000 SGD 1.81% 6MSORF6 16/07/2022 Barclays 4,911,993 (62,677) 4,002,685 SGD SORF6M 2.5425% 14/12/2032 Barclays 3,276,860 (49,375) 3,908,838 SGD 1.72% SORF6M 16/07/2022 Barclays 3,200,031 (21,526)



Ashmore SICAV Emerging Markets Local Markets Currency FundOpen financial derivative investments as at 31 December 2012 are detailed below:



BRL 2,077,256 US$ 1,001,062 2.08 03/01/2013 13,470 BRL 584,493 US$ 280,000 2.09 04/02/2013 4,344 BRL 2,077,256 US$ 987,430 2.10 02/04/2013 15,820 CLP 106,336,601 US$ 219,814 483.76 18/01/2013 1,894 CNH 3,332,330 US$ 520,000 6.41 15/04/2013 11,604 CNH 1,757,160 US$ 275,010 6.39 02/05/2013 5,009 CNH 861,835 US$ 133,462 6.46 17/07/2013 3,239 CNH 3,387,078 US$ 512,276 6.61 13/04/2015 9,760 CNH 1,757,160 US$ 267,120 6.58 04/05/2015 3,554 CNH 861,835 US$ 129,712 6.64 17/07/2015 2,784 CNY 9,134,341 US$ 1,449,435 6.30 17/01/2013 10,310

Ashmore SICAV

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Ashmore SICAV Emerging Markets Local Markets Currency Fund continuedOpen financial derivative investments as at 31 December 2012 are detailed below: continued



COP 88,669,000 US$ 50,000 1,773.38 18/01/2013 136 COP 182,086,500 US$ 102,000 1,785.16 28/01/2013 886 COP 3,886,800 US$ 2,152 1,805.75 15/02/2013 40 CZK 9,202,638 US$ 473,494 19.44 31/01/2013 10,069 GBP 5,000 US$ 8,123 0.62 18/01/2013 4 ILS 842,111 US$ 217,229 3.88 31/01/2013 8,272 INR 33,834,188 US$ 607,462 55.70 15/01/2013 8,757 KRW 466,749,167 US$ 428,234 1,089.94 15/01/2013 8,002 KRW 234,297,420 US$ 214,676 1,091.40 15/02/2013 4,498 KRW 166,269,450 US$ 153,513 1,083.10 18/03/2013 1,742 MXN 1,887,086 US$ 143,773 13.13 18/01/2013 1,372 MXN 11,000,390 US$ 824,366 13.34 15/02/2013 19,584 MYR 846,407 US$ 275,426 3.07 15/01/2013 1,320 MYR 1,045,054 US$ 339,336 3.08 22/02/2013 1,974 PEN 126,518 US$ 48,356 2.62 18/01/2013 1,172 PEN 180,933 US$ 70,154 2.58 15/02/2013 565 PHP 6,998,880 US$ 170,480 41.05 15/02/2013 783 PHP 8,609,412 US$ 210,000 41.00 15/03/2013 1,069 PLN 4,363,219 US$ 1,357,920 3.21 30/01/2013 48,251 PLN 285,581 US$ 90,000 3.17 31/01/2013 2,027 PLN 1,567,492 US$ 488,848 3.21 10/06/2013 10,598 RON 1,311,050 US$ 373,152 3.51 31/01/2013 14,215 RUB 63,404,835 US$ 2,009,578 31.55 31/01/2013 58,177 RUB 2,500,000 US$ 80,438 31.08 28/02/2013 731 RUB 4,380,467 US$ 140,000 31.29 29/03/2013 1,564 SGD 912,192 US$ 744,951 1.22 31/01/2013 1,796 THB 11,777,690 US$ 382,765 30.77 14/01/2013 2,060 TRY 76,004 US$ 42,107 1.81 30/01/2013 339 TRY 76,004 US$ 41,961 1.81 31/01/2013 481 US$ 267,868 BRL 550,107 2.05 04/02/2013 252 US$ 280,000 CNH 1,812,510 6.47 13/04/2015 645 US$ 30,000 HUF 6,499,947 216.66 31/01/2013 663 US$ 50,000 IDR 481,500,000 9,630.00 17/01/2013 377 US$ 340,000 MXN 4,398,830 12.94 18/01/2013 1,663 US$ 1,768,776 MXN 22,607,960 12.78 15/02/2013 34,293 US$ 40,000 PLN 123,594 3.09 31/01/2013 172 US$ 40,000 TRY 71,603 1.79 31/01/2013 16 ZAR 2,612,341 US$ 290,739 8.99 31/01/2013 16,093

Unrealised gain on forward currency contracts 346,446

Total unrealised gain on financial derivative investments 346,446

Ashmore SICAV

168 169



Ashmore SICAV Emerging Markets Local Markets Currency Fund continuedOpen financial derivative investments as at 31 December 2012 are detailed below: continued



GBP 99,039 US$ 161,356 0.61 18/01/2013 (373)HUF 75,372,204 US$ 344,635 218.70 31/01/2013 (4,444)IDR 3,690,525,200 US$ 382,319 9,653.00 17/01/2013 (1,973)INR 2,195,600 US$ 40,000 54.89 15/01/2013 (12)INR 26,370,438 US$ 480,598 54.87 31/01/2013 (1,944)INR 12,162,400 US$ 230,000 52.88 11/02/2013 (9,726)INR 15,377,600 US$ 280,000 54.92 11/03/2013 (2,887)MXN 13,231,434 US$ 1,013,375 13.06 15/03/2013 (925)PHP 7,000,000 US$ 171,254 40.88 25/01/2013 (359)PHP 2,449,800 US$ 60,000 40.83 15/02/2013 (53)SGD 449,622 US$ 368,069 1.22 28/02/2013 (2)TWD 15,593,599 US$ 538,267 28.97 14/01/2013 (625)US$ 999,882 BRL 2,077,256 2.08 03/01/2013 (14,650)US$ 3,203 BRL 6,765 2.11 04/03/2013 (77)US$ 520,330 CNH 3,332,330 6.40 15/04/2013 (11,274)US$ 275,728 CNH 1,757,160 6.37 02/05/2013 (4,291)US$ 133,917 CNH 861,835 6.44 17/07/2013 (2,784)US$ 240,000 CNH 1,574,568 6.56 13/04/2015 (2,682)US$ 270,000 CNH 1,757,160 6.51 04/05/2015 (673)US$ 130,000 CNH 861,835 6.63 17/07/2015 (2,497)US$ 40,000 CNY 251,020 6.28 17/01/2013 (115)US$ 60,000 KRW 64,422,000 1,073.70 15/01/2013 (211)US$ 6,945 MYR 21,320 3.07 22/02/2013 (18)US$ 168,313 PLN 546,797 3.25 30/01/2013 (7,908)US$ 395,978 PLN 1,275,860 3.22 31/01/2013 (15,162)US$ 70,000 THB 2,151,450 30.74 14/01/2013 (297)US$ 90,000 TWD 2,614,410 29.05 14/01/2013 (141)



Ashmore SICAV

168 169



Ashmore SICAV Emerging Markets Investment Grade Local Currency FundOpen financial derivative investments as at 31 December 2012 are detailed below:



BRL 17,748,531 US$ 8,389,000 2.12 03/01/2013 279,391 BRL 14,538,728 US$ 6,970,000 2.09 04/02/2013 102,784 BRL 5,893,797 US$ 2,790,796 2.11 04/03/2013 67,092 BRL 1,187,396 US$ 564,432 2.10 02/04/2013 9,043 CNH 67,286,040 US$ 10,500,000 6.41 15/04/2013 234,094 CNH 37,225,760 US$ 5,826,134 6.39 02/05/2013 106,113 CNH 21,811,055 US$ 3,377,607 6.46 17/07/2013 81,970 CNH 68,390,634 US$ 10,340,453 6.61 13/04/2015 200,317 CNH 37,225,760 US$ 5,664,895 6.57 04/05/2015 69,367 CNH 21,811,055 US$ 3,282,721 6.64 17/07/2015 70,467 COP 4,032,635,800 US$ 2,270,000 1,776.49 18/01/2013 10,165 COP 5,682,356,250 US$ 3,183,000 1,785.22 28/01/2013 27,759 CZK 47,628,000 US$ 2,471,894 19.27 31/01/2013 30,774 INR 151,480,314 US$ 2,731,535 55.46 15/01/2013 27,363 KRW 8,118,188,134 US$ 7,448,394 1,089.92 15/01/2013 139,084 KRW 5,321,898,540 US$ 4,876,213 1,091.40 15/02/2013 102,179 KRW 3,425,150,670 US$ 3,162,359 1,083.10 18/03/2013 35,876 MXN 110,344,201 US$ 8,453,339 13.05 18/01/2013 33,804 MXN 183,549,628 US$ 14,006,689 13.10 15/02/2013 75,238 MYR 55,678,251 US$ 18,079,115 3.08 22/02/2013 105,164 MYR 1,689,325 US$ 550,000 3.07 18/03/2013 1,044 PEN 2,454,887 US$ 938,269 2.62 18/01/2013 22,748 PEN 1,669,577 US$ 647,349 2.58 15/02/2013 5,212 PLN 51,315,361 US$ 15,914,379 3.22 30/01/2013 623,447 PLN 44,361,746 US$ 13,796,873 3.22 31/01/2013 498,474 PLN 31,775,518 US$ 9,909,720 3.21 10/06/2013 214,831 RON 11,591,048 US$ 3,320,000 3.49 31/01/2013 104,727 RUB 170,320,903 US$ 5,480,331 31.08 31/01/2013 74,163 RUB 34,329,022 US$ 1,104,537 31.08 28/02/2013 10,036 RUB 97,308,946 US$ 3,110,000 31.29 29/03/2013 34,742 THB 178,832,275 US$ 5,813,919 30.76 14/01/2013 29,270 US$ 2,895,391 BRL 5,946,120 2.05 04/02/2013 2,729 US$ 5,680,000 CNH 36,768,060 6.47 13/04/2015 13,089 US$ 1,066,784 INR 58,342,400 54.69 15/01/2013 4,199 US$ 541,256 INR 29,677,050 54.83 31/01/2013 2,583 US$ 3,166,589 INR 173,241,657 54.71 11/02/2013 28,996 US$ 870,391 INR 47,948,343 55.09 11/03/2013 6,334 US$ 9,110,000 MXN 117,772,210 12.93 18/01/2013 51,530 US$ 994,942 MXN 12,950,168 13.02 15/02/2013 1,405 US$ 1,769,917 MYR 5,402,500 3.05 22/02/2013 5,484 US$ 590,000 PLN 1,823,012 3.09 31/01/2013 2,544 US$ 7,539,675 TWD 218,424,375 28.97 14/01/2013 8,762 ZAR 17,639,791 US$ 2,018,262 8.74 31/01/2013 53,615


