# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0001145549-25-042007
**Filing Date:** 2025-6
**Character Count:** 54329
**Document Hash:** 4c6e76d5ae41f444a828e809b570d132
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-042007.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001145549-25-042007

**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:** 251075975

**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 Debt Fund (Series ID: S000069539)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000221884 | Institutional Class | IGIEX           |
| C000221885 | Class A             | IGAEX           |
| C000221886 | Class C             | IGCEX           |

## 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 Debt Fund

- **b. EDGAR series identifier (if any):** S000069539

- **c. LEI of Series:** 5493009JJY9RDVN19O36

**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:** $19451404.76

**Total Liabilities:** $68545.43

**Net Assets:** $19382859.33

**Cash Not Reported:** $39182.93

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 4.930654234278 | **1-Year:** 213.774215186955 | **5-Year:** 821.789613046112 | **10-Year:** 2784.653453437411 | **30-Year:** 2968.528620612600

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.608306303606 | **1-Year:** 215.590161030782 | **5-Year:** 799.442255448963 | **10-Year:** 1636.913188103983 | **30-Year:** 1393.250976036228

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221884 | 1.76%                | -0.94%               | -1.33%               |
| Class ID C000221885 | 1.64%                | -0.94%               | -1.25%               |
| Class ID C000221886 | 1.59%                | -0.99%               | -1.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2468.84                | $249440.96                                 |
| Month 2  | $-7.19                   | $-270944.68                                |
| Month 3  | $-5.15                   | $-344183.01                                |

