# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0001145549-25-042013
**Filing Date:** 2025-6
**Character Count:** 22562
**Document Hash:** 329ff786d92d6c7f37953d08c1b82c10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-042013.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001145549-25-042013

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ashmore Funds
- **CENTRAL INDEX KEY:** 0001498498

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22468
- **FILM NUMBER:** 251075983

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ROPES & GRAY, LLP
- **STREET 2:** ONE INTERNATIONAL PLACE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-951-7935

**MAIL ADDRESS:**
- **STREET 1:** C/O ROPES & GRAY, LLP
- **STREET 2:** ONE INTERNATIONAL PLACE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### Ashmore Emerging Markets Small-Cap Equity Fund (Series ID: S000033753)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000104313 | Class A             | ESSAX           |
| C000104314 | Class C             | ESSCX           |
| C000104315 | Institutional Class | ESCIX           |
| C000183168 | Class T             | ESSTX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ashmore Funds

- **b. Investment Company Act file number:** 811-22468

- **c. CIK number of Registrant:** 0001498498

- **d. LEI of Registrant:** 549300JIZK4U03Q64E73

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 61 Aldwych

  - **City:** London

  - **Zip / Postal Code:** WC2B 4AE

  - **Telephone number:** 011-44-20-3206-4500

**Item A.2. Information about the Series.**

- **a. Name of Series:** Ashmore Emerging Markets Small-Cap Equity Fund

- **b. EDGAR series identifier (if any):** S000033753

- **c. LEI of Series:** 54930062LM13HOJBOD30

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $5007049.50

**Total Liabilities:** $48847.92

**Net Assets:** $4958201.58

**Cash Not Reported:** $120669.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000104313 | -1.54%               | -1.48%               | 1.75%                |
| Class ID C000104314 | -1.58%               | -1.54%               | 1.72%                |
| Class ID C000104315 | -1.51%               | -1.50%               | 1.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-111555.30              | $9006.63                                   |
| Month 2  | $-7878.46                | $-67505.73                                 |
| Month 3  | $29418.20                | $67545.77                                  |