Ashmore SICAV

170 171



Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund continuedOpen financial derivative investments as at 31 December 2012 are detailed below: continued



POLAND 16,600,000 PLN WIBO6M 4.94% 04/05/2022 Morgan Stanley 5,363,663 735,516 10,300,000 PLN WIBO6M 4.855% 04/05/2017 Morgan Stanley 3,328,056 281,293 15,870,000 PLN WIBO6M 4.88% 15/05/2017 HSBC 5,127,791 440,571 15,870,000 PLN WIBO6M 4.91% 15/05/2017 HSBC 5,127,791 447,827

SINGAPORE 2,830,000 SGD SORF6M 2.76% 14/06/2032 Barclays 2,316,824 61,968

Unrealised gain on interest rate swap contracts 1,967,175



SOUTH KOREA (6) KRW 10 year Korea Treasury Bond 5% 19/03/2013 JP Morgan (646,587) 168

Total for total return swaps on future contracts 168


Ashmore SICAV

170 171



Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund continuedOpen financial derivative investments as at 31 December 2012 are detailed below: continued



EUR 3,300,000 US$ 4,369,530 0.76 18/01/2013 (18,342)INR 53,243,300 US$ 970,000 54.89 15/01/2013 (284)INR 29,677,050 US$ 540,861 54.87 31/01/2013 (2,188)INR 245,892,000 US$ 4,650,000 52.88 11/02/2013 (196,631)INR 336,110,400 US$ 6,120,000 54.92 11/03/2013 (63,093)MXN 23,934,130 US$ 1,870,000 12.80 18/01/2013 (29,102)MXN 184,432,401 US$ 14,143,752 13.04 15/03/2013 (31,262)PLN 2,338,976 US$ 760,000 3.08 31/01/2013 (6,277)RON 1,116,691 US$ 330,000 3.38 31/01/2013 (59)TWD 7,820,550 US$ 270,000 28.97 14/01/2013 (360)US$ 8,647,002 BRL 17,748,531 2.05 03/01/2013 (21,390)US$ 637,969 CLP 308,747,725 483.95 18/01/2013 (5,759)US$ 4,610,000 CNH 29,799,040 6.46 15/04/2013 (143,820)US$ 5,846,656 CNH 37,225,760 6.37 02/05/2013 (85,592)US$ 3,389,130 CNH 21,811,055 6.44 17/07/2013 (70,447)US$ 4,820,000 CNH 31,622,574 6.56 13/04/2015 (53,858)US$ 5,720,000 CNH 37,225,760 6.51 04/05/2015 (14,262)US$ 3,290,000 CNH 21,811,055 6.63 17/07/2015 (63,188)US$ 3,319,600 COP 6,011,948,169 1,811.05 18/01/2013 (79,723)US$ 6,838,379 COP 12,348,403,600 1,805.75 15/02/2013 (128,022)US$ 2,435,652 CZK 47,480,230 19.49 31/01/2013 (59,251)US$ 1,679,371 INR 93,137,914 55.46 15/01/2013 (16,942)US$ 1,305,604 INR 72,650,343 55.65 11/02/2013 (10,172)US$ 160,000 INR 8,905,600 55.66 11/03/2013 (484)US$ 740,000 KRW 794,586,000 1,073.76 15/01/2013 (2,642)US$ 407,597 MXN 5,460,983 13.40 15/02/2013 (11,370)US$ 938,446 MYR 2,880,840 3.07 22/02/2013 (2,425)US$ 340,000 PEN 872,100 2.57 18/01/2013 (1,402)US$ 4,580,450 PLN 14,658,915 3.20 31/01/2013 (143,311)US$ 2,888,705 RON 9,927,036 3.44 31/01/2013 (44,368)US$ 8,323,174 RUB 264,140,074 31.74 31/01/2013 (290,945)US$ 1,910,000 THB 58,708,350 30.74 14/01/2013 (8,244)US$ 1,360,000 TWD 39,506,640 29.05 14/01/2013 (2,124)US$ 4,770,796 ZAR 42,169,746 8.84 31/01/2013 (182,241)




SINGAPORE 4,890,000 SGD 1.82% 6MSORF6 14/06/2022 Barclays 4,003,275 (50,634)



Ashmore SICAV

172 173



Ashmore SICAV Emerging Markets Inflation Linked Bond FundOpen financial derivative investments as at 31 December 2012 are detailed below:



BRL 5,205,553 US$ 2,469,826 2.11 03/01/2013 72,568 BRL 2,254,474 US$ 1,080,000 2.09 04/02/2013 16,754 CLP 844,151,337 US$ 1,745,016 483.75 18/01/2013 15,008 CNH 11,535,480 US$ 1,800,000 6.41 15/04/2013 40,247 CNH 6,377,840 US$ 998,184 6.39 02/05/2013 18,180 CNH 3,513,635 US$ 544,113 6.46 17/07/2013 13,205 CNH 11,725,308 US$ 1,773,031 6.61 13/04/2015 34,143 CNH 6,377,840 US$ 970,329 6.57 04/05/2015 12,115 CNH 3,423,535 US$ 515,127 6.65 17/06/2015 11,620 CNH 90,100 US$ 13,700 6.58 17/07/2015 151 CNY 17,640 US$ 2,799 6.30 17/01/2013 20 COP 917,742,200 US$ 510,000 1,799.49 18/01/2013 8,917 COP 590,914,750 US$ 331,000 1,785.24 28/01/2013 2,890 CZK 7,840,000 US$ 406,896 19.27 31/01/2013 5,066 ILS 19,168,883 US$ 4,949,846 3.87 31/01/2013 183,198 INR 13,075,800 US$ 234,670 55.72 15/01/2013 3,479 KRW 2,404,133,487 US$ 2,202,192 1,091.70 15/01/2013 44,776 KRW 836,776,500 US$ 766,700 1,091.40 15/02/2013 16,066 KRW 576,400,760 US$ 532,177 1,083.10 18/03/2013 6,037 MXN 5,743,734 US$ 437,122 13.14 18/01/2013 4,658 MXN 26,632,226 US$ 2,000,633 13.31 15/02/2013 42,591 NGN 41,938,000 US$ 260,000 161.30 04/01/2013 8,575 PHP 4,499,000 US$ 110,000 40.90 15/02/2013 91 PLN 3,338,239 US$ 1,038,926 3.21 30/01/2013 36,916 PLN 5,297,983 US$ 1,652,264 3.21 10/06/2013 35,819 RON 909,741 US$ 260,000 3.50 31/01/2013 8,795 RUB 42,985,338 US$ 1,361,847 31.56 31/01/2013 39,988 RUB 7,500,000 US$ 241,313 31.08 28/02/2013 2,193 RUB 8,448,044 US$ 270,000 31.29 29/03/2013 3,016 THB 4,914,400 US$ 160,000 30.72 14/01/2013 574 US$ 760,248 BRL 1,561,284 2.05 04/02/2013 717 US$ 960,000 CNH 6,214,320 6.47 13/04/2015 2,212 US$ 386,623 HUF 84,643,230 218.93 31/01/2013 4,588 US$ 498,653 IDR 4,813,500,000 9,653.00 17/01/2013 2,574 US$ 1,320,000 MXN 17,109,180 12.96 18/01/2013 4,044 US$ 1,279,145 TWD 37,056,825 28.97 14/01/2013 1,486 ZAR 4,256,165 US$ 473,688 8.99 31/01/2013 26,219



Ashmore SICAV

172 173



Ashmore SICAV Emerging Markets Inflation Linked Bond Fund continuedOpen financial derivative investments as at 31 December 2012 are detailed below: continued



HUF 85,577,900 US$ 392,577 217.99 31/01/2013 (6,323)INR 15,096,800 US$ 275,138 54.87 31/01/2013 (1,113)INR 41,246,400 US$ 780,000 52.88 11/02/2013 (32,983)INR 58,764,400 US$ 1,070,000 54.92 11/03/2013 (11,031)MXN 8,292,489 US$ 640,000 12.96 18/01/2013 (2,182)MXN 41,079,923 US$ 3,148,021 13.05 15/03/2013 (4,647)NGN 41,938,000 US$ 265,598 157.90 08/02/2013 (2,168)PHP 21,403,200 US$ 523,626 40.87 25/01/2013 (1,097)US$ 2,535,035 BRL 5,205,553 2.05 03/01/2013 (7,360)US$ 1,229,185 BRL 2,595,879 2.11 04/03/2013 (29,550)US$ 681,235 BRL 1,433,114 2.10 02/04/2013 (10,914)US$ 166,909 CLP 80,900,784 484.70 18/01/2013 (1,766)US$ 1,800,920 CNH 11,535,480 6.41 15/04/2013 (39,327)US$ 1,001,493 CNH 6,377,840 6.37 02/05/2013 (14,871)US$ 531,853 CNH 3,423,535 6.44 17/06/2013 (12,137)US$ 14,117 CNH 90,100 6.38 17/07/2013 (175)US$ 840,000 CNH 5,510,988 6.56 13/04/2015 (9,386)US$ 980,000 CNH 6,377,840 6.51 04/05/2015 (2,444)US$ 530,000 CNH 3,513,635 6.63 17/07/2015 (10,179)US$ 835,125 COP 1,508,027,100 1,805.75 15/02/2013 (15,634)US$ 413,732 CZK 8,065,226 19.49 31/01/2013 (10,065)US$ 235,770 INR 13,075,800 55.46 15/01/2013 (2,378)US$ 296,272 INR 16,486,050 55.65 11/02/2013 (2,308)US$ 480,000 KRW 520,920,000 1,085.25 15/01/2013 (6,866)US$ 268,317 NGN 41,938,000 156.30 04/01/2013 (258)US$ 4,013 PEN 10,500 2.62 18/01/2013 (97)US$ 4,071 PEN 10,500 2.58 15/02/2013 (33)US$ 606,159 PLN 1,969,228 3.25 30/01/2013 (28,481)US$ 3,178,510 PLN 10,184,507 3.20 31/01/2013 (103,395)US$ 1,115,118 THB 34,312,186 30.77 14/01/2013 (6,003)US$ 888,300 TRY 1,603,381 1.81 30/01/2013 (7,157)US$ 995,200 TRY 1,801,581 1.81 31/01/2013 (10,815)