**Designated Index Information**

- **Index Name:** EMBI GD

- **Index Identifier:** EMBI GD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Uruguay (Republic Of)                    | URUGUA 7.625 03/21/36      | CUSIP: 760942AS1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     75000 | PA      | $88687.50     | 0.46%             | 2036-03-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)           | MEX 5.75 10/12/10 GMTN     | CUSIP: 91086QAZ1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     76000 | PA      | $57532.00     | 0.30%             | 2110-10-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PT Pertamina (Persero)                   | PERTIJ 6 05/03/42 REGS     | CUSIP: Y7138AAD2<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    200000 | PA      | $192200.00    | 0.99%             | 2042-05-03      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine (Republic of)                    | UKRAIN 0 02/01/35 144A     | CUSIP: 903724CF7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     32358 | PA      | $16098.11     | 0.08%             | 2035-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Uruguay (Republic Of)                    | URUGUA 4.125 11/20/45      | CUSIP: 760942AY8<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     62000 | PA      | $52312.50     | 0.27%             | 2045-11-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo            | ENAPCL 5.25 11/06/29 REGS  | CUSIP: P37110AN6<br>LEI: 549300YP3P0JZBLIV197 | Long             | DBT              | CORP              | CL        |    268000 | PA      | $268670.00    | 1.39%             | 2029-11-06      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Ukraine (Republic of)                    | UKRAIN 1.75 02/01/36 144A  | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     77551 | PA      | $37302.03     | 0.19%             | 2036-02-01      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Uruguay (Republic Of)                    | URUGUA 5.25 09/10/60       | CUSIP: 760942BG6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    125454 | PA      | $113030.22    | 0.58%             | 2060-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                    | UKRAIN 1.75 02/01/34 144A  | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    214378 | PA      | $105795.54    | 0.55%             | 2034-02-01      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Mexico (United Mexican States)           | MEX 4.75 03/08/44 MTN      | CUSIP: 91086QBB3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     62000 | PA      | $46841.00     | 0.24%             | 2044-03-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| El Salvador (Republic of)                | ELSALV 7.65 06/15/35 REGS  | CUSIP: P01012AN6<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     47000 | PA      | $44050.75     | 0.23%             | 2035-06-15      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Venezuela (Republic Of)                  | VENZ 11.95 08/05/31        | CUSIP: P17625AD9<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    974000 | PA      | $160710.00    | 0.83%             | 2031-08-05      | Fixed         | 11.95%                | Yes           |                  2 | On Loan: No      |
| Ecuador (Republic Of)                    | ECUA 5.5 07/31/35 REGS     | CUSIP: P8054QBC6<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    124000 | PA      | $74121.00     | 0.38%             | 2035-07-31      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Uruguay (Republic Of)                    | URUGUA 7.875 01/15/33      | CUSIP: 917288BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    103000 | PA      | $120819.00    | 0.62%             | 2033-01-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                    | ROMANI 5.875 01/30/29 REGS | CUSIP: X7360WCU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     98000 | PA      | $97081.74     | 0.50%             | 2029-01-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Ukraine (Republic of)                    | UKRAIN 0 02/01/30 144A     | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     10246 | PA      | $4984.68      | 0.03%             | 2030-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Peru (Republic Of)                       | PERU 5.375 02/08/35        | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     52000 | PA      | $51324.00     | 0.26%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bulgaria (Republic Of)                   | BGARIA 5 03/05/37          | CUSIP: X0R483BD3<br>LEI: 529900PG0XCL4LICL838 | Long             | DBT              | NUSS              | BG        |     12000 | PA      | $11591.28     | 0.06%             | 2037-03-05      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Abu Dhabi Developmental Holding Co. PJSC | ADQABU 5.25 10/02/54 144A  | CUSIP: 00402D2D6<br>LEI: 254900G082ZFKTCR2Q75 | Long             | DBT              | NUSS              | AE        |    200000 | PA      | $182964.00    | 0.94%             | 2054-10-02      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Angola (Republic of)                     | ANGOL 9.125 11/26/49 REGS  | CUSIP: V5S1ASAA8<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    250000 | PA      | $169875.00    | 0.88%             | 2049-11-26      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| Corporacion Nacional del Cobre de Chile  | CDEL 4.375 02/05/49 REGS   | CUSIP: P3143NBB9<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $149200.00    | 0.77%             | 2049-02-05      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Turkey (Republic of)                     | TURKEY 5.25 03/13/30 10Y   | CUSIP: 900123CY4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    225000 | PA      | $207675.00    | 1.07%             | 2030-03-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                    | ROMANI 5.75 03/24/35 144A  | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     38000 | PA      | $33618.22     | 0.17%             | 2035-03-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Ghana (Republic of)                      | GHANA 5 07/03/35 144A      | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    278400 | PA      | $185136.00    | 0.96%             | 2035-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                 | EGYPT 8.875 05/29/50 REGS  | CUSIP: M1487WDF9<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $148850.00    | 0.77%             | 2050-05-29      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Ecuador (Republic Of)                    | ECUA 5 07/31/40 REGS       | CUSIP: P8054QBE2<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    155000 | PA      | $80735.63     | 0.42%             | 2040-07-31      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| DP World Crescent LTD                    | DPWDU 3.7495 01/30/30 REGS | CUSIP: G28288AD3<br>LEI: 21380096JRTWB8TL9236 | Long             | DBT              | CORP              | KY        |    361000 | PA      | $342231.61    | 1.77%             | 2030-01-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Peru (Republic Of)                       | PERU 3.3 03/11/41          | CUSIP: 715638DS8<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    144000 | PA      | $104901.12    | 0.54%             | 2041-03-11      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Pakistan (Islamic Republic of)           | PKSTAN 8.875 04/08/51 REGS | CUSIP: Y2835JAJ7<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    200000 | PA      | $142500.00    | 0.74%             | 2051-04-08      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Romania (Republic Of)                    | ROMANI 3 02/14/31 REGS     | CUSIP: X7360WBP6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     30000 | PA      | $24843.90     | 0.13%             | 2031-02-14      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Paraguay (Republic of)                   | PARGUY 5.85 08/21/33 REGS  | CUSIP: P75744AM7<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    200000 | PA      | $202050.00    | 1.04%             | 2033-08-21      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Turkey (Republic of)                     | TURKEY 4.875 04/16/43 30Y  | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    238000 | PA      | $159995.50    | 0.83%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                      | PEMEX 8.75 06/02/29        | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    101000 | PA      | $99121.40     | 0.51%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)           | MEX 5.4 02/09/28           | CUSIP: 91087BAU4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $203800.00    | 1.05%             | 2028-02-09      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Zambia (Republic Of)                     | ZAMBIN 5.75 06/30/33 REGS  | CUSIP: V7179UML0<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     39970 | PA      | $34536.91     | 0.18%             | 2033-06-30      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Kazakhstan (Republic Of)                 | KAZAKS 6.5 07/21/45 REGS   | CUSIP: Y7276LDF2<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    200000 | PA      | $209187.50    | 1.08%             | 2045-07-21      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| South Africa (Republic of)               | SOAF 5.75 09/30/49         | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $141918.00    | 0.73%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hungarian Export-Import Bank Pte Ltd.    | MAEXIM 6.125 12/04/27 REGS | CUSIP: X5S8QYBF9<br>LEI: 529900O4UGETQ9Q3AA63 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $203501.00    | 1.05%             | 2027-12-04      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Bank Gospodarstwa Krajowego              | BGOSK 5.75 07/09/34 REGS   | CUSIP: X0645ADB5<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | NUSS              | PL        |    200000 | PA      | $203544.00    | 1.05%             | 2034-07-09      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Abu Dhabi (Emirate of)                   | ADGB 3.125 09/30/49 REGS   | CUSIP: M0152WAD3<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    400000 | PA      | $270100.00    | 1.39%             | 2049-09-30      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| PETRONAS Capital Ltd.                    | PETMK 4.55 04/21/50 REGS   | CUSIP: Y68856AV8<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    282000 | PA      | $236598.00    | 1.22%             | 2050-04-21      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Philippines (Republic Of)                | PHILIP 9.5 02/02/30        | CUSIP: 718286AY3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    105000 | PA      | $126787.50    | 0.65%             | 2030-02-02      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                    | URUGUA 5.75 10/28/34       | CUSIP: 760942BE1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     70000 | PA      | $73150.00     | 0.38%             | 2034-10-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)               | SOAF 5.875 04/20/32        | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $188959.00    | 0.97%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                  | INDON 4.2 10/15/50         | CUSIP: 455780CT1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $158500.00    | 0.82%             | 2050-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru - Petroperu SA        | PETRPE 5.625 06/19/47 REGS | CUSIP: P7808BAB3<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    234000 | PA      | $142506.00    | 0.74%             | 2047-06-19      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Poland (Republic of)                     | POLAND 5.5 11/16/27        | CUSIP: 857524AD4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     15000 | PA      | $15464.10     | 0.08%             | 2027-11-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Guatemala (Republic of)                  | GUATEM 6.6 06/13/36 REGS   | CUSIP: P5015VAQ9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $199800.00    | 1.03%             | 2036-06-13      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Romania (Republic Of)                    | ROMANI 7.5 02/10/37 144A   | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     82000 | PA      | $81590.00     | 0.42%             | 2037-02-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Hungary (Republic Of)                    | REPHUN 2.125 09/22/31 REGS | CUSIP: X93622FZ0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $162250.00    | 0.84%             | 2031-09-22      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Hungary (Republic Of)                    | REPHUN 3.125 09/21/51 REGS | CUSIP: X93622FY3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $116453.00    | 0.60%             | 2051-09-21      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Romania (Republic Of)                    | ROMANI 3 02/27/27 REGS     | CUSIP: X7360WCB6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     40000 | PA      | $38216.00     | 0.20%             | 2027-02-27      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| PETRONAS Capital Ltd.                    | PETMK 2.48 01/28/32 REGS   | CUSIP: Y6886MAE0<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    200000 | PA      | $171200.00    | 0.88%             | 2032-01-28      | Fixed         | 2.48%                 | Yes           |                  2 | On Loan: No      |
