Ashmore Emerging Markets Small Cap Equity Fund

Fund Holdings

Asset Allocation

% Long % Net
Cash 0.74 0.74
Stocks 4.7 4.7
Bonds 0.0 0.0
Other 6.78 6.78
Foreign Bonds 2.68 2.68
Foreign Stocks 85.1 85.1
Convertible 0.0 0.0
Preferred 0.0 0.0

Updated 12.31.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 12.31.2013

Ticker YTD Return % % Net Assets
SouFun Holdings Ltd. ADR SFUN -3.97 3.38
Hollysys Automation Technologies, Ltd. HOLI 3.7 3.09
Korean Re A003690 --- 2.87
Empresas ICA, S.A.B. de C.V. ADR ICA -22.84 2.62
Aeroflot Russian Airlines JSC AFLT --- 2.61
Pacific Basin Shipping Ltd. 02343 --- 2.49
Iochpe-Maxion MYPK3 --- 2.45
Citigroup Global M --- --- 2.37
China Life Insurance Co., Ltd. 2823 --- 2.21
Hyundai Department Store Company Ltd. A069960 --- 2.03