Ashmore SICAV

174 175



Ashmore SICAV Emerging Markets Total Return FundOpen financial derivative investments as at 31 December 2012 are detailed below:



BRL 10,515,059 US$ 4,984,000 2.11 03/01/2013 151,560 BRL 8,824,378 US$ 4,230,000 2.09 04/02/2013 62,873 BRL 5,576,691 US$ 2,640,642 2.11 04/03/2013 63,482 BRL 1,337,652 US$ 635,857 2.10 02/04/2013 10,187 CNH 34,057,230 US$ 5,136,336 6.63 13/04/2015 112,766 CNH 33,403,830 US$ 5,220,000 6.40 15/04/2013 108,889 CNH 20,177,990 US$ 3,140,616 6.42 02/05/2013 74,921 CNH 27,831,525 US$ 4,301,925 6.47 17/07/2013 112,593 CNH 20,177,990 US$ 3,074,887 6.56 04/05/2015 33,334 CNH 28,267,375 US$ 4,278,226 6.61 17/07/2015 67,544 CNY 58,941,301 US$ 9,356,073 6.30 17/01/2013 63,245 COP 4,829,328,000 US$ 2,700,000 1,788.64 18/01/2013 30,637 COP 2,711,742,250 US$ 1,519,000 1,785.22 28/01/2013 13,243 CZK 43,895,987 US$ 2,265,744 19.37 31/01/2013 40,820 GBP 8,112 US$ 13,083 0.62 02/01/2013 103 GBP 8,111 US$ 13,081 0.62 18/01/2013 103 IDR 3,497,400,000 US$ 360,000 9,715.00 17/01/2013 442 ILS 5,017,512 US$ 1,303,325 3.85 31/01/2013 40,265 INR 253,298,558 US$ 4,553,386 55.63 15/01/2013 59,919 INR 146,942,400 US$ 2,640,000 55.66 11/03/2013 7,988 KRW 2,827,816,039 US$ 2,616,390 1,080.81 15/01/2013 26,563 KRW 2,501,889,803 US$ 2,302,773 1,086.47 15/02/2013 37,629 KRW 618,630,320 US$ 571,166 1,083.10 18/03/2013 6,480 MXN 52,322,040 US$ 4,010,227 13.05 18/01/2013 14,132 MXN 67,462,759 US$ 5,118,481 13.18 15/02/2013 57,262 MYR 12,607,418 US$ 4,104,548 3.07 15/01/2013 17,646 MYR 1,642,170 US$ 533,224 3.08 22/02/2013 3,102 MYR 6,053,878 US$ 1,969,789 3.07 18/03/2013 4,937 PEN 323,140 US$ 124,116 2.60 18/01/2013 2,384 PEN 1,933,561 US$ 749,704 2.58 15/02/2013 6,037 PHP 52,608,000 US$ 1,280,000 41.10 25/01/2013 4,349 PHP 26,170,231 US$ 637,459 41.05 15/02/2013 2,927 PHP 69,285,268 US$ 1,690,000 41.00 15/03/2013 8,606 PLN 9,132,652 US$ 2,832,421 3.22 30/01/2013 110,835 PLN 10,703,827 US$ 3,353,352 3.19 31/01/2013 95,902 PLN 12,219,061 US$ 3,810,716 3.21 10/06/2013 82,612 RON 8,088,446 US$ 2,298,036 3.52 31/01/2013 91,802 RUB 48,466,060 US$ 1,573,063 30.81 09/01/2013 12,571 RUB 365,525,157 US$ 11,744,714 31.12 31/01/2013 175,769 RUB 1,545,807 US$ 49,736 31.08 28/02/2013 452 RUB 41,614,437 US$ 1,330,000 31.29 29/03/2013 14,857 SGD 774,866 US$ 632,802 1.22 31/01/2013 1,526 THB 95,941,183 US$ 3,122,361 30.73 14/01/2013 12,434

Ashmore SICAV

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Ashmore SICAV Emerging Markets Total Return Fund continuedOpen financial derivative investments as at 31 December 2012 are detailed below: continued



TRY 4,381,273 US$ 2,427,298 1.80 30/01/2013 19,558 TRY 10,575,739 US$ 5,868,734 1.80 31/01/2013 36,833 US$ 1,357,549 BRL 2,787,931 2.05 04/02/2013 1,280 US$ 1,040,000 CNH 6,732,180 6.47 13/04/2015 2,397 US$ 2,374,457 EUR 1,795,733 0.76 14/01/2013 6,787 US$ 1,581,469 EUR 1,195,863 0.76 18/01/2013 4,674 US$ 1,564,056 HUF 339,001,495 216.75 31/01/2013 33,978 US$ 362,539 IDR 3,495,237,400 9,641.00 17/01/2013 2,320 US$ 1,068,666 INR 58,426,000 54.67 15/01/2013 4,559 US$ 484,541 INR 26,487,450 54.66 11/02/2013 4,825 US$ 3,200,000 MXN 41,476,800 12.96 18/01/2013 9,805 US$ 328,605 MXN 4,277,120 13.02 15/02/2013 464 US$ 67,022 MYR 205,100 3.06 22/02/2013 37 ZAR 23,516,387 US$ 2,740,000 8.58 31/01/2013 22,111




BRAZIL 2,511,747 BRL BZDIOVRA 9.0475% 02/01/2017 HSBC 1,226,738 45,578 4,047,486 BRL BZDIOVRA 9% 02/01/2017 HSBC 1,976,794 66,677

Unrealised gain on interest rate swap contracts 112,255



SOUTH KOREA (20) KRW 10 year Korea Treasury Bond 5% 19/03/2013 JP Morgan (2,155,290) 560

Total for total return swaps on future contracts 560


Ashmore SICAV

176 177






CLP 104,830,000 US$ 220,000 476.50 18/01/2013 (1,433)CZK 10,625,244 US$ 560,000 18.97 31/01/2013 (1,684)EUR 1,209,300 US$ 1,598,997 0.76 02/01/2013 (4,656)EUR 1,122,148 US$ 1,483,383 0.76 14/01/2013 (3,833)EUR 1,195,862 US$ 1,590,269 0.75 18/01/2013 (13,474)GBP 94,040,148 US$ 153,068,234 0.61 18/01/2013 (211,155)HUF 474,181,801 US$ 2,165,779 218.94 31/01/2013 (25,567)HUF 254,085,624 US$ 1,170,000 217.17 28/02/2013 (26,661)IDR 13,125,550,000 US$ 1,359,738 9,653.00 17/01/2013 (7,019)INR 120,819,980 US$ 2,278,000 53.04 11/02/2013 (89,820)INR 159,337,000 US$ 2,900,000 54.94 11/03/2013 (28,654)MXN 44,783,517 US$ 3,500,000 12.80 18/01/2013 (55,468)MXN 7,298,850 US$ 570,000 12.81 15/02/2013 (10,032)MXN 62,160,488 US$ 4,764,200 13.05 15/03/2013 (7,773)PHP 54,201,640 US$ 1,326,034 40.87 25/01/2013 (2,778)PHP 20,006,700 US$ 490,000 40.83 15/02/2013 (436)PLN 4,123,984 US$ 1,340,000 3.08 31/01/2013 (11,067)RON 2,030,347 US$ 600,000 3.38 31/01/2013 (107)SGD 1,889,115 US$ 1,550,000 1.22 31/01/2013 (3,516)SGD 5,691,275 US$ 4,658,984 1.22 28/02/2013 (29)TWD 25,079,389 US$ 865,702 28.97 14/01/2013 (1,006)US$ 5,118,914 BRL 10,515,059 2.05 03/01/2013 (16,647)US$ 663,386 CLP 321,053,801 483.96 18/01/2013 (5,999)US$ 5,203,433 CNH 33,403,830 6.42 15/04/2013 (125,456)US$ 3,172,967 CNH 20,177,990 6.36 02/05/2013 (42,570)US$ 4,340,602 CNH 27,831,525 6.41 17/07/2013 (73,916)US$ 4,190,665 CNH 27,325,050 6.52 13/04/2015 (20,834)US$ 3,080,000 CNH 20,177,990 6.55 04/05/2015 (28,221)US$ 4,250,000 CNH 28,267,375 6.65 17/07/2015 (95,771)US$ 720,000 CNY 4,535,280 6.30 17/01/2013 (4,776)US$ 2,501,662 COP 4,519,243,233 1,806.50 18/01/2013 (53,645)US$ 3,574,018 COP 6,442,924,693 1,802.71 15/02/2013 (60,784)US$ 8,754,076 EUR 6,698,912 0.77 14/01/2013 (78,427)US$ 13,081 GBP 8,111 0.62 02/01/2013 (103)US$ 1,010,227 GBP 625,646 0.62 14/01/2013 (6,736)US$ 106,998 INR 5,923,408 55.36 15/01/2013 (885)US$ 711,785 PLN 2,281,910 3.21 31/01/2013 (23,549)US$ 602,434 RON 2,070,264 3.44 31/01/2013 (9,253)US$ 4,217,252 RUB 130,426,966 30.93 31/01/2013 (36,223)US$ 290,000 THB 8,894,300 30.67 14/01/2013 (615)US$ 1,892,113 TRY 3,410,592 1.80 31/01/2013 (12,386)US$ 370,000 TWD 10,744,800 29.04 14/01/2013 (463)US$ 3,790,061 ZAR 32,661,012 8.62 31/01/2013 (46,130)


