Schedule A to Third Amended and Restated Expense Limitation Agreement of Ashmore Funds (as assigned from Ashmore Investment Management Limited to Ashmore Investment Advisors Limited on July 18, 2014) Amended as of February 28, 2025 Covered Funds

Exhibit (d)(3)(xxi)

Schedule A to

Third Amended and Restated Expense Limitation Agreement of ▇▇▇▇▇▇▇ Funds

(as assigned from ▇▇▇▇▇▇▇ Investment Management Limited to ▇▇▇▇▇▇▇ Investment Advisors Limited on July 18, 2014)

▇▇▇▇▇▇▇ as of February 28, 2025

Covered Funds

Covered Fund

Class

Expense Limit

Commencement Date*

Expiration Date

▇▇▇▇▇▇▇ Emerging Markets Corporate Income Fund

Institutional Class

0.87

%

11/25/2010

2/28/2026

Class A

1.12

%

2/21/2011

2/28/2026

Class C

1.87

%

2/21/2011

2/28/2026

▇▇▇▇▇▇▇ Emerging Markets Local Currency Bond Fund

Institutional Class

0.77

%

11/25/2010

2/28/2026

Class A

1.02

%

2/21/2011

2/28/2026

Class C

1.77

%

2/21/2011

2/28/2026

▇▇▇▇▇▇▇ Emerging Markets Short Duration Fund

Institutional Class

0.67

%

6/23/2014

2/28/2026

Class A

0.92

%

6/23/2014

2/28/2026

Class C

1.67

%

6/23/2014

2/28/2026

▇▇▇▇▇▇▇ Emerging Markets Total Return Fund

Institutional Class

1.02

%

11/25/2010

2/28/2026

Class A

1.27

%

2/21/2011

2/28/2026

Class C

2.02

%

2/21/2011

2/28/2026

▇▇▇▇▇▇▇ Emerging Markets Equity Fund

Institutional Class

1.02

%

6/15/2011

2/28/2026

Class A

1.27

%

9/30/2011

2/28/2026

Class C

2.02

%

9/30/2011

2/28/2026

▇▇▇▇▇▇▇ Emerging Markets Small-Cap Equity Fund

Institutional Class

1.27

%

9/30/2011

2/28/2026

Class A

1.52

%

9/30/2011

2/28/2026

Class C

2.27

%

9/30/2011

2/28/2026

▇▇▇▇▇▇▇ Emerging Markets Frontier Equity Fund

Institutional Class

1.52

%

9/25/2013

2/28/2026

Class A

1.77

%

9/25/2013

2/28/2026

Class C

2.52

%

9/25/2013

2/28/2026

▇▇▇▇▇▇▇ Emerging Markets Active Equity Fund

Institutional Class

1.02

%

11/1/2016

2/28/2026

Class A

1.27

%

11/1/2016

2/28/2026

Class C

2.02

%

11/1/2016

2/28/2026

▇▇▇▇▇▇▇ Emerging Markets Equity ESG Fund

Institutional Class

1.02

%

1/29/2020

2/28/2026

Class A

1.27

%

1/29/2020

2/28/2026

Class C

2.02

%

1/29/2020

2/28/2026

▇▇▇▇▇▇▇ Emerging Markets Debt Fund1

Institutional Class

0.67

%

9/14/2020

2/28/2026

Class A

0.92

%

9/14/2020

2/28/2026

Class C

1.67

%

9/14/2020

2/28/2026

¹  Previously ▇▇▇▇▇▇▇ Emerging Markets Investment Grade Income Fund. Prior to August 1, 2023, the expense limit was 0.72% for Institutional Class, 0.97% for Class A and 1,72% for Class ▇.

▇▇▇▇▇▇▇ Emerging Markets Equity ex China Fund

Institutional Class

1.02

%

5/22/2024

2/28/2026

Class A

1.27

%

5/22/2024

2/28/2026

Class C

2.02

%

5/22/2024

2/28/2026

* The Amended and Restated Expense Limitation Agreement, dated as of December 21, 2010, took effect on the date shown for each Covered Fund. Effective February 28, 2015, Schedule A to the Amended and Restated Expense Limitation Agreement was amended to reduce the Expense Limit for Class A and Class C shares of each Covered Fund (with the exception of ▇▇▇▇▇▇▇ Emerging Markets Active Equity Fund, ▇▇▇▇▇▇▇ Emerging Markets Equity ESG Fund, ▇▇▇▇▇▇▇ Emerging Markets Debt Fund and ▇▇▇▇▇▇▇ Emerging Markets Equity ex China Fund, which commenced operations after that date).

Dated as of: February 28, 2025

IN WITNESS WHEREOF, the Trust and the Manager have each caused this amended Schedule A to the Second Amended and Restated Expense Limitation Agreement to be signed on its behalf by its duly authorized representative, as of the date hereof.

▇▇▇▇▇▇▇ FUNDS
By:
Name:		▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title:		Authorized Signatory
▇▇▇▇▇▇▇ INVESTMENT ADVISORS LIMITED
By:
Name:		▇▇▇▇ ▇▇
Title:		Authorized Signatory

Date: February 18, 2025