### Schedule of Portfolio Investments

| Name                                                | Title                                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Benefit Systems Sa                                  | Benefit Systems Sa PLN1.00                                                    | CUSIP: X071AA119<br>LEI: 2594007UY43JEUOLID52 | Long             | EC               | CORP              | PL        |       205 | NS      | $177129.16    | 3.57%             |  |  |  | No            |                  2 | On Loan: No      |
| CreditAccess Grameen Limited                        | CreditAccess Grameen Limited INR10                                            | CUSIP: Y2R43C102<br>LEI: 335800YHFDVKKBDQMK23 | Long             | EC               | CORP              | IN        |      8196 | NS      | $105811.89    | 2.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Indian Energy Exchange Ltd                          | Indian Energy Exchange Ltd INR1(POST SUBDIVISION)                             | CUSIP: Y39237139<br>LEI: 335800JRG8ZOKN1KAE97 | Long             | EC               | CORP              | IN        |     33146 | NS      | $74786.50     | 1.51%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Sieyuan Electric Co Ltd                             | Sieyuan Electric Co Ltd 'A'CNY1                                               | CUSIP: Y7688J105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      4600 | NS      | $45658.86     | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Komico Ltd                                          | Komico Ltd KRW500                                                             | CUSIP: Y4S17T102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1299 | NS      | $54312.11     | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Spinneys 1961 Holding PLC                           | Spinneys 1961 Holding PLC AED0.01                                             | CUSIP: M8559F100<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |    221481 | NS      | $86884.04     | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Traxion Sab De Cv                             | Grupo Traxion Sab De Cv COM SER 'A' NPV 144A/REG S                            | CUSIP: P4989G104<br>LEI: 4469000001BS6B603745 | Long             | EC               | CORP              | MX        |     93900 | NS      | $78670.97     | 1.59%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Quess Corp Ltd                                      | Quess Corp Ltd INR10                                                          | CUSIP: Y3R6BW102<br>LEI: 335800IMP1C9KOQZDK11 | Long             | EC               | CORP              | IN        |     15982 | NS      | $62646.08     | 1.26%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Cosmax Inc.                                         | Cosmax Inc. KRW500                                                            | CUSIP: Y1R696106<br>LEI: 988400ZU10J4AP3M4Y14 | Long             | EC               | CORP              | KR        |       485 | NS      | $58931.59     | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Classys Inc                                         | Classys Inc KRW100                                                            | CUSIP: Y49932109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1767 | NS      | $80104.56     | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| LPP SA                                              | LPP SA PLN2.00                                                                | CUSIP: X5053G103<br>LEI: 259400NUS7MKGPJL4752 | Long             | EC               | CORP              | PL        |        11 | NS      | $45229.09     | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| United International Transportation Co              | United International Transportation Co SAR10                                  | CUSIP: M95429102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      4418 | NS      | $87079.55     | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Wizz Air Holdings PLC                               | Wizz Air Holdings PLC ORD GBP0.0001                                           | CUSIP: G96871101<br>LEI: 213800COXGZCORLJZA85 | Long             | EC               | CORP              | JE        |      4726 | NS      | $103793.46    | 2.09%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Eris Lifesciences Ltd                               | Eris Lifesciences Ltd INR1                                                    | CUSIP: Y2R9KJ115<br>LEI: 33580023SPXBP9PCKQ56 | Long             | EC               | CORP              | IN        |      7977 | NS      | $135518.06    | 2.73%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Proya Cosmetics Co Ltd.                             | Proya Cosmetics Co Ltd. A CNY1                                                | CUSIP: Y7S88X100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      8200 | NS      | $107820.76    | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Genomma Lab International S.A.B. de C.V.            | Genomma Lab International S.A.B. de C.V. SER'B' MXN3.722                      | CUSIP: P48318102<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     87000 | NS      | $102258.99    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alchip Technologies Ltd.                            | Alchip Technologies Ltd. TWD10                                                | CUSIP: G02242108<br>LEI: 529900HKE9RIY07SLX84 | Long             | EC               | CORP              | KY        |      2000 | NS      | $133560.93    | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Jnby Design Ltd                                     | Jnby Design Ltd HKD0.01                                                       | CUSIP: G55044104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     70500 | NS      | $133039.81    | 2.68%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Andes Technology Corporation                        | Andes Technology Corporation TWD10                                            | CUSIP: Y0R7YV103<br>LEI: 549300HYC94K4ELRHM60 | Long             | EC               | CORP              | TW        |     14000 | NS      | $126644.67    | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Gudeng Precision Industrial Co.                     | Gudeng Precision Industrial Co. TWD10                                         | CUSIP: Y2941Y106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     17000 | NS      | $195897.54    | 3.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Syariah Indonesia Tbk                          | Bank Syariah Indonesia Tbk IDR500                                             | CUSIP: Y0R8KR105<br>LEI: 9845009CD3B814E04066 | Long             | EC               | CORP              | ID        |    424100 | NS      | $73834.20     | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| APL Apollo Tubes Ltd.                               | APL Apollo Tubes Ltd. INR2.00 POST SUB                                        | CUSIP: Y0181Q148<br>LEI: 335800ZU4GXSB7Q4IU95 | Long             | EC               | CORP              | IN        |      6949 | NS      | $133399.01    | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Ecloudvalley Digital Technology Co Ltd              | Ecloudvalley Digital Technology Co Ltd TWD10                                  | CUSIP: Y2238N102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     28977 | NS      | $80971.21     | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Ciputra Development Tbk                          | PT Ciputra Development Tbk IDR250                                             | CUSIP: Y7121J134<br>LEI: 2549000JMJUYB9U5Y204 | Long             | EC               | CORP              | ID        |   1995600 | NS      | $111869.20    | 2.