Ashmore SICAV

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SINGAPORE 1,320,000 SGD 1.80% SORF6M 25/10/2022 Barclays 1,080,639 (8,066) 740,000 SGD SORF6M 2.60% 25/10/2032 Barclays 605,813 (862)



Ashmore SICAV Emerging Markets Total Return Fund IIOpen financial derivative investments as at 31 December 2012 are detailed below:



BRL 2,662,190 US$ 1,270,000 2.10 03/01/2013 30,215 BRL 2,662,190 US$ 1,265,480 2.10 02/04/2013 20,274 CZK 20,067,017 US$ 1,040,000 19.30 31/01/2013 14,444 GBP 3,150 US$ 5,080 0.62 03/01/2013 40 ILS 1,755,112 US$ 460,000 3.82 31/01/2013 9,984 KRW 1,406,960,000 US$ 1,296,000 1,085.62 15/02/2013 20,146 PEN 1,135,548 US$ 440,000 2.58 18/01/2013 4,534 PHP 36,810,000 US$ 900,000 40.90 15/02/2013 740 PLN 24,138,671 US$ 7,520,000 3.21 31/01/2013 258,564 RON 3,590,376 US$ 1,040,000 3.45 31/01/2013 20,824 RUB 283,807,684 US$ 9,130,843 31.08 31/01/2013 124,675 THB 26,120,500 US$ 850,000 30.73 14/01/2013 3,465 TRY 5,835,502 US$ 3,240,000 1.80 31/01/2013 18,586 TWD 14,941,980 US$ 514,000 29.07 14/01/2013 1,175 US$ 1,708,365 HUF 372,722,427 218.18 31/01/2013 26,088 US$ 867,515 INR 47,647,000 54.92 11/02/2013 4,576 US$ 380,125 MYR 1,159,380 3.05 15/01/2013 1,047 ZAR 34,496,729 US$ 3,900,000 8.85 31/01/2013 151,804



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Ashmore SICAV Emerging Markets Total Return Fund II continuedOpen financial derivative investments as at 31 December 2012 are detailed below: continued



CHF 19,926 US$ 21,802 0.91 03/01/2013 (33)HUF 564,564,482 US$ 2,590,000 217.98 31/01/2013 (41,847)IDR 10,641,400,000 US$ 1,100,000 9,674.00 17/01/2013 (3,297)INR 147,143,700 US$ 2,670,000 55.11 11/02/2013 (5,069)INR 60,961,200 US$ 1,110,000 54.92 11/03/2013 (11,443)MXN 70,049,150 US$ 5,400,000 12.97 18/01/2013 (12,157)MYR 1,159,380 US$ 380,000 3.05 15/01/2013 (922)SGD 1,580,396 US$ 1,296,000 1.22 31/01/2013 (2,243)US$ 1,281,439 BRL 2,662,190 2.08 03/01/2013 (18,776)US$ 423,454 COP 762,640,992 1,801.00 18/01/2013 (7,764)US$ 4,624,797 EUR 3,545,074 0.77 14/01/2013 (49,376)US$ 3,775,765 PLN 11,972,058 3.17 31/01/2013 (82,170)US$ 534,801 RON 1,821,264 3.41 31/01/2013 (3,316)US$ 6,721,643 RUB 208,453,617 31.01 31/01/2013 (76,432)US$ 579,521 THB 17,800,000 30.71 14/01/2013 (2,078)US$ 1,508,009 TRY 2,715,586 1.80 31/01/2013 (8,394)US$ 3,843,998 ZAR 33,632,977 8.75 31/01/2013 (106,355)



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10 FINANCIAL DERIVATIVE INVESTMENTS continuedAshmore SICAV Emerging Markets Investment Grade Total Return FundOpen financial derivative investments as at 31 December 2012 are detailed below:



BRL 2,664,336 US$ 1,280,000 2.08 03/01/2013 21,263 BRL 605,368 US$ 290,000 2.09 04/02/2013 4,499 BRL 2,664,336 US$ 1,266,500 2.10 02/04/2013 20,291 CLP 70,962,500 US$ 146,693 483.75 18/01/2013 1,262 CNY 6,199,795 US$ 985,000 6.29 17/01/2013 5,780 COP 259,240,900 US$ 145,000 1,787.87 18/01/2013 1,582 COP 301,695,250 US$ 169,000 1,785.18 28/01/2013 1,470 CZK 5,889,904 US$ 302,432 19.48 31/01/2013 7,059 ILS 530,478 US$ 137,705 3.85 31/01/2013 4,347 INR 2,201,600 US$ 40,000 55.04 15/01/2013 97 KRW 312,593,000 US$ 290,000 1,077.91 15/01/2013 2,158 KRW 305,074,000 US$ 283,000 1,078.00 15/02/2013 2,383 KRW 492,337,500 US$ 454,563 1,083.10 18/03/2013 5,157 MXN 779,601 US$ 59,000 13.21 18/01/2013 963 MXN 4,130,893 US$ 315,222 13.10 15/02/2013 1,700 MYR 1,690,999 US$ 550,985 3.07 18/03/2013 605 PEN 231,885 US$ 90,000 2.58 18/01/2013 776PEN 104,285 US$ 40,435 2.58 15/02/2013 326 PLN 2,560,077 US$ 810,000 3.16 31/01/2013 14,972 PLN 2,954,679 US$ 921,466 3.21 10/06/2013 19,97

RON 761,976 US$ 220,000 3.46 31/01/2013 5,136 RUB 71,447,587 US$ 2,305,813 30.99 31/01/2013 24,231 RUB 4,693,358 US$ 150,000 31.29 29/03/2013 1,676 SGD 305,408 US$ 250,000 1.22 28/02/2013 11 THB 20,663,930 US$ 673,404 30.69 14/01/2013 1,772 TWD 1,045,440 US$ 36,000 29.04 14/01/2013 45 US$ 250,000 CLP 119,222,500 476.89 18/01/2013 1,426 US$ 40,256 INR 2,201,600 54.69 15/01/2013 158 US$ 51,079 INR 2,798,400 54.79 31/01/2013 285 US$ 250,000 MXN 3,242,718 12.97 18/01/2013 586 US$ 281,276 MYR 860,000 3.06 15/01/2013 85 US$ 375,712 PLN 1,158,778 3.08 31/01/2013 2,301 ZAR 7,801,157 US$ 905,000 8.62 31/01/2013 11,283




SINGAPORE 94,487 SGD 2.00% SORF6M 14/12/2022 Barclays 77,353 333

Unrealised gain on interest rate swap contracts 333


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Ashmore SICAV Emerging Markets Investment Grade Total Return Fund continuedOpen financial derivative investments as at 31 December 2012 are detailed below: continued



CZK 1,519,422 US$ 80,000 18.99 31/01/2013 (160)EUR 22,500,000 US$ 29,738,813 0.76 18/01/2013 (71,623)INR 26,347,200 US$ 480,000 54.89 15/01/2013 (141)INR 31,492,300 US$ 573,944 54.87 31/01/2013 (2,322)INR 34,809,490 US$ 632,000 55.08 11/03/2013 (4,713)MXN 11,619,727 US$ 910,000 12.77 18/01/2013 (16,267)MXN 7,578,790 US$ 580,448 13.06 15/03/2013 (530)MYR 1,375,448 US$ 450,000 3.06 15/01/2013 (276)PLN 2,162,895 US$ 700,000 3.09 31/01/2013 (3,018)SGD 255,777 US$ 210,000 1.22 31/01/2013 (613)SGD 599,946 US$ 491,127 1.22 28/02/2013 (3)TWD 5,822,799 US$ 200,987 28.97 14/01/2013 (227)US$ 1,282,472 BRL 2,664,336 2.08 03/01/2013 (18,791)US$ 41,079 BRL 86,755 2.11 04/03/2013 (988)US$ 142,455 CLP 69,048,000 484.70 18/01/2013 (1,507)US$ 208,606 COP 375,575,084 1,800.41 18/01/2013 (3,755)US$ 156,508 COP 282,615,000 1,805.75 15/02/2013 (2,930)US$ 406,424 EUR 311,549 0.77 14/01/2013 (4,353)US$ 86,307 MXN 1,152,739 13.36 15/02/2013 (2,131)US$ 195,651 PLN 628,659 3.21 30/01/2013 (6,952)US$ 255,683 PLN 813,832 3.18 31/01/2013 (6,570)US$ 138,101 RON 474,585 3.44 31/01/2013 (2,121)US$ 1,101,871 RUB 34,123,166 30.97 31/01/2013 (10,952)US$ 38,766 RUB 1,204,841 31.08 28/02/2013 (352)US$ 255,727 THB 7,844,100 30.67 14/01/2013 (572)US$ 60,000 TWD 1,742,940 29.05 14/01/2013 (94)US$ 977,939 ZAR 8,498,627 8.69 31/01/2013 (20,265)




SINGAPORE 54,228 SGD SORF6M 2.5425% 14/12/2032 Barclays 44,395 (669)

Unrealised (loss) on interest rate swap contracts (669)


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10 FINANCIAL DERIVATIVE INVESTMENTS continued10 FINANCIAL DERIVATIVE INVESTMENTS continued

Ashmore SICAV Emerging Markets Corporate Debt FundOpen financial derivative investments as at 31 December 2012 are detailed below:



BRL 4,242,926 US$ 2,020,000 2.10 03/01/2013 52,247 BRL 18,237,702 US$ 8,650,663 2.11 04/03/2013 192,756 CNY 127,825,950 US$ 20,317,604 6.29 16/01/2013 117,495 COP 267,433,500 US$ 148,101 1,805.75 15/02/2013 2,773 EUR 3,009,672 US$ 3,948,637 0.76 14/01/2013 19,609 GBP 519 US$ 838 0.62 03/01/2013 5 GBP 24,990 US$ 40,438 0.62 18/01/2013 182 NOK 57,489 US$ 10,325 5.57 18/01/2013 – US$ 13,685,334 EUR 10,351,207 0.76 03/01/2013 38,304 US$ 14,721,632 EUR 11,124,572 0.76 14/01/2013 53,905 US$ 118,503 EUR 89,497 0.76 18/01/2013 498 US$ 11,122 MXN 145,222 13.06 15/03/2013 10





CHF 9,947 US$ 10,884 0.91 03/01/2013 (16)CHF 24,102,214 US$ 26,528,441 0.91 18/01/2013 (190,718)EUR 10,795,724 US$ 14,273,107 0.76 03/01/2013 (40,026)EUR 186,155,565 US$ 247,495,767 0.75 18/01/2013 (2,041,882)GBP 1,261,710 US$ 2,055,516 0.61 18/01/2013 (4,675)NOK 4,051,532 US$ 728,299 5.56 18/01/2013 (626)US$ 2,043,503 BRL 4,242,926 2.08 03/01/2013 (28,744)US$ 8,635,810 BRL 18,237,702 2.11 04/03/2013 (207,609)US$ 20,278,567 CNY 127,825,950 6.30 16/01/2013 (156,531)US$ 143,816,341 EUR 110,084,000 0.77 14/01/2013 (1,329,205)US$ 11,415,743 GBP 7,070,862 0.62 14/01/2013 (77,673)US$ 8,452 MXN 110,000 13.01 18/01/2013 (9)US$ 24,307 MXN 325,667 13.40 15/02/2013 (678)



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Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund Open financial derivative investments as at 31 December 2012 are detailed below:



US$ 113,432 MXN 1,481,057 13.06 15/03/2013 104

Unrealised gain on forward currency contracts 104

Total unrealised gain on financial derivative investments 104



US$ 1,099,335 EUR 842,680 0.77 14/01/2013 (11,737)US$ 86,055 MXN 1,120,000 13.01 18/01/2013 (90)US$ 248,035 MXN 3,323,173 13.40 15/02/2013 (6,919)



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Ashmore SICAV Emerging Markets Local Currency Corporate Debt Fund Open financial derivative investments as at 31 December 2012 are detailed below:



BRL 1,386,330 US$ 660,000 2.10 03/01/2013 17,084 BRL 8,402,575 US$ 3,983,191 2.11 04/03/2013 91,198 CHF 10,000 US$ 10,919 0.92 18/01/2013 8 CNY 81,541,634 US$ 12,986,405 6.28 17/01/2013 44,639 INR 31,029,600 US$ 556,884 55.72 15/01/2013 8,255 KRW 6,468,830,014 US$ 5,938,316 1,089.34 15/01/2013 107,627 KRW 1,907,850,420 US$ 1,748,076 1,091.40 15/02/2013 36,630 KRW 1,285,817,080 US$ 1,187,164 1,083.10 18/03/2013 13,468 MXN 2,600,000 US$ 199,771 13.01 18/01/2013 208 MXN 70,159,152 US$ 5,323,198 13.18 15/02/2013 59,412 PHP 69,695,240 US$ 1,700,000 41.00 15/03/2013 8,657PLN 1,853,868 US$ 570,649 3.25 30/01/2013 26,812 PLN 4,325,692 US$ 1,342,528 3.22 31/01/2013 51,404 PLN 25,911,329 US$ 8,080,876 3.21 10/06/2013 175,184 RUB 89,363,959 US$ 2,881,407 31.01 31/01/2013 32,924 RUB 19,062,500 US$ 613,337 31.08 28/02/2013 5,573 RUB 37,859,751 US$ 1,210,000 31.29 29/03/2013 13,517 US$ 199,227 EUR 150,690 0.76 03/01/2013 558 US$ 496,656 EUR 374,368 0.75 14/01/2013 3,052 US$ 972,247 IDR 9,385,100,000 9,653.00 17/01/2013 5,019 ZAR 570,000 US$ 63,438 8.99 31/01/2013 3,511





CHF 40,000 US$ 43,896 0.91 18/01/2013 (186)EUR 151,485 US$ 200,273 0.76 03/01/2013 (555)EUR 653,791 US$ 867,081 0.75 18/01/2013 (5,030)GBP 147,526 US$ 240,328 0.61 18/01/2013 (532)INR 186,375,000 US$ 3,500,000 53.25 15/01/2013 (105,568)INR 63,974,500 US$ 1,165,929 54.87 31/01/2013 (4,717)INR 92,540,000 US$ 1,750,000 52.88 11/02/2013 (74,001)MXN 45,149,153 US$ 3,457,903 13.06 15/03/2013 (3,158)US$ 667,693 BRL 1,386,330 2.08 03/01/2013 (9,392)US$ 3,978,738 BRL 8,402,575 2.11 04/03/2013 (95,651)US$ 8,702 CLP 4,217,880 484.70 18/01/2013 (92)US$ 12,939,009 CNY 81,541,634 6.30 17/01/2013 (92,035)US$ 3,938,257 EUR 3,015,916 0.77 14/01/2013 (38,222)US$ 1,150,983 INR 63,833,520 55.46 15/01/2013 (11,611)US$ 2,900,000 MXN 37,781,200 13.03 18/01/2013 (5,947)US$ 171,897 PLN 552,334 3.21 30/01/2013 (6,108)US$ 146,191 RUB 4,639,439 31.74 31/01/2013 (5,110)



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Ashmore SICAV Emerging Markets Global Equity Fund Open financial derivative investments as at 31 December 2012 are detailed below:



CHF 4,522,723 US$ 4,977,731 0.91 18/01/2013 (35,520)EUR 4,891 US$ 6,504 0.75 18/01/2013 (55)GBP 19,581 US$ 31,899 0.61 18/01/2013 (70)



Ashmore SICAV EM Equity Select Fund Open financial derivative investments as at 31 December 2012 are detailed below:



ZAR 9,347,520 US$ 1,070,000 8.74 22/01/2013 29,233


Open future contracts

Maturity Variation Commitment Unrealised gain Quantity Currency Underlying date margin (US$) (US$) (US$)

10 KRW KOSPI2 Index 15/03/2013 – 1,242,790 24,519

20 HKD HSCEI Index 31/01/2013 6,967 1,477,386 955

Unrealised gain on open future contracts 25,474




GBP 23,059 US$ 37,568 0.61 18/01/2013 (86)

Unrealised (loss) on forward currency contracts (86)

Open future contracts

Maturity Variation Commitment Unrealised loss Quantity Currency Underlying date margin (US$) (US$) (US$)

95 TRY X030 Index 28/02/2013 (4,658) 524,185 (4,658)

31 TWD TFE FTX Electronics Index 16/01/2013 – 1,230,648 (2,727)

Unrealised (loss) on open future contracts (7,385)


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Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund Open financial derivative investments as at 31 December 2012 are detailed below:



GBP 3,150 US$ 5,080 0.62 18/01/2013 40 US$ 21,812 CHF 19,936 0.91 03/01/2013 32

Unrealised gain on forward currency contracts 72

Total unrealised gain on financial derivative investments 72


CHF 19,926 US$ 21,802 0.91 03/01/2013 (33)CHF 69,587 US$ 76,465 0.91 18/01/2013 (424)EUR 609,064 US$ 809,963 0.75 18/01/2013 (6,886)GBP 54,081 US$ 88,095 0.61 18/01/2013 (190)



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11 CASH AT BANK

In accordance with the investment strategies of 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$

National Bank of Abu Dhabi 50,000,000 US$ 0.21 05/11/2012-07/01/2013 50,000,000 Credit Agricole 70,000,000 US$ 0.28 04/11/2012-04/01/2013 70,000,000 ABN Amro Bank Jersey 50,000,000 US$ 0.30 19/11/2012-19/03/2013 50,000,000 Riyad Bank London 40,000,000 US$ 0.32 29/11/2012-28/02/2013 40,000,000 Qatar National Bank London 40,000,000 US$ 0.47 18/09/2012-18/01/2013 40,000,000

250,000,000

As at the balance sheet date, Ashmore SICAV Emerging Markets Local Markets Currency Fund held at bank the following time deposits:

Bank Nominal Currency Interest Rate (%) Lock in Period US$

Landesbank Hessen-Thüringen (Helaba), London 2,500,000 US$ 0.16 28/12/2012-02/01/2013 2,500,000 ABN Amro Bank Jersey 2,100,000 US$ 0.40 27/12/2012-03/01/2013 2,100,000

4,600,000

The cash balances (in US$) on current accounts as at 31 December 2012 for Ashmore SICAV Sub-Funds were:

Fund Time deposits Cash Balance Total

Emerging Markets Debt Fund – 21,833,476 21,833,476Emerging Markets Sovereign Debt Fund – 211,844 211,844Emerging Markets Sovereign Investment Grade Debt Fund – 52,762 52,762Local Currency Fund 250,000,000 111,833,053 361,833,053Emerging Markets Local Currency Bond Fund – 102,947,570 102,947,570Emerging Markets Local Markets Currency Fund 4,600,000 941,619 5,541,619Emerging Markets Investment Grade Local Currency Fund – 12,539,091 12,539,091Emerging Markets Inflation Linked Bond Fund – 2,327,993 2,327,993Emerging Markets Total Return Fund – 20,187,900 20,187,900Emerging Markets Total Return Fund II – 18,728,841 18,728,841Emerging Markets Investment Grade Total Return Fund – 3,682,005 3,682,005Emerging Markets Corporate Debt Fund – 26,515,026 26,515,026Emerging Markets Investment Grade Corporate Debt Fund – 72,127 72,127Emerging Markets Local Currency Corporate Debt Fund – 6,407,428 6,407,428Emerging Markets Asian Corporate Debt Fund – 440,103 440,103Emerging Markets Global Equity Fund – 190,544 190,544EM Equity Select Fund – 771,416 771,416Emerging Markets Global Small–Cap Equity Fund – 497,598 497,598Emerging Market Frontier Equity Fund – 897,723 897,723

The cash balances include collateral for forward exchange contracts which are held with various brokers.