| Qatar Energy                             | QPETRO 3.125 07/12/41 REGS | CUSIP: M8180AAE8<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    200000 | PA      | $146000.00    | 0.75%             | 2041-07-12      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Mongolia (Government of)                 | MONGOL 4.45 07/07/31 REGS  | CUSIP: Y6142NAE8<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |    200000 | PA      | $168650.00    | 0.87%             | 2031-07-07      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                      | PEMEX 6.35 02/12/48        | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    101000 | PA      | $64044.10     | 0.33%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                      | CHILE 3.1 05/07/41         | CUSIP: 168863DS4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $147500.00    | 0.76%             | 2041-05-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                     | POLAND 5.5 04/04/53        | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     43000 | PA      | $40315.51     | 0.21%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills             | B 0 07/10/25               | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    971100 | PA      | $963178.74    | 4.97%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                     | TURKEY 6.5 01/03/35        | CUSIP: 900123DN7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $183000.00    | 0.94%             | 2035-01-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bapco Energies B.S.C.                    | BEXBAH 8.375 11/07/28 REGS | CUSIP: M75198AB3<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |    200000 | PA      | $212000.00    | 1.09%             | 2028-11-07      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                 | EGYPT 7.6003 03/01/29 REGS | CUSIP: M1487WCY9<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $186632.00    | 0.96%             | 2029-03-01      | Fixed         | 7.60%                 | Yes           |                  2 | On Loan: No      |
| Poland (Republic of)                     | POLAND 4.875 10/04/33      | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     72000 | PA      | $71208.00     | 0.37%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                | IVYCST 7.625 01/30/33 REGS | CUSIP: V73789BL8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    207000 | PA      | $193286.25    | 1.00%             | 2033-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)                | KSA 5 01/16/34 REGS        | CUSIP: M6320UCG2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    325000 | PA      | $322783.50    | 1.67%             | 2034-01-16      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Ghana (Republic of)                      | GHANA 5 07/03/35 REGS      | CUSIP: V3R60FEN0<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      3000 | PA      | $1995.00      | 0.01%             | 2035-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Panama (Republic of)                     | PANAMA 8.875 09/30/27      | CUSIP: 698299AD6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     49000 | PA      | $52969.00     | 0.27%             | 2027-09-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)            | NGERIA 6.5 11/28/27 REGS   | CUSIP: V342A3BX1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $187600.00    | 0.97%             | 2027-11-28      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Romania (Republic Of)                    | ROMANI 3.625 03/27/32 REGS | CUSIP: X7360WCA8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     44000 | PA      | $36477.32     | 0.19%             | 2032-03-27      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Ghana (Republic of)                      | GHANA 0 01/03/30 144A      | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     39512 | PA      | $29732.40     | 0.15%             | 2030-01-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                | IVYCST 6.125 06/15/33 REGS | CUSIP: V73789AW5<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $172000.00    | 0.89%             | 2033-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Turkey (Republic of)                     | TURKEY 5.75 05/11/47 30Y   | CUSIP: 900123CM0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    302000 | PA      | $217138.00    | 1.12%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                    | URUGUA 4.975 04/20/55      | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    137000 | PA      | $120765.50    | 0.62%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                     | POLAND 5.5 03/18/54        | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     96000 | PA      | $89568.00     | 0.46%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ghana (Republic of)                      | GHANA 5 07/03/29 144A      | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    193600 | PA      | $163834.00    | 0.85%             | 2029-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Indonesia (Republic of)                  | INDON 6.625 02/17/37 REGS  | CUSIP: Y20721AJ8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    100000 | PA      | $109800.00    | 0.57%             | 2037-02-17      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Peru (Republic Of)                       | PERU 8.75 11/21/33         | CUSIP: 715638AP7<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    149000 | PA      | $180886.00    | 0.93%             | 2033-11-21      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)                | KSA 5 04/17/49 REGS        | CUSIP: M6320UAJ8<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    200000 | PA      | $171050.00    | 0.88%             | 2049-04-17      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Poland (Republic of)                     | POLAND 5.125 09/18/34      | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     76000 | PA      | $75539.44     | 0.39%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)            | NGERIA 7.625 11/28/47 REGS | CUSIP: V342A3BW3<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    405000 | PA      | $286537.50    | 1.48%             | 2047-11-28      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)            | NGERIA 7.696 02/23/38 REGS | CUSIP: V342A3BY9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $152250.00    | 0.79%             | 2038-02-23      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Brazil (Federative Republic)             | BRAZIL 6.125 03/15/34      | CUSIP: 105756CH1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $196200.00    | 1.01%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Kazakhstan (Republic Of)                 | KAZAKS 4.714 04/09/35 144A | CUSIP: YU2492616<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    217000 | PA      | $208211.50    | 1.07%             | 2035-04-09      | Fixed         | 4.71%                 | Yes           |                  2 | On Loan: No      |
