# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0001145549-25-042010
**Filing Date:** 2025-6
**Character Count:** 38550
**Document Hash:** a4cf0fcd3381558fe3049f056cbc437d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-042010.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001145549-25-042010

**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:** 251075980

**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 Short Duration Fund (Series ID: S000045773)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000142708 | INSTITUTIONAL CLASS SHARES | ESFIX           |
| C000142709 | Class A                    | ESFAX           |
| C000142710 | Class C                    | ESFCX           |
| C000183170 | Class T                    | ESFTX           |

## 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 Short Duration Fund

- **b. EDGAR series identifier (if any):** S000045773

- **c. LEI of Series:** 549300FJA3PPBMYPQI16

**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:** $32866327.74

**Total Liabilities:** $132471.93

**Net Assets:** $32733855.81

**Cash Not Reported:** $76684.66

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 17.112378933156 | **1-Year:** 579.257428072487 | **5-Year:** 621.962263479369 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 30.870011905684 | **1-Year:** 1245.352397453691 | **5-Year:** 1271.154994030803 | **10-Year:** 0.030027986199 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000142708 | 0.59%                | 2.09%                | -2.20%               |
| Class ID C000142709 | 0.56%                | 2.03%                | -2.18%               |
| Class ID C000142710 | 0.53%                | 2.06%                | -2.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $100560.19               | $27464.86                                  |
| Month 2  | $46532.45                | $571299.07                                 |
| Month 3  | $-8868.36                | $-789246.46                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Millicom International Cellular SA                                                | TIGO 5.125 01/15/28 REGS             | CUSIP: L6388GAB6<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    360000 | PA      | $350775.00    | 1.07%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 11.5 01/30/23                 | CUSIP: G52132BU3<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   4875000 | PA      | $207187.50    | 0.63%             | 2023-01-30      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| Zhenro Properties Group Limited                                                   | ZHPRHK 8.3 09/15/23                  | CUSIP: G9897EAT6<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |   1017000 | PA      | $2542.50      | 0.01%             | 2023-09-15      | Fixed         | 8.30%                 | Yes           |                  2 | On Loan: No      |
| Hikma Finance USA LLC                                                             | HIKLN 3.25 07/09/25                  | CUSIP: U4327BAA8<br>LEI: 213800BU7YH2WTM1QL87 | Long             | DBT              | CORP              | US        |    900000 | PA      | $896400.00    | 2.74%             | 2025-07-09      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                 | YUZHOU 6 10/25/23                    | CUSIP: G9884TAC5<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |   4940000 | PA      | $345800.00    | 1.06%             | 2023-10-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Bancolombia SA                                                                    | BCOLO V6.909 10/18/27                | CUSIP: 05968LAK8<br>LEI: 54930052NWJRPNMP1W58 | Long             | DBT              | CORP              | CO        |    200000 | PA      | $204000.00    | 0.62%             | 2027-10-18      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                               | PEMEX 5.35 02/12/28                  | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1864000 | PA      | $1719726.40   | 5.25%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Sammaan Capital Ltd.                                                              | IHFLIN 9.7 07/03/27 REGS             | CUSIP: Y39140AA9<br>LEI: 335800A2A3G53ZQZTQ21 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $195688.00    | 0.60%             | 2027-07-03      | Fixed         | 9.70%                 | Yes           |                  2 | On Loan: No      |
| Meituan LLC                                                                       | MEITUA 0 04/27/28                    | CUSIP: G59668AA4<br>LEI: 21380033K525E5JLIA77 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $192600.00    | 0.59%             | 2028-04-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Empresas Publicas de Medellin                                                     | EEPPME 4.25 07/18/29 REGS            | CUSIP: P9379RBA4<br>LEI: 549300SU25TO8EMXB434 | Long             | DBT              | CORP              | CO        |    200000 | PA      | $178956.00    | 0.55%             | 2029-07-18      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Zhenro Properties Group Limited                                                   | ZHPRHK 7.875 04/14/24                | CUSIP: G9897EAQ2<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |    575000 | PA      | $1437.50      | 0.00%             | 2024-04-14      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Muthoot Finance Ltd.                                                              | MUTHIN 7.125 02/14/28 REGS           | CUSIP: 62828M2C4<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |    300000 | PA      | $296625.00    | 0.91%             | 2028-02-14      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| BBVA Mexico SA                                                                    | BBVASM 5.25 09/10/29 REGS            | CUSIP: P1S81BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    400000 | PA      | $400920.00    | 1.22%             | 2029-09-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| OCP SA                                                                            | OCPMR 4.5 10/22/25 REGS              | CUSIP: V6811PAA4<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    750000 | PA      | $744375.00    | 2.27%             | 2025-10-22      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 10.875 07/23/23               | CUSIP: G52132BV1<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   3930000 | PA      | $167025.00    | 0.51%             | 2023-07-23      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Zhenro Properties Group Limited                                                   | ZHPRHK 9.15 05/06/23                 | CUSIP: G9897EAN9<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |    813000 | PA      | $2032.50      | 0.01%             | 2023-05-06      | Fixed         | 9.15%                 | Yes           |                  2 | On Loan: No      |
| Oi S A - Em Recuperacao Judicial                                                  | OIBRBZ 8.5 12/31/28 144A             | CUSIP: 67117EAG3<br>LEI: 254900YEMWCRRAGD4978 | Long             | DBT              | CORP              | BR        |   1184026 | PA      | $80513.77     | 0.25%             | 2028-12-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| BRF GmbH                                                                          | BRFSBZ 4.35 09/29/26 REGS            | CUSIP: A08163AA4<br>LEI: 5299002S6DY5RA2IOQ11 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $195718.00    | 0.60%             | 2026-09-29      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| NBM US Holdings Inc                                                               | MRFGBZ 7 05/14/26 REGS               | CUSIP: U63768AA0<br>LEI: 5493008K1QMSP0J8UC24 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115000.00    | 0.35%             | 2026-05-14      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                    | CENCHI 7.9 11/07/23                  | CUSIP: G20769AE8<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |    560000 | PA      | $24640.00     | 0.08%             | 2023-11-07      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| Delhi International Airport Ltd.                                                  | DIALIN 6.45 06/04/29 REGS            | CUSIP: Y2R40TAB4<br>LEI: 335800HBF5DARYMEUD12 | Long             | DBT              | CORP              | IN        |    630000 | PA      | $630787.50    | 1.93%             | 2029-06-04      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Alpha Star Holding VIII Ltd.                                                      | DAMACR 8.375 04/12/27                | CUSIP: M085A1AA1<br>LEI: 254900TMRVHA9YMIFC14 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $206187.50    | 0.63%             | 2027-04-12      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Turkiye Is Bankasi AS                                                             | ISCTR 7.75 06/12/29 REGS             | CUSIP: M8933FQD2<br>LEI: 789000FIRX9MDN0KTM91 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $404000.00    | 1.23%             | 2029-06-12      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Veon Holdings B.V.                                                                | VEONHD 3.375 11/25/27 REGs           | CUSIP: N9219HAP0<br>LEI: 5493000XDKGUH5NQGE22 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $357375.00    | 1.09%             | 2027-11-25      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Navoi Mining & Metallurgical Co.                                                  | NAVOIM 6.7 10/17/28 REGS             | CUSIP: Y6S30MAA3<br>LEI: 213800YLNAGERZ4C3M60 | Long             | DBT              | CORP              | UZ        |    400000 | PA      | $406350.00    | 1.24%             | 2028-10-17      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Banco de Credito del Peru                                                         | BCP 5.85 01/11/29 REGS               | CUSIP: 05971V2E4<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    400000 | PA      | $411376.00    | 1.26%             | 2029-01-11      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                                                      | B 0 07/10/25                         | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1707700 | PA      | $1693770.29   | 5.17%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Embraer Netherlands Finance B.V.                                                  | EMBRBZ 6.95 01/17/28 REGS            | CUSIP: N29505AA7<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $522656.25    | 1.60%             | 2028-01-17      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                         | SUNAC 7 09/30/29 REGS                | CUSIP: G8569ABR6<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    363451 | PA      | $41796.87     | 0.13%             | 2029-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Agrobank Akb                                                                      | AGROBK 9.25 10/02/29 REGS            | CUSIP: Y17001AA9<br>LEI: 254900JPMU0LFCP18673 | Long             | DBT              | CORP              | UZ        |    400000 | PA      | $410300.00    | 1.25%             | 2029-10-02      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Mong Duong Finance Holdings B V                                                   | MONDFI 5.125 05/07/29 REGS           | CUSIP: N6000DAA1<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |    190613 | PA      | $182214.36    | 0.56%             | 2029-05-07      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Sunac Services Holdings Ltd.                                                      | Sunac Services Holdings Ltd. HKD0.01 | CUSIP: G8569B104<br>LEI: 549300K4OFRSVPWF2W77 | Long             | EC               | CORP              | KY        |    106069 | NS      | $25178.37     | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HTA Group Limited (Mauritius)                                                     | HLSTWR 2.875 03/18/27                | CUSIP: V4256BAD6<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    400000 | PA      | $372000.00    | 1.14%             | 2027-03-18      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Bank Negara Indonesia (Persero) Tbk PT                                            | BBNIIJ 3.75 03/30/26 EMTN            | CUSIP: Y7457QAA6<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | DBT              | CORP              | ID        |    335000 | PA      | $326248.13    | 1.00%             | 2026-03-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Vedanta Resources Finance II PLC                                                  | VEDLN 10.25 06/03/28 REGS            | CUSIP: G9T27HAH7<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    305000 | PA      | $300043.75    | 0.92%             | 2028-06-03      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Alpha Star Holding IX Ltd.                                                        | DAMACR 7 08/26/28                    | CUSIP: M085BFAA9<br>LEI: 254900IL2SBV9ANGBE89 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $201250.00    | 0.61%             | 2028-08-26      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Muangthai Capital Public Co Ltd.                                                  | MTCTB 6.875 09/30/28                 | CUSIP: Y613G3MY2<br>LEI: N/A                  | Long             | DBT              | CORP              | TH        |    500000 | PA      | $491250.00    | 1.50%             | 2028-09-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                         | KAISAG 11.25 04/16/25                | CUSIP: G52132CC2<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   4280000 | PA      | $181900.00    | 0.56%             | 2025-04-16      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| Prosus NV                                                                         | PRXNA 3.257 01/19/27 REGS            | CUSIP: N7163RAW3<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    610000 | PA      | $594559.38    | 1.82%             | 2027-01-19      | Fixed         | 3.26%                 | Yes           |                  2 | On Loan: No      |
| Fortune Star (BVI) Limited                                                        | FOSUNI 8.5 05/19/28                  | CUSIP: G3641TAS7<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |    320000 | PA      | $316400.00    | 0.97%             | 2028-05-19      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                    | CENCHI 7.5 07/14/25                  | CUSIP: G20769AJ7<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |    422000 | PA      | $18568.00     | 0.06%             | 2025-07-14      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Oleoducto Central SA                                                              | OCENSA 4 07/14/27 REGS               | CUSIP: P7358RAD8<br>LEI: 254900W4CPYCQFVH5E92 | Long             | DBT              | CORP              | CO        |    200000 | PA      | $193376.00    | 0.59%             | 2027-07-14      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| China SCE Group Holdings Ltd.                                                     | CHINSC 6 02/04/26                    | CUSIP: G21190AH9<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |   1085000 | PA      | $46112.50     | 0.14%             | 2026-02-04      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Zhenro Properties Group Limited                                                   | ZHPRHK 8 03/06/23                    | CUSIP: G9897EBF5<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |   4920000 | PA      | $12300.00     | 0.04%             | 2023-03-06      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Central America Bottling Corporation / Cbc Bottling Holdco S L / Beliv Holdco S L | CAMEBO 5.25 04/27/29 REGS            | CUSIP: G20038AA6<br>LEI: 549300DT8SH0CF6BTT37 | Long             | DBT              | CORP              | VG        |    165000 | PA      | $157080.00    | 0.48%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                    | CENCHI 7.25 07/16/24                 | CUSIP: G20768AF7<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |   1275000 | PA      | $54187.50     | 0.17%             | 2024-07-16      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                         | SUNAC 7 09/30/29 