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12 REPURCHASE AGREEMENT

Ashmore SICAV Emerging Markets Debt FundRepurchase agreement contracts as at 31 December 2012 are detailed below:

Interest Payable onName Nominal Rate (%) repo (US$)

Argentina Boden Bonds 7% 03/10/2015 (711,216) 0.40 (711,746)

Argentina Bonar Bonds 7% 12/09/2013 (555,705) (0.75) (555,485)

Argentina Bonar Bonds 7% 12/09/2013 (208,250) 0.35 (208,335)

Argentina Republic Government International Bond 8.28% Discount 31/12/2033 (344,945) 0.30 (345,138)

Argentina Republic Government International Bond 8.28% Discount 31/12/2033 (625,574) 0.40 (625,797)

Argentina Republic Government International Bond 8.75% 02/06/2017 (1,168,560) 0.10 (1,168,985)

Argentina, WPE International Cooperatief UA 10.375% 30/09/2020 (790,000) 0.35 (790,215)

Banco Nacional de Desenvolvimento Economico e Social 6.5% 10/06/2019 (127,401) 0.35 (127,484)

Belarus, Republic of, 8.75% 03/08/2015 (1,880,000) 0.35 (1,880,219)

Bolivian Government International Bond 4.875% 29/10/2022 (1,440,000) 0.35 (1,440,896)

Brazil, Fibria Overseas Finance Ltd 6.75% 03/03/2021 (428,900) 0.40 (429,353)

Brazil, Marfrig Overseas Ltd 9.5% 04/05/2020 (2,468,500) 0.40 (2,472,217)

Brazil, Minerva Luxembourg SA 12.25% 10/02/2022 (1,324,800) 0.35 (1,324,967)

Brazil, Minerva Overseas II Ltd 10.875% 15/11/2019 (519,500) 0.35 (519,914)

Brazil, OGX Austria GmbH 8.375% 01/04/2022 (148,860) 0.40 (149,088)

Brazil, OSX 3 Leasing BV 9.25% 20/03/2015 (1,105,200) 0.35 (1,105,393)

Brazilian Government International Bond 2.625% 05/01/2023 (3,170,664) 0.40 (3,173,897)





Chile Government International Bond 3.25% 14/09/2021 (496,000) 0.35 (496,260)

Chile, Corp Nacional del Cobre de Chile 3.75% 04/11/2020 (1,648,000) 0.40 (1,653,200)

Chile, Empresa Nacional del Petroleo 6.25% 08/07/2019 (1,050,000) 0.25 (1,052,020)

Chile, Inversiones Alsacia SA 8% 18/08/2018 (827,620) 0.25 (828,971)

China, Agile Property Holdings Ltd 9.875% 20/03/2017 (621,938) 0.35 (622,156)

China, China CITIC Bank International Ltd 6.875% 24/06/2020 (619,440) 0.35 (619,886)

China, China Oriental Group Co Ltd 8% 18/08/2015 (2,025,766) (0.10) (2,024,820)

China, China Oriental Group Co Ltd 8% 18/08/2015 (431,000) 0.35 (431,444)

China, China Shanshui Cement Group Ltd 10.5% 27/04/2017 (387,141) (0.10) (387,096)

China, China Shanshui Cement Group Ltd 10.5% 27/04/2017 (178,794) 0.30 (178,821)

China, China Shanshui Cement Group Ltd 10.5% 27/04/2017 (1,031,000) 0.35 (1,031,281)

China, Country Garden Holdings Co Ltd 11.125% 23/02/2018 (1,014,600) 0.35 (1,015,409)

China, Evergrande Real Estate Group Ltd 13% 27/01/2015 (925,000) (0.50) (924,024)

China, Evergrande Real Estate Group Ltd 13% 27/01/2015 (1,381,731) – (1,381,731)

China, Franshion Development Ltd 6.75% 15/04/2021 (1,540,710) – (1,540,710)

China, Franshion Development Ltd 6.75% 15/04/2021 (391,440) 0.35 (391,619)

China, Gemdale International Investment Ltd 7.125% 16/11/2017 (1,153,014) (0.10) (1,152,902)

China, Hidili Industry International Development Ltd 8.625% 04/11/2015 (2,527,650) – (2,527,650)

China, Longfor Properties Co Ltd 9.5% 07/04/2016 (748,014) – (748,014)

China, Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 (485,400) 0.35 (485,787)

China, Yanlord Land Group Ltd 10.625% 29/03/2018 (705,000) 0.35 (705,713)

China, Yanlord Land Group Ltd 9.5% 04/05/2017 (1,213,110) (0.10) (1,212,870)

Colombia Government International Bond 4.375% 12/07/2021 (2,178,000) 0.35 (2,178,762)

Colombia Government International Bond 6.125% 18/01/2041 (930,623) 0.20 (932,432)




Colombia, Ecopetrol SA 7.625% 23/07/2019 (727,090) 0.40 (728,108)

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12 REPURCHASE AGREEMENT continued

Ashmore SICAV Emerging Markets Debt Fund continuedRepurchase agreement contracts as at 31 December 2012 are detailed below: continued


Croatia Government International Bond 6.625% 14/07/2020 (1,085,975) 0.25 (1,087,498)

Czech Republic, Central European Media Enterprises Ltd 11.625% 15/09/2016 (234,360) 0.35 (234,513)

Egypt Government International Bond 5.75% 29/04/2020 (1,789,980) 0.25 (1,792,519)

Egypt, Nile Finance Ltd 5.25% 05/08/2015 (2,320,920) 0.35 (2,321,416)

Emirate of Dubai Government International Bonds 7.75% 05/10/2020 (1,777,308) 0.30 (1,782,091)

Ghana, Republic of, 8.5% 04/10/2017 (470,794) 0.35 (471,101)

Hong Kong, Central China Real Estate Ltd 12.25% 20/10/2015 (834,000) (0.10) (833,544)

Hong Kong, Shimao Property Holdings Ltd 9.65% 03/08/2017 (472,360) 0.30 (472,474)

Hungary Government International Bond 6.25% 29/01/2020 (3,706,450) 0.35 (3,710,877)



Hungary Government International Bond 6.375% 29/03/2021 (813,100) 0.40 (814,681)


India, Vedanta Resources PLC 8.25% 07/06/2021 (2,411,722) 0.35 (2,414,139)

Indonesia Government International Bond 11.625% 04/03/2019 (3,634,175) 0.35 (3,639,298)







Indonesia, Majapahit Holding BV 7.75% 20/01/2020 (2,327,398) 0.30 (2,327,747)

Indonesia, Majapahit Holding BV 8% 07/08/2019 (1,270,000) 0.35 (1,271,136)

Indonesia, Perusahaan Listrik Negara PT 5.5% 22/11/2021 (1,479,000) 0.40 (1,481,021)

Iraq, Republic of, 5.8% 15/01/2028 (307,451) 0.30 (307,523)

Jamaica, Digicel Group Ltd 8.25% 30/09/2020 (3,321,000) 0.35 (3,322,033)

Kazakhstan, Halyk Savings Bank of Kazakhstan JSC 7.25% 28/01/2021 (796,711) – (796,711)

Kazakhstan, KazMunaiGaz Finance Sub BV 6.375% 09/04/2021 (891,500) – (891,500)

Kazakhstan, KazMunaiGaz Finance Sub BV 6.375% 09/04/2021 (3,117,375) 0.20 (3,118,657)

Kazakhstan, KazMunaiGaz Finance Sub BV 7% 05/05/2020 (1,141,500) 0.25 (1,142,055)

Kuwait, Kuwait Projects Co 9.375% 15/07/2020 (2,574,000) 0.35 (2,574,325)

Lebanon Government International Bond 5.15% 12/11/2018 (449,000) 0.25 (460,498)

Lebanon Government International Bond 6.375% 09/03/2020 (504,895) 0.20 (504,951)

Lithuania Government International Bond 5.125% 14/09/2017 (1,266,699) 0.40 (1,269,232)

Lithuania Government International Bond 6.625% 01/02/2022 (2,213,945) 0.15 (2,214,259)

Malaysia, Petronas Capital Ltd 5.25% 12/08/2019 (2,562,250) 0.35 (2,564,747)

Malaysia, Petronas Capital Ltd 7.875% 22/05/2022 (1,314,222) 0.35 (1,315,270)

Mexico Government International Bond 4.75% 08/03/2044 (2,900,800) 0.50 (2,901,807)






Mexico, Cemex Finance LLC 9.5% 14/12/2016 (82,060) 0.35 (82,170)

Mexico, Comision Federal de Electricidad 4.875% 26/05/2021 (901,250) 0.25 (902,283)

Ashmore SICAV

188 189





Mexico, Corp GEO SAB de CV 9.25% 30/06/2020 (961,136) 0.35 (961,912)

Mexico, Desarrolladora Homex SAB de CV 9.75% 25/03/2020 (1,100,361) 0.35 (1,101,180)

Mexico, Desarrolladora Homex SAB de CV 9.75% 25/03/2020 (623,560) 0.40 (624,925)

Mexico, Grupo Papelero Scribe SA de CV 8.875% 07/04/2020 (384,500) 0.35 (384,597)

Mexico, NII Capital Corp 7.625% 01/04/2021 (1,135,800) 0.25 (1,136,400)

Mexico, Urbi Desarrollos Urbanos SAB de CV 9.75% 03/02/2022 (521,500) 0.15 (521,585)

Mexico, Urbi Desarrollos Urbanos SAB de CV 9.75% 03/02/2022 (506,155) 0.35 (506,731)

Mongolia, Mongolian Mining Corp 8.875% 29/03/2017 (334,058) 0.30 (334,113)

Mongolia, Mongolian Mining Corp 8.875% 29/03/2017 (726,000) 0.35 (726,141)

Nigeria, Afren PLC 11.5% 01/02/2016 (4,104,350) 0.25 (4,105,262)

