ASHMORE EMERGING MARKETS EQUITY OPPORTUNITIES FUND CLASS A (AEOAX) Exchange: NMFQS

DELISTED - The Fund seeks to achieve its investment objective by investing principally in Institutional Class shares of other series of Ashmore Funds that invest principally in emerging markets equity securities and equity-related investments (the "Underlying Equity Funds"). The Fund has the flexibility to allocate and reallocate its assets among the Underlying Equity Funds or individual securities, derivatives and other investments as the Investment Manager sees fit based on the factors it deems appropriate in order to pursue the Fund's investment objective and based on its assessment of then-existing market conditions, its investment outlook and other factors.Please see the description of each of the Underlying Equity Funds in the section of this prospectus entitled "PRINCIPAL INVESTMENTS AND STRATEGIES OF EACH FUND" for additional information on the investment strategies of each of the Underlying Equity Funds.In addition to its investments in the Underlying Equity Funds, the Fund may invest directly in the securities of other issuers, derivatives and other investments. The Fund expects to operate as a "fund of funds," which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds. In addition to investing in the current Underlying Equity Funds, at the discretion of the Investment Manager and without shareholder approval, the Fund may invest in additional Underlying Equity Funds created in the future.The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund's investment exposure beyond that which it could achieve by investing directly in more conventional securities.The Fund may also invest directly in foreign currencies for hedging or other investment purposes.An Emerging Market Issuer is an issuer that is located in an Emerging Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).A Frontier Market Issuer is an issuer that is located in a Frontier Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Frontier Market Countries or that has at least 50% of its assets in one or more Frontier Market Countries.Frontier Market countries are countries that either currently or in the future are represented in widely-recognized indices of frontier market securities or the Investment Manager considers the market to have frontier market characteristics in respect to economic, political, or market structure.The Investment Manager manages the Fund principally to provide exposure through a single investment vehicle to various emerging markets equity strategies managed by the Investment Manager and Ashmore Equities Investment Management (US) LLC ("AEIM"), which are currently represented by the Underlying Equity Funds. In this regard, the Fund is designed to provide exposure to the investment approaches and strategies used for the Underlying Equity Funds, which are described elsewhere in this prospectus.The Investment Manager, through its investment committee (the "Investment Committee"), makes asset allocation decisions for the Fund and may utilize an active approach to allocating and reallocating the Fund's assets among the Underlying Equity Funds or directly in securities of other issuers, derivatives and other instruments, as it sees fit based on its investment outlook, ongoing consideration of market conditions and other factors. In making asset allocation decisions, the Investment Manager utilizes a top-down approach, taking into account macro- and micro-economic factors, supplemented by bottom-up research. Macro-economic insights are based on the Investment Manager's economic research on Emerging Market Countries and Frontier Market Countries. Micro-economic insights are derived from an analysis of aggregate earnings, and country- and industry-specific factors, which include demand/supply, level of competition, regulatory environment and interest rates. Macro- and micro-economic insights are together used to identify areas within the investable universe that the Investment Manager believes exhibit attractive fundamentals. The Fund's portfolio of Underlying Equity Funds (and perhaps other investments noted above) is constructed to represent what the Investment Manager believes to offer attractive risk-adjusted upside potential. The Fund's active weighting among Underlying Equity Funds and perhaps other investments (and the countries, industries and sectors represented therein) reflects the Investment Manager's top-down preferences, which may vary significantly over time.The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in the Underlying Equity Funds or in equity securities and other equity-related investments of Emerging Market Issuers and/or Frontier Market Issuers. The Fund's investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund's 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion or all of the Fund's cash position.