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                     | Lojas Renner SA COM NPV                                                       | CUSIP: P6332C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     47870 | NS      | $123235.63    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Eugene Technology                                   | Eugene Technology KRW500                                                      | CUSIP: Y2347W100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4124 | NS      | $99085.02     | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PB Fintech Ltd.                                     | PB Fintech Ltd. INR2.00                                                       | CUSIP: Y67616287<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |      4315 | NS      | $83060.28     | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Hana Materials Inc                                  | Hana Materials Inc KRW500                                                     | CUSIP: Y2R9MB102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3157 | NS      | $62069.85     | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotes Co Ltd.                                       | Lotes Co Ltd. TWD10                                                           | CUSIP: Y53302116<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |       963 | NS      | $37816.60     | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Karooooo Limited                                    | Karooooo Limited ORD SHS                                                      | CUSIP: Y4600W108<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |      1618 | NS      | $68942.98     | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Krishna Institute of Medical Sciences Ltd.          | Krishna Institute of Medical Sciences Ltd. INR2 (POST SUBD)                   | CUSIP: Y4S65L126<br>LEI: 254900JA6LS4UY2ZCR81 | Long             | EC               | CORP              | IN        |     17965 | NS      | $138524.02    | 2.79%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Totvs SA                                            | Totvs SA COM NPV                                                              | CUSIP: P92184103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     13300 | NS      | $88164.37     | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Care Ratings Limited                                | Care Ratings Limited INR10                                                    | CUSIP: Y1R7BV106<br>LEI: N/A                  | Long             | EC               | CORP              | IN        |      5272 | NS      | $75505.06     | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Presight AI Holding PLC                             | Presight AI Holding PLC AED0.1                                                | CUSIP: M7973X101<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |     92638 | NS      | $48967.69     | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Huaming Power Equipment Co Ltd                      | Huaming Power Equipment Co Ltd 'A'CNY1                                        | CUSIP: Y767A3109<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     61300 | NS      | $126401.32    | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Digitide Solutions Ltd.                             | Digitide Solutions Ltd. INR10                                                 | CUSIP: Y2073L104<br>LEI: 33580021ZU35YFCVXP79 | Long             | EC               | CORP              | IN        |     15982 | NS      | $27566.21     | 0.56%             |  |  |  | No            |                  3 | On Loan: No      |
| Medi Assist Healthcare Services Ltd.                | Medi Assist Healthcare Services Ltd. INR5                                     | CUSIP: Y5S075111<br>LEI: 984500B67B3CF5AF5822 | Long             | EC               | CORP              | IN        |     23065 | NS      | $122843.21    | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Bluspring Enterprises Ltd.                          | Bluspring Enterprises Ltd. INR10                                              | CUSIP: Y092GR103<br>LEI: 335800MGI3NORR24P298 | Long             | EC               | CORP              | IN        |     15982 | NS      | $33139.23     | 0.67%             |  |  |  | No            |                  3 | On Loan: No      |
| Boxer Retail Ltd.                                   | Boxer Retail Ltd. NPV                                                         | CUSIP: S12871109<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     15422 | NS      | $57520.22     | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinik Co                                            | Kinik Co TWD10                                                                | CUSIP: Y4789C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     22000 | NS      | $168185.81    | 3.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunresin New Materials Co. Ltd.,Xi'an               | Sunresin New Materials Co. Ltd.,Xi'an CNY1 A                                  | CUSIP: Y8240K101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     11398 | NS      | $68337.02     | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Atour Lifestyle Holdings Ltd.                       | Atour Lifestyle Holdings Ltd. SPONSORED ADS                                   | CUSIP: 04965M106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      2437 | NS      | $59560.28     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Tips Music Ltd.                                     | Tips Music Ltd. INR1(POST SUBD)                                               | CUSIP: Y8841V142<br>LEI: 894500VNJRDRQC3GJX49 | Long             | EC               | CORP              | IN        |     15258 | NS      | $113969.31    | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| International Gemmological Institute India Pvt Ltd. | International Gemmological Institute India Pvt Ltd. INR2                      | CUSIP: Y4R06E117<br>LEI: 254900EP4A4RLO5W8Y29 | Long             | EC               | CORP              | IN        |     25860 | NS      | $106381.48    | 2.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Winway Technology Co Ltd                            | Winway Technology Co Ltd TWD10                                                | CUSIP: Y96657146<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      6000 | NS      | $159694.58    | 3.22%             |  |  |  | No            |                  2 | On Loan: No      |
| DB Insurance Co Ltd.                                | DB Insurance Co Ltd. KRW500                                                   | CUSIP: Y2096K109<br>LEI: 9884000ZF26VNJBWSJ91 | Long             | EC               | CORP              | KR        |      1237 | NS      | $79468.48     | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Hansol Chemical Co Ltd                              | Hansol Chemical Co Ltd KRW5000                                                | CUSIP: Y3064E109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1637 | NS      | $133588.46    | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. SPON ADR EA REP 8 SER 'B' | CUSIP: 400501102<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |      1400 | NS      | $124558.00    | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MY Eg Services Bhd                                  | MY Eg Services Bhd NPV                                                        | CUSIP: Y6147P116<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |   1355697 | NS      | $281873.72    | 5.68%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-23

**Name of Applicant:** Ashmore Funds

**Signature:** Taurai Sigauke

**Name of Signer:** Taurai Sigauke

**Title:** Treasurer