Panama Government International Bond 6.7% 26/01/2036 (1,377,000) 0.40 (1,378,239)

Panama, Sable International Finance Ltd 8.75% 01/02/2020 (510,000) – (510,000)

Peruvian Government International Bond 7.125% 30/03/2019 (605,000) 0.35 (605,735)

Philippine Government International Bond 5% 13/01/2037 (1,481,685) – (1,481,685)

Philippine Government International Bond 5% 13/01/2037 (1,508,980) 0.45 (1,509,225)

Philippine Government International Bond 5.5% 30/03/2026 (3,966,210) 0.40 (3,969,163)

Philippine Government International Bond 8.375% 17/06/2019 (695,800) 0.35 (695,935)

Poland Government International Bond 5% 23/03/2022 (10,076,196) 0.40 (10,080,383)

Poland Government International Bond 6.375% 15/07/2019 (4,640,175) 0.40 (4,643,681)

Qatar Government International Bond 6.4% 20/01/2040 (1,690,041) 0.40 (1,691,562)

Qatar, Qtel International Finance Ltd 4.75% 16/02/2021 (625,676) 0.20 (626,051)

Qatar, Qtel International Finance Ltd 7.875% 10/06/2019 (11,863,937) 0.40 (11,876,460)

Russia, Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.5% 26/09/2019 (1,001,116) (0.10) (1,000,868)

Russia, MTS International Funding Ltd 8.625% 22/06/2020 (2,674,900) 0.35 (2,675,421)

Russia, VimpelCom Holdings BV 7.504% 01/03/2022 (3,441,312) – (3,441,312)

Russia, VimpelCom Holdings BV 7.504% 01/03/2022 (891,280) 0.25 (892,140)

Russia, Vnesheconombank Via VEB Finance PLC 5.45% 22/11/2017 (1,802,909) – (1,802,909)

Russian Foreign Bond – Eurobond 5% 29/04/2020 (848,800) 0.25 (848,906)

Russian Foreign Bond – Eurobond Step Cpn 31/03/2030 (17,930,172) 0.40 (17,941,171)

Saudi Arabia, Dar Al–Arkan International Sukuk Co II 10.75% 18/02/2015 (390,580) (0.10) (390,534)

Senegal Goverment International Bond 8.75% 13/05/2021 (3,292,210) 0.35 (3,293,125)

Singapore, MMI International Ltd 8% 01/03/2017 (775,200) 0.35 (775,298)

South Africa Government International Bond 5.875% 30/05/2022 (1,829,738) 0.10 (1,829,921)

South Africa Government International Bond 5.875% 30/05/2022 (257,869) 0.30 (257,929)


South Africa Government International Bond 6.25% 08/03/2041 (1,190,000) – (1,190,000)


South Africa, Edcon Holdings Pty Ltd FRN 15/06/2015 (795,000) (0.10) (1,047,482)

Turkey Government International Bond 5.625% 30/03/2021 (482,400) 0.40 (483,483)

Ukraine Government International Bond 7.95% 23/02/2021 (673,992) (0.75) (672,630)

Ukraine Government International Bond 7.95% 23/02/2021 (179,000) 0.25 (179,022)

Ukraine, DTEK Finance BV 9.5% 28/04/2015 (469,500) 0.35 (469,870)

United Arab Emirates, Atlantic Finance Ltd FRN 27/05/2014 (895,700) 0.25 (897,728)

United Arab Emirates, Dubai Electricity & Water Authority 7.375% 21/10/2020 (836,800) 0.25 (838,817)

United Arab Emirates, Emaar Sukuk Ltd 8.5% 03/08/2016 (608,000) 0.35 (608,863)

Ashmore SICAV

190 191





United Arab Emirates, Emirates Airline 5.125% 08/06/2016 (1,103,700) – (1,103,700)

United Arab Emirates, Emirates Airline 5.125% 08/06/2016 (475,500) 0.35 (475,884)

Uruguay Government International Bond 7.625% 21/03/2036 (3,240,756) 0.25 (3,241,251)

Venezuela Government International Bond 12.75% 23/08/2022 (2,436,000) 0.40 (2,438,192)

Venezuela Government International Bond 8.25% 13/10/2024 (1,662,250) 0.40 (1,663,746)

Venezuela Government International Bond 9.25% 15/09/2027 (478,515) 0.25 (479,097)

Venezuela, Petroleos de Venezuela SA 12.75% 17/02/2022 (1,506,500) 0.25 (1,508,226)

Venezuela, Petroleos de Venezuela SA 5.375% 12/04/2027 (1,457,500) 0.35 (1,458,251)

Venezuela, Petroleos de Venezuela SA 5.375% 12/04/2027 (415,000) 0.40 (415,987)

Vietnam Government International Bond 6.75% 29/01/2020 (3,161,880) 0.35 (3,162,858)

Vietnam Government International Bond 6.75% 29/01/2020 (1,015,650) 0.40 (1,018,065)

(271,533,560)Ashmore SICAV Local Currency FundReverse repurchase agreement contracts as at 31 December 2012 are detailed below:

Receivable on Interest reverseName Nominal Rate (%) repo (US$)

Turkey Government International Bond 7% 26/09/2016 20,001,090 0.50 20,026,369

Turkey Government International Bond 11.875% 15/01/2030 37,209,600 0.40 37,221,590

57,247,959

Ashmore SICAV Emerging Markets Local Markets Currency FundReverse repurchase agreement contracts as at 31 December 2012 are detailed below:

Receivable on Interest reverseName Nominal Rate (%) repo (US$)

Hungary Government International Bond 7.625% 29/03/2041 2,002,500 0.40 2,004,814

Mexico Government International Bond 6.05% 11/01/2040 2,000,000 0.40 2,002,978

Turkey Government International Bond 7.5% 14/07/2017 2,011,505 0.50 2,015,332

6,023,124

Ashmore SICAV Emerging Markets Corporate Debt FundRepurchase agreement contracts as at 31 December 2012 are detailed below:

Interest Payable on Name Nominal Rate (%) repo (US$)

China, Evergrande Real Estate Group Ltd 13% 27/01/2015 (1,635,000) (0.25) (1,634,387)

China, Evergrande Real Estate Group Ltd 13% 27/01/2015 (2,290,847) (0.50) (2,287,602)

Mexico, Desarrolladora Homex SAB de CV 9.75% 25/03/2020 (650,790) 0.35 (651,100)

Mexico, Urbi Desarrollos Urbanos SAB de CV 9.75% 03/02/2022 (154,580) (0.25) (154,459)

Ukraine, Avangardco Investments Public Ltd 10% 29/10/2015 (1,150,400) 0.15 (1,151,167)

(5,878,715)

Ashmore SICAV

190 191


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.

14 TRANSACTIONS wITH RELATED PARTIES

Transactions with related parties outlined in note 3 have been entered into in the ordinary course of business and on normal commercial terms. Emerging Markets Emerging Sovereign Emerging Markets Investment Local Markets Sovereign Grade Currency Related party (figures in US$) Debt Fund Debt Fund Debt Fund Fund Nature

Ashmore Investment Management Limited 12,766,251 646,618 91,554 9,614,130 Management feesAshmore Investment Management Limited 13,308,297 – – 1,595,799 Performance feesAshmore Investment Management Limited 159,631 25,736 21,833 143,444 Promotional feesAshmore Investment Management Limited 16,792 838 184 7,860 Director insurance feesBoard of Directors 149 686 43 1,684 Director feesAshmore SICAV 2 Global Liquidity US$ Fund (3,510,879) – – (106,600,000) Net purchasesAshmore SICAV 2 Global Liquidity US$ Fund 14,732 100 – 102,880 Dividends

Emerging Emerging Markets Emerging Emerging Markets Investment Markets Markets Local Grade Inflation Local Markets Local Linked Currency Currency Currency Bond Related party (figures in US$) Bond Fund Fund Fund Fund Nature

Ashmore Investment Management Limited 15,672,218 109,022 2,532,490 363,670 Management feesAshmore Investment Management Limited 343,823 46,113 98,554 35,409 Promotional feesAshmore Investment Management Limited 14,819 418 1,800 433 Director insurance feesBoard of Directors 5,684 47 1,215 366 Director feesAshmore SICAV 2 Global Liquidity US$ Fund 62,549,762 1,154,000 12,308,524 – Net salesAshmore SICAV 2 Global Liquidity US$ Fund 95,777 1,901 9,616 – Dividends

Emerging Markets Emerging Emerging Investment Emerging Markets Markets Grade Markets Total Return Total Return Total Return Corporate Related party (figures in US$) Fund Fund II Fund Debt Fund Nature

Ashmore Investment Management Limited 1,976,821 99,686 33,429 13,648,798 Management feesAshmore Investment Management Limited 40,665 3,087 2,978 207,604 Promotional feesAshmore Investment Management Limited 52 897 133 11,811 Director insurance feesBoard of Directors 737 337 52 3,191 Director feesAshmore SICAV 2 Global Liquidity US$ Fund (14,990,437) (10,000,000) – (12,476,295) Net purchasesAshmore SICAV 2 Global Liquidity US$ Fund 10,512 – – 33,366 Dividends

Ashmore SICAV

192 193


14 TRANSACTIONS wITH RELATED PARTIES continued

Emerging Emerging Markets Markets Emerging Investment Local Markets Emerging Grade Currency Asian Markets Corporate Corporate Corporate Global Related party (figures in US$) Debt Fund Debt Fund Debt Fund Equity Fund Nature

Ashmore Investment Management Limited 468,003 1,394,856 32,164 391,257 Management feesAshmore Investment Management Limited 37,330 48,370 2,978 25,612 Promotional feesAshmore Investment Management Limited 781 75 133 37 Director insurance feesBoard of Directors 163 353 52 109 Director feesAshmore SICAV 2 Global Liquidity US$ Fund – (8,996,630) – – Net purchasesAshmore SICAV 2 Global Liquidity US$ Fund – 6,801 – – Dividends

Emerging Emerging Markets Markets EM Equity Global Frontier Select Small-Cap Equity Related party (figures in US$) Fund Equity Fund Fund Nature

Ashmore Investment Management Limited 316,578 970,599 71,428 Management feesAshmore Investment Management Limited 27,581 27,546 6,105 Promotional feesAshmore Investment Management Limited 301 246 72 Director insurance feesBoard of Directors 620 73 28 Director feesAshmore SICAV 2 Global Liquidity US$ Fund – (2,499,430) – Net purchasesAshmore SICAV 2 Global Liquidity US$ Fund – 1,429 – Dividends

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 2011.