| Colombia (Republic Of)                   | COLOM 7.375 09/18/37       | CUSIP: 195325BK0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    100000 | PA      | $92600.00     | 0.48%             | 2037-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Oman (Sultanate Of)                      | OMAN 6.5 03/08/47 REGS     | CUSIP: M75242BA0<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $197494.00    | 1.02%             | 2047-03-08      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PT Pertamina (Persero)                   | PERTIJ 6.5 11/07/48 REGS   | CUSIP: 69370RAC1<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    200000 | PA      | $201878.00    | 1.04%             | 2048-11-07      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                 | EGYPT 8.7002 03/01/49 REGS | CUSIP: M1487WCX1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $146900.00    | 0.76%             | 2049-03-01      | Fixed         | 8.70%                 | Yes           |                  2 | On Loan: No      |
| Philippines (Republic Of)                | PHILIP 6.375 10/23/34      | CUSIP: 718286BG1<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    100000 | PA      | $109000.00    | 0.56%             | 2034-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                | IVYCST 6.375 03/03/28 REGS | CUSIP: V73789AD7<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $196438.00    | 1.01%             | 2028-03-03      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Mexico (United Mexican States)           | MEX 5.55 01/21/45          | CUSIP: 91086QBE7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     64000 | PA      | $55264.00     | 0.29%             | 2045-01-21      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Venezuela (Republic Of)                  | VENZ 11.75 10/21/26        | CUSIP: P17625AE7<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    865000 | PA      | $156565.00    | 0.81%             | 2026-10-21      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Romania (Republic Of)                    | ROMANI 6.125 01/22/44 REGS | CUSIP: 77586TAE6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     42000 | PA      | $35642.46     | 0.18%             | 2044-01-22      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Colombia (Republic Of)                   | COLOM 5.625 02/26/44       | CUSIP: 195325BR5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $142750.00    | 0.74%             | 2044-02-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Southern Gas Corridor                    | SGCAZE 6.875 03/24/26 REGS | CUSIP: Y8T6JPAA4<br>LEI: 213800DG58KG59XY6318 | Long             | DBT              | CORP              | AZ        |    200000 | PA      | $201204.00    | 1.04%             | 2026-03-24      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Brazil (Federative Republic)             | BRAZIL 5 01/27/45          | CUSIP: 105756BW9<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $152000.00    | 0.78%             | 2045-01-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)                | PHILIP 3.95 01/20/40       | CUSIP: 718286BZ9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    200000 | PA      | $170400.00    | 0.88%             | 2040-01-20      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)             | BRAZIL 8.25 01/20/34       | CUSIP: 105756BB5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     15000 | PA      | $16800.00     | 0.09%             | 2034-01-20      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Venezuela (Republic Of)                  | VENZ 9.25 09/15/27         | CUSIP: 922646AS3<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   1155000 | PA      | $202125.00    | 1.04%             | 2027-09-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                     | PANAMA 6.7 01/26/36        | CUSIP: 698299AW4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     88000 | PA      | $84964.00     | 0.44%             | 2036-01-26      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)                | PHILIP 7.75 01/14/31       | CUSIP: 718286BB2<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    100000 | PA      | $115500.00    | 0.60%             | 2031-01-14      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Costa Rica (Republic Of)                 | COSTAR 5.625 04/30/43 REGS | CUSIP: P3699PGF8<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    200000 | PA      | $176400.00    | 0.91%             | 2043-04-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Oman (Sultanate Of)                      | OMAN 4.75 06/15/26 REGS    | CUSIP: M75242AW3<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $198750.00    | 1.03%             | 2026-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| South Africa (Republic of)               | SOAF 4.3 10/12/28          | CUSIP: 836205AU8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $189386.00    | 0.98%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                 | EGYPT 8.5 01/31/47 REGS    | CUSIP: M1487WBS3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $144900.00    | 0.75%             | 2047-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                | PDVSA 8.5 10/27/20 REGS    | CUSIP: P7807HAV7<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | NUSS              | VE        |    419000 | PA      | $389670.00    | 2.01%             | 2020-10-27      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Uruguay (Republic Of)                    | URUGUA 5.1 06/18/50        | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     67000 | PA      | $61539.50     | 0.32%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)           | MEX 6.05 01/11/40          | CUSIP: 91086QAV0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    138000 | PA      | $128547.00    | 0.66%             | 2040-01-11      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                  | INDON 7.75 01/17/38 REGS   | CUSIP: Y20721AL3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    100000 | PA      | $119750.00    | 0.62%             | 2038-01-17      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Panama (Republic of)                     | PANAMA 9.375 04/01/29      | CUSIP: 