# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0002066578-25-001870
**Filing Date:** 2025-12
**Character Count:** 25144
**Document Hash:** 4446e107f3795488e9c9c3606f742344
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001870.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0002066578-25-001870

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251216

**DATE AS OF CHANGE**: 20251216

**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:** 251574142

**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 Equity ex China Fund (Series ID: S000085149)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000250018 | Institutional Class | EMXIX           |
| C000250019 | Class A             | EMXAX           |
| C000250020 | Class C             | EMXCX           |

## 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 Equity ex China Fund

- **b. EDGAR series identifier (if any):** S000085149

- **c. LEI of Series:** 254900BVAO19EMRX7866

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

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

- **b. Date as of which information is reported:** 2025-10-31

**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:** $9576463.79

**Total Liabilities:** $38908.19

**Net Assets:** $9537555.60

**Cash Not Reported:** $112357.30

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000250018 | 2.47%                | 5.72%                | 6.85%                |
| Class ID C000250019 | 2.48%                | 5.74%                | 6.86%                |
| Class ID C000250020 | 2.40%                | 5.68%                | 6.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7712.31                | $204870.58                                 |
| Month 2  | $49162.46                | $431143.47                                 |
| Month 3  | $64828.51                | $556959.07                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lojas Renner SA                                     | Lojas Renner SA COM NPV                                                       | CUSIP: P6332C102<br>LEI: 52990032N7OAAM138D78 | Long             | EC               | CORP              | BR        |     32720 | NS      | $90254.52     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                         | Samsung Electronics Co Ltd. GDR EACH REP 25 COM STK KRW100(REG S)             | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |        86 | NS      | $160433.63    | 1.68%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Grupo Aeroportuario Del Pacifico S.A.B. de C.V.     | Grupo Aeroportuario Del Pacifico S.A.B. de C.V. COM NPV SER'B'                | CUSIP: P4959P100<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |      4720 | NS      | $98388.70     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Eugene Technology                                   | Eugene Technology KRW500                                                      | CUSIP: Y2347W100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2063 | NS      | $136888.30    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.Kz JSC                                        | Kaspi.Kz JSC SPONSORED ADS                                                    | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |       762 | NS      | $56989.98     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Unimicron Technology Corp.                          | Unimicron Technology Corp. TWD10                                              | CUSIP: Y90668107<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     33000 | NS      | $174463.10    | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc.                                       | MediaTek Inc. TWD10                                                           | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |      4000 | NS      | $169695.48    | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                       | Bank Mandiri (Persero) Tbk PT IDR125                                          | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |    464400 | NS      | $131549.45    | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                         | Abu Dhabi Islamic Bank PJSC AED1                                              | CUSIP: M0152R102<br>LEI: 5493006DOLY8O98XHD74 | Long             | EC               | CORP              | AE        |     31202 | NS      | $179381.08    | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Gudeng Precision Industrial Co.                     | Gudeng Precision Industrial Co. TWD10                                         | CUSIP: Y2941Y106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      5000 | NS      | $57151.87     | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Kolmar Korea Co Ltd.                                | Kolmar Korea Co Ltd. KRW500                                                   | CUSIP: Y4920J126<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1475 | NS      | $79860.82     | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| CreditAccess Grameen Limited                        | CreditAccess Grameen Limited INR10                                            | CUSIP: Y2R43C102<br>LEI: 335800YHFDVKKBDQMK23 | Long             | EC               | CORP              | IN        |      8927 | NS      | $142906.01    | 1.50%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SK Square Co Ltd                                    | SK Square Co Ltd KRW100                                                       | CUSIP: Y8T6X4107<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2139 | NS      | $388207.77    | 4.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Rede D Or Sao Luiz SA                               | Rede D Or Sao Luiz SA COM NPV                                                 | CUSIP: P79942101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     24500 | NS      | $197368.01    | 2.07%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.             | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O                      | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     20400 | NS      | $191992.90    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia S.A.                       | Grupo Financiero Galicia S.A. SPON ADR EACH REP 10 CL B                       | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               | CORP              | AR        |      2022 | NS      | $119560.86    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                                             | XP Inc. CL A                                                                  | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | KY        |      3700 | NS      | $67414.00     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile World Investment Corporation                 | Mobile World Investment Corporation VND10000                                  | CUSIP: Y604K2105<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |     42400 | NS      | $133034.15    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart De Mexico                                  | Wal-Mart De Mexico COM NPV                                                    | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     37000 | NS      | $122320.96    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| InterGlobe Aviation Ltd.                            | InterGlobe Aviation Ltd. INR10                                                | CUSIP: Y4R97L111<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |      1296 | NS      | $82136.46     | 0.86%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PB Fintech Ltd.                                     | PB Fintech Ltd. INR2.00                                                       | CUSIP: Y67616287<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |      6363 | NS      | $127949.14    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Boxer Retail Ltd.                                   | Boxer Retail Ltd. NPV                                                         | CUSIP: S12871109<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     21179 | NS      | $92907.68     | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd.                                            | Sea Ltd. ADS EACH REP ONE CL A SHS                                            | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |       581 | NS      | $90781.25     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Classys Inc                                         | Classys Inc KRW100                                                            | CUSIP: Y49932109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2576 | NS      | $88995.01     | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd.                                  | Grab Holdings Ltd. CLASS A ORD                                                | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |     29900 | NS      | $179699.00    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Rasan Information Technology Co.                    | Rasan Information Technology Co. SAR1                                         | CUSIP: M8189E101<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      4521 | NS      | $132736.27    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| LPP SA                                              | LPP SA PLN2.00                                                                | CUSIP: X5053G103<br>LEI: 259400NUS7MKGPJL4752 | Long             | EC               | CORP              | PL        |        26 | NS      | $126221.04    | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Wizz Air Holdings PLC                               | Wizz Air Holdings PLC ORD GBP0.0001                                           | CUSIP: G96871101<br>LEI: 213800COXGZCORLJZA85 | Long             | EC               | CORP              | JE        |      5129 | NS      | $70539.62     | 0.74%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alchip Technologies Ltd.                            | Alchip Technologies Ltd. TWD10                                                | CUSIP: G02242108<br>LEI: 529900HKE9RIY07SLX84 | Long             | EC               | CORP              | KY        |      1444 | NS      | $162649.44    | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung C&T Corporation                             | Samsung C&T Corporation KRW100                                                | CUSIP: Y7T71K106<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |      1027 | NS      | $162485.74    | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Nu Holdings Ltd.                                    | Nu Holdings Ltd. ORD SHS CL A                                                 | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |      6000 | NS      | $96660.00     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd.                                      | HDFC Bank Ltd. SPON ADS EACH REP 3 ORD SHS                                    | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     11385 | NS      | $412364.70    | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Talabat Holding PLC                                 | Talabat Holding PLC AED0.04                                                   | CUSIP: M8765Z106<br>LEI: 529900MAA20AIKRXOA24 | Long             | EC               | CORP              | AE        |    340042 | NS      | $88666.35     | 0.93%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Totvs SA                                            | Totvs SA COM NPV                                                              | CUSIP: P92184103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     14300 | NS      | $117936.23    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentera SAB de CV                                   | Gentera SAB de CV COM NPV                                                     | CUSIP: P4831V101<br>LEI: 4469000001ECOWXFNE33 | Long             | EC               | CORP              | MX        |     58100 | NS      | $138225.37    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc.                              | Delta Electronics Inc. TWD10                                                  | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |      4931 | NS      | $157909.42    | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| International Gemmological Institute India Pvt Ltd. | International Gemmological Institute India Pvt Ltd. INR2                      | CUSIP: Y4R06E117<br>LEI: 254900EP4A4RLO5W8Y29 | Long             | EC               | CORP              | IN        |     28277 | NS      | $107532.68    | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd.                            | Mahindra & Mahindra Ltd. GDR EACH REPR 1 ORD INR10 REG'S'                     | CUSIP: Y54164119<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |      3459 | NS      | $137299.78    | 1.44%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Aldar Properties PJSC                               | Aldar Properties PJSC AED1                                                    | CUSIP: M0517N101<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |     50156 | NS      | $122873.03    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| DB Insurance Co Ltd.                                | DB Insurance Co Ltd. KRW500                                                   | CUSIP: Y2096K109<br>LEI: 9884000ZF26VNJBWSJ91 | Long             | EC               | CORP              | KR        |      1982 | NS      | $176175.80    | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| E Ink Holdings Inc.                                 | E Ink Holdings Inc. TWD10                                                     | CUSIP: Y2266Z100<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |     28000 | NS      | $192360.89    | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinik Co                                            | Kinik Co TWD10                                                                | CUSIP: Y4789C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     10000 | NS      | $101847.22    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Elite Material Co Ltd.                              | Elite Material Co Ltd. TWD10                                                  | CUSIP: Y2290G102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      4000 | NS      | $174976.85    | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Hansol Chemical Co Ltd                              | Hansol Chemical Co Ltd KRW5000                                                | CUSIP: Y3064E109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1486 | NS      | $241329.74    | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. SPON ADR EA REP 8 SER 'B' | CUSIP: 400501102<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |      1000 | NS      | $98620.00     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chroma Ate Inc                                      | Chroma Ate Inc TWD10                                                          | CUSIP: Y1604M102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      6000 | NS      | $158594.11    | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Marico Ltd.                                         | Marico Ltd. INR1                                                              | CUSIP: Y5841R170<br>LEI: 3358003SFDQFGJPC5O84 | Long             | EC               | CORP              | IN        |     14546 | NS      | $117918.28    | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                       | SK Hynix Inc. KRW5000                                                         | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      1135 | NS      | $443412.10    | 4.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electro-Mechanics Co Ltd.                   | Samsung Electro-Mechanics Co Ltd. KRW5000                                     | CUSIP: Y7470U102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1069 | NS      | $182952.98    | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                         | Samsung Electronics Co Ltd. KRW100                                            | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      1869 | NS      | $140701.06    | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                    | Mercadolibre Inc COM USD0.001                                                 | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        45 | NS      | $104726.70    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.        | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                            | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     33000 | NS      | $1596698.25   | 16.74%            |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                    | Raia Drogasil SA COM NPV                                                      | CUSIP: P7942C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     25100 | NS      | $93309.42     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Zetrix AI Berhad                                    | Zetrix AI Berhad NPV                                                          | CUSIP: Y6147P116<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    457200 | NS      | $92033.01     | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd.                    | Apollo Hospitals Enterprise Ltd. INR5                                         | CUSIP: Y0187F112<br>LEI: 3358005YT7JQCWYLTG43 | Long             | EC               | CORP              | IN        |      1303 | NS      | $112835.97    | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Andes Technology Corporation                        | Andes Technology Corporation TWD10                                            | CUSIP: Y0R7YV103<br>LEI: 549300HYC94K4ELRHM60 | Long             | EC               | CORP              | TW        |      3236 | NS      | $28062.74     | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Ashmore Funds

**Signature:** Taurai Sigauke

**Name of Signer:** Taurai Sigauke

**Title:** Treasurer