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 2012 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.

During the year the following distributions were made:

Emerging Markets Emerging Sovereign Emerging Markets Investment Markets Sovereign Grade Local Debt Debt Debt Currency Fund Fund Fund Fund US$ US$ US$ US$

Retail Class Shares (EUR) Income 3,437,545 – – 258,137Retail Class Shares (US$) Income 1,285,393 – – 182,258Retail Class Shares (GBP) Income 42,110 240 – 5,398Retail Class Shares (NOK) Income 263,461 – – –Institutional Class Shares (EUR) Income 10,419,452 – – 1,345,918Institutional Class Shares (US$) Income 52,117,302 8,427,962 395,753 201,451Institutional Class Shares (GBP) Income – – – 1,726,823Institutional II Class Shares (EUR) Income 24,530,719 – – 2,282,939Institutional II Class Shares (US$) Income 2,691,455 – – 1,140,558Institutional II Class Shares (GBP) Income 2,210,904 – – 1,032,789Institutional II Class Shares (NOK) Income 116,031 – – –Institutional II Class Shares (CHF) Income – – – 736,303

97,114,372 8,428,202 395,753 8,912,574

Ashmore SICAV

192 193


15 DISTRIBUTION continued

Emerging Markets Emerging Investment Emerging Emerging Markets Grade Markets Markets Local Local Inflation Total Currency Currency Linked Return Bond Fund Fund Bond Fund Fund US$ US$ US$ US$

Retail Class Shares (EUR) Income 2,727 – – –Retail Class Shares (US$) Income 15,653 – – –Retail Class Shares (GBP) Income 7,092 – – –Institutional Class Shares (EUR) Income 672,282 – – –Institutional Class Shares (US$) Income 42,382,383 6,478,368 271,056 1,034,580Institutional Class Shares (GBP) Income 898,253 – – 856,714Institutional Class Shares (CHF) Income 83,740 – – –

44,062,130 6,478,368 271,056 1,891,294

Emerging Emerging Markets Markets Emerging Investment Local Markets Grade Currency Corporate Corporate Corporate Debt Fund Debt Fund Debt Fund US$ US$ US$

Retail Class Shares (EUR) Income 395,329 – –Retail Class Shares (US$) Income 2,368,692 – –Retail Class Shares (GBP) Income 10,017 – 228Retail Class Shares (CHF) 27,054 – –Institutional Class Shares (EUR) Income 903,337 – –Institutional Class Shares (US$) Income 42,233,811 603,720 1,329,071Institutional Class Shares (NOK) Income 104,834 – –

46,043,074 603,720 1,329,299

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 and Emerging Markets Frontier 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 2012 until 31 December 2012.

Ashmore SICAV

194 195


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 shall carry 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 the 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 retrospective effect and will, as a general rule, only take effect during the current financial year. Consequently, the correction may positively or negatively affect the investors who receive a distribution or an attribution of deemed income distribution 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 - 8002 Zurich, as 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 BNP Paribas Securities Services, Paris, Succursale de Zurich address. Investors can obtain, free of charge, the Prospectus, the Key Investor Information Document (KIID) (both also available for potential investors), the last audited annual and un-audited interim reports as well as copies of the Articles of Incorporation and amendments thereto if any, in German, and a list of the purchases and sales made on behalf of the Fund from the representative at the above address.

20 SUBSEQUENT EVENTS

On 18 Febuary 2013, Ashmore Brazil Equity Fund SICAV-SIF (formerly known as Ashmore Brasil Equity Fund Limited) and Ashmore Turkish Debt Fund SICAV-SIF (formerly known as Ashmore Turkish Debt Fund Limited) merged into the Company as Brazil Equity and Turkish Debt Sub-Funds.

Ashmore SICAV

194 195

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, the 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.

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.

Ashmore SICAV

196 197

Supplementary Information on Fair Value Measurement continued

Level 3 fair values 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 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 31 December 2012.

Ashmore SICAV Emerging Markets Debt Fund

Level 1 Level 2 Level 3 Total

Investments 1,166,184,509 137,049,651 6,258,128 1,309,492,288

Derivative assets – 1,846,402 – 1,846,402

Derivative liabilities – (3,349,384) – (3,349,384)

Repurchase agreements – (271,533,560) – (271,533,560)

Total 1,166,184,509 (135,986,891) 6,258,128 1,036,455,746

Ashmore SICAV Emerging Markets Sovereign Debt Fund


Investments 72,294,253 874,760 157,788 73,326,801

Derivative liabilities – (10,706) – (10,706)

Total 72,294,253 864,054 157,788 73,316,095

Ashmore SICAV Emerging Markets Sovereign Investment Grade Debt Fund


Investments 14,021,127 – – 14,021,127

Total 14,021,127 – – 14,021,127

Ashmore SICAV

196 197


Ashmore SICAV Local Currency Fund


Investments 151,913,244 706,417,307 18,891,401 877,221,952

Derivative assets 4,652 21,551,673 388,463 21,944,788

Derivative liabilities – (9,624,280) (226,949) (9,851,229)

Reverse repurchase agreements – 57,247,959 – 57,247,959

Total 151,917,896 775,592,659 19,052,915 946,563,470

Ashmore SICAV Emerging Markets Local Currency Bond Fund


Investments 941,076,899 1,646,690,277 3,511,798 2,591,278,974

Derivative assets 8,070 24,477,574 2,382,715 26,868,359


Total 941,084,969 1,652,684,941 5,432,813 2,599,202,723

Ashmore SICAV Emerging Markets Local Markets Currency Fund


Investments 1,504,827 877,683 – 2,382,510

Derivative assets – 346,446 – 346,446


Reverse repurchase agreements – 6,023,124 – 6,023,124

Total 1,504,827 7,161,150 – 8,665,977

Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund


Investments 112,538,494 185,420,563 1,275,551 299,234,608

Derivative assets 168 3,608,008 1,967,175 5,575,351


Total 112,538,662 187,238,991 3,192,092 302,969,745

Ashmore SICAV Emerging Markets Inflation Linked Bond Fund


Investments 6,605,582 45,633,169 – 52,238,751



Total 6,605,582 45,969,522 – 52,575,104

Ashmore SICAV Emerging Markets Total Return Fund


Investments 245,450,755 91,544,353 355,258 337,350,366

Derivative assets 560 1,995,356 112,255 2,108,171


Total 245,451,315 92,290,152 458,585 338,200,052

Ashmore SICAV

198 199


Ashmore SICAV Emerging Markets Total Return Fund II


Investments 77,499,530 33,067,324 73,570 110,640,424



Total 77,499,530 33,346,833 73,570 110,919,933

Ashmore SICAV Emerging Markets Investment Grade Total Return Fund


Investments 30,335,268 5,681,193 – 36,016,461

Derivative assets – 165,661 333 165,994

Derivative liabilities – (182,226) (669) (182,895)

Total 30,335,268 5,664,628 (336) 35,999,560

Ashmore SICAV Emerging Markets Corporate Debt Fund


Investments 1,200,278,686 249,785,239 94,420,888 1,544,484,813


Derivative liabilities – (4,078,392) – (4,078,392)

Repurchase agreements – (5,878,715) – (5,878,715)

Total 1,200,278,686 240,305,916 94,420,888 1,535,005,490

Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund


Investments 45,177,355 1,390,482 – 46,567,837

Derivative assets – 104 – 104


Total 45,177,355 1,371,840 – 46,549,195

Ashmore SICAV Emerging Markets Local Currency Corporate Debt Fund


Investments 58,196,414 46,647,576 16,295,500 121,139,490



Total 58,196,414 46,894,401 16,295,500 121,386,315

Ashmore SICAV Emerging Markets Asian Corporate Debt Fund


Investments 17,352,402 1,909,185 203,526 19,465,113

Total 17,352,402 1,909,185 203,526 19,465,113

Ashmore SICAV

198 199


Ashmore SICAV Emerging Markets Global Equity Fund


Investments 22,645,068 22,133,215 – 44,778,283


Total 22,645,068 22,097,570 – 44,742,638

Ashmore SICAV EM Equity Select Fund


Investments 14,418,141 15,028,036 – 29,446,177

Derivative assets 25,474 29,233 – 54,707

Derivative liabilities (7,385) (86) – (7,471)

Total 14,436,230 15,057,183 – 29,493,413

Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund


Investments 74,716,274 31,212,601 – 105,928,875

Derivative assets – 72 – 72


Total 74,716,274 31,205,140 – 105,921,414

Ashmore SICAV Emerging Markets Frontier Equity Fund


Investments 10,477,285 – – 10,477,285

Total 10,477,285 – – 10,477,285

Ashmore SICAV

200 PB

Report of the Réviseur d’Entreprises agréé

To the Shareholders of Ashmore SICAV2 rue Albert BorschetteL-1246 Luxembourg

We have audited the accompanying financial statements of Ashmore SICAV (“the SICAV”), and each of its sub-funds, which comprise the consolidated statement of net assets and the schedules of investments as at 31 December 2012 and the consolidated statement of operations and changes in net assets for the year then ended and a summary of significant accounting policies and other explanatory information.

Board of Directors responsibility for the financial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the Réviseur d’Entreprises agréé

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d’Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d’Entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of Ashmore SICAV and each of its sub-funds as at 31 December 2012 and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

Luxembourg, 15 April 2013 KPMG Luxembourg S.à r.l. Cabinet de révision agréé

Jane Wilkinson

Investment Management Limited

61 Aldwych, London WC2B 4AE.United Kingdom

Authorised and regulated by theFinancial Services Authority

Designed and produced by Weber Shandwick Financial Design

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