144A                | CUSIP: G8569ABP0<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    143892 | PA      | $16547.58     | 0.05%             | 2029-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                         | SUNAC 6 09/30/25 144A                | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |     91207 | PA      | $10488.81     | 0.03%             | 2025-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Ihs Holding Limited                                                               | IHS 6.25 11/29/28 REGS               | CUSIP: G4701HAA7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $378262.48    | 1.16%             | 2028-11-29      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Greenko Power II Limited                                                          | GRNKEN 4.3 12/13/28 REGS             | CUSIP: V3855MAA5<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |    167000 | PA      | $152354.10    | 0.47%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                         | SUNAC 6.25 09/30/26 144A             | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |     91428 | PA      | $10742.79     | 0.03%             | 2027-09-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                         | SUNAC 6.75 09/30/28 144A             | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    143385 | PA      | $16489.28     | 0.05%             | 2028-09-30      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                    | CENCHI 7.25 04/28/25                 | CUSIP: G20769AK4<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |    190000 | PA      | $8550.00      | 0.03%             | 2025-04-28      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                         | SUNAC 7.25 09/30/30 144A             | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    130119 | PA      | $14963.69     | 0.05%             | 2030-09-30      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                         | SUNAC 6.5 09/30/27 144A              | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |     94564 | PA      | $10874.86     | 0.03%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PT Freeport Indonesia                                                             | FRIDPT 4.763 04/14/27 REGS           | CUSIP: Y7141BAA1<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |    400000 | PA      | $398548.00    | 1.22%             | 2027-04-14      | Fixed         | 4.76%                 | Yes           |                  2 | On Loan: No      |
| KWG Group Holdings Limited                                                        | KWGPRO 6 01/14/24                    | CUSIP: G53224BL7<br>LEI: 549300LK82ZOM9ZE7H90 | Long             | DBT              | CORP              | KY        |    205000 | PA      | $14350.00     | 0.04%             | 2024-01-14      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                    | CENCHI 7.65 08/27/25                 | CUSIP: G20769AM0<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |    560000 | PA      | $23800.00     | 0.07%             | 2025-08-27      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                               | SUZANO 6 01/15/29                    | CUSIP: 86964WAF9<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    500000 | PA      | $508937.50    | 1.55%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Energo-Pro AS                                                                     | ENGPRO 8.5 02/04/27 REGS             | CUSIP: X2R20PAB7<br>LEI: 315700IQCL9IX158RO36 | Long             | DBT              | CORP              | CZ        |    400000 | PA      | $400750.00    | 1.22%             | 2027-02-04      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered PLC                                                            | STANLN V6.187 07/06/27 REGS          | CUSIP: G84228FU7<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $406184.00    | 1.24%             | 2027-07-06      | Fixed         | 6.19%                 | Yes           |                  2 | On Loan: No      |
| China SCE Group Holdings Ltd.                                                     | CHINSC 7 05/02/25                    | CUSIP: G21190AG1<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |   1135000 | PA      | $48237.50     | 0.15%             | 2025-05-02      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Clean Renewable Power Mauritius Pte Ltd.                                          | CLRNPW 4.25 03/25/27 REGS            | CUSIP: V2352NAB1<br>LEI: 2138003P9CSDW7P4MT75 | Long             | DBT              | CORP              | MU        |    604555 | PA      | $580251.89    | 1.77%             | 2027-03-25      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| China SCE Group Holdings Ltd.                                                     | CHINSC 7.375 04/09/24                | CUSIP: G21190AB2<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |    410000 | PA      | $17425.00     | 0.05%             | 2024-04-09      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| China SCE Group Holdings Ltd.                                                     | CHINSC 5.95 09/29/24                 | CUSIP: G21190AJ5<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |    800000 | PA      | $34000.00     | 0.10%             | 2024-09-29      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| OTP Bank PLC                                                                      | OTPHB V7.5 05/25/27 EMTN             | CUSIP: X6074EMD0<br>LEI: 529900W3MOO00A18X956 | Long             | DBT              | CORP              | HU        |    400000 | PA      | $409252.00    | 1.25%             | 2027-05-25      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Transportadora de Gas del Peru S.A.                                               | TGPERU 4.25 04/30/28 REGS            | CUSIP: P9367RAG6<br>LEI: 529900SKHHNI5HVI0Y66 | Long             | DBT              | CORP              | PE        |    160000 | PA      | $157480.00    | 0.48%             | 2028-04-30      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                    | CENCHI 7.25 08/13/24                 | CUSIP: G20769AH1<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |    979000 | PA      | $41607.50     | 0.13%             | 2024-08-13      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Bidvest Group (Uk) Plc                                                            | BVTSJ 3.625 09/23/26 REGS            | CUSIP: G1R70FAA1<br>LEI: 984500A80C777F496830 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $195126.00    | 0.60%             | 2026-09-23      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Fantasia Holdings Group Co Ltd.                                                   | FTHDGR 10.875 01/09/23               | CUSIP: G3311PAH8<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |   4160000 | PA      | $114400.00    | 0.35%             | 2023-01-09      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Bank Muscat                                                                       | BKMBOM 4.75 03/17/26 EMTN            | CUSIP: M16157AK1<br>LEI: 549300HC6W6OEXV7SY67 | Long             | DBT              | CORP              | OM        |    200000 | PA      | $198937.50    | 0.61%             | 2026-03-17      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Fantasia Holdings Group Co Ltd.                                                   | FTHDGR 12.25 10/18/22                | CUSIP: G3311PAG0<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |   4000000 | PA      | $100000.00    | 0.31%             | 2022-10-18      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| Banco Santander (Mx) SA Institucion De Banca Multiple Grupo Financiero Santander  | BSMXB 5.621 12/10/29 REGS            | CUSIP: P1507SAL1<br>LEI: SCRYQ25DTVRHYYMM6P89 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $405000.00    | 1.24%             | 2029-12-10      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Banco de Credito e Inversiones Miami Branch                                       | BCICI 3.5 10/12/27 REGS              | CUSIP: 05890PZA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |    200000 | PA      | $193200.00    | 0.59%             | 2027-10-12      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                 | YUZHOU 7.8125 01/21/23 EMTN          | CUSIP: G9884AAG7<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |    670000 | PA      | $46900.00     | 0.14%             | 2023-01-21      | Fixed         | 7.81%                 | Yes           |                  2 | On Loan: No      |
| Navoi Mining & Metallurgical Co.                                                  | NAVOIM 6.7 10/17/28 144A             | CUSIP: 63890CAA2<br>LEI: 213800YLNAGERZ4C3M60 | Long             | DBT              | CORP              | UZ        |    200000 | PA      | $203175.00    | 0.62%             | 2028-10-17      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Fantasia Holdings Group Co Ltd.                                                   | FTHDGR 11.875 06/01/23               | CUSIP: G3311PAJ4<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |   1510000 | PA      | $37750.00     | 0.12%             | 2023-06-01      | Fixed         | 11.88%                | Yes           |                  2 | On Loan: No      |
| BRF GmbH                                                                          | BRFSBZ 4.35 09/29/26 REGS            | CUSIP: A08163AA4<br>LEI: 5299002S6DY5RA2IOQ11 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $195718.00    | 0.60%             | 2026-09-29      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| TML Holdings Pte Ltd.                                                             | TTMTIN 4.35 06/09/26                 | CUSIP: Y8848XAE9<br>LEI: 254900EBGMM47QH02V57 | Long             | DBT              | CORP              | SG        |    200000 | PA      | $195894.00    | 0.60%             | 2026-06-09      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| GNL Quintero S.A.                                                                 | GNLQCI 4.634 07/31/29 REGS           | CUSIP: P4909LAA8<br>LEI: 549300JJJIQXE6E1QY27 | Long             | DBT              | CORP              | CL        |    145640 | PA      | $143365.10    | 0.44%             | 2029-07-31      | Fixed         | 4.63%                 | 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        |  12447500 | PA      | $11576175.00  | 35.36%            | 2020-10-27      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Banco Do Brasil SA Cayman Islands Branch                                          | BANBRA 4.875 01/11/29 REGS           | CUSIP: P3772WAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | BR        |    400000 | PA      | $393125.00    | 1.20%             | 2029-01-11      | Fixed         | 4.88%                 | Yes           |                  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