698299AK0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     63000 | PA      | $69993.00     | 0.36%             | 2029-04-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                  | ARGENT 1 07/09/29          | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    111600 | PA      | $90061.20     | 0.46%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                      | PEMEX 6.95 01/28/60        | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    418000 | PA      | $277970.00    | 1.43%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                      | PEMEX 7.69 01/23/50        | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    322000 | PA      | $235060.00    | 1.21%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)           | MEX 3.771 05/24/61         | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $113200.00    | 0.58%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                       | DOMREP 5.875 01/30/60 REGS | CUSIP: P3579ECG0<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    282000 | PA      | $232896.75    | 1.20%             | 2060-01-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Argentina (Republic Of)                  | ARGENT 4.125 07/09/35      | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    262666 | PA      | $174180.39    | 0.90%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                  | ARGENT 3.5 07/09/41        | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    134000 | PA      | $82694.75     | 0.43%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)           | MEX 3.75 04/19/71          | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $108500.00    | 0.56%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                      | CHILE 3.1 01/22/61         | CUSIP: 168863DQ8<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    400000 | PA      | $237550.00    | 1.23%             | 2061-01-22      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                     | PANAMA 7.125 01/29/26      | CUSIP: 698299AV6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    100000 | PA      | $101500.00    | 0.52%             | 2026-01-29      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ghana (Republic of)                      | GHANA 0 07/03/26 144A      | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     19200 | PA      | $18048.00     | 0.09%             | 2026-07-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Peru (Republic Of)                       | PERU 2.78 12/01/60         | CUSIP: 715638DQ2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    207000 | PA      | $110745.00    | 0.57%             | 2060-12-01      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                    | ROMANI 6.625 02/17/28 REGS | CUSIP: X7360WCN0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     52000 | PA      | $53105.00     | 0.27%             | 2028-02-17      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Morocco (Kingdom of)                     | MOROC 6.5 09/08/33 REGS    | CUSIP: V5311VAK6<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    200000 | PA      | $206500.00    | 1.07%             | 2033-09-08      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                       | DOMREP 5.3 01/21/41 REGS   | CUSIP: P3579ECJ4<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $124856.25    | 0.64%             | 2041-01-21      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Angola (Republic of)                     | ANGOL 8 11/26/29 REGS      | CUSIP: V5S1ASAB6<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    200000 | PA      | $159438.00    | 0.82%             | 2029-11-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Romania (Republic Of)                    | ROMANI 4 02/14/51 REGS     | CUSIP: X7360WBN1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     64000 | PA      | $37840.00     | 0.20%             | 2051-02-14      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Peru (Republic Of)                       | PERU 3.23 07/28/21         | CUSIP: 715638DR0<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     53000 | PA      | $28249.00     | 0.15%             | 2121-07-28      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                    | ROMANI 7.125 01/17/33 REGS | CUSIP: X7360WCQ3<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     36000 | PA      | $36274.32     | 0.19%             | 2033-01-17      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Argentina (Republic Of)                  | ARGENT 0.75 07/09/30       | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    302522 | PA      | $231958.74    | 1.20%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                  | ARGENT 5 01/09/38          | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    145000 | PA      | $101953.13    | 0.53%             | 2038-01-09      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Oman (Sultanate Of)                      | OMAN 6.75 10/28/27 REGS    | CUSIP: M75242BN2<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    200000 | PA      | $207144.00    | 1.07%             | 2027-10-28      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                       | DOMREP 4.875 09/23/32 REGS | CUSIP: P3579ECH8<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    225000 | PA      | $202288.50    | 1.04%             | 2032-09-23      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Ukraine (Republic of)                    | UKRAIN 0 02/01/34 144A     | CUSIP: 903724CE0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     38290 | PA      | $14358.75     | 0.07%             | 2034-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine (Republic of)                    | UKRAIN 1.75 02/01/35 144A  | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    133654 | PA      | $65089.50     | 0.34%             | 2035-02-01      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| SUCI Second Investment Co.               | PIFKSA 4.375 09/10/27      | CUSIP: G85444AD2<br>LEI: 558600VUMCHBIHACQF76 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $198151.00    | 1.02%             | 2027-09-10      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Ukraine (Republic of)                    | UKRAIN 0 02/01/36 144A     | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     26964 | PA      | $13347.18     | 0.07%             | 2036-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CURRENCY CONTRACT - CZK                  | CURRENCY CONTRACT - CZK    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        |   -195000 | NC      | $-207.09      | -0.00%            